Tech

MATIC Price Is Up More Than 10% After Hardfork Announcement

01/14/2023
Bitcoin Ethereum News
  • Polygon has shared some hints about its upcoming hardfork.
  • The hardfork wants to speed up the process of verifying transactions by finalizing blocks.
  • MATIC is currently trading at $1.00 after a more than 10% increase in price.

Polygon took to Twitter on January 12 to share some exciting bits about the network’s upcoming hardfork. One of the main issues that will be tackled by the hardfork is the increase in gas prices that occurs when there is heavy network usage.

The gas fee is expected to drop from its current 12.5% (100/8) rate of change to 6.25% (100/16).

Some of the other changes that will be implemented include a reorg. A reorg occurs when a validator node obtains data that reveals an improved, longer chain. The Polygon network has had a problem with reorgs happening too fast in the past, which is why the hardfork wants to speed up the process of verifying transactions by finalizing blocks.

In addition to this, the change to Polygon’s sprint length will cut the period over which a block producer can generate blocks in half from 64 to 16.

MATIC Network / Tether US 1D (Source: TradingView)
MATIC Network / Tether US 1D (Source: TradingView)

It seems like the crypto community reacted well to Polygon’s hardfork announcement as the price of MATIC increased by over 3% afterwards. CoinMarketCap indicated that the crypto is currently trading at $1.00 after a more than 10% increase in price over the last 24 hours. The altcoin is also still in the green by more than 25% over the last seven days.

Also in the green zone is MATIC’s 24 hour trading volume which currently stands at $618,378,098 after a more than 15% increase since yesterday. With its market cap of $8,838,565,255, MATIC is currently the 11th biggest cryptocurrency.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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