HD: Polygon gears up for Indore hard fork as exciting developments Unfold
- Polygon to get a hard fork upgrade at block height 44,934,656.
- MATIC sees an uptrend as the bear trend fades.
Recent information from GitHub revealed that the Polygon network was gearing up for an upcoming hard fork. With the network already boasting impressive on-chain metrics and bustling activity, there is an anticipation of the enhancements this imminent upgrade will bring.
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Polygon gears up for Indore
Exciting developments are unfolding for Polygon. Fresh information from GitHub revealed the network was gearing up for a highly anticipated hardfork in July. Codenamed the Indore hard fork, this event is set to occur at the block height of 44,934,656. As the calendar approaches 11 July around 4:00 UTC, all eyes will be on this milestone.
The Indore hard fork will bring a crucial enhancement known as PIP-12, devised to address a state sync bug. This bug becomes a concern when network reorganizations extend beyond the sprint length of 16 blocks. By implementing PIP-12, Polygon aims to iron out this issue, ensuring a smoother and more robust network experience.
Polygon activity sees mixed reactions
A closer examination of the volume chart on DefiLlama revealed that the platform had been consistently experiencing noteworthy activity without any recent drastic surges. The chart depicted an average daily volume of $100 million, demonstrating a healthy level of engagement. As of this writing, the volume had climbed to nearly $150 million, indicating a positive trend.
However, a different picture emerged when we shifted our focus to the Total Value Locked (TVL). The chart showed minimal fluctuations in TVL over the past few months, displaying a relatively stagnant pattern. Currently, the TVL stands at approximately $941 million. It represented a decline from its previous peak in the billion-dollar range.
Despite this, it was important to note that the number of active users remained encouragingly high, at around 377,000. Additionally, a notable portion of these users was returning, showcasing the platform’s ability to maintain engagement and cultivate a loyal community.
On the other hand, the Polygon zKEVM has been experiencing an upswing in volume, as per the data from DefiLlama. Notably, its TVL has also been on an upward trajectory, in contrast to the relatively static nature observed on the Polygon platform.
MATIC sees a boost in trend
Polygon [MATIC] was exhibiting a positive trend in its value on a daily timeframe. It was trading at approximately $0.63, reflecting a 2.75% increase as of this writing. This upward movement indicated a favorable market sentiment surrounding MATIC.
Analyzing the Moving Average Convergence Divergence (MACD), it became apparent that MATIC was experiencing a slight uptrend. The MACD indicator, positioned above the zero line, provided further evidence of the positive momentum observed in the market as of this writing.
Source: TradingView
– Realistic or not, here’s MATIC market cap in BTC’s terms
Furthermore, the Relative Strength Index (RSI) suggested that MATIC was in a fading bear trend. This implied that the bearish pressure on the token was diminishing, possibly paving the way for a more bullish outlook shortly.
