Polygon plans to increase gas fee by 30x to curb spam transactions, MATIC resilient with 6% rise

  • Amid high network activity, Polygon has been seeing a surge in spam transactions with the team resulting in Increasing the gas fee to help in significantly reducing them.
  • The Polygon blockchain recently overtook Ethereum in terms of daily active users on the platform.

Ethereum scaling solution Polygon is planning for a major change in the network gas fee. The platform noted that it plans to increase the gas fee by 30x from 1 gwei to 30 gwei in an effort to curb spam transactions taking place on its network.

Sandeep Nailwal, co-founder of the Polygon blockchain confirmed the same in a forum post. He wrote:

To reduce the number of spam txns in the network, we are increasing the minimum gas price to 30Gwei from the current (default) value of 1Gwei. It’s recommended to increase the gas price to 30 gwei, but validators are free to chose their own min gas price.

The Polygon blockchain has witnessed a strong surge in the adoption rate recently. Last week itself, Polygon toppled Ethereum in terms of active user addresses. Last Saturday, October 2, Polygon’s daily unique addresses touched a record high of 566,516.

In the last 30 days, the Polygon blockchain has recorded more than a 150 percent surge in the number of active addresses. On the other hand, this number has grown only by 0.6 percent for Ethereum. With such a rapid rise in transactions, the network has become more susceptible to spam transactions. Thus, if not acted now, it could result in a negative effect on its users in the long term.

The Polygon blockchain witnessed one such spam attack earlier this year in July. One trader sent 0 MATIC repeatedly with minimal gas fee. Now, by raising the gas fee the chances of such transactions will reduce.

MATIC gains 6% as Polygon dabbles into NFTs

MATIC, the native cryptocurrency of the Polygon blockchain has gained 6 percent earlier today moving past $1.30. It looks like the Polygon community hasn’t reacted negatively to the news of the rise in the gas fee. MATIC has enjoyed a solid bull run during the crypto market rally of 2021.

The MATIC price is up by 130x year-to-date registering a staggering 129 percent returns so far in 2021. After hitting a high of $1.76 back in May 2021, Polygon has been consolidating for a while. It looks like the cryptocurrency is preparing for the next bull run.

On the technical charts, the MATIC price action has formed a flag pole. If the MATIC price gives an upside breakout from this consolidation phase, it can reach the top of the flag pole which is $3.10. Thus, the MATIC price is all set to make 100 percent gains from the current levels.

Courtesy: Trading View

However, investors need to be cautious enough. Any breakout to the downside can see Polygon (MATIC) moving to its next support level of $0.73.

Another development with Polygon is that it has started dabbling into the world of non-fungible tokens (NFTs). Earlier this week, Polygon announced that the popular NFT marketplace OpenSea has integrated PoS in its system with the goal of “providing users with faster and cheaper transactions.”

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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