HD: Polygon gears up for Indore hard fork as exciting developments unfold
- Polygon gets 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, we anticipate the improvements this forthcoming upgrade will bring.
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Polygon prepares for Indore
Exciting developments are underway for Polygon. Fresh information from GitHub revealed that the network was gearing up for a highly anticipated July hardfork. This event, codenamed the Indore hardfork, will occur at the block height of 44,934,656. As the calendar approaches July 11 around 4:00 UTC, all eyes will be on this milestone.
The Indore hard fork will bring a critical improvement known as PIP-12, devised to address a state sync error. This bug becomes a concern when network reorganizations exceed the sprint length of 16 blocks. By implementing PIP-12, Polygon aims to solve this problem and provide a smoother and more robust network experience.
Polygon activity creates mixed reactions
A closer examination of the volume chart op Defillama revealed that the platform had consistently experienced notable activity with no recent drastic increases. The chart showed an average daily volume of $100 million, indicating a healthy level of engagement. At the time of writing, the volume had risen to almost $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 and showed a relatively stable pattern. Currently, the TVL stands at about $941 million. It represented a drop 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. In addition, a remarkable proportion of these users returned, demonstrating the platform’s ability to maintain engagement and cultivate a loyal community.
On the other hand, the polygon zKEVM has experienced a resurgence in volume, according to data from DefiLlama. Notably, the TVL has also followed an upward trajectory, in contrast to the relatively static nature seen on the Polygon platform.
MATIC sees a trend boost
Polygon [MATIC] showed a positive trend in its value on a daily time frame. It was trading at around $0.63, up 2.75% at the time of writing. This upward move indicated favorable market sentiment around MATIC.
When analyzing the Moving Average Convergence Divergence (MACD), it became clear that MATIC was on a slight upward trend. Positioned above the zero line, the MACD indicator provided further evidence of the positive momentum seen in the market at the time of writing.
Source: TradingView
– Realistic or not, here is the market cap of MATIC in terms of BTC
In addition, the Relative Strength Index (RSI) suggested that MATIC was in a bearish downtrend. This implied that bearish pressure on the token was easing, potentially paving the way for a more bullish outlook soon.
