Polygon’s native token, POL, surged by 5% after the network’s significant Ahmedabad upgrade, which has been hailed as a major boost for the platform’s Proof-of-Stake (PoS) mainnet. This upgrade promises to enhance the experience for developers and users alike, potentially increasing overall network utilization.
Ahmedabad Upgrade Enhances Polygon’s Capabilities
The Ahmedabad upgrade, which was implemented at block #62278656, introduces several key improvements to the Polygon network. This upgrade, tested initially on the Amoy testnet and subsequently rolled out on the mainnet, includes three major Polygon Improvement Proposals (PIPs) aimed at enhancing developer functionality, network security, and token utility.
One of the most notable changes is the increase in the maximum code size from 24KB to 32KB, as outlined in PIP-30. This expansion allows developers to build more complex decentralized applications (dApps) directly on Polygon, which could significantly boost the network’s capabilities and appeal.
Another significant update is PIP-36, which addresses prior issues with gas pricing that affected plasma bridge transactions. This proposal resolves problems with retrying failed state syncs, thereby freeing up stuck transactions and improving network visibility and efficiency.
Rebranding with New Token Symbol
As part of the Ahmedabad upgrade, Polygon has also rebranded its native token from MATIC to POL, with the wrapped version transitioning from WMATIC to WPOL, as specified in PIP-45. This rebranding aligns with Polygon’s evolving strategy and aims to better reflect the platform’s new direction within its ecosystem.
All node operators, validators, and infrastructure providers have updated their systems to the latest versions of Bor (v1.4.0 or higher) and Erigon (v2.60.8) to ensure compatibility with the new upgrade. Importantly, developers and end-users are not required to take additional actions following this update.
Market Reaction and Future Outlook
The POL price experienced a notable 5% increase following the Ahmedabad upgrade, reflecting growing investor confidence in the network’s enhanced features. Blockchain analytics firm IntoTheBlock reports that 61.38% of POL holders are currently in profit, indicating a solid base for the token and positive sentiment among investors.
The timing of the upgrade also coincided with the resolution of transaction delays on the Polygon network, as reported by Coinbase. The exchange had previously experienced issues with POL transactions, which have since been addressed, helping to maintain user confidence and prevent potential market disruptions.
Overall, the Ahmedabad upgrade marks a significant advancement for Polygon, reinforcing its position in the crypto space and setting the stage for future growth and development.
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