According to its co-founder Sandeep Nailwal, who revealed the news in a forum post, Polygon’s network fees will be raised to 30 Gwei from 1 Gwei. By merging with the OpenSea marketplace, the network is also ramping up its attempts to join the non-fungible token (NFT) sector.
According to the same forum post by Nailwal, the network will also raise its gas fees as a further measure to prevent spam transactions which have been a big problem for the decentralized finance (DeFi) platform lately.
Spam efforts have been directed against the Polygon website in the past, but the consequences were fortunately minimal.
A few months ago, a group of crypto enthusiasts discovered that someone was sending transitions to themselves on a daily basis over several weeks. This served no purpose, although others speculated that it was an effort to bring down the IRON Finance which is a multi-chain, partially collateralized stablecoin protocol with the goal of ‘rendering a dollar-pegged stablecoin’ for DeFi applications.
Adding Up Gas Fees Is Inevitable For All DeFi Platforms
As a consequence, increasing network gas fees would make such spamming activities much more difficult to carry out, as the cost of conducting spam transactions would skyrocket.
Yet, the Polygon community are wary of the team’s action in increasing the gas fees right now. As a result, they may push for greater decentralization.
From the other perspective, DeFi platforms will eventually expand in popularity, resulting in higher prices. Whether or not the objective is to prevent spam transactions from happening, gas expenses tend to rise as more users begin to utilize the network in the future.
Interestingly, Polygon gas fees are considered much lower than Ethereum’s though Polygon’s daily active users surpassed those of Ethereum for the first time in October 2021, suggesting that the Polygon cryptocurrency, MATIC, is gaining momentum in terms of both use and price.
The Popularity of Polygon Network
Polygon is still developing new solutions and products, including moving into the NFT industry, yet, there are already many well-known projects that have utilized Polygon network’s scalability solutions, and the response has been overwhelmingly favourable.
The most notable project is OpenSea which recently joined the Polygon network. Polygon’s solutions have been integrated into the NFT marketplace, enabling faster and cheaper transactions, according to the announcement on October 4.
Polygon network users may easily connect to the NFT marketplace by selecting it from the ‘Chains’ menu on OpenSea’s interface; they will just have to pay gas fees in order to transfer their crypto funds.
Besides that, users will also have access to several additional benefits, such as the option to buy Polygon NFTs in fixed-priced sales. Other notable benefits include the ability to mint NFTs without incurring gas expenses, as well as the option to pay for NFTs using ETH, DAI, or USDC cryptocurrencies.
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