Matic Foundation Unlocks Final 273 Million MATIC Tokens

On February 21, Matic Foundation received 273 million MATIC (~$253 million) from a vesting contract. 

11 小时前，2.73 亿 $MATIC($253M) 从 Matic 归属合约转入 Matic 基金会地址。

这是 Matic 的最后一笔代币解锁转移，自此 $MATIC 进入全流通状态。https://t.co/btJelj0cBZ pic.twitter.com/PS7YBmoCOs

— 余烬 (@EmberCN) February 22, 2024

This was the project’s final token unlock, bringing the circulating supply of the coin to its maximum of 10 billion MATIC. 

According to CoinGecko, at the time of writing, the digital asset’s market capitalization stands at $8.9 billion with a daily trading volume of $693 million. 

MATIC is trading at $0.975, having gained nearly 10% over the past week. 

Technical analyst Ali noted that the coin shows “promising signs from a long-term perspective.” 

#Polygon shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle.

If $MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73! pic.twitter.com/qjgn6sN1oV

— Ali (@ali_charts) February 21, 2024

According to his analysis, MATIC is nearing the upper boundary of a “multi-year” symmetrical triangle. If the token can hold above $0.96, it could indicate the start of a rally with a potential target of $1.73, Ali believes. 

Cryptotrader Elodie also noted MATIC’s breach of the upper resistance boundary. He stated that the bullish trend is further confirmed by the 100-day moving average. 

#MATIC breakout confirmed with a weekly close!

Bullish trend supported by the 100-day MA!

Keep an eye on the Ichimoku cloud for a potential bullish rally! ?#CryptoNews #BullishAlert #DYOR #NFA pic.twitter.com/UKssvj2N0I

— Élodie (@Elodie_de) February 19, 2024

In the autumn of 2023, the Polygon Labs team implemented a smart contract on the Ethereum mainnet for the new Polygon Ecosystem Token (POL), intended to replace MATIC.

The idea of launching a new coin was first proposed in mid-July as part of the Polygon 2.0 update. The main goal of the initiative is to ensure network scalability without compromising security.

POL also paves the way for other aspects of the Polygon 2.0 roadmap, including the creation of a separate staking layer, upgrading the current PoS mechanism to zkEVM-2, and developing a unified liquidity protocol. 

In February 2024, Polygon Labs introduced the concept of a first-type prover, allowing EVM networks to implement zero-knowledge proof-based scaling technology.