Polygon Network Gas Fee Skyrockets Amid Heavy NFT Gaming, Will MATIC Rally Continue?
Etheruem’s Layer 2 scaling resolution Polygon has been witnessing heavy on-chain exercise over the past week and so. Just lately, the NFT play-to-earn sport Sunflower Farmers has clogged the Polygon community amid excessive demand of the community.
The recognition of this NFT sport accounts for gasoline consumption of a staggering 40%. The second account is simply consuming 3% gasoline after it.
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Prior to now two days, Polygon community gasoline charges have skyrocketed, even surpassing 700 gwei. The primary cause is the recognition of an NFT sport Sunflower. Its gasoline consumption accounts for greater than 40%, whereas the second accounts for less than about 3%. pic.twitter.com/d9h0wCaa0A
— Wu Blockchain (@WuBlockchain) January 6, 2022
By the tip of December 2021, the Sunflower Video games has precipitated the gasoline payment to extend by a staggering 16x on the Polygon blockchain community. The surge within the gasoline payment can be inflicting bother for sure DApps. For e.g. the NFT rental protocol – Double Protocol – has introduced suspending the discharge of alpha Go scheduled earlier at the moment.
Hello, Doublers!
Because of the congestion and dramatic enhance within the gasoline payment of Polygon Community, we’ve got to delay the discharge of our Alpha Go initially scheduled for at the moment.
We’ll announce the brand new timeframe inside 24 hours.
Please keep tuned.
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— Double Protocol (@DoubleProtocol) January 5, 2022
NFT sport Sunflower Farmers incentivizes players thereby participating them in a fierce competitors to farm as many token rewards as attainable. Players obtain these SFF token rewards via good contracts. Thus, gamers are continually concerned within the duties of planting and harvesting crops to obtain rewards. These earned tokens can be utilized for buying in-game NFTs in addition to paying for different advantages.
In consequence, gamers keen to get a better share of the SFF tokens are leveraging excessive gasoline charges thus ensuring that their transactions are accepted on Polygon. Nonetheless, regardless of the present surge, the Polygon gasoline payment continues to be very low-cost to Ethereum whereby one transaction prices wherever between $50-$100.
Will MATIC Proceed With Its Worth Rally?
Whereas the broader crypto market has been shifting sideways, Polygon’s native crypto MATIC has carried out rather well! Final week, the MATIC worth surged to its all-time excessive of $2.87. nonetheless, since then it has been shifting sideways and hammered throughout at the moment’s market crash.
As of press time, Polygon (MATIC) is at the moment buying and selling at its 50-day SMA common of $2.14. If MATIC manages to reverse the pattern from right here, we are able to anticipate a fast 15% achieve briefly time period.
