POL Price Soars 5% As Polygon Undergoes Major Upgrade

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As a seasoned crypto investor with a knack for spotting promising projects, I’ve always kept my eyes peeled for networks that show potential for growth and innovation. The recent Ahmedabad upgrade on Polygon’s Proof-of-Stake mainnet has certainly caught my attention.

After Polygon‘s Ahmedabad network upgrade, there was a 5% jump in the value of MATIC (POL’s native token). This significant milestone signifies a major advancement for the PoS mainnet of the platform. The update aims to enhance both developers’ and users’ experiences, potentially boosting network usage as a result.

Ahmedabad Upgrade Brings New Features to Polygon PoS

The update made by Polygon in Ahmedabad has been refined through testing on the Amoy testnet and subsequently on the main network. This upgrade aims to boost the network’s performance as a whole. Activated at block #62278656, it encompasses three Polygon Improvement Proposals (PIPs) that prioritize enhancements for developers, network security, and the token itself.

One key modification stands out: increasing the maximum code size from 24KB to 32KB as outlined in PIP-30. This enhancement allows developers to construct intricate decentralized applications (dApps) that might not have been feasible otherwise, without resorting to alternative methods. This upgrade is projected to intensify the workload for developers aiming to deploy advanced smart contracts on Polygon, thereby potentially expanding the network’s capabilities.

The Ahmedabad hardfork for Polygon PoS is now live on mainnet.

The upgrade includes PIP-30, PIP-36 and PIP-45, increasing the max contract size from 24KB to 32KB and improving network observability of the plasma bridge (saving stuck txs).

Over on the Polygon forum, Thogard said…

— Polygon Foundation (@0xPolygonFdn) September 26, 2024

An essential development is the PIP-36, which resolves an earlier concern regarding gas pricing that impacted plasma bridge transactions. This proposition offers a method to address the problem of retrying unsuccessful state synchronizations, thereby unfreezing stuck bridge transactions and enhancing the transparency of the network’s operations by increasing their visibility.

Token Symbol Change: MATIC to POL

In the Ahmedabad upgrade, the native token of the Polygon system previously known as MATIC will be swapped for POL, and its wrapped version (MATIC) will be replaced with WPOL (wrapped POL). This change, in line with PIP-45, aligns with the broader transition of Polygon towards a POL-centric ecosystem. The platform is adapting and adjusting within the Polygon ecosystem as it continues to develop and grow.

This action is considered a revamping process, aligning with the new course the token has chosen to follow.

As an analyst, I can confirm that all Polygon node operators, validators, and infrastructure providers have successfully upgraded their nodes to at least versions v1.4.0 of Bor and 2.60.8 of Erigon. This upgrade is in response to the Ahmedabad update, ensuring the network operates smoothly with its new changes. For developers and end-users, no additional action is required post this update.

POL Price Surge and Market Response

Following the Ahmedabad update, the price of POL experienced a rise of more than 5% as a result of heightened investor trust in the network’s attributes. This optimistic market outlook can be largely attributed to the increased faith in Polygon’s future expansion, particularly since developers now have access to the enhanced features introduced by the upgrade.

Approximately two out of every three Polygon (POL) wallets currently hold tokens that have brought their owners a profit, as reported by blockchain analysis firm IntoTheBlock. This suggests that there’s a strong investor base for the Polygon token, as many investors have managed to generate profits from the current market prices.

At the same time, the update took place just after Coinbase resolved transaction problems on the Polygon network they had previously reported. These difficulties led to delays in sending and receiving POL, but now these issues have been addressed. Coinbase’s swift action helped keep user trust, minimizing potential market disruptions.

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2024-09-26 22:02