Monero (XMR) is among the leading privacy tokens. Meanwhile, the project saw a successful hardfork on block 2,688,888 on August 14. The update incorporated substantial shifts to ensure heightened privacy and security on the network. But the question remains, Did XMR witness any notable events on price action or on-chain?
Improved Life
Monero’s team revealed the hardfork development on August 14. It ensured multiple fixes to the multi-signature mechanism to enhance information exchange. That includes crucial data and sets synchronization between addresses.
The website stated that Multisig means a transaction requires several signatures before submitting to the Monero Blockchain for execution. Instead of a single Monero address creating, authorizing, and submitting transactions, investors will have the collaboration of several wallets to complete transactions.
The upgrade also incorporated changes to the Billetproofs algorithm to decrease transaction sizes by 7% and enhance transaction speed. Moreover, it included improvements to the multisig mechanism.
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The forking event turned out to be lucrative considering its aftereffects. Monero noted a massive block size surge. The index temporarily hit 310kb block size the past day, catalyzing a dynamic ‘block size algorithm’ for the first time. The average block zine was 78K before this event.
That revealed Monero’s capability to scale. Thus, passing the network’s “stress test” with flying colors. Meanwhile, Monero’s market cap increased to $2.85B from $2.08B, translating to a 37% upsurge. Furthermore, the asset’s trading volume increased by 115%.
The lucrative growth saw XMR registering substantial traction in its social metrics, according to LunarCrush. Social engagement and mentions witnessed 180% and 121% upticks, respectively. The mentioned hike marked a substantial change. The previous months saw social dominance plummeting by 53%, whereas social volume lost 30%.
Moreover, whales started to show interest after ignoring the altcoin previously. XRM gained nearly 7% the day before the hardfork (August 14). Nevertheless, the after-scenes were not too bullish. Meanwhile, Coinmarketcap data shows XMR saw a slight correction to hit $165. While publishing this blog, the alternative token changed hands at $173.57.
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