Ethereum’s Layer-2 scaling solution Polygon (MATIC)has witnessed a huge surge in on-chain activity over the past week. Recently, high demand from the NFT play-to-win game Sunflower Farmers network has clogged the Polygon network.
Sunflower Farmers Due to the popularity of the game, the gas consumption in the Polygon network seems to have increased by 40%.
In the past two days, Polygon network gas fees have skyrocketed, even surpassing 700 gwei. The main reason is the popularity of an NFT game Sunflower. Its gas consumption accounts for more than 40%, while the second accounts for only about 3%. pic.twitter.com/d9h0wCaa0A
— Wu Blockchain (@WuBlockchain) January 6, 2022
The NFT-based play-to-win game resulted in a staggering 16-fold increase in gas fees on the Polygon blockchain network at the end of December 2021. The increase in gas fees is also causing problems for some DApps. For example, NFT lease protocol “Double Protocol” announced earlier today that its planned “alpha pass” release has been delayed.
Hi, Doublers!
Due to the congestion and dramatic increase in the gas fee of Polygon Network, we have to delay the release of our Alpha Pass initially scheduled for today.
We will announce the new timeframe within 24 hours.
Please stay tuned.
1/2
— Double Protocol (@DoubleProtocol) January 5, 2022
NFT game Sunflower Farmers encourages players by engaging them in tough competition to collect as many token prizes as possible. Players receive these SFF token rewards via smart contracts. Therefore, players are constantly trying to participate in the quests to plant and harvest crops in order to get rewards. Earned tokens can be used to purchase in-game NFTs and pay for other benefits.
As a result, players who want to get a larger share of SFF tokens also benefit from higher gas fees and profit more. However, despite the current increase, polygon mesh The gas fee is still very cheap compared to Ethereum (a transaction costs between $50 and $100 on the ETH network).
Will MATIC Continue Its Price Rally?
With the broader crypto market moving sideways, Polygon’s native crypto asset MATIC had done really well. Last week, MATIC price hit an all-time high of $2.87 but has been moving sideways since then and fell during today’s market crash.
Polygon (MATIC) is currently trading at $2.14, the 50-day SMA average. If MATIC manages to reverse the trend from here, a quick gain of 15% can be expected in the short term.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.