As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of blockchain revolutions. The latest development in the crypto sphere, Coinbase’s resumption of full Polygon PoS support, is a testament to the resilience and adaptability of this burgeoning industry.
Notably, Coinbase has declared that it will once again offer comprehensive support for the Proof-of-Stake system within the Polygon network, a significant move for the cryptocurrency community.
According to a recent post on Twitter, the ability to send and receive Polygon (PoS) on Coinbase is back in operation, and all services are now fully functional. Trading of Polygon (POL) is now possible in all areas where Matic is currently traded.
The ability to transfer and receive USDC, VOXEL, CBETH, and WETH from Coinbase to the Polygon Proof-of-Stake network has been reactivated.
As an analyst looking back, I’m excited to share that a year of collaborative discussions and mutual agreement culminated in MATIC‘s transformation into POL, becoming the network token for Polygon effective September 4th. Now, every transaction on the Proof-of-Stake (PoS) Polygon network will leverage POL as its native gas token.
In simple terms, the POL migration not only changes the native coin for the Proof-of-Stake (PoS) network of Polygon in its current phase, but it also prepares the ground for increased functionality of the Polygon’s native token in upcoming stages. This expansion aligns with and supports Polygon’s long-term goal of a continuously expanding network of interconnected blockchains, serving as both a reflection and driving force behind this vision.
Coinbase continues MATIC migration
Previously, Coinbase has announced that they will begin migrating the ticker symbol for Polygon from MATIC to POL on the Polygon network as of August 26th. This migration process is expected to continue until September 10th.
After this process, sending/receiving transactions involving MATIC on the Polygon network was temporarily halted to facilitate a ticker change from MATIC to POL. Similarly, during the update, transactions were also paused for VOXEL, USDC, CBETH, and WETH tokens on Polygon. However, these functions have been successfully restored now.
Over the next few months, Coinbase intends to transfer user accounts from MATIC to POL. They’ve hinted at sharing specifics about this transition, including when users can expect their account balances to be converted once more information is available.
Currently, as I’m typing this, the POL token (ticker: POL) has dropped 2.32% over the past day to a price of $0.373. Notably, in a remarkable development, the Polygon Proof-of-Stake network has hit a 21-month peak, with a stablecoin market cap of $1.95 billion, achieved over the last month. This growth was driven by prominent cryptocurrency projects such as Aave, Polymarket, Uniswap, and Quickswap.
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2024-09-11 19:00