Polygon's switch from MATIC to POL aims to streamline governance and staking, ensuring seamless transitions for users on Coinbase.
Coinbase, a leading cryptocurrency exchange, has resumed support for Polygon's native token, now under the ticker POL. This comes after a recent ticker change from MATIC to POL. Polygon, a popular Ethereum layer-2 network, made this switch to streamline its governance and staking processes.
For users, this means they can now send, receive, and trade POL on Coinbase just as they previously did with MATIC. The level of support remains unchanged, ensuring a seamless transition for those holding or trading Polygon's tokens.
The migration to POL is part of Polygon's strategy to simplify transaction fees and staking on its network. By switching to POL, Polygon aims to enhance its governance model and make staking more efficient. Despite these improvements, the token's price has experienced a decline.
Currently, POL is ranked 30th in market capitalization, with a valuation of approximately $2.5 billion and a price of $0.378. This reflects broader market dynamics and investor sentiment. Although the token initially saw a price surge following the migration, it has since faced a downturn.
Technical indicators, such as the MACD (Moving Average Convergence Divergence), suggest that POL may have potential for upward momentum. This means that while the token's price has dropped, there could be opportunities for recovery in the near future.
