Polygon completes hard fork upgrade to minimize gas fee spikes, chain reorgs Polygon completes hard fork upgrade to minimize gas fee spikes, chain reorgs
Polygon’s hard fork upgrade took effect on Tuesday and included two proposals published last December.
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Updated: Jan. 17, 2023 at 6:19 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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