Ethereum

SwissBorg

Polygon

Spot

Hermez Network

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-matic-transfer-detected-for-ethereum-scaling-solution-polygon/" data-wpel-link="internal">Significant MATIC Transfer Detected for Ethereum Scaling Solution Polygon</a><br></p>
<p style="text-align: justify">A significant deposit transaction for <strong>Polygon</strong> (<a href="https://en.coin-turk.com/analysis-of-matics-recent-performance-and-future-expectations/" data-wpel-link="internal">MATIC</a>), an Ethereum scaling solution provider, has been detected. On-chain data provider Spot On Chain reported that Hermez Network, a ZK-Rollup based scaling platform acquired by Polygon in August 2021 for $250 million, deposited $3.81 million worth of MATIC to the cryptocurrency exchange SwissBorg. This occurred during a period when there was increasing backlash regarding the transparency of token allocations by the Polygon Foundation, the entity behind Polygon.</p> 
<h2 style="text-align: justify" id="strong-noteworthy-matic-transaction-by-hermez-network-strong"><strong>Noteworthy MATIC Transaction by Hermez Network</strong></h2> 
<p style="text-align: justify">Spot On Chain reported that Hermez Network, a ZK-Rollup based scaling platform, deposited approximately 4.5 million MATIC worth $3.81 million to the cryptocurrency exchange SwissBorg about 3 hours ago.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-303183" src="https://coin-turk.com/wp-content/uploads/2024/01/Altcoin-Polygon-MATIC.jpeg" alt="" width="1272" height="402"></p> 
<p style="text-align: justify">The transfer of 4.5 million MATIC from Hermez Network’s assets to a cryptocurrency exchange coincided with a period of heightened community backlash over the transparency of token allocations by the Polygon Foundation, the entity behind Polygon.</p> 
<p style="text-align: justify">It is worth recalling that Hermez Network was acquired by Polygon in 2021 for $250 million. Hermez Network is an open-source ZK-Rollup based scaling platform and has at least $34 million worth of 39.92 million MATIC under its control. All of these MATIC assets are currently staked.</p> 
<h2 style="text-align: justify" id="strong-current-status-of-polygon-s-matic-strong"><strong>Current Status of Polygon’s MATIC</strong></h2> 
<p style="text-align: justify">MATIC, the native asset of the Ethereum scaling platform Polygon, is trading at $0.8532, down 1% in the last 24 hours, at the time this article was prepared. MATIC currently has a market value of $8.15 billion, making it the 15th largest cryptocurrency.</p> 
<p style="text-align: justify">Data shows that the altcoin’s price has increased by 5.20% in the last 7 days and by 2.28% in the last 30 days. With current prices, MATIC is trading 77.98% below its all-time high (ATH) of $2.72 reached on December 27, 2021. Market observers and analysts expect Polygon, a competent scaling provider, to make a strong showing in the next bull run, although the altcoin has not yet delivered as expected.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/significant-matic-transfer-detected-for-ethereum-scaling-solution-polygon/" data-wpel-link="internal">Significant MATIC Transfer Detected for Ethereum Scaling Solution Polygon</a></h5>

Significant MATIC Transfer Detected for Ethereum Scaling Solution Polygon

Table of Contents

COINTURK NEWS

Other articles published on Jan 16, 2024

US ETF market heats up with Ethereum: what you need to know

Ethereum Rival Priced at $0.08 set to match the market cap of ETH

Are Pepe and Floki Dead? And What Does This Mean For Galaxy Fox ($GFOX)?

Cronos ($CRO) Staking Hits New Highs

Elon Musk’s Grok Declares Dogecoin As The Best Crypto For X

Dogecoin Price Prediction 2024, Is it the End of the Legendary DOGE?

Join our free newsletter for daily crypto updates!