Expect this from Polygon’s new avatar 💜

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

Where the market is without FEAR, and the charts are held high, BTC shall break barriers and shoot for the sky.

- Random Bitcoin Bloke

For the first time in three quarters, the Bitcoin Fear and Greed Index crossed 50/100 over the weekend. This shows that the market is slowly wriggling its way out of a fearful outlook and is moving toward the buying zone.

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Here’s what we’ve got for you today:

• Market pulse

• Polygon Hardfork

• News feed

• Meme of the day

Market pulse 📈

The market was like a mixed fruit bowl 🥗

The crypto market had a mixed session on Monday, but it managed to hold on to some of its gains from the weekend. MATIC took the lead and rose above the resistive $1 level. Meanwhile, ETH extended its winning streak for the ninth day in a row.

The market seems to be looking for some direction and support before resuming its uptrend. The Crypto Fear & Greed Index has returned to neutral, rising by 6 points to touch the 51/100 level.

What the Fork, Polygon?

Today is a big day for the Polygon community coz they are prepping for Polygon chain's hard fork.

BTW, what is a hard fork?

A hard fork is like a change to the rules of a crypto blockchain and all users need to update their software to follow these new rules. This creates a new version of the chain.

Polygon’s V0.3.1 Hardfork promises two things on the network:

1. Lower Gas fees

2. Address chain reorganizations

Lower Gas Fees

Polygon, the Web3 brainchild of India, has had a great year in 2022 despite the harsh bear market. When Polygon launched, it became the chain that gave developers everything the Ethereum chain had to offer, except with lower fees and better speed.

But with more popularity, the polygon chain faced increased demand and network congestion from time to time. The high demand led to spikes in gas fees.

The goal of this hardfork is to smooth out spikes and provide a more seamless interaction with the chain.

The blue line in the chart represents the current gas spikes and the red line shows how the gas spikes will change after the hardfork.

Address Reorganizations

A reorg (short for "reorganization") in a blockchain refers to a situation where the structure of the blockchain is altered.

This can happen when two miners simultaneously find a valid block and broadcast it to the network, causing a split in the blockchain. The network will then "reorg" itself to the longest valid chain, discarding the shorter one.

Now there are higher chances for this situation to happen on the Polygon blockchain. And to tackle this, the network has proposed to reduce the ‘Sprint length—number of blocks a validator produces’ from 64 to 16 blocks.

This will ensure that the time taken for each validator to produce one block will reduce from the current ~128 seconds to ~32 seconds.

Will this hardfork impact the price of MATIC? 

Not directly. The hardfork will not have any impact directly on the market. However, the market moves in such a way that anticipation of positive developments leads to buying pressure, and thus resulting in increased token price.

Since Polygon announced the hardfork, the price of MATIC has increased by ~14% from $0.82 to $1.02 currently. But, this gain cannot be completely attributed to the hardfork since the overall crypto market has been having a good week due to reduced inflation rates in the US.

Note: None of this is financial advice, and we’re not financial advisors. We’re merely your fellow investors who share information on the go. 

What else is trending? 📻

🇰🇷Seoul city's metaverse project goes public

The Seoul Metropolitan Government has launched the Metaverse Seoul project, which will provide residents of South Korea's capital city with virtual access to city services.

🟢Bitcoin miners and average hodlers back in the green

Bitcoin gained ground over the weekend and is now trading above $20,000 for the first time since FTX's spectacular collapse. This means that it is now profitable for mining companies to run the expensive hardware, and average hodlers will no longer lose money.

🥷🏽Lazarus Group moves some stash

Lazarus Group, a North Korean-linked cybercrime syndicate, is said to have transferred $63.4 million in Ethereum from 2022's massive Harmony bridge hack, depositing it on Binance, Huobi, and OKX.

Meme of the day…

Thank You,

See you later, folks. 👋

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