1.4B MATIC Locked In: What Might Follow Next?


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Polygon has published an update about its network. Polygon contract address freed 13.87% of the overall supply to the foundation address. Polygon’s officials revealed an allocation of 640 million MATIC to the team (staked directly).

Meanwhile, 546M MATIC coins will go to the foundation, whereas 200M goes for Staking awards. The Polygon community reacted to the news, with most users remaining skeptical about the decision. That catalyzed surged FUD within the community, which now expects a massive market dump.

Wait!

Despite the latest announcement-driven FUD, Polygon has unveiled updates about its second quarter performance. The Proof-of-Stake chain houses 5.34 unique wallets, representing a 12% uptick Quarter on Quarter (QoQ).

While macro sentiments remain harsh, Polygon witnessed a surge in transactions in Q2. Overall transactions in the second quarter increased to 284 million, following a 4% uptick. Also, average transaction fees revealed optimistic news with a 49% slump to $0.018.

Also, Polygon’s NFT sector noted growth in Q2. OpenSea revealed about 1.2 million new addresses joining Polygon. That increased overall distinct active walled to 1.5 million, a 47% upswing. Though the trade volume slumped by 64% in USD terms, transaction volume recorded a 47% surge to $122 million.

Moreover, Polygon disclosed that more than 90K developers executed their initial contract. That’s over 3X Q1’s growth pace. Averagely, the chain saw 2.7K new contracts and 1K new developers per day.

Still More

Moreover, the blockchain platform has declared collaborating with ‘Nothing’ to connect smartphones with Web3. Arjun Kalsy of Polygon Growth stated that the strategy involves ensuring easy access to applications and games for Android Nothing Phone 1 users.

Kalsy stated that the mobile phone is the leading distribution platform globally. Moreover, smartphones allow closer interaction with users. He believes this is the time to send this innovation to the multitudes.

The latest 1.4 billion Polygon tokens shift seems a risk. Meanwhile, MATIC traded at $0.86 during this publication, following a 5.18% drop within the previous day. The price decline matched other assets that recorded slumps following recent upswings.

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Editorial credit: Dennis Diatel / shutterstock.com


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