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Wednesday, August 17, 2022
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    HomeAltcoinPolygon Network Gas Fee Skyrockets Amid Heavy NFT Gaming, Will MATIC Rally...

    Polygon Network Gas Fee Skyrockets Amid Heavy NFT Gaming, Will MATIC Rally Continue?

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    Etheruem’s Layer 2 scaling answer Polygon has been witnessing heavy on-chain exercise during the last week and so. 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 fuel consumption of a staggering 40%. The second account is simply consuming 3% fuel after it.

    By the tip of December 2021, the Sunflower Video games has prompted the fuel charge to extend by a staggering 16x on the Polygon blockchain community. The surge within the fuel charge can also be inflicting bother for sure DApps. For e.g. the NFT rental protocol – Double Protocol – has introduced suspending the discharge of alpha Move scheduled earlier at present.

    NFT sport Sunflower Farmers incentivizes avid gamers thereby participating them in a fierce competitors to farm as many token rewards as doable. Avid gamers obtain these SFF token rewards via sensible contracts. Thus, gamers are always 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.

    Consequently, gamers keen to get a larger share of the SFF tokens are leveraging excessive fuel charges thus ensuring that their transactions are accepted on Polygon. Nonetheless, regardless of the present surge, the Polygon fuel charge continues to be very low-cost to Ethereum whereby one transaction prices wherever between $50-$100.

    Will MATIC Proceed With Its Value Rally?

    Whereas the broader crypto market has been shifting sideways, Polygon’s native crypto MATIC has carried out rather well! Final week, the MATIC value surged to its all-time excessive of $2.87. nevertheless, since then it has been shifting sideways and hammered throughout at present’s market crash.

    As of press time, Polygon (MATIC) is presently buying and selling at its 50-day SMA common of $2.14. If MATIC manages to reverse the pattern from right here, we will count on a fast 15% acquire in brief time period.

    Disclaimer

    The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.

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