New details on Polygon hard fork to lower gas fee prices
Polygon reported that the hard fork would start at block 38,189,056 without centralization.
Scaling Ethereum with layer-2 Polygon's proof-of-stake (POS) chain will undergo a hard fork on January 17 to fix chain reorganisations and gas spikes that have hampered user experience.
According to Polygon, the hard fork would begin at block 38,189,056 and be initiated without the help of any centralised actors.
Ethereum scaling solution with layer-2 In order to address issues with chain reorganisations and gas spikes that have impacted user experience on the Polygon proof-of-stake (POS) chain, Polygon will undergo a hard fork on January 17.
Following weeks of preliminary discussion on the Polygon Improvement Proposal (PIP) forum page in late December, Polygon formally announced the hard fork event in a blog post on January 12.
The Base Fee Change Denominator function should be increased from 8 to 16 in order to avoid gas fee spikes. The SprintLength function should be decreased from 64 to 16 in order to address the chain reorganisation issue.
The Polygon Team noted that by raising the denominator from 8 to 16, they believe "the growth curve can be flattened" and so "smooth severe variations" in gas pricing, as the basic charge price frequently "experiences exponential spikes" when on-chain activity increases quickly.
In response to the issue of chain reorganisation, Polygon stated that by shortening sprints, transaction finality will increase, enabling a single block producer to constantly add blocks at a frequency of 32 seconds as opposed to the present duration of 128 seconds.
There will be no change in overall rewards because the modification has no impact on the time or quantity of blocks a validator generates.
To make sure that all node operators have the same copy of the ledger, a block may be removed from the blockchain to make place for a new, longer chain. This process is known as chain reorganisation.
The rearrangement must yet go as quickly as feasible because it raises the possibility of a 51% attack.
The Polygon Team also affirmed that during the hard fork, applications won't be impacted and that MATIC token holders and delegators won't need to take any action.
MATIC, the token used by Polygon, is currently trading at $0.9734, up 13.2% since Polygon revealed the information on January 12.
