Polygon announced the completion of its proof-of-stake hard fork upgrade in an attempt to reduce gas spikes and chain reorganizations(reorgs) on January 17.
The two proposals included in the hard fork were submitted last December. About 87% of Polygon validator teams voted for approval.
The hard fork proposal aims to reduce gas spikes by reducing the BaseFeeChangeDenominator to 16 from 8, according to a January 12 statement. Although gas fees will continue to increase during peak demand, they will be aligned with Ethereum gas dynamics.
In addition, the second proposal reduces the time it takes to finalize a data block – thereby preventing frequent chain reorganizations. Frequent reorgs happen when a validator node receives information that creates a temporary version of the blockchain.
Last year, Polygon experienced significant growth and adoption due to multiple collaborations and a record number of transactions. At press time, Polygon’s MATIC is trading at $1.013 – up from $0.8473 a week ago.
Journalist at CryptoSlate
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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