Polygon Wants To Upgrade, Whale MATIC Activities Increase

Polygon MATIC is ready to switch to POL. (Photo; Doc. ForksDaily)

JAKARTA - Major transactions made by large investors on the Polygon (MATIC) network have seen a significant spike as preparations go forward for a major update to be implemented soon. In the last 24 hours, the volume of transactions "whale," or large investors, has risen sharply to 16,263%, showing high interest in future updates.

Data from IntoTheBlock notes that MATIC's large transaction volume reaches 58.25 million US dollars (Rp872 billion) in just one day. This transaction is defined as a transaction with a value of more than US$100,000 (Rp1.5 billion), which is often a significant indicator of movement in the market by institutions or individuals with large funds.

This spike comes ahead of Polygon's major transition from MATIC gas tokens to POL planned for September 4, 2024. This change is anticipated to be a crucial moment for the Polygon network, which has shown a 6% increase in MATIC prices in the last 24 hours, making it 0.445 US dollars (IDR 6,670).

MATIC Transition To POL

Polygon is preparing for major changes by replacing MATIC gas tokens with POL. This update will not only make POL the main gas token on the Polygon PoS network, but also provide incentives to validators who play a role in securing and processing transactions on the network.

The transition from MATIC to POL will take place automatically with a ratio of 1:1 through smart contracts, allowing users to continue to transact without interruption. This update is designed to be compatible with the larger Ethereum ecosystem, supporting ERC-20 and EIP-2612 standards, enabling better integration with tools and platforms on the network.

This surge in whale activity shows the high confidence of large investors in the future prospects for Polygon. This update is seen as a strategic step that can take Polygon to its next level in the leading blockchain ecosystem.