MATIC and ONE Struggles at ATH! Are These Blue-Chip Cryptos Really Ready For The Future?
We often hear traders’ grievances about Ethereum’s huge gas fees and network congestion problems. However, it’s strange that the shortcoming is spreading like a slow poison to the rest of the crypto-verse. Especially after Solana, Matic, and Harmony have been receiving a backlash from frustrated users due to their sluggish network speed.
Polygon (MATIC) and Harmony (ONE) prices have really bounced off their support with notable gains over the past couple of days. However, the projects have seen struggling with price action near their ATH. The reason may dismay traders, despite being well-established projects they failed to handle the traffic.
Hard Nut To Crack And Glitter For Cryptoverse!
As per the reports, a total of 75% of traders onboarded after January 2021. As more and more people showcase interest to adopt crypto, there is a need for an agile platform that can handle the huge traffic at a reliable cost. But there appears to be a lack of potential amongst platforms, as one followed by another are reporting the problems.
Matic Receives a Major Backlash!
Polygon has recently reported a huge spike in the network’s gas fees, even exceeding 700 gwei. The key reason is the popularity of an NFT game Sunflower Farmers on the network. The donate-to-play game gained huge popularity during the first week of the year.
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
No sooner had huge traffic driven over the platform, frustrated users complained that network times had slowed resulting in high gas fees, and transactions weren’t confirmed. It was reported that the game was gulping over 40% of the network’s gas.
However, on the same day, Matic’s price plummeted from $2.36 to $2.05. The platform resolved the glitches immediately without making the issue public. Although the network is back to normal, their team needs to seriously work on this aspect.
Harmony (ONE) Faces Critical Network Congestion Issue!
Harmony (ONE) experienced a similar network congestion issue today while it was inches close to its ATH. As per the reports, the network has shut down for over an hour, it was at a complete standstill due to heavy traffic. Despite all the odds ONE price shooted an ATH on Thursday reaching $0.3798. But if the same issue keeps repeating then it would become a great threat to the growth of the ecosystem.
Collectively, we should be glad that more and more traders are joining crypto. But some of the blue-chip projects have been constantly reporting network congestion issues. Matic and Harmony appear to be following the path of Solana for the same issues they face. Though they all have a larger user base, it is also mandatory for them to have robust technology.Source