POL Token Surges 5% Following Polygon’s Ahmedabad Upgrade

The native token of Polygon, POL, saw a 5% price increase after the network implemented its Ahmedabad upgrade for the Proof-of-Stake (PoS) mainnet. This update aims to enhance the experience for both developers and users, potentially driving increased adoption of the network.

Ahmedabad Upgrade Introduces Key Improvements

Polygon’s latest upgrade, activated at block #62278656, incorporates three Polygon Improvement Proposals (PIPs) targeting developers, network security, and the platform’s token. One significant change is the expansion of the maximum code size from 24KB to 32KB, as outlined in PIP-30. This allows developers to create more sophisticated decentralized applications (dApps) on the Polygon network.

Another crucial update, PIP-36, addresses previous gas pricing issues affecting plasma bridge transactions. This fix provides a solution for retrying failed state syncs and improves the visibility of network operations.

MATIC Rebrands to POL

As part of the Ahmedabad upgrade, Polygon’s native token symbol has changed from MATIC to POL, with the wrapped version transitioning from WMATIC to WPOL. This rebranding aligns with Polygon’s broader evolution into a POL-based ecosystem.

Polygon has confirmed that all node operators, validators, and infrastructure providers have updated their nodes to the latest versions of Bor and Erigon to ensure smooth network operations following the upgrade.

Market Response and Price Surge

The Ahmedabad upgrade sparked a positive market response, with POL’s price climbing over 5% due to increased investor confidence in the network’s enhanced features. Blockchain analytics firm IntoTheBlock reports that 61.38% of POL-holding addresses are currently profitable, indicating a strong foundation for the token.

Coinciding with the upgrade, Coinbase recently resolved transaction delays on the Polygon network, which had caused issues with sending and receiving POL. The exchange’s swift action helped maintain user confidence and mitigate potential market disruptions.

As Polygon continues to evolve and improve its infrastructure, the successful implementation of the Ahmedabad upgrade marks a significant milestone in the platform’s development, potentially paving the way for increased adoption and growth in the broader cryptocurrency ecosystem.