Polygon (MATIC) whale activity surged 16263%, upgrade is imminent

Polygon, a layer 2 scaling solution that runs with the Ethereum blockchain, allowing for fast transactions and low fees, has seen a 16,263% surge in block transaction volume, a metric that indicates whale activity.

Layer-2 scaling solution Polygon (MATIC) has seen a 16,263% surge in large transaction volume, a metric that denotes whale activity.

Layer-2 scaling solution Polygon (MATIC) has seen a 16,263% surge in large transaction volume, a metric that denotes whale activity.

According to IntoTheBlock data, Polygon's MATIC large transaction volume came in at $58.25 million in the last 24 hours, indicating a 16,263.06% surge from the previous day.

According to IntoTheBlock data, Polygon's MATIC large transaction volume came in at $58.25 million in the last 24 hours, indicating a 16,263.06% surge from the previous day.

IntoTheBlock defines large transactions as those where an amount greater than $100,000 was transacted. Large Transactions Volume offers an estimate of the total amount transacted by whales and institutional players on a specific day.

IntoTheBlock defines large transactions as those where an amount greater than $100,000 was transacted. Large Transactions Volume offers an estimate of the total amount transacted by whales and institutional players on a specific day.

Increases in Large Transactions Volume often point to high activity among institutional players, either buying or selling.

Increases in Large Transactions Volume often point to high activity among institutional players, either buying or selling.

The surging whale activity comes amid anticipation for the transition from MATIC to POL, a major upgrade that Polygon is set to roll out on Sept. 4.

The surging whale activity comes amid anticipation for the transition from MATIC to POL, a major upgrade that Polygon is set to roll out on Sept. 4.

At the time of writing, MATIC is up 6% in the last 24 hours, trading at $0.445.

At the time of writing, MATIC is up 6% in the last 24 hours, trading at $0.445.

Polygon Network to Migrate Gas Token From MATIC to POL on Sept. 4

Polygon Network to Migrate Gas Token From MATIC to POL on Sept. 4

The Polygon Network will migrate its gas token from MATIC to POL on Sept. 4, 2024.

The Polygon Network will migrate its gas token from MATIC to POL on Sept. 4, 2024.

Following the network upgrade, POL will become the native gas token for Polygon PoS, powering transactions and securing the network through validator incentives. All transactions on the Polygon PoS network will automatically use POL as the gas token after the upgrade, with no action required from MATIC holders.

Following the network upgrade, POL will become the native gas token for Polygon PoS, powering transactions and securing the network through validator incentives. All transactions on the Polygon PoS network will automatically use POL as the gas token after the upgrade, with no action required from MATIC holders.

Validators will also be rewarded in POL for securing the network and processing transactions.

Validators will also be rewarded in POL for securing the network and processing transactions.

This dual role of POL as both a gas and staking token aligns incentives, ensuring the network’s integrity and performance.

This dual role of POL as both a gas and staking token aligns incentives, ensuring the network’s integrity and performance.

The technological implementation of POL ensures compatibility with the larger Ethereum ecosystem. POL is built on OpenZeppelin's ERC-20 standard and supports EIP-2612, enabling seamless integration with existing tools and platforms on the PoS network.

The technological implementation of POL ensures compatibility with the larger Ethereum ecosystem. POL is built on OpenZeppelin's ERC-20 standard and supports EIP-2612, enabling seamless integration with existing tools and platforms on the PoS network.

The migration from MATIC to POL will be handled by a smart contract, which will migrate MATIC to POL on a 1:1 basis, allowing users to continue transacting on Polygon. The Polygon bridge will also support POL, facilitating seamless token flow between Polygon PoS and Ethereum.

The migration from MATIC to POL will be handled by a smart contract, which will migrate MATIC to POL on a 1:1 basis, allowing users to continue transacting on Polygon. The Polygon bridge will also support POL, facilitating seamless token flow between Polygon PoS and Ethereum.

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