Polygon Transfers 52.93 Million POL to Staking Address Worth About $4.82 Million
Summary
- About $4.82 million worth of Polygon tokens appears to have been staked from a multisignature wallet tied to Polygon.
- A total of 52.928 million Polygon tokens was transferred from the address "0xFA5" to a staking contract address, worth about $4.82 million at current prices.
- Polygon previously said it would use 27.3 million POL from accumulated fees for staking rewards from Oct. 1 to Dec. 1 under governance proposal 'PIP-92'.
Forecast Trend Report by Period
About $4.82 million worth of Polygon tokens was staked from a multisignature wallet tied to Polygon.
Arkham data on Oct. 24 showed that a total of 52.928 million tokens were transferred from the address labeled "0xFA5," identified as a Polygon multisignature wallet, to a staking contract address. At current prices, the tokens are worth about $4.82 million.
A multisignature wallet requires approval from multiple parties before assets can be moved. It is commonly used to manage project funds.
Polygon previously said it would use 27.3 million POL from accumulated fees for staking rewards under governance proposal "PIP-92." The tokens are estimated to be used to support staking rewards from Oct. 1 to Dec. 1.
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