Polygon Announces Upcoming Hard Fork to Address Gas Spikes and Chain Reorganizations

Polygon Announces Upcoming Hard Fork to Address Gas Spikes and Chain Reorganizations

The Ethereum scaling blockchain, Polygon, has revealed plans to initiate a hard fork on Jan. 17, 2023. According to the team, the network upgrade will “reduce the severity of gas spikes” and “address chain reorganizations (reorgs) in an effort to reduce time to finality.”

Polygon Team Outlines Network Upgrades to Improve User Experience

On Jan. 12, 2023, the Polygon team told the community to “get ready for the hard fork” as developers have plans to upgrade the chain on Jan. 17, 2023. “The proposed hard fork for the Polygon PoS chain will make key upgrades to the network on Jan. 17,” the team tweeted. “This is good news for developers and users and will make for better user experience (UX). You will not need to do anything differently,” the developers insisted. Polygon (MATIC) developers have been discussing the upgrade since Dec. 2022.

The V0.3.1 Hard Fork aims to reduce gas spikes and address blockchain reorganizations (reorgs). A reorg is an occurrence in which a new chain’s branch emerges and supersedes the previously accepted blockchain branch. Reorganizations can cause previously confirmed transactions to be invalidated and replaced with new ones. In order to alleviate the reorg problem, Polygon plans to decrease the network’s sprint length from 64 to 16 blocks. “Doing so will decrease the depth of reorgs,” Polygon developers declare.

In order to reduce gas spikes, Polygon aims to change the “basefeechangedenominator” from the current value of 8 to 16. “This will help smooth out the increase/decrease rate in basefee for when the gas exceeds or falls below the target gas limits in a block,” according to the Polygon team’s blog post about the subject.

Polygon’s native token, MATIC, has recently entered the top ten standings in terms of crypto assets ranked by market capitalization. MATIC is up 23.4% over the last week against the U.S. dollar. However, Polygon’s current $0.987 per unit value is down 66.2% since the digital asset’s all-time high of $2.92 per unit on Dec. 27, 2021.

What do you think about the proposed upgrade to the Polygon network? Will these changes improve your overall experience as a user or developer on the platform? Let us know your thoughts in the comments section below.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Bitcoin Has Entered Into The Early Bull Phase — Crypto Pundit Avers

Ki Young Ju, the CEO of data analytic firm CryptoQuant is convinced that Bitcoin is on the cusp of a major lift-off as crypto traders continue to switch from a risk-off to risk-on mode. Earlier yesterday, Young tweeted that Bitcoin had “entered into the early bull phase”, suggesting that the top cryptocurrency by market capitalization

Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year

Goldman Sachs has ranked bitcoin the best-performing asset so far this year. The cryptocurrency also tops the global investment bank’s list as the asset with the highest risk-adjusted return — above gold, real estate, the S&P 500, and the Nasdaq 100. Bitcoin Outshines Other Investments on Goldman’s Chart Global investment bank Goldman Sachs has reportedly

Global Digital Cluster Coin (GDCC) Is Now Available on LBank Exchange

PRESS RELEASE. LBank Exchange, a global digital asset trading platform, has listed Global Digital Cluster Coin (GDCC) on January 27, 2023. For all users of LBank Exchange, the GDCC/USDT trading pair is now officially available for trading. With its new-age protocol and peer-to-peer network, Global Digital Cluster Coin (GDCC) restructures the concept of money and