The EIP-1559 protocol in its Mainset introduces polygon
The EIP-1559 protocol in its Mainset introduces polygon
From now on, examiners receive a priority fee instead of the total fee for transactions
The core development team behind polygon has EIP-1559 protocol introduced in the polygon mainnet. The milestone follows a successful upgrade of the Mumbai test network.
The Ethereum Improvement Protocol - 1559 went to polygon at block height Live 23850000 Today at 2.47 a.m. The upgrade, also known as London Hardfork, becomes polygons " first price auction" Fee approach system.
After successful implementation, transactions in the polygon network would be processed differently to find a fair price. A defined basic fee would be defined - the minimum amount that is necessary to complete a transaction in the chain immediately.
The set basic fee would not be paid to validators, but would be burned into all transactions. Instead, validators are with a “ priority fee ,” create an incentive to increase transaction speeds.
" eip-1559 eliminates the first price auction as the main mechanism for the fee calculation. Instead, there is a discrete basic fee for transactions that are to be included in the next block, and a priority fee to accelerate processing. detailed.
The deflationary effect
This upgrade is intended to reduce traffic jams and reduce spam events in the network, since the gas fees of each block would escalate as soon as the block is full. However, since the range of Matic token is certain, EIP-1559 is expected to have a deflationary effect.
The effect would result from the reduction of the available tokens, with estimates 0.27 % of the supply are burned annually.
"Deflationary pressure will benefit both validists and delegates, since their rewards for the processing of transactions in Matic", read the announcement.
Although the new protocol would not reduce the fees paid for transactions (determined by demand and offer forces), it will enable a better cost estimate to avoid excessive prices. It is also worth noting that the implementation of the new protocol for developers does not have any major changes, since their tools work without errors and can only be expected.
weaknesses of polygon uncovered
Although it is a Layer 2 scaling solution from Ethereum, the polygon ecosystem previously had several problems that led to performance problems.
The network was recently hit in the form of a gas crisis when the users flooded in a game called Sunflower Farmers. The utility token game enabled users to receive rewards from harvesting and planting crops.
The entry of bots in the gameplay causes a escalation of gas prices that result from an increasing competition for resources. As a result, the performance in the entire ecosystem was worsened, whereby some users reported that transactions could not be completed.
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Source: Coinlist.me
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