BlocksInform
The much-awaited hard fork aimed at boosting Polygon’s performance went live today at block 38,189,056, brewing a wave of optimism among the MATIC community.
Earlier today, The team behind the ethereum layer-2 scaling protocol has confirmed the hard fork will unfold as expected, Noting that no action will be necessary on the part of the material owners because it will be triggered automatically.
The upgrade, known as the "delhi polygon fork", aims to achieve two key objectives: to reduce spikes of gas during transactions and to improve the finality of transactions by reducing the reorganization of chains (reorgs).
In last week's blog, the polygon team noted that the upgrade would increase the base rate from 8 to 16. The base charge is the minimum gas necessary to have a transaction included in a new block. Although gas prices operate normally most of the time, when there is strong demand in the chain, base gas costs can increase exponentially.
According to the team, “the expectation is that the rate of change for the base gas fee will fall to 6.25% from the current 12.5% to smooth severe fluctuations in gas prices.”
And although gas will still increase during peak demand, it will be more in line with the way Ethereum gas dynamics work now, the team noted, adding, “The goal is smooth out spikes and ensure a more seamless experience when interacting with the chain.”
On the second objective of the upgrade, the team noted that addressing chain restructures will decrease the sprint length from 64 to 16 blocks. Correspondingly, only one block producer will be able to produce blocks continuously over a much shorter period of time (approximately 35 seconds), Significantly lower than current time (approximately 128 seconds).
Polygone was introduced in 2017 to provide the necessary scaling solution for ethereum. Since then, users and developers have benefited from faster throughput and lower costs, with over 2.3 billion transactions in the pipeline. More than 203 million unique addresses have registered on the polygon with thousands of decentralised applications (dapps), including some of the largest web3 projects such as uniswap and aave building above it. Thus, the upcoming upgrade is one of the more immediate steps in improving the chain’s performance and predictability.
Meanwhile, while matic, the polygon's native chip, is still doing gigantic movements after the upgrade, crypto assets should continue to climb to $2 after soaring more than 20% over the last seven days. At the time of the press, crypto assets were trading at $1.02, an increase of 0.74% over the last 24 hours, according to money market capitalization data.
