30 Million Polygon (MATIC) Coins Transferred to Binance as POL Migration Nears

YEREVAN (CoinChapter.com) — On Aug. 20, 2024, 30 million Polygon (MATIC) coins, valued at $13 million, were moved from an unknown wallet to Binance. Notably, Whale Alert, a blockchain tracking service, reported the transfer. This movement occurs as Polygon’s migration from MATIC to the new POL coins rapidly approaches.

Polygon 2.0: POL Token Set to Replace MATIC with Enhanced Staking and Governance

Polygon’s MATIC to POL migration is scheduled for Sept. 4, 2024, marking a significant transition for the network. This swap will enable MATIC holders to convert their tokens to POL at a 1:1 ratio, with POL set to replace MATIC as the native token for gas and staking on the Polygon network. Importantly, this migration is a core component of Polygon 2.0, first introduced in June 2023.

Subsequently, in September 2023, Polygon Labs launched its initial Polygon Improvement Proposals (PIPs), officially beginning the implementation of Polygon 2.0. By October, the development team had successfully deployed the smart contracts for the new POL token on the Ethereum mainnet, further advancing the network’s evolution.

The next-generation POL coin will use a new smart contract standard to support efficient and flexible operations within the Polygon ecosystem.

POL is designed as a versatile utility token with a supply cap of 10 billion tokens and an annual emission rate of 1% for the next ten years. It will enhance scalability and governance across multiple chains. Additionally, POL holders can secure Polygon chains through a decentralized staking model that provides improved rewards for stakers.

MATIC Coin Price Struggles at $0.38-$0.42 Range as Only 2% of Holders See Profits

MATIC price has faced challenges in recent months. Specifically, the coin has been trading between $0.38 and $0.42, with limited upward movement. Moreover, according to IntoTheBlock, only 2% of MATIC holders are in profit. Additionally, the recent transfer has added to the token’s uncertainty. Traders are monitoring the situation as the price remains close to its lowest since June 2022.