Blockchain

Matic Network Allocates 100% of Team & Foundation Tokens to Staking in Second Token Unlock

Matic Network has shared vital information on how they intend to allocate its second batch of tokens scheduled to be released later this month.

According to the project, the need to provide clarity on the details of the “second token unlock” is imperative to address any future concern or confusion, while adding that the token allocation is designed to be favorable to both token holders and the entire Matic Network ecosystem. 

The Matic’s token supply is to be allocated based on five distinct categories such as Teams, Advisors, Foundation, Ecosystem, and Staking Rewards. 

The project noted that a total of 1,218,304,816MATIC would be unlocked April 26, which is about 12.8 percent of the entire 10,000,000,000 MATIC supply and will be allocated to its different categories.

April 2020 token unlock full details. Source: Matic

However, despite the number of tokens to be unlocked this month, the project has hinted that the majority of the tokens will not be released as the network is planning to release only a fraction of 1.33 percent (133,333,333 MATIC) initially allocated to Advisors. 

Unlocked tokens for staking

Matic further stated that its Advisors have decided to voluntarily deploy about 50 percent of its allotted tokens to staking activities, while 11 percent of the other half will be released into the market with the remaining dedicated to the long-term growth of the Matic ecosystem.

Notably, all the tokens allocated to Team and Foundation will be channeled to staking activities to protect and foster the community’s growth, while the tokens set aside for Staking Rewards will be used for its original purpose. 

The project added that Ecosystem tokens will be moved from the foundation wallet to a different Ethereum address on April 27, and will be used in facilitating the growth of the MATIC ecosystem, including dApp promotions, investments, grants, Matic Mitra, among others.

As part of the announcement, the project added that the voluntary lock-ups of some tokens by some investors during the October 2019 token unlock conducted on October 26, 2019, will be effectively distributed in the coming days. 

Meanwhile, Coinfomania reported last year that Matic was accused of dumping over 60 percent of the MATIC tokens on investors. However, the project refuted the dump allegation. 

At the time of writing, the MATIC token is trading at $0.013517,  a 10% gain on the daily chart, according to data on CoinMarketCap.

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Source: https://coinfomania.com/matic-allocates-staking-second-token-unlock/?utm_source=rss&utm_medium=rss&utm_campaign=matic-allocates-staking-second-token-unlock

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