Polygon migration bags Coinbase’s support, MATIC jumps 12%

Coinbase, the US’s biggest crypto exchange by trading volume, added the Polygon Ecosystem Token (POL) to its roadmap. It announced its support for POL on both the Polygon and Ethereum networks, renewing market interest and boosting trading activity. MATIC price has surged by 27% in the last 30 days.

Recently, Polygon notified the community of its long-awaited upgrade from MATIC to POL. On September 4, 2024, all MATIC tokens on the Polygon PoS chain will migrate to POL tokens.

Coinbase supports POL migration

In an X post Coinbase mentioned that from August 26, the crypto exchange will migrate the Polygon ticker from MATIC to POL on the Polygon Network. The trading activity will be disabled for MATIC on the Polygon Network till September 10 to complete the crucial process.

It added that the exchange will add support for POL on the Ethereum network. However, the customers who hold MATIC staked through Coinbase will be able to access the staking program and receive rewards.

Coinbase highlighted that from August 26 to September 10, MATIC will go under the ticker upgrade process. It advised the users to refrain from depositing MATIC on Polygon PoS. Sending and receiving of tokens on Polygon like VOXEL, USDC, CBETH, and WETH will also be disabled during the update.

In the coming months, Coinbase plans to complete the migration from MATIC to POL on behalf of users. We will provide details regarding the migration of Coinbase balances including the timeline for conversion once available.

— Coinbase Assets 🛡️ (@CoinbaseAssets) August 21, 2024

The exchange will provide details regarding the migration of balances including the timeline for conversion once available, while trading for both MATIC and POL on Ethereum will continue to be supported until further notice.

MATIC spikes 12% in 24 hours

MATIC price has seen an instant incline after the announcement of the much awaited migration. Polygon price surged by almost 28% over the last 30 days. This jump has helped the token to reduce the loss booked in the longer time frame. Its price spiked by another 12% in the last 24 hours.

Polygon is trading at an average price of $0.529, at press time. It is still down by 81% from its all time high of $2.92, recorded on December 27, 2021. Its 24-hour trading volume skyrocketed by 124% to stand at $577 million. 

The migration to POL was first proposed last year as an upgrade to MATIC in PIP-17. The POL ERC-20 contracts went live on Ethereum last October. Polygon suggests that this upgrade is an exciting and highly anticipated process as it further expands the utility of Polygon’s native token to reflect and power its vision.