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Tuesday, February 7, 2023

Polygon Trying To Reduce Gas Prices With Hard Fork

On January 17, the Polygon PoS chain will undergo a substantial update as a result of a hard fork designed to increase performance and predictability. The community and the Polygon team have listed decreasing gas spikes and fixing chain rearrangement difficulties as top goals for the network’s growth.

With the exception of the fork, Polygon (MATIC) has had a stellar start to the year, launching a number of high-profile projects and collaborations with household brands like Disney and Reddit, as well as its web3-focused incubator in cooperation with Mastercard. The MATIC token has gained 14.12% over the past week and 1.4% during the previous 24 hours.

Polygon Set Hard Fork Date For Jan 17

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In order to shorten the time to finality, the improvements suggested by the hard fork seek to lessen the intensity of gas spikes and address inefficiencies in chain reorganization. The first suggested upgrade would increase the BaseFeeChangeDenominator from 8 to 16, which would lessen gas price spikes. This will lessen the rate at which the base fee (the minimal price for block inclusion) increases or decreases when the gas in a block reaches or falls below the specified gas limitations.

This adjustment is being made because, for any blockchain system, exponential jumps in the basic gas charge during periods of heavy demand are neither typical nor desirable. Therefore, by raising the denominator from 8 to 16, it is possible to flatten the development curve and create a chain that is easier to work with. The second suggested improvement reduces the sprint duration from 64 to 16 blocks in order to handle chain reorganizations.

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