Ethereum's Layer 2 scaling solution, Polygon, will undergo a hard fork on January 17 to address issues of gas spikes and chain reorganizations that have impacted user experience on the Proof-of-Stake (POS) chain. ) of Polygon.
polygon officially confirmed hard fork event in a January 12 blog post, which came after weeks of preliminary discussion on the Polygon Improvement Proposal (PIP) forum page at the end of December.
GET READY FOR THE HARDFORK
The proposed hard fork for the #Polygon The PoS chain will make key upgrades to the network on January 17.
This is good news for developers and users, and will contribute to a better user experience.
You will NOT need to do anything different. Details:https://t.co/RaBWDjEGrI pic.twitter.com/nipa15YQdZ
โ Polygon (@0xPolygon) January 12, 2023
A Polygon spokesperson also provided Cointelegraph with additional details of the hard fork on Jan. 14:
โThe hard fork is coded for Block >= 38,189,056. No single, centralized actor is going to initiate it. The network validators have to update their nodes before the indicated block, and they are already doing itโ.
87% of 15 voters on the Polygon Governance Team voted to increase the BaseFeeChangeDenominator function from 8 to 16 to reduce gas rate spikes and to decrease the SprintLength function from 64 blocks to 16 to fix the chain reorganization issue.
Addressing the gas spike issue, the Polygon team explained that because the base rate price often "experiences exponential spikes" when activity on the chain increases rapidly, by increasing the denominator from 8 to 16, they believe that "the growth curve can be flattened". and therefore "soft and severe fluctuations" in gasoline prices.
Related: Polygon tests zero-knowledge builds, mainnet integration input
Regarding the chain reorganization issue, Polygon explained that by decreasing the sprint duration, transaction finality will improve, allowing a single block producer to continuously add blocks at a frequency of 32 seconds instead of the current time of 128 seconds.
โThe change will not affect the total time or number of blocks a validator produces, so there will be no change to overall rewards,โ they added.
Chain reorganization occurs when a block is removed from the blockchain to make room for the new, longer chain to ensure that all node operators have the same copy of the ledger.
However, the reorganization must proceed as efficiently as possible, since increases the risk of an attack by 51%.
The Polygon team also confirmed that MATIC token holders and delegators will not need to take action and that applications will not be affected during the hard fork.
The price of the Polygon token, MATIC it currently stands at $0.977, up 13.6% since Polygon announced the news on January 12.
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