March 31, 2023
Polygon News

Polygon Transactions Have Fallen By Half After The Introduction Of Gas Tax

Over the past several days, Polygon Network‘s average daily transaction count has fallen by half. On Oct. 3, there were about six million transactions, but on Oct. 11, there were just three million transactions. The sharp rise in gas costs recently seems to be linked to the sharp decrease in network activity.

Sandeep Nailwal, the co-founder of Polygon, suggested increasing the network’s transaction fees from 1 gwei to 30 gwei to reduce spam transactions on the blockchain. Some criticized the “decentralized” nature of the network in the community because of the change. Increasing transaction costs is intended to make spam attacks more difficult, however, it has the unintended side effect of discouraging developers from developing new apps that use Polygon’s infrastructure.

To combat spam attacks on the network, Polygon has raised transaction fees. The community, on the other hand, has expressed dissatisfaction with the upgrade. Soon, MATIC may see a significant drop in value.

Despite this, the MATIC price is still up by 120 times thus far this year. As a result, MATIC is projected to be one of the best performing cryptocurrencies in 2021. In Q4 2021, it will be fascinating to watch how it does.