InstaForex

October 12, 2021

Polygon (MATIC) Make Surprising Decisions, Increase Transaction Costs 30x Double!

 Ethereum’s scalability solution, Polygon (MATIC) is currently hosting a record high network activity.


Based on observations in September, the network has registered a daily active address jump of up to 150%, surpassing Ethereum’s daily transaction volume for the first time.


However, the average number of daily transactions at Polygon dropped 50% from 6 million to 3 million after the network raised gas costs 30x from 1 gwei to 30 gwei.


What happened? In fact, Polygon is dealing with a lot of spam transactions.



As a result, in order to increase lifespan and limit market fraudsters, the founders of Polygon raised the cost of gas on the blockchain. The decision was personally confirmed by Polygon co -founder Sandeep Nailwal on October 5th.


Thus, a 30x increase in gas costs is an option. However, other validators are free to choose the minimum gas cost.


Since early 2021, MATIC has recorded outstanding performance. In contrast, in early October, these assets began to record volatile prices.


At the time of writing, MATIC is trading at $ 1.20, down over 6.2% in 24 hours. These assets need an increase of over 55% to reach all -time highs (ATH) recorded on May 18th.