On Tuesday, Polygon unlocked 1.4 billion MATIC tokens from the vesting contract as per its plan. Polygon had already given information about the plan for this unlocking. The volume of 1.4 billion tokens unlocked is equal to 14% of the total token supply. According to a popular crypto price tracking platform, the total circulating supply of MATIC tokens is equivalent to MATIC at 8.035 billion.
Polygon has unlocked 1.4 billion MATIC tokens under its already set plan. The report says that The Co-founder of Polygon, Sandeep Nailwal, informed through a tweet that the unlock was planned [already] and these tokens were blocked a year ago. The vesting period of polygon ended in April this year, but despite that, the token has now been claimed.
This was a planned movement from the tokens which as per vesting have been unlocked 1 year back. These are staking, foundation treasury etc.
If any doubts, Read more on the announcement.👇👇
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) August 1, 2022
In addition, Polygon reported through a Telegram post that the 1.4 billion unlocked MATIC’s are divided into three groups, of which 640 million belong to the MATIC project team, 546.6 million go to the project team and 200 million have been distributed as rewards for MATIC staking.
According to CoinMarketCap, the total circulating supply of MATIC tokens is 8.035 billion (about 800 crore) equivalent to MATIC.
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Apart from this, last month, Ethereum’s scaling network Polygon, one of the major blockchains, has launched its new scaling solution zkEVM. It can work with all existing smart contracts, wallets, and developer tools. This will enable developers to release their projects using Ethereum’s programming language.
Elora is PR and Outreach Manager at Crunchoid Inc. Outside of work, Elora enjoys Flywheel, tacos, the tennis, and adventuring around the globe.