Essential Insights
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Upgrade Notification: Polygon has successfully activated the Madhugiri hardfork on December 9, raising the block gas limit from 30M to 45M, which increases transaction capacity by 33%.
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Consensus Changes: The hardfork establishes a formal consensus time of one second for quicker block finality and allows developers to modify block times without future hardforks.
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Integration of EIPs: The upgrade incorporates three Ethereum Improvement Proposals (EIPs) from Ethereum’s recent Fusaka hardfork, enhancing network security while also adjusting gas costs for complex operations.
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Market Context: Despite the upgrades, Polygon’s native token (POL) has seen mixed performance, currently trading near $0.12 and down approximately 30% in the last month, trailing behind other smart contract platforms amidst broader crypto uncertainty.
Polygon has activated its Madhugiri hardfork on December 9 at 10 am UTC. This upgrade marks a significant step for the network. It increases the block gas limit from 30 million to 45 million. Therefore, transactions can now carry about one-third more data per block.
Additionally, the consensus time has officially been reduced to one second. As a result, users will experience faster block finality. Another key change enables developers to adjust block times more easily in the future. They can do this without initiating a full hardfork, which streamlines future upgrades.
The Madhugiri hardfork also integrates three Ethereum Improvement Proposals (EIPs). These include EIPs 7823, 7825, and 7883, which stemmed from Ethereum’s earlier Fusaka hardfork.
Despite these advancements, the upgrade might slightly raise gas costs for certain complex operations. However, capping transaction limits enhances network security, especially as capacity expands. Furthermore, a new transaction type for bridge operations between Ethereum and Polygon simplifies user experience during digital transfers. Notably, users do not need to take any action for the upgrade to apply.
Polygon aims to solidify its place as a payment-friendly infrastructure. Recent collaborations, such as the Mastercard Crypto Credential rollout, underscore this focus. This initiative aims to simplify digital payments and make the crypto experience more user-friendly.
Market performance for Polygon’s native token, POL, has been mixed. Earlier today, the token traded near $0.12, down about 1.3% in 24 hours. Additionally, it has dropped nearly 30% over the past month. While POL reached an all-time low of $0.117 on December 2, it has shown slight recovery in recent days, moving about 2% higher.
Competition remains fierce among smart contract platforms, as many have gained over 5% this month. Moreover, POL is still far from its March peak of around $1.29. Analysts attribute this decline to overarching risk-averse sentiments in the crypto market.
The Madhugiri hardfork brings new potential for Polygon. With its focus on faster transactions and enhanced security, it aims to attract more users and developers in the evolving landscape of digital payments.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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