Polygon (MATIC), the leading layer-2 scaling solution for Ethereum, is witnessing a massive influx of large transactions, indicating that whales and institutional investors are accumulating the token.
According to data from IntoTheBlock, Polygon’s large transaction volume, which measures the total amount transacted by transfers of more than $100,000, soared by almost 3,000% within 24 hours on Tuesday. The large transaction volume reached $163 million, signaling strong demand for MATIC.
Polygon has been on a bullish trend since June 29, posting five consecutive days of gains. The token climbed to a three-week high of $0.7210 on July 3 before retracing slightly to its current price of around $0.6935.
Polygon Inborg Upgrade to Boost Network Stability and Finality
The surge in large transactions comes as Polygon prepares for a major network upgrade, dubbed the Inborg Upgrade. The upgrade is aimed at enhancing the stability and finality of the Polygon proof-of-stake (PoS) chain, which suffered from some extended block reorganizations earlier this year.
With better user experience & chain stability in mind, get ready for the Polygon PoS Inborg Upgrade ✨
Read the article below to learn all about the incoming upgrade, its benefits, and why it matters 👇🏻👇🏽👇🏾https://t.co/yr6Pw0iaVw pic.twitter.com/nANXsbTrjI
— Polygon Developers (@0xPolygonDevs) July 4, 2023
The Inborg Upgrade consists of two proposals: Indore (PIP-12) and Aalborg (PIP-11).
- Indore is a state sync mechanism improvement that will help nodes catch up with the latest state of the network faster and more reliably.
- Aalborg introduces the concept of “Milestones”, which are checkpoints that mark the finality of blocks on the Polygon PoS chain.
The Milestones will reduce the finality time from 45 minutes to less than 10 minutes.
The Inborg Upgrade is expected to be implemented in two phases, with Indore already deployed on June 29 and Aalborg scheduled for on-chain consensus in August.
Polygon is one of the most popular and widely adopted layer-2 solutions for Ethereum, offering fast, cheap, and secure transactions for various decentralized applications. The network has over 500 projects built on it, including DeFi, NFTs, gaming, and social platforms.
With the Inborg Upgrade, Polygon aims to further improve its performance and user experience, attracting more users and developers to its ecosystem.
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