POL Price Soars 5% As Polygon Undergoes Major Upgrade
POL, the native token of Polygon, experienced a 5% price surge following the network’s Ahmedabad upgrade, marking a significant step forward for the platform’s Proof-of-Stake (PoS) mainnet. The update is expected to improve the experience of both developers and users, which in turn will increase the usage of the network.
Ahmedabad Upgrade Brings New Features to Polygon PoS
Polygon’s Ahmedabad upgrade, which was initially tested on the Amoy testnet and then on the mainnet, brings several improvements that are intended to increase the overall effectiveness of the network. The upgrade was activated at block # 62278656 and consists of three Polygon Improvement Proposals (PIPs) that focus on developers, network security, and token.
Among the changes, the most significant is the expansion of the maximum code size from 24KB to 32KB, discussed in PIP-30. This improvement enables developers to create sophisticated dApps which they may not have been able to do without using another approach. This is expected to put more pressure on the developers who wish to deploy complex smart contracts on Polygon and thus, increase the network’s potential.
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… pic.twitter.com/QKeBEsChxR
— Polygon Foundation (@0xPolygonFdn) September 26, 2024
Another important update is the PIP-36 that fixes a previous problem with gas pricing that affected the plasma bridge transactions. This proposal gives a solution to the issue of re-trying failed state syncs, freeing up previously stuck bridge transactions and increasing the visibility of the operations of the network.
Token Symbol Change: MATIC to POL
Another important change in the Ahmedabad upgrade is the replacement of the Polygon’s native token abbreviated as MATIC with POL and the wrapped version as WMATIC to WPOL. This update, following the guidelines of PIP-45, is consistent with the wider transformation of Polygon into a POL-based ecosystem, as the platform continues to evolve and shift within the Polygon ecosystem.
This is viewed as a rebranding exercise that is in sync with the change of direction that the token has taken.
Polygon has confirmed that all node operators, validators, and infrastructure providers have upgraded their nodes to the latest versions of Bor (at least v1.4.0) and Erigon (at least 2.60.8). This is to ensure that the network functions well with the new changes that have been brought about by the Ahmedabad upgrade. However, as a developer or an end-user, you do not need to perform any further action after this update.
POL Price Surge and Market Response
After the Ahmedabad upgrade, the price of POL went up by over 5% due to the increased investors’ confidence in the network features. The positive market sentiment can be attributed to increased confidence in Polygon’s future growth prospects especially since developers are now able to harness the improved features brought about by the upgrade.
According to blockchain analytics firm IntoTheBlock, 61.38% of all addresses that hold POL are presently profitable. This indicates that there is a good base for the token which can be seen from the fact that many investors have been able to profit from the current token’s prices.
Concurrently, the upgrade coincided with a recent resolution of transaction delays on the Polygon network reported by Coinbase. The exchange had faced issues that caused delays in sending and receiving POL, which have since been addressed. The quick response by Coinbase helped to maintain user confidence, mitigating potential market disruptions.
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