Coinbase, a leading crypto exchange in the United States, has unveiled its plans to support the new Polygon Ecosystem token POL by adding it to its listing roadmap. The exchange formally intended to support POL on Ethereum and Polygon networks. This announcement signals that the altcoin might soon go live for trading, barring any delays.
Coinbase’s move received massive support from the Polygon community, particularly investors. This support was reflected in the price rally recorded by both POL and MATIC tokens, as marked by on-chain data.
Coinbase Move To Result in Strategic Integration Across Networks
Coinbase’s decision to integrate POL on the Ethereum and Polygon will increase the accessibility of the tokens for users on the exchange. Meanwhile, users will have clearer guidance and a proper asset listing process. The exchange is leaving no stone unturned with the outright disclosures in the transition process.
According to the Coinbase update, the process will be phased for seamless transition. Beginning September 4, the exchange will add support for POL on the Ethereum network. Users who stake MATIC via Coinbase will continue to do so and be rewarded.
Prior to that, the Polygon ticker will switch from MATIC to POL on the Polygon network on August 26. The exchange plans to suspend all trading and transfers on the Polygon network between August 26 and September 10 to ensure the migration proceeds seamlessly.
Additionally, users have been advised to halt all MATIC deposits on Polygon PoS to avoid interruptions during the ticker swap. Notably, the ticker swap remains one of the crucial steps in the network changes.
Benefits of the Polygon Transition
The benefits of the MATIC to POL migration include enhancing the liquidity and usability of POL on Coinbase. Also, the token will gain recognition as a critical asset on other trading platforms enabling a new era for the parent chain.
Meanwhile, Coinbase says users who have staked MATIC via the crypto exchange will not experience any disruptions. This category of users will receive their staking rewards as predefined.
Overall, the transition will boost network performance, and POL will emerge as the gas and staking token for the Polygon network’s PoS chain. Once POL launches, the Ethereum network will continue to support trading for MATIC and POL until further guidance is communicated to the community.
Market Reaction and Future Outlook
Coinbase’s addition of POL to its listing roadmap immediately triggered positive market sentiment. Investors flocked in, pushing the trading volume up by a massive 123% to $979,445.
Similarly, the token’s price at the time of writing was up 13.74% to $0.5195. Also, MATIC price recorded a 14.61% jump in its price to trade at $0.5222. Trading volume increased by 103.77% to $449,986,607.
A similar listing of Zetachain on Coinbase a few weeks back also influenced a 20% price rally due to increased investors’ interest. Analysts predict that with POL integrated into the largest exchange in the U.S., its user base might increase. This will ultimately helping to solidify its position in the crypto space.
