A substantial deposit transaction involving Polygon (MATIC), a provider of Ethereum scaling solutions, has been identified. This transfer has raised concerns regarding the transparency of token allocations by the Polygon Foundation.
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Massive transfer of MATIC Identified for Polygon
According to on-chain data provider Spot On Chain, Hermez Network, a ZK-Rollup-based scaling platform acquired by Polygon in August 2021 for $250 million, transferred $3.81 million worth of MATIC to the cryptocurrency exchange SwissBorg.
This transaction coincided with a period of growing criticism regarding the transparency of token allocations by the Polygon Foundation, the entity responsible for Polygon.
4.5 Million MATIC deposit
Hermez Network, the ZK-Rollup scaling platform, completed a deposit of approximately 4.5 million MATIC, equivalent to $3.81 million, to the SwissBorg cryptocurrency exchange approximately three hours ago, as reported by Spot On Chain.
This significant MATIC transfer occurred amid increasing community concerns about the transparency of token allocations by the Polygon Foundation, the governing entity of Polygon.
It’s noteworthy that Polygon acquired Hermez Network in 2021 for $250 million. Hermez Network, an open-source ZK-Rollup-based scaling platform, currently controls at least $34 million worth of MATIC, totaling 39.92 million MATIC, all of which are presently staked.
MATIC Price Trend
MATIC, the native asset of Polygon, is trading at $0.8457, experiencing a 1.30% decline in the last 24 hours. The altcoin holds a market value of $8.15 billion, ranking as the 15th largest cryptocurrency.
Recent data indicates a 5.20% increase in MATIC’s price over the last 7 days and a 2.28% rise in the last 30 days.
Despite trading at 77.98% below its all-time high (ATH) of $2.72 on December 27, 2021, market observers and analysts anticipate a strong performance from Polygon, a proficient scaling provider, in the upcoming bull run, even though the altcoin has not yet met initial expectations.
Conclusion
To conclude, the massive MATIC transfer by Hermez Network for Polygon has sparked interest amid increasing transparency concerns. As MATIC’s market position faces fluctuations, the crypto community eagerly anticipates the impact on Polygon’s trajectory, with optimism prevailing for its role in the forthcoming market surge despite current price levels. The industry awaits further developments to understand the implications of this noteworthy transaction on Polygon’s future performance.
Note: It’s a research based article not a financial advice.
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