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Polygon completes the final 273 million MATIC tokens unlock and prepares for Polygon 2.0

Polygon, a scaling solution for the Ethereum blockchain, has completed the final vesting of its native token, MATIC, and released the entire supply to the market. The move marks a milestone for the network as it transitions to Polygon 2.0, a new version of its tokenomics and ecosystem.

According to Etherscan, Polygon’s vesting contract transferred 273 million MATIC (worth about $253 million) to the Matic Foundation on the evening of February 21, 2024. This was the last vesting event and MATIC is now fully circulating, as reported by EmberCN.

The total supply of MATIC is 10 billion tokens, and its market capitalization is currently around $8.6 billion. MATIC is one of the top 15 coins by market cap, according to Token Unlocks.

Source: Token Unlocks

In July 2023, Polygon announced a proposal to change the tokenomics of MATIC, as part of the Polygon 2.0 upgrade. According to the proposal, MATIC will be renamed to POL and become the common currency of the entire Polygon blockchain ecosystem. The roadmap for the token swap from MATIC to POL is expected to last for four years.

MATIC’s price rose slightly to $1 before the unlock, but then dropped to $0.9 after the official announcement, losing 8% in 24 hours.

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