Sunday, October 1

Polygon (MATIC) Update Stirs Whales in Cryptocurrency Market

The next update that will be conducted on the Polygon network (MATIC) has stirred some whales of the cryptocurrency market this Monday (17). calls from hard forks, these are mechanisms for updating a network to a new set of rules or protocol.

In this way, after the event, this blockchain can have a different expected behavior, usually in search of improving some point.

In the case of Polygon, in less than 15 hours according to a countdowm for the beginning, this network will implement the famous “London Hardfork” in the main network. A month ago, the update was made to the testnet and the team liked the results.

What is Polygon’s new update?

The new Polygon network update starts next Tuesday at Brasilia time, around midnight and forty minutes local time.

Polygon will now have a new transaction fee mechanism, burning tokens as network transactions are made. This could help to contain inflation in this network, which is a movement well regarded by the community.

To burn tokens on the Polygon network, the developers created a mechanism that also burns on the Ethereum network, as this is a second layer. In a technical page, the nodes received instructions on how to proceed after the update.

Whales on the Ethereum network stir in anticipation

In anticipation of the update, two whales have already made their moves in the market, according to a whale monitor. One of them was the 160th richest Ethereum whale, which bought US$ 2,771,488.00 in MATIC this Monday, that is, almost R$ 15 million.

Another whale, holder of US$ 4.7 million in Polygon tokens, decided to take advantage of the fact that the network is still working to withdraw the value from Binance and send it to a personal wallet. The cases show that the whales are preparing for the update, which could be promising according to these movements.

This hard fork won’t be a surprise

It is worth remembering that in December 2021, the Polygon network was surprised by an unexpected update by the community, which led to several rumors.

On the 30th of that month, the team explained that the update happened due to a breach that could cause the theft of several MATIC, and a hacker even exploited the mechanism and took some coins.

But this time, at least, Polygon’s update will not be a surprise and the market is waiting to know what news the network will receive, with the whales agitated.

It is worth remembering that during an update, transactions over the network should not be made until it is safe. In this way, brokers that list Polygon are already warning that withdrawals and deposits will not be processed during the event.