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Key Insights:
- Polygon crypto has rolled out the Rio upgrade to boost network efficacy.
- The upgrade aims to reach 5,000 transactions per second, enhancing network capacity and performance.
- MATIC price may witness a recovery due to enhanced network efficacy and increased investor interest.
The leading Ethereum scaling network, Polygon crypto, has once again caught traction as it deployed the much-anticipated Rio upgrade.
Besides, the rolling out of this much-awaited upgrade marks a major milestone in its “gigagas” roadmap. It focuses on making the Polygon PoS network faster, lighter, and more energy-efficient, making global payments easier.
Having said that, this upgrade aims to set the stage for a global payment infrastructure capable of handling thousands of transactions per second.
Polygon Crypto Takes Major Leap With Rio Hardfork Upgrade
The Rio hardfork is one of the most ambitious updates to date for Polygon crypto.
According to the network’s official announcement, the upgrade is designed to boost transaction speeds, reduce hardware requirements, and eliminate chain reorganizations, a problem that has disrupted blockchain reliability for a long time.
Notably, Rio introduces a Validator-Elected Block Producer (VEBloP) model. It would allow validators to elect a smaller pool of producers who generate blocks for longer durations.
Meanwhile, this approach eases the block creation process, enhances stability, and reduces latency. Besides, the VEBloP mechanism also strengthens community participation.
If a chosen block producer underperforms, designated backups automatically take over, keeping the network seamless. This ensures continuity while empowering the validator community to shape network governance dynamically.
In parallel, the updated economic framework of Polygon crypto ensures fairness. The network’s fees and rewards are now more equitably distributed among all validators and not just block producers.
This means even validators running lightweight nodes can earn rewards without investing in expensive hardware.
Polygon Eyes Major Push in its Gigagas Vision
According to Polygon, this Rio upgrade is not just a performance upgrade but a major push to its “gigagas” scaling vision. It would now target tens of thousands of transactions per second (TPS).
Meanwhile, the previous upgrades like Bhilai and Heimdall pushed Polygon’s throughput to around 1,000 TPS. However, with the deployment of this new upgrade, the network now aims to reach 5,000 TPS, making it among the fastest blockchain networks.
Besides, the upgrade not only increases capacity but also keeps transaction fees stable and affordable. This ensures that Polygon crypto remains a cost-effective platform for stablecoin payments, real-world asset (RWA) transactions, and global remittances.
In addition, it also focuses on decentralization and security, which are the key features in the blockchain space.
Notably, the Rio hardfork also introduces three key Polygon Improvement Proposals (PIPs):
- PIP-64: Establishes the Validator-Elected Block Producer model to improve block production efficiency.
- PIP-65: Redefines the economic model for fairer fee distribution.
- PIP-72: Implements witness-based stateless validation for faster verification and reduced hardware costs.
MATIC Price Recovery Ahead?
With the latest Polygon crypto upgrade, investors are awaiting its potential impact on the native coin MATIC price.
MATIC price has gone through a volatile road lately, losing 14% over the last 30 days. This comes despite a broader crypto market rally and BTC price touching a new high recently.
However, given Polygon’s focus on enhancing the network efficacy through the Rio upgrade, it seems that MATIC price may witness some recovery.
On the other hand, the Polygon crypto was also in the news as AlloyX recently launched a Tokenized Money Market fund, Real Yield Token (RYT), on the network.
Considering all these factors and the latest update, Polygon might attract more crypto market enthusiasts towards the network, which in turn could help a strong surge in the MATIC price.