Polygon community had shared a proposal for a critical hardfork to “reduce the severity of gas spikes and address chain reorganizations (reorgs) in an effort to reduce time to finality.” The proposed Polygon mainnet hardfork V0.3.1 Hardfork was launched on Jan. 17, 2023.

According to the Polygonscan data, on Jan 17 at 10:45 UTC, the software was updated to Polygon PoS. in an Ethereum-compatible Proof-Of-Stake sidechain.

The Polygon hardfork has been designed specially to improve the network’s overall performance. This came as a solution to various issues that the network has faced. One of which is the high gas rates during peak usage. With the increase in demand for the network, the gas fee also rises, which creates hurdles for the users to make or complete transactions. 

To mitigate this issue, hardfork has been introduced, which will reduce the severity of gas spikes. The hard-fork adjusted mechanism will set the gas fees with the intent to keep them low when the network is high in demand.

The post for the proposal was first published on January 12, which also shared the much-awaited technical updates to polygon PoS.  The upgrades will be working towards scale parallelization and polygon zkEVEM.

Another reason for the Hardfork upgrade was to reduce the transaction finality time. The time is taken to complete a data block to prevent frequent reorgs. This happens, usually when a validator node receives information that temporarily generates a new version of the blockchain. “By decreasing the sprint length, the hardfork will help reduce the frequency and depth of reorgs and improve transaction finality.”

Following the hardfork update, the native token of polygon MATIC is now trading at $1.02 and has spiked by 3.1%.

During 2022, the polygon has developed various partnerships and collaborations to sustain even the challenging times. These partnerships have helped the network to remain a prominent player in the crypto industry and have been able to attain much growth and adoption.

This update will help the network create a unique space in the DeFi space and will be able to attract more partners, delegators to MATIC, and a revival in Polygon’s market capitalization. It may further gain its position among the top 10 cryptocurrencies.

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