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MATIC News: Polygon hard fork announced

blue image of fork in road with polygon MATIC logo in centre
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In the latest MATIC news, Polygon announced a hard fork event in a blog post on 12 January, following weeks of preliminary debate on the Improvement Proposal (PIP) forum page in late December.

The hard fork is set for Block >= 38,189,056. A centralised, single actor will not initiate it. Network validators must update their nodes before the designated block, which they are already doing.

It is reported that the Polygon hard fork, which has now been confirmed, will solve gas spikes and chain reorganisation issues that have hampered user experience on the Polygon Proof-of-Stake (PoS) chain.

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Polygon MATIC news - Votes in favour of increasing base fees

87% of the governance team's 15 votes approved raising the base fee change denominator function from 8 to 16 to prevent gas cost spikes and decreasing the sprint length function from 64 blocks to 16 to solve the chain reorganisation problem. 88. The team said that cutting sprint duration will enhance transaction finality, allowing a single block producer to add blocks continually at a frequency of 32 seconds rather than the present interval of 128 seconds.

Polygon MATIC news - Number of blocks not affected

Since this adjustment does not affect the total time or number of blocks produced by a validator, they noted that overall rewards would not change.

When a block is erased from the blockchain to create a place for a new one, it creates a chain reorganisation to make room for the more recent longer chain; all node operators have the exact copy of the ledger. However, if the blocks are to be reorganised, it must be done as quickly as feasible because it raises the risk of a 51% attack. The team has verified that token holders and delegators would be unaffected by the hard fork and that applications will not be impacted.

MATIC is trading at $0.977, up 13.6% since the company announced the news on 12 January.

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Author: Emmanuel Baiden

Author: Emmanuel Baiden

7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.

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