YEREVAN (CoinChapter.com) — On Aug. 20, 2024, 30 million Polygon (MATIC) cash, valued at $13 million, had 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 big transition for the community. This swap will allow MATIC holders to transform their tokens to POL at a 1:1 ratio, with POL set to switch MATIC because the native token for fuel 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 crew 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 commonplace to assist environment friendly and versatile operations throughout 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 would improve scalability and governance throughout a number of chains. Moreover, POL holders can safe Polygon chains by a decentralized staking mannequin that gives improved rewards for stakers.
MATIC Coin Worth Struggles at $0.38-$0.42 Vary as Solely 2% of Holders See Income
MATIC price has confronted challenges in current months. Particularly, the coin has been buying and selling between $0.38 and $0.42, with restricted upward motion. Furthermore, in line with IntoTheBlock, solely 2% of MATIC holders are in revenue. Moreover, the current switch has added to the token’s uncertainty. Merchants are monitoring the state of affairs because the price stays near its lowest since June 2022.
