Polygon Unlocks Final 273 Million MATIC, Entering Full Circulation

Polygon recently transferred 273 million MATIC tokens from its Vesting contract to the Matic Foundation, marking the final unlock of MATIC and bringing the entire token supply into circulation.

According to Etherscan data, on the evening of February 21, the Polygon Vesting address transferred 273 million MATIC (equivalent to 253 million USD) to the Matic Foundation.

This transaction signals the completion of the final vesting phase, and MATIC tokens are now fully released into the market, as reported by EmberCN.

With a total supply of 10 billion tokens, MATIC currently holds a market capitalization of approximately 8.6 billion USD, making it one of the top 15 cryptocurrencies by market cap, according to Token Unlocks.

In July 2023, Polygon announced proposed changes related to MATIC tokenomics as part of the Polygon 2.0 upgrade. Under this plan, MATIC will be rebranded as POL and become the native currency of the entire Polygon blockchain ecosystem. The token migration process from MATIC to POL is expected to span over 4 years.

Prior to the unlock event, MATIC's price had briefly touched 1 USD before settling back to 0.9 USD after the official full circulation announcement, marking an 8% decline within 24 hours.

Chart: 1-hour MATIC/USDT pair on Binance at 11:00 AM on February 22, 2024.