Polygon Hard Fork Completed, MATIC Sees $2 Price High

At block 38,189,056, the long-awaited hard fork was completed to enhance Polygon’s performance, inspiring hope among the MATIC community.

The Ethereum layer-2 scaling protocol development team said earlier that the hard fork would go forward as planned, adding that MATIC holders wouldn’t have to do anything to initiate it.

The “Polygon Delhi Fork” update has two primary goals: decreasing gas spikes during transactions and increasing transaction finality by reducing chain reconfiguration (reorgs).

The Polygon PoS network has been upgraded 👏👏👏

To learn more about the upgrade, check out 👇https://t.co/RaBWDjEGrI pic.twitter.com/WiDOdJWzaK

— Polygon (@0xPolygon) January 17, 2023

In a blog post last week, the polygon team announced the pricing increase from $8 to $16. A transaction must have at least the basic gas fee to be included in a new block. While gas prices are typically effective, they can see exponential increases at peak demand for the network.

The team forecasts that to mitigate the effects of extreme swings in gas prices, the rate of change for the base gas cost will decrease from the current 12.5% to 6.25.

As the development team explained, their goal was smooth out spikes and offered a more seamless experience when dealing with the chain. Even while gas will still increase during high demand, it will be more consistent with how Ethereum gas dynamics currently function.

Concerning the second goal of the update, the group mentioned that addressing chain reorgs will cut the length of sprints from 64 to 16 blocks. Therefore, a single block producer will only need roughly 35 seconds instead of the present 11 minutes and 40 seconds to manufacture blocks continually (about 128 seconds).

Polygon was introduced in 2017 as Ethereum’s long-awaited scalability solution. There have been over 2.3 billion transactions handled since then, resulting in a quicker throughput and lower prices for consumers and developers. Polygon has over 203 million registered users and hosts thousands of DApps, including major Web3 projects like UniSwap and Aave. As a result, the planned update is one of the more immediate measures to enhance the chain’s performance and dependability.

MATIC, Polygon’s native token, has not yet made any significant changes after the update, although it has risen over 20% in the previous week and is projected to continue growing near $2. According to statistics compiled by CoinMarketCap, the price of the cryptocurrency as of press time was $1.02, representing a gain of 0.74% in the last 24 hours.