Data from IntoTheBlock shows that Polygon (MATIC) has experienced a staggering 2,930% rise in major transaction volume over the past 24 hours. The significant transaction volume for MATIC is $163 million.
By definition, the Large Transaction Volume indicator gives an estimate of the total amount that institutional investors and whales trade on a given day. Transfers over $100,000 are considered large transactions by IntoTheBlock, and a rise may be a sign that institutional players, or whales, are aggressively buying or selling.
Since June 29, Polygon has steadily increased, and today is the fourth day in a row that it has been in the green. On July 3, MATIC climbed to a three-week high of $0.721 before easing off somewhat, where it now sits.
At the time of writing, MATIC had slightly increased in price during the previous day to $0.70. In the last seven days, the token has increased by around 5%.
On the upside, MATIC encounters resistance at the $0.757 level, which also happens to be the daily MA 50. On the other side, it appears that the price is forming a solid base at the $0.60 mark.
Polygon PoS to undergo new upgrade
With the Inborg improvement, Polygon proof-of-stake is about to receive a revolutionary improvement. After the network experienced a number of lengthy block reorgs earlier this year that negatively impacted chain stability and user experience, Polygon Labs researchers set out to look into the problem and provide remedies to the community.
All Polygon PoS updates use the Polygon Improvement Proposal (PIP) structure, which is comparable to the EIP design.
The PIP architecture enabled the Inborg Upgrade, which consists of two ideas. First, an improved state sync technique is suggested for Indore (PIP-12) to increase network stability.
Second, Aalborg (PIP-11) adds the concept of “Milestones” to the Polygon PoS network in order to speed up finality. The Inborg Upgrade is a two-step procedure with Aalborg slated for on-chain consensus next month. Its goal is to increase network stability and finality time.
