Polygon (MATIC) has experienced a significant spike in large transaction volume, surging by 2,930% within the past 24 hours, as reported by IntoTheBlock.
The surge indicates heightened activity by institutional players or whales in buying or selling MATIC. Furthermore, Polygon’s price has been steadily rising since June 29, with the token reaching a three-week high of $0.721 on July 3.
Currently, MATIC is trading at around $0.70, showing a marginal increase over the last 24 hours and a nearly 5% gain over the past week.
Alongside this positive trend, Polygon’s proof-of-stake (PoS) system is undergoing an important upgrade known as the Inborg Upgrade, aimed at enhancing network stability and finality time.
The Inborg Upgrade, facilitated by the Polygon Improvement Proposal (PIP) framework, comprises two proposals: Indore (PIP-12) and Aalborg (PIP-11).
The Indore proposal aims to improve network stability through a state sync mechanism enhancement, addressing issues related to extended block reorgs that affected user experience and chain stability earlier this year.
The Aalborg proposal introduces “Milestones” to expedite finality on the Polygon PoS network, ensuring faster and more secure transactions. The Inborg Upgrade is a two-step process, with the Aalborg consensus scheduled for implementation next month.