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Polygon Completes Hard Fork to Reduce Gas Fee Spikes, Disruptive Reorgs
The software upgrade to the Ethereum-scaling project went live on Tuesday and included two proposals from December that Polygon validator teams voted to approve.
Updated Jan 17, 2023, 6:05โฏp.m. Published Jan 17, 2023, 4:42โฏp.m.
Polygon, an Ethereum-scaling project, successfully completed a hard fork designed to reduce instances of spiking gas fees and disruptive chain reorganizations known as "reorgs."
The software upgrade occurred at 10:45 UTC (5:45 a.m. ET) on Tuesday, according to a tweet from Polygon Labs, the lead company behind the project.
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The two proposals included in the hard fork were put forth in December. Some 87% of Polygon validator teams that participated voted for approval. Only 15 validator teams took part in the voting process, which is extremely low given the number of active validators at a time is limited to 100.
The first proposal adjusted a mechanism that sets gas fees โ a kind of tax one pays in order to transact on a blockchain. The new mechanism aims to keep gas prices low when there is a lot of activity on the network.
The second proposal aims to reduce the amount of time it takes to complete a data block โ part of an effort to prevent frequent reorgs, which occur when a validator node receives information that temporarily creates a new version of the blockchain.
The price of Polygonโs native token, MATIC, is up nearly 15% over the last seven days โ in keeping with a broad rally in digital-asset markets.
The Polygon PoS network has been upgraded ๐๐๐
โ Polygon (@0xPolygon) January 17, 2023
To learn more about the upgrade, check out ๐https://t.co/RaBWDjEGrI pic.twitter.com/WiDOdJWzaK
Read more: Polygonโs Blockchain to Undergo Hard Fork
UPDATE (Jan 17 17:25 UTC): Adds that only 15 validator teams took part in the voting process.
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