Polygon’s Move Boosts MATIC by 12% with Coinbase Support

Coinbase Adds Polygon Ecosystem Token (POL) to Its Roadmap

Coinbase, the largest crypto exchange in the US by trading volume, has added the Polygon Ecosystem Token (POL) to its roadmap. The exchange announced its support for POL on both the Polygon and Ethereum networks, which has renewed market interest and significantly boosted trading activity. As a result, the price of MATIC has surged by 27% in the last 30 days.

Upcoming Migration from MATIC to POL

On September 4, 2024, Polygon will officially upgrade from MATIC to POL. This migration will see all MATIC tokens on the Polygon PoS chain transitioned to POL tokens.

Coinbase’s Support for POL Migration

According to a recent post on X by Coinbase, the exchange will start migrating the Polygon ticker from MATIC to POL on August 26, 2024. During this process, trading activity for MATIC on the Polygon Network will be disabled until September 10 to complete the migration.

Coinbase will also add support for POL on the Ethereum network. Users who hold MATIC staked through Coinbase will continue to access the staking program and receive rewards. However, Coinbase advises users to avoid depositing MATIC on Polygon PoS from August 26 to September 10. Additionally, sending and receiving tokens on Polygon, including VOXEL, USDC, CBETH, and WETH, will be disabled during this update.

Coinbase plans to complete the migration from MATIC to POL for its users and will provide further details regarding balance migration and the timeline for conversion as they become available. Trading for both MATIC and POL on Ethereum will continue until further notice.

MATIC Price Spikes After Migration Announcement

Following the announcement of the migration, MATIC’s price experienced a sharp increase. Over the past 30 days, the Polygon token’s price surged by nearly 28%, and it spiked by an additional 12% in the last 24 hours. Currently, Polygon is trading at an average price of $0.529, though it remains 81% below its all-time high of $2.92, recorded on December 27, 2021. The token’s 24-hour trading volume has skyrocketed by 124%, reaching $577 million.

Background on the POL Upgrade

The migration to POL was first proposed last year as part of the PIP-17 upgrade to MATIC. The POL ERC-20 contracts went live on Ethereum in October 2023. Polygon considers this upgrade to be a significant advancement that enhances the utility of its native token and aligns with its vision for the future.