Coinbase to support Polygon token upgrade from MATIC to POL
Coinbase to augment Polygon token enhance from MATIC to POL Coinbase to augment Polygon token enhance from MATIC to POL
The fee of the tokens surged by more than 10% after the synthetic launched the transfer.
Duvet art/illustration through CryptoSlate. Image contains combined boom material that can include AI-generated boom material.
Crypto substitute Coinbase acknowledged it will make stronger the Ethereum layer-2 network Polygon deliberate token enhance from MATIC tokens to the unusual Polygon Ecosystem Token (POL).
On Aug. 21, the synthetic launched that it will originate migrating the Polygon ticker from MATIC to POL starting Aug. 26. It acknowledged:
“Within the arrival months, Coinbase plans to full the migration from MATIC to POL on behalf of users. We are able to provide details relating to the migration of Coinbase balances including the timeline for conversion as soon as readily available.”
For the length of the migration, sending and receiving MATIC on the Polygon network shall be disabled between Aug. 26 and Sept. 10. This measure objectives to assemble particular a subtle transition from MATIC to POL.
The substitute furthermore published plans to add make stronger for POL on the Ethereum network by Sept. 4. The company will furthermore make stronger trading for every and every MATIC and POL on Ethereum till extra take into tale.
Meanwhile, customers staking MATIC on Coinbase will proceed to produce rewards.
In line with CryptoSlate’s recordsdata, Polygon’s POL and MATIC tokens surged over 10% following the records.
POL migration
Coinbase’s announcement shows the positive sentiments surrounding Polygon’s upcoming POL migration, scheduled for Sept. 4.
Polygon describes POL as a hyperproductive token designed to give precious companies all over all chains within the Polygon network, including AggLayer. The token will wait on because the indispensable forex for gasoline charges and staking within the Proof-of-Stake (PoS) network which is foremost to Polygon network safety.
It added:
“POL will make stronger broader roles within the Polygon staking hub (to be launched in 2025), including block skills, zero-recordsdata proof skills, and participation in Recordsdata Availability Committees (DACs).”
Meanwhile, the transition from MATIC to POL will occur in phases, mirroring Polygon’s broader targets to boost network efficiency.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's doubtless. He imparts insights on a range of topics worship DeFi, hacks, mining and culture, underlining transformative energy.
Liam 'Akiba' Wright
Also identified as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized skills has the functionality to assemble frequent positive substitute.
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Polygon, a celebrated layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, making improvements to the Ethereum ecosystem’s capabilities.
Ethereum is a decentralized, commence-source blockchain platform that lets within the creation of perfect contracts and decentralized applications (DApps).
Coinbase
Coinbase is a digital forex substitute and wallet provider that lets in folk to aquire, sell, and retailer digital currencies, equivalent to Bitcoin, Ethereum, and Litecoin.
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