After the Polygon announcement to launch EIP-1559 last week, Polygon’s main net has adopted a new upgrade lately. The upgrade “EIP-1159” interjects a similar fee-burning feature to it, which resulted in the desolation of MATIC tokens.
Polygon is a leading layer-2 scaling solution of Ethereum. Overtly, it has witnessed a series of changes and one of the most recent on is “EIP-1559”. The development is aimed at enhancing the fee-feasibility. The team revealed the upgrade date on Jan 17, after it was triumphantly stationed on the Mumbai testnet. The upgrade has received backing from notable exchange platforms, including Binance.
Polygon, formerly Matic Network is an Ethereum token that powers the Polygon Network, a scaling solution for Ethereum. It aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain. Users can deposit Ethereum tokens to a smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain.
However, it has recorded a massive accomplishment regarding gas price alikeness and network fee burning. Furthermore, it also discards the initial-price auction system for scheming network charges. The development birthed an improved cost evaluation, but it doesn’t dwindle gas prices. It includes a feature that allows users to follow the process.
In addition, the team revealed that the upgrade will dwindle network overload and spam.
Recently, it has distressed its own gas contingency. Early this year, its gas fee experience a massive hike. The increase in demand was because of a Game “Sunflower Land” by DeFi yield farming. The game gifted its first set of users with Matic tokens before experiencing a decline.
MATIC, the coin for Polygon, took an 8% dive on January 14, as it moves further away from its recent all-time high of $2.92 on 27 December.
The coin for the framework, which aims to enhance interoperability between the Ethereum blockchain and compatible networks, had a turbulent December but late on found a stronger upward momentum putting on a 30% growth spurt.