Spot On Chain, a data provider, reported a big deal involving 4.5 million MATIC tokens, worth $3.81 million, sent to the SwissBorg crypto exchange. Hermez Network, owned by Polygon, made the transaction.
They bought Hermez for $250 million in August 2021. People are curious about this because of concerns about how transparently Polygon Foundation distributes tokens.
Hermez Network, which uses a tech called ZK-Rollup, has about 39.92 million MATIC tokens, valued at around $34 million.
All of them are staked. Moving some of these tokens to a crypto exchange has caught attention, especially with the ongoing questions about how open Polygon Foundation is about its token distribution.
The value of MATIC, the main coin for Polygon, dropped 1% in the last 24 hours, sitting at $0.8532. MATIC is the 15th largest crypto, with a market cap of $8.15 billion. Recent data shows a 5.20% rise in MATIC’s price in the last week and a 2.28% increase in the last month. Despite this, MATIC is still trading 77.98% below its highest value of $2.72 on December 27, 2021.
Even though MATIC hasn’t met expectations, experts think Polygon, as a solid scaling provider, could make waves in the next bull market.
