Blockchain News

Can Polygon’s Planned Hardfork Pull MATIC out of Bears’ Clutches?

On January 12, Polygon’s [MATIC] announced its intention to hardfork its network while teasing new features. According to the tweet, the fork will reduce the spike in gas prices that occurs when the network is heavily used.

Polygon has made some changes to its gas pricing policies with its latest fork. To help control unpredictable gas prices, the base gas fee is scheduled to be reduced from 12.5% (100/8) to 6.25% (100/16).

The fork in the MATIC network will result in significant changes, including a reorg, which occurs when a validator node acquires data that exposes an improved, longer chain. Polygon has an issue with too many reorgs, thus it wants to speed up the process of confirming transactions by finishing blocks.

The proposed adjustment to Polygon’s “sprint length” will lower the time it takes a block producer to manufacture blocks in half, from 64 to 16.

According to the daily timeframe trendline, the price of MATIC was rising. MATIC had increased about 3% in value at the close of trading on January 12, showing a good reaction to the announcement. According to the location of the Relative Strength Index line, the asset was likewise in a strong bullish trend.

The Directional Movement Index (DMI) corroborated MATIC’s bullish trend, with both the positive DI and the signal line exceeding 20, indicating the same.

Furthermore, Santiment’s Daily Active Addresses indicated that the measure had already increased in January. According to the overall trend, more active addresses were recorded in January 2023 than in December 2022.


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