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- Polygon’s whale activity surged by 16,263%, likely driven by anticipation of the upcoming POL upgrade.
- The transition from MATIC to POL is set to enhance security and performance on the Polygon network.
Polygon’s MATIC has seen a dramatic 16,263% surge in large transaction volume, reaching $58.25 million in the last 24 hours, according to recent data from IntoTheBlock, a programmable financial services platform tailored to institutional investors in the decentralized finance space.
This spike, driven by transactions over $100,000, reflects heightened activity among whales and institutional players. At the time of writing, Polygon (MATIC) is valued at $0.4588, surging by 5.65% in the past day and 9.30% in the past week, indicating steady overall growth. See MATIC Price chart below.
Anticipation Grows Ahead of MATIC to POL Upgrade
Mirroring market conditions, CNF previously shared insights on Polygon’s path to $1. The key reason for this milestone is the strong interest in Polygon’s NFT sector. The surge in activity is likely linked to growing anticipation around Polygon’s upcoming major upgrade on September 4, 2024.
In this upgrade, Polygon will transition its gas token from MATIC to POL, which will not only power transactions on the Polygon PoS network but also serve as a staking token to secure the network. The dual role of POL is designed to align incentives for validators and improve the overall performance and security of the network.
The migration will be seamless for users, with MATIC automatically converting to POL on a 1:1 basis, ensuring continuous compatibility with the broader Ethereum ecosystem.
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