- Gelato Network, a self-proclaimed Web3’s decentralized backend, elaborated on Polygon’s hard fork.
- Polygon’s hard fork took place yesterday, with the aim of achieving two proposals.
- MATIC currently faces an uptrend.
Gelato Network, a self-proclaimed Web3’s decentralized backend, decided to elaborate on Polygon’s V0.3.1 hard fork in the Twitter space. Although the hard fork took place yesterday at 10:45 AM (UTC), Gelato tweeted about the changes with the new upgrade.
After hearing the community voice, Poligon (MATIC) stated that a critical hard fork will be proposed with aim of reducing the severity of gas spikes and addressing the chain reorganization aka reorgs in an effort to reduce time to finality.
Gelato explained that Polygon hopes to reduce the gas spikes by doubling the BaseFeeChangeDenominator to 16. This would ensure that the rate of change for the base gas fee will fall to 6.25% (100/16) from the current 12.5% (100/8), which will smooth the severe fluctuations observed in the gas prices.
The second proposal of MATIC’s hard fork was to decrease the sprint length from 64 to 16 blocks. This proposal was put forth on the table to enable a single block producer to produce blocks continuously for a much shorter time (32 seconds). MATIC is currently priced at $1.01 witnessing a huge leap of 16.93% in seven days, however, fell by 0.03% in just one day. Observing the charts, MATIC is riding with the bulls as the price is above the 200 MA indicating it is currently facing an uptrend.
In the early days of December, MAT was lingering behind the dark alleys of the Support 1 (0.7600-0.7800) region and was below the 200 MA line. Polygon, then, swam through shallow depths of the downtrend and broke through the 200 MA line.
Some market analysts believe that coins such as MATIC would further rise as many cryptos awake from their slumber. Meanwhile, other crypto analysts believe that the sudden surge is a fakeout, expecting the prices to fall before facing an uptrend.
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Source: https://coinedition.com/matics-hard-fork-addressing-gas-spikes-and-chain-reorganization/