POL Prices Soared 5% After Polygon's Massive Update

POL prices jumped 5% after the massive Polygon update (Photo; Doc. Cryptomist)

JAKARTA - In recent days, the price of POL, the original Polygon token, has increased by 5% after the network implemented a major update called Ahmedabad. This update is a significant step for Polygon's Proof-of-Stake (PoS) network and is expected to improve the experience for both developers and users, as well as encourage the use of this network.

Ahmedabad's update, previously tested on Amoy's testnet, brings a number of improvements aimed at improving network effectiveness as a whole. The update is enabled on block #62278656 and consists of three Polygon Improvement Proposals (PIPs) focused on developers, network security, and tokens.

One of the most significant changes is the increase in the maximum size of the code from 24KB to 32KB, as discussed in PIP-30. This improvement allows developers to create more complex decentralized applications (dApps), which may previously be difficult to implement without any other approach. This is expected to attract more developers to implement complicated smart contracts in Polygon, thereby increasing the network potential.

Another important update is PIP-36, which fixes the gas price problem affecting plasma bridge transactions. This proposal provides a solution to the retry problem on failed state sync, which can free up stuck bridge transactions and improve network operating visibility.

Ahmedabad's update also includes replacing the original token symbol of Polygon from MATIC to POL, with its wrapped version into WMATIC and WPOL. This update follows PIP-45 guidelines and is in line with Polygon's broader transformation towards a POL-based ecosystem, along with the evolution and directional shifts taken by this token.

Polygon confirms that all operators of nodes, validators, and infrastructure providers have updated their nodes to the latest versions of Bor (minimal v1.4.0) and Erigon (minimum 2.60.8). This update ensures that the network is functioning well with new changes brought by Ahmedabad's update. Developers or final users need not take further action after this update.

After Ahmedabad's update, POL prices increased by more than 5% thanks to investors' growing confidence in new network features. This positive market sentiment shows optimism about the prospects for Polygon's future growth, especially as developers can now take advantage of the features that have been improved.

According to blockchain analytic firm IntoTheBlock, 61.38% of all addresses holding POL are currently in a favorable position. This shows that there is a good basis for such tokens, as can be seen from the large number of investors who have made a profit from the current token price.