Coinbase has unveiled plans to support the MATIC to POL upgrade.

The process will require an extended pause in asset deposits.

The POL upgrade has been tipped to transform MATIC into a “hyperproductive token.”

The Polygon network is undergoing a massive overhaul in line with its aggregated chain architecture roadmap to infinitely scale Ethereum. Among the changes outlined to make this vision a reality is upgrading the network’s native token from MATIC to POL. Sponsored

In July 2024, Polygon revealed that the MATIC to POL upgrade will occur on September 4. As the set date draws nearer, exchanges now appear to be racing to work out plans to support the upgrade on behalf of customers, with Coinbase, the largest crypto exchange in the U.S., taking pole position.

Coinbase’s MATIC to POL Upgrade Plans Unveiled

Coinbase is set to support Polygon’s MATIC to POL upgrade. On Wednesday, August 21, the crypto exchange revealed that it had added POL to its token listing roadmap before outlining plans to carry out the upgrade on behalf of users.

While the Polygon mainnet upgrade of MATIC to POL is scheduled for September 4, Coinbase noted that it plans to kick off its preparations on August 26, a process expected to conclude on September 10. During this period, the exchange cautioned users against depositing the MATIC token on the Polygon PoS network. 

At the same time, the “send/receive” feature for Polygon tokens like VOXEL, USDC, CBETH, and WETH will also be suspended. Nonetheless, the exchange stressed that users can still stake MATIC on the platform and earn rewards during the upgrade period.

Meanwhile, Coinbase has noted that it will continue to support the ERC-20 version of MATIC alongside the ERC-20 version of POL in the foreseeable future.  Sponsored

The exchange promised to provide more details about the process, including timelines in the future.

What the Polygon MATIC to POL Upgrade Brings to the Table

When Polygon Labs unveiled the plans for a MATIC upgrade in July 2023, the team described POL as a “hyperproductive token.” This description comes as POL holders can earn multiple rewards by staking the asset to validate transactions across various blockchains in Polygon’s aggregated network of blockchains.

To serve this expanded role, POL will be inflationary. Unlike MATIC, which had a fixed 10 billion token supply, POL’s supply will grow by 2% yearly.

Still, Polygon users would be unable to unlock all the benefits of the new POL token from day one, as the first phase of the upgrade slated for September would only see POL replace MATIC as the gas and staking token for the Polygon PoS network. 

On the Flipside

MATIC holders on Polygon PoS self-custody wallets will only have to tweak their wallet’s RPC settings after the September 4 upgrade to reflect the ticker change.

ERC-20 token MATIC holders on self-custody wallets can migrate using the token migration contract on Etherscan or through a DEX swap.

POL’s full functionality is unlikely to be unlocked until Polygon’s multichain staking layer goes live in 2025.

There is no deadline for MATIC holders to upgrade to POL after the mainnet upgrade.

Why This Matters 

Coinbase is the largest crypto exchange in the U.S. The exchange’s support for Polygon’s POL to MATIC upgrade promises to make the transition seamless for its millions of users.

Read this for more on Polygon’s MATIC:Polygon (MATIC) Hungry to Break Months-Long Downtrend with Altcoin RallySee why Coinbase is standing by Ethereum:Why Fears of Ethereum’s Demise Are Greatly Exaggerated: Coinbase

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