1.4 Billion MATIC Tokens were issued in just one hour, resulting in a 6% drop in price

This morning, 1.4 billion MATIC tokens were unlocked from the vesting contract as part of Polygon's plan. This volume corresponds to 14% of the total token supply, or 10 billion MATIC.

Meanwhile, according to CoinMarketCap data, the total circulating supply of the coin is 8.035 billion MATIC.

According to Polygon co-founder Sandeep Nailwal, the unlocking was planned and affected MATIC tokens that had been banned a year earlier.

Surprisingly, despite the fact that the vesting period ended in April of this year, the tokens have yet to be claimed.

The 1.4 billion unlocked MATICs are classified into three types: The project team consists of 640 million MATICs. The project team receives 546.6 million MATICs.

As a reward for staking, 200 million MATIC are distributed. Nailwal also stated that the Polygon team would make a huge announcement about MATIC vesting in the coming days.

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