The Polygon upgrade required all network participants, including node operators and validators to update their nodes.
POL, the native token of Polygon, saw a 5% price increase when the network was upgraded in Ahmedabad. This upgrade marked a huge step forward for the Proof-of-Stake (PoS) mainnet of the platform. We anticipate that the update will enhance both user and developer experience, ultimately leading to increased network utilization.
Ahmedabad Upgrade Brings New Features to Polygon PoS
Initially tested on the Amoy testnet and later made available to the mainnet, Polygon’s Ahmedabad update incorporates several enhancements aimed at enhancing the overall network efficiency.
Polygon activated the upgrade at block number 62278656, incorporating three Polygon Improvement Proposals (PIPs) that focus on developers, network security, and tokens. PIP-30 covers the most significant modification, which is the increase in the maximum code size from 24 KB to 32 KB.
Because of this enhancement, developers are now able to design sophisticated decentralized applications (dApps), which they might not have been able to do without employing a different strategy.
We anticipate increased pressure on developers to deploy complex smart contracts on Polygon, thereby enhancing the network’s potential.The PIP-36, another significant update, resolves a previous gas pricing issue that impacted the transactions on the plasma bridge.
This proposal provides a solution to the issue of re-trying unsuccessful state syncs, thereby freeing up previously blocked bridge transactions and enhancing network operations visibility.
Token Symbol Change: MATIC to POL
The Ahmedabad upgrade has replaced the Polygon’s native token, previously known as MATIC, with POL. Additionally, we have renamed the wrapped version of the token, previously known as WMATIC, as WPOL.
This update, which adheres to the principles of PIP-45, is in accordance with the larger transformation of Polygon into a POL-based ecosystem. This transformation is taking place as the platform develops and adapts within the Polygon ecosystem.
It is believed that this is an exercise in rebranding that aligns with the new course of action that the token has taken. POL has confirmed that all node operators, validators, and infrastructure providers have upgraded their nodes to the latest versions of Bor (at least version 1.4.0) and Erigon (at least version 2.60.8).
The Ahmedabad upgrade ensures the network’s proper functioning despite the new modifications. Whether you’re a developer or end-user, this upgrade will eliminate all additional steps.
POL Price Surge and Market Response
Following the Ahmedabad improvement, the price of POL rose by more than five percent as a result of investors’ increased trust in the network’s characteristics. The positive market sentiment is associated with growing trust in Polygon’s potential for future growth, especially as developers can now leverage the upgraded capabilities.
61.38% of all addresses with POL are currently profitable, as stated by the blockchain analytics company IntoTheBlock. The fact that a large number of investors have profited from the token’s current pricing demonstrates the token’s solid foundation.
Coinbase stated that there were delays in transactions on the Polygon network, and the upgrade occurred coincidentally with the resolution of those delays. In the past, the exchange had experienced problems that resulted in POL sending and receiving delays.
These problems have since been resolved. Coinbase’s prompt response helped to safeguard the faith of its users, reducing the likelihood of any potential disruptions to the market.
