YEREVAN (CoinChapter.com) — On Aug. 20, 2024, 30 million Polygon (MATIC) cash, valued at $13 million, have been moved from an unknown pockets to Binance. Notably, Whale Alert, a blockchain monitoring service, reported the switch. This motion happens as Polygon’s migration from MATIC to the brand new POL cash quickly approaches.
Polygon 2.0: POL Token Set to Change MATIC with Enhanced Staking and Governance
Polygon’s MATIC to POL migration is scheduled for Sept. 4, 2024, marking a major transition for the community. This swap will allow MATIC holders to convert their tokens to POL at a 1:1 ratio, with POL set to change MATIC as the native token for gasoline and staking on the Polygon community. Importantly, this migration is a core part of Polygon 2.0, first launched in June 2023.
Subsequently, in September 2023, Polygon Labs launched its preliminary Polygon Enchancment Proposals (PIPs), formally starting the implementation of Polygon 2.0. By October, the event staff had efficiently deployed the good contracts for the brand new POL token on the Ethereum mainnet, additional advancing the community’s evolution.
The following-generation POL coin will use a brand new good contract customary to assist environment friendly and versatile operations inside the Polygon ecosystem.
POL is designed as a flexible utility token with a provide cap of 10 billion tokens and an annual emission fee of 1% for the subsequent ten years. It’s going to improve scalability and governance throughout a number of chains. Moreover, POL holders can safe Polygon chains by way of a decentralized staking mannequin that gives improved rewards for stakers.
MATIC Coin Value Struggles at $0.38-$0.42 Vary as Solely 2% of Holders See Income
MATIC price has confronted challenges in latest months. Particularly, the coin has been buying and selling between $0.38 and $0.42, with restricted upward motion. Furthermore, in accordance to IntoTheBlock, solely 2% of MATIC holders are in revenue. Moreover, the latest switch has added to the token’s uncertainty. Merchants are monitoring the scenario as the worth stays shut to its lowest since June 2022.