Blockchain scaling solution Polygon (MATIC) is preparing for a new hard fork that aims to improve the efficiency and performance of the chain. The Polygon team announced in a recent blog post that while the project has met many of its targets for scaling the Ethereum (ETH) network, there are still more goals that require the network’s approval before they can be achieved.
The new hard fork will focus on two main points: reducing the severity of gas fee spikes and addressing chain reorganizations (reorgs) in order to decrease the time to finality. The team explains that reorgs occur “when a validator node receives new information that shows a longer or higher version of the chain.” As a result, the old chain is discarded to make room for the new one.
The Polygon team believes that the new hard fork will help to smooth out the volatile jumps in gas fees that are currently present on Ethereum. They expect the rate of change for the base gas fee to fall to 6.25% (100/16) from the current 12.5% (100/8) in an effort to smooth out severe fluctuations in gas prices.
Although gas prices will still increase during peak demand, it will be more in line with the way Ethereum gas dynamics work now. The goal of the new hard fork is to smooth out spikes and ensure a more seamless experience when interacting with the chain.
MATIC, the cryptocurrency associated with Polygon, is currently trading at $1.02, with a 0.84% decrease in the last 24 hours.