Polygon Wallet Sees Major Activity Ahead of Token Upgrade

• A Polygon foundation-linked wallet deposited 15.49M MATIC to Binance while holding 13M MATIC in staking.
• MATIC’s upcoming upgrade to POL, on September 4th, will play a crucial role in the AggLayer project.

According to the Spotonchain data, a Polygon foundation-linked wallet deposited 15.49M MATIC worth $8.1 million to Binance in the past 5 days. And the wallet still holds 13M MATIC worth $6.78 million under staking. At the same time, 824M $TEL was transferred out of the Telecoin Association wallet to Polygon on 20th August.

Major transactions on the network often indicate significant institutional interest or strategic movements. Large asset transfers can reflect institutional investment or market repositioning, especially in response to network upgrades like the transition from MATIC to POL. These transactions might also be part of liquidity management strategies or strategic partnerships that require substantial asset shifts.

Since 2024, Polygon DeFi has processed $214 billion of dex volume on Polygon PoS. The MATIC Market Cap on Polygon is over $5 billion. The total number of transactions on the Polygon Proof of Stake chain is over 3 million. The price of MATIC is $0.5181 a 2.89% decrease at the time of writing. The total volume is $282M.

The MATIC to POL token upgrade in Polygon Network

The official Polygon Foundation is set to change the ticker of its coin MATIC to POL as a 1:1 migration on the 4th of September. In the initial phase, POL will replace MATIC as the negative gas. And also as the staking token for Polygon Proof-of-Stake.

In the subsequent phases, POL will serve a crucial role in the AggLAyer. This is part of a strategic upgrade to enhance network functionality and support the Agglayer project.

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