On January 17, 2023, Polygon, a leading Ethereum scaling solution, will conduct a hardfork on its PoS chain. A tweet from Polygon on January 12 said that the proposed hardfork is "excellent news" for both users and developers because it will lead to a "better" user experience.
In a blog post on their website, Polygon provided further information about the planned hardfork, claiming that it intends to improve network speed by reducing gas spikes and doing away with reorgs.
Hardfork From Polygon To Cut Down On Gas Spikes
The Polygon PoS chain is perhaps the largest layer-2 scaling solution for the Ethereum network, enabling users and developers to benefit from quicker transactions and lower gas costs while preserving the safety of the Ethereum network.
However, Polygon occasionally sees excessive network demand, which can lead to "gas spikes," which are sharp increases in gas prices. While "gas spikes" are seen as an abnormality in blockchain operations, greater gas prices are predicted amid increasing network activity.
Chain Reorgs Will Also Be Resolved by the Proposed Hardfork
A blockchain momentarily creates two parallel versions of itself as a result of a reorg, also known as a chain reorganization. Reorgs provide a high risk since they may cause transactions to be lost or duplicated. Additionally, they make a blockchain more susceptible to attacks for the duration of their existence.
The Polygon PoS Chain's development team intends to shorten the time needed to process transactions and create a block in order to prevent the incidence of reorgs.
Now, it is important to note that the network community still needs to approve the proposed Polygon hardfork before it can be implemented.
The final statement made by Polygon was that there is nothing that all MATIC holders or network delegators need to do in relation to the anticipated hardfork. With a market valuation of $8,693,212,413, MATIC, the native token of the Polygon network, is the tenth-best-performing cryptocurrency globally.