1.4 billion MATIC locked in- Here’s what could follow next

ambcrypto.com:

Polygon has released a new update for its network. Polygon contract address released 13.87% of the total supply to the foundation contract address.

Officials from Polygon said 640 million MATIC are allocated to the team and staked directly. Furthermore, 546 million MATIC tokens are allocated to the foundation and 200 million are used for staking awards.

This news has rocked the Polygon community with many users still skeptical over the decision. There is increasing FUD in the community which is now anticipating a ‘major dump’ on the market.

Despite the recent FUD arising out of the announcement, Polygon has released an update about its Q2 performance. The PoS chain now houses 5.34 unique addresses which represents a 12% increase in QoQ (Quarter on Quarter).

While macro conditions continue to be harsh, Polygon saw an increase in transactions during Q2. Total Q2 transactions jumped to 284 million after a 4% surge. There is also good news in the average transaction fees which dropped by 49% to $0.018.

Total Q2 transactions increased 4% to 284M and network revenue was $5.56M.

Average cost per transaction fell 49% to $0.018.

Let’s take a look at #DeFi, #gaming and #NFTs.

— Polygon – MATIC