• Polygon recently underwent a hard fork, enabling Ethereum to increase scalability.
• The network upgrade to Polygon PoS has caused the value of polygon to skyrocket.
• The upgrade addressed two major proposals, including a change in the switch BaseFeeChangeDenominator value and a decrease in the time period taken for transaction validation.
Polygon, Ethereum's layer-2 scaling solution, recently underwent a hard fork which has paved the way for Ethereum to achieve greater scalability. This upgrade to Polygon PoS has been a major boon for the network, causing the value of polygon to rise to astronomical levels. The hard fork has addressed two major proposals, both of which have been instrumental in increasing the network’s efficiency and usability.
The first proposal was to address the change in the switch BaseFeeChangeDenominator value, which was increased from 8 to 16. This switch in the base fee has led to increased transaction costs, and the new mechanism will now allow network 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, reducing the current gas prices from 12.5 percent to as low as 6.25 percent.
The second proposal was to address the time period taken for transaction validation. The “sprint length”, which is the time taken by a block producer to produce a block, was reduced from 8 seconds to 4 seconds. This decrease in the sprint length has sped up the process of transaction validation, allowing users to take advantage of faster transactions.
The hard fork is also playing a key role in Ethereum's journey to the top, as the layer-2 scaling solution is essential for Ethereum to maintain low fee charges and accelerate the network's transaction speed. Moreover, Polygon has also collaborated with multiple leading industry players, such as Nike, Starbucks, and Meta, to further increase demand and use of the network.
All in all, the recent hard fork of Polygon has been a major success, providing users with an improved network that is faster, more efficient, and more reliable than ever before. With the help of the hard fork, Polygon has opened the door for Ethereum and is helping to take the network to the next level.