• Polygon has recently had a hard fork to increase scalability, and has partnered with leading industry players like Nike, Starbucks, and Meta.
• The network upgrade will result in lower fee charges and faster transaction speeds for Ethereum.
• The upgrade to Polygon PoS has drastically increased the value of Polygon.
Polygon, Ethereum’s layer-2 scaling solution, recently underwent a hard fork that has opened many doors for Ethereum and is playing a key role in Ethereum’s journey to the top. With multiple collaborations and partnerships with globally recognized firms, and a recent network upgrade poised to aid scalability, Polygon’s future is as bright as ever.
The switch in BaseFeeChangeDenominator value from 8 to 16 was a major change that the upgrade brought. This switch in base fee led to an increase in the transaction cost, which was expected to be followed by a spike in the network usage. But the new mechanism implemented by Polygon will now allow users to carry out more activities with lower gas prices. This will bring the base fee (the minimum fee required for adding a transaction in a block) to low levels. Developers have revealed that the recent hard fork will bring the current gas prices down from 12.5 percent to as low as 6.25 percent.
The second proposal was meant 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 5 minutes to 2.5 minutes. This will help the network to process more transactions in a shorter period of time.
The hard fork also brought about an increase in the demand from leading industry players, resulting in Polygon’s partnerships with Nike, Starbucks, and Meta. These partnerships are expected to have a positive effect on Polygon, as the value of the cryptocurrency has skyrocketed due to the hard fork.
Overall, the hard fork and the partnerships have been a great success for Polygon and Ethereum, as the network upgrade and collaborations with leading industry players have opened up new possibilities for Ethereum and its users. With the scalability issues addressed, the network is expected to become more efficient and offer more reliable services.