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The final 273 million MATIC tokens have been opened

On February 21, the Matic Foundation obtained 273 million MATIC (about $253 million) from the deal with Entitlement contract.

This was the final issuance of tokens for the venture, and now the circulating provide of the coin has reached a most of 10 billion MATIC.

in line with Queen GekkoAt the time of writing, the digital asset market cap is US$8.9 billion with a day by day buying and selling quantity of US$693 million.

MATIC is buying and selling at $0.975, having risen almost 10% over the previous week.

A technical analyst nicknamed “Ali” famous that the foreign money is exhibiting “promising signs in the long term.”

According to his evaluation, MATIC has nearly crossed the higher restrict of the “multi-year” symmetrical triangle. Ali mentioned that if the token can maintain above $0.96, it might be an indication of the beginning of a rally with a possible goal at $1.73.

A cryptocurrency dealer below the pseudonym Elodie additionally drew consideration to MATIC breaking the higher resistance line. According to him, the uptrend was additionally confirmed by the 100-day transferring common.

In the autumn of 2023, the Polygon Labs crew carried out a sensible contract on the Ethereum mainnet for the brand new Polygon Ecosystem Token (POL), which goals to switch MATIC.

The concept of ​​launching a brand new foreign money was first floated in mid-July as a part of the Polygon 2.0 replace. The fundamental objective of the initiative is to make sure scalability of the community with out compromising safety.

POL additionally paves the way in which for different features of the Polygon 2.0 roadmap, together with making a separate storage layer, upgrading the present PoS mechanism to zkEVM-2, and creating a standard liquidity protocol.

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