The Polygon hardfork was intended to address the spike in gas fees and reorgs.
Active addresses are up more compared to December 2022.
Polygons [MATIC] declared on Jan. 12 its intent to hardfork its network while teasing new features. According to the tweet, the fork will mitigate the increase in gas prices that occurs when there is heavy network usage.
📢 GET READY FOR THE HARDFORK 🔥
The proposed hard fork for the #Polygon PoS chain will make major network upgrades on January 17.
This is good news for developers and users – and will make for a better UX.
You don’t have to do anything else. Details: https://t.co/RaBWDjEGrI pic.twitter.com/nipa15YQdZ
— Polygon (@0xPolygon) January 12, 2023
Read Polygons [MATIC] Price Forecast 2023-24
With its new fork, Polygon has made some changes to its gas pricing policy. To mitigate volatile gas costs, the base gas fee is expected to decrease from the current rate of change of 12.5% (100/8) to 6.25% (100/16).
What to expect from the upcoming Polygon fork
The fork of the MATIC network will introduce substantial changes, including a reorganization, which occurs when a validation node obtains data revealing an improved, longer chain. Polygon has a problem with reorganizations happening too often; therefore, it aims to speed up the process of verifying transactions by completing blocks.
Polygon’s proposed “sprint length” change cuts the period in which a block producer can generate blocks in half, from 64 to 16.
MATIC price on a bullish trajectory
The price of MATIC was in an uptrend, following the trendline on the daily time frame. By close of trading on Jan. 12, MATIC was up nearly 3% in value, indicating a positive response to the announcement. The asset was also in a strong bullish trend, following the position of the Relative Strength Index line.
How much are 1,10,100 MATICs worth today?
The Directional Movement Index confirmed the bullish trend of MATIC (DMI), while the positive DI and the signal line were both above 20, indicating the same thing.
Source: TradingView
In addition, Santiment’s Daily Active Addresses suggested that January has already seen a rise in the statistic. According to the general pattern, there have already been more active addresses in January 2023 than in December 2022.
Source: Sentiment
This post Can Polygon MATIC’s planned hard fork pull out of the bears’ clutches?
was published first on https://ambcrypto.com/can-polygons-planned-hardfork-pull-matic-out-of-bears-clutches/
