Polygon (MATIC) Braces For Its Newest Hard Fork!
After a heated debate by the community last month, the team behind Blockchain scaling solution Polygon (MATIC), Polygon Labs, has announced that its next major hard fork will be taking place on the night of January 17th.
Next Hard Fork
The Polygon team explains that this hard fork aims to improve the chain’s performance and predictability. Changes that will be made include preventing network gas fee spikes and addressing chain reorganizations, or reorgs, in order to decrease time to finality and make it more efficient.
“The expectation is that the rate of change for the base gas fee will fall to 6.25% (100/16) from the current 12.5% (100/8) in an effort to smooth severe fluctuations in gas prices.” The Polygon team wrote.
“Although gas will still increase during peak demand, it will be more in line with the way Ethereum gas dynamics work now. The goal is to smooth out spikes and ensure a more seamless experience when interacting with the chain.”
🤔 What’s all the buzz about?
🤷 Why does the Polygon PoS chain need a hardfork?
🧐 How’s it unfolding?
🤗 Do I need to do anything?
Here’s everything you need to know about the proposed hardfork for the Polygon PoS chain on 01/17 👇🏿 pic.twitter.com/xF3SvUb2eu
— Polygon (@0xPolygon) January 16, 2023
Excitement for Polygon’s upcoming hard fork has helped the MATIC token surge by quite a bit the past month. Although the token had momentarily lost its spot in the top 10 cryptocurrencies by market cap to Solana yesterday, MATIC has taken back its place in the top 10 today.
$MATIC has seen a surge of 19.24% in the past week leading up to the hard fork and is currently trading at a price of $1.01 at the time of writing.
This big start of the year for Polygon also follows a rather successful year in 2022 when the chain announced a series of impressive high-profile partnerships, including partnerships with Disney, Reddit, and Mastercard.