• Polygon recently hard-forked its network to help Ethereum reach the top.
• The network upgrade to Polygon PoS has caused the value of Polygon to skyrocket.
• The upgrade addressed major issues on the network, such as increasing the switch BaseFeeChangeDenominator value from 8 to 16, and reducing the transaction cost and time period taken for transaction validation.
Polygon recently announced a major network upgrade and several high-profile partnerships with leading industry players such as Nike, Starbucks, and Meta. The upgrade, called Polygon PoS, is designed to help Ethereum become more scalable and efficient. This is particularly important as the demand for digital assets and decentralized applications has been increasing in recent years.
Polygon works with some of the leading companies in the industry and has seen an increase in demand from these companies. The network upgrade to Polygon PoS was a major step forward for Ethereum and will aid scalability. The layer-2 scaling solution is Ethereum’s better half, designed to run alongside the Ethereum blockchain.
One of the major proposals of the upgrade was to switch the BaseFeeChangeDenominator value from 8 to 16. This was significant as it led to an increase in transaction cost and preceded the spike in network usage. The new mechanism will now allow users to carry out more activities with lower gas prices, reducing the base fee (the minimum fee required for adding a transaction in a block) to low levels.
The second proposal was to address the time period taken for transaction validation. The “sprint length”, the time taken by a block producer to produce a block, was reduced from 10 seconds to 5 seconds. This will increase the efficiency of the network, allowing for faster processing of transactions.
The Polygon hard fork has opened up many new possibilities for Ethereum and has been incredibly beneficial for the network. With multiple partnerships and collaborations with globally recognized firms, and a recent network upgrade poised to aid scalability, Polygon’s future is as bright as ever.