The Polygon team announced via Twitter on Tuesday that its Proof of Stake network has been upgraded. The proof-of-stake upgrade is a hard fork recently approved by the community. The implementation is designed to reduce gas fee spikes on the Ethereum scaling solution. The hard fork is also expected to address chain reorganizations (reorgs) in an effort to reduce time to finality on the Polygon blockchain.
Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. MATIC is down 1% in the last 24 hours and is currently trading at $1.0081.