Tech

Polygon Prepares for POL Upgrade with Major MATIC Transfers

3 months ago
Bitcoin Ethereum News
  • Polygon Foundation deposited 15.49M MATIC into Binance, with 13M MATIC still under staking.
  • The upcoming MATIC to POL migration is set to enhance Polygon’s network security and performance.

Polygon Foundation has made substantial moves in the crypto market, with one of its wallets depositing 15.49 million MATIC tokens, worth about $8.1 million, into Binance over the last few days. SpotOnChain reported on this development, which highlighted ongoing Polygon ecosystem operations.

Polygon Wallet Retains 13M Staked MATIC as POL Migration Approaches 

Interestingly, despite this enormous deposit, the wallet still contains 13 million MATIC tokens, worth approximately $6.78 million, which are still being staked.

It’s worth noting that all of the MATIC tokens in this wallet were obtained from the Polygon Foundation contract in April 2023, when the token was priced at $1.1.

Given these developments, the forthcoming migration from MATIC to POL, scheduled for September 4th, is gaining traction. This 1:1 move is expected to have major changes, as POL will have a bigger total supply and different tokenomics than MATIC.

The shift is part of Polygon’s overall commitment to improving network security and performance. POL is expected to replace MATIC as the Polygon network’s gas token, allowing transactions on the Polygon PoS chain while simultaneously acting as a staking token.

This dual purpose of POL is intended to better match validators’ incentives, hence increasing overall network security and performance.

Furthermore, market analysts are constantly monitoring the happenings. According to our prior report, Alan Santana, a well-known analyst, predicts that Polygon (MATIC) will see a significant bullish wave of up to 1,500% by 2025.

As we previously noted, a recent surge in whale activity within the Polygon network, which has increased by an amazing 16,263%, supports this bullish viewpoint. This substantial surge is most likely driven by anticipation of the upcoming POL upgrade, which many say will be a game changer for the network.

According to the most recent market data, MATIC is trading at $0.5127, down 1.46% over the last 24 hours. And also, over the last week, the token has been consolidating inside this range, indicating a period of relative stability in the face of broader market swings.

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Source: https://www.crypto-news-flash.com/polygon-prepares-for-pol-upgrade-with-major-matic-transfers/?utm_source=rss&utm_medium=rss&utm_campaign=polygon-prepares-for-pol-upgrade-with-major-matic-transfers