Coinbase reports 'degraded performance' for Polygon transactions shortly after network upgrade

Coinbase, the largest U.S. cryptocurrency exchange, has put out a status update alerting users that Polygon POL +2.35% transfers may be delayed.

“We are aware that some users may be experiencing delayed sends and receives for Polygon (Matic). Buys, Sells, and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly. Rest assured, your funds are safe,” the company’s status page read. 

At press time, no other blockchain appears to be affected, according to the status page, which also displays a “degraded performance” note for Polygon. Similar issues occurred on Sept. 3, though the issue was quickly resolved, according to Coinbase. 

Polygon, one of the most popular Ethereum scaling layers, recently went through an upgrade that replaced its original MATIC token with POL and rolled out an updated staking-based security system. The transition to POL is part of the project's development of its native zero-knowledge rollup network, Polygon zkEVM.

On Sept. 9, Coinbase announced that POL transfers of MATIC may be delayed due to the network update.