Polygon will raise its network fees to 30 Gwei from 1 Gwei, co-founder Sandeep Nailwal revealed in a forum post. The network is also doubling down on its foray into non-fungible tokens (NFT) with an OpenSea marketplace integration.
The Polygon Network will raise network fees as an added measure to prevent spam transactions, according to a post by co-founder Sandeep Nailwal on the project’s forum. Nailwal said the network fees would be increased to 30 Gwei from the previous one Gwei.
Polygon has suffered from spam attacks in the past, though fortunately, the consequences were minimal. In June 2021, crypto enthusiasts noted that someone was repeatedly sending transitions to themselves. There was little point to this, though some speculated it was an effort to take down Iron Finance.
Raising the gas fees would make such incidents much more difficult, as it would greatly increase the cost of carrying out spam transactions. Of course, the community might question the ability of the team to increase the network fees at will, and correspondingly called for more decentralization. Perhaps Polygon will allow for more decentralized governance in the future.
The rise in fees is inevitable for platforms that increase in popularity. With or without the intention to prevent spam transactions, network fees tend to rise as more users begin to utilize the network.
Polygon has been doing well in terms of adoption and price — with its daily active users crossing that of Ethereum’s for the first time this month. The network’s scaling solutions have been adopted by several prominent projects, and the response has been excellent. It continues to develop new solutions and products, including a move into the NFT space.
OpenSea comes to Polygon
Polygon’s success has led to a number of critical developments, including the launch of OpenSea on the Polygon network. The latter announced on Oct 4 that the NFT marketplace had integrated Polygon’s solutions to facilitate faster and cheaper transactions.
Users can easily switch to the Polygon network on OpenSea by selecting it under the ‘Chains’ tab. They will only have to pay minimal gas fees to transfer their ETH funds.
They will also have access to several other benefits on top of this, including buying Polygon NFTs in fixed-priced sales. Other benefits of note include being able to mint NFTs without paying gas fees and paying for NFTs with ETH, DAI, or USDC.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.