- Polygon’s recent hard fork opens doors for Ethereum and plays a key role in Ethereum’s journey to the top.
- Polygon works with some of the industry’s leading companies, citing an increase in demand from leading industry players.
With multiple partnerships and collaborations with globally recognized firms, and a recent network upgrade poised to aid scalability, Polygon’s future is as bright as ever.
The layer-2 scaling solution is Ethereum’s better half, designed to run alongside the Ethereum blockchain. Polygon is essential for Ethereum to maintain low fee charges and accelerate the network’s transaction speed.
The network upgrade to Polygon PoS, has sent the value of polygon to astronomical levels, by addressing some of the network’s most pressing issues and limitations with two major proposals.
After the upgrade was carried out on January 17th, 2023, there was a change in the switch BaseFeeChangeDenominator value, which went from 8 to 16. The upgrade was significant, as the switch in base fee led to the increased transaction cost that precedes the spike in network usage.
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.
Network developers revealed that the recent Polygon hard fork is expected to fix the change in current gas prices, and take it down from 12.5 percent to as low as 6.25 percent.
Additionally, 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 64 to 16 blocks (128 seconds to 32 seconds).
The reduction will now allow block producers to carry out block production within a much shorter time frame.
With these two changes being made to the polygon network, adoption across validators and other network users is geared to skyrocket with time.
Meanwhile, Polygon’s native token MATIC is already starting to benefit from the network hard fork.
The hard fork notably prompted a 20% price pump. Magic’s press time price is also reflecting a sustained bullish momentum from the week before. Prices are at $0.96, while MATIC retains gains going up to 6%, from the last 7 days.
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Polygon is on its way to becoming a household name with disruptive partnerships
Polygon is also building network strength with some of the biggest names in different industries. In November 2022, the apparel giant Nike launched its Web3 platform Swoosh. Swoosh is bull to integrate with Polygon and give its users access to Polygon-based NFT products.
Other notable companies like Meta, Starbucks, Reddit, and DraftKings have selected Polygon as their selected Blockchain, and have continued to launch several projects on the network.