MATIC Token – Polygon Network Coin (previously Matic Network) is the main very much controlled and simple to-involve stage for scaling Ethereum and framework advancement.
Its center part is Polygon SDK, a measured and adaptable system that upholds the formation of various sorts of uses.
With Polygon, one can make hopeful collection strings, ZK rollup strings, independent strings, or some other kind of framework needed by the designer.
Polygon is changing Ethereum into a coordinated multi-chain framework otherwise called the Internet of Blockchains This multi-tie framework is like different frameworks like Polkadot, Cosmos, Avalanche, and so forth with the security benefits of Ethereum, energetic biological system, and transparency.
Polygon is a Tier 2 scaling arrangement controlled by Binance and Coinbase. The undertaking looks to animate mass reception of advanced monetary forms by taking care of adaptability issues in numerous blockchains.
Project “Polygon” (formerly known as “Matic”) is one of the popular solutions for scaling the second layer of Ethereum.
The project uses side networks for accounts and transactions while ensuring the security of cryptocurrencies using a decentralized network of PoS validators and a proprietary Plasma framework.
The project aims to be the first platform for developers to deploy and operate decentralized applications in a secure and decentralized manner.
Polygon gas fees reach new heights:
On January 4, gas charges on Polygon exploded, and the average transaction cost rose from about 139 Gwei to 400 Gwei, according to Polygonscan.
The next day, gas prices continued to rise and reached nearly 800 Gwei which is a 500% increase and a new all-time high.
At the time of writing this article, the average fee is still around 500 Gwei.
The reason behind this high rate of fees for “Polygon”:
According to Bloomberg analysts and analysts, Sunflower Farmers, a very popular crypto game played for earning, is responsible for the significant increase in fees.
The game is currently the #1 gas consumer on Polygon because it uses more than two-thirds of network resources, with game users sending more than two million transactions on Polygon every 24 hours.
Crypto community reaction:
Given the game's huge impact on the Polygon network, many users on Twitter are complaining about network slowdowns, high gas fees, and pending transactions.
Some dApps users suggested Polygon launch a petition to block the game from accessing the network.
Between 2020 and 2021, something similar happened to Ethereum.
