The long-awaited hard fork aimed at improving Polygon’s performance went live at block 38,189,056 today, generating hope within the MATIC community.
The developers behind the Ethereum layer-2 scaling protocol announced earlier today that the hard fork would continue as planned, stressing that MATIC holders will not be needed to take any action since it will be activated automatically.
The polygon team said in a blog post a week ago that the update will increase the basic cost from $8 to $16. Despite the fact that gas prices function regularly the majority of the time, basic gas rates may see exponential increases when the chain faces strong demand.
According to the team, “it is anticipated that the rate of change for the basic gas cost would decrease from the current 12.5% to 6.25 % in order to reduce the severity of gas price volatility.” The company said, “The idea is to level out spikes and make interaction with the chain more seamless.”
Regarding the second aim of the update, the team highlighted that chain reorgs would lower sprint durations from 64 to 16 blocks. Consequently, a single block producer will be able to generate blocks constantly for much less time (about 35 seconds) than at now (about 128 seconds).
Polygon was introduced in 2017 to provide Ethereum with a much-needed scalability solution. Since then, consumers and developers have benefited from quicker throughput and reduced transaction costs, with over 2,3 billion transactions performed.
Over 203 million unique e-mail addresses have registered on Polygon, and hundreds of decentralized applications (DApps), including some of the largest Web3 projects like UniSwap and Aave, are being built on top of it. Therefore, the planned update is one of the most urgent measures towards enhancing the performance and predictability of the supply chain.
MATIC, the native token for Polygon, has not yet made any major swings after the update, but the crypto asset is anticipated to continue its journey towards $2 after gaining over 20% in the last week. According to CoinMarketCap statistics, the cryptocurrency was trading at $1.02 at press time, an increase of 0.74% over the previous 24 hours.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.