Polygon to raise network fee to control spam transactions
Polygon (MATIC) announced on the 5th that it will raise the minimum gas price (fee) from 1 Gwei to 30 Gwei. The measure is intended to reduce the number of spam transactions in the network, according to a forum post by co-founder Sandeep Nailwal.
In June of this year, a spam transaction occurred on the polygon network where someone was sending transactions to themselves over and over again, leading to network congestion.
Polygon is a leading Ethereum’s Layer 2 solution which is well known for its low transaction cost. However, this resulted in an increase in spam transactions since the gas fee per transaction (0.000000001) is comparatively less from other networks.
Polygon recently saw an increase in monthly trading volume after integrating into the largest NFT marketplace OpenSea.
As of June 2021, only 0.7% of transactions on OpenSea were recorded on the Polygon Network, but in September, the figure rose to an estimated 49%.
According to Dune Analytics, which analyzes Ethereum Dapps, about 270,000 traders traded in polygon on the OpenSea platform in September, and about 840,000 NFTs were sold on the Polygon network, taking its total transaction volume to $40 million.
Polygon is often used to purchase small NFTs, and about 77% of the transactions made on the network were less than $100.
The post Polygon to raise network fee to control spam transactions appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
