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Polygon’s Layer 2 blockchain is undergoing a critical upgrade this week, with Binance proactively suspending deposits and withdrawals to ensure a smooth transition.
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The Bhilai Hard Fork aims to significantly enhance Polygon’s transaction throughput and network efficiency, marking a pivotal step in its scalability roadmap.
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According to COINOTAG, Polygon co-founder Sandeep Nailwal highlighted that the upgrade could increase transaction speeds to 1,000 TPS, with future plans targeting even higher performance.
Polygon’s Bhilai Hard Fork upgrade promises faster transactions and improved scalability, with Binance temporarily halting deposits and withdrawals to support the network transition.
Polygon Network Upgrade: Enhancing Scalability and Performance
The upcoming Bhilai Hard Fork represents a significant milestone for the Polygon network, designed to upgrade its core infrastructure and optimize transaction processing capabilities. This upgrade focuses on the Bor nodes, which are critical components responsible for validating transactions and maintaining the blockchain’s security. The new Bor version 2.1.1 introduces protocol improvements aligned with PIP-60, aimed at boosting network throughput and reducing latency.
Polygon’s proof-of-stake chain is expected to achieve around 1,000 transactions per second (TPS) with finality under five seconds post-upgrade, a substantial improvement over current performance metrics. This enhancement is part of Polygon’s broader strategy to scale its network efficiently while maintaining decentralization and security. Additionally, a subsequent upgrade planned for October aims to push these metrics even further, targeting 5,000 TPS and one-second finality, which would position Polygon as a leading Layer 2 solution in terms of speed and responsiveness.
Binance’s Role and User Guidance During the Upgrade
In preparation for the Bhilai Hard Fork, Binance announced a temporary suspension of Polygon network deposits and withdrawals starting July 1 at 16:10 ET, coinciding with the upgrade scheduled at block height 73,440,256. Importantly, trading of Polygon tokens on Binance will continue uninterrupted during this period, ensuring market liquidity remains stable.
Binance has committed to managing all technical aspects of the upgrade on behalf of its users, eliminating the need for individual action. However, the exchange strongly advises users to complete any intended POL deposits prior to the suspension to avoid transaction delays. Deposit and withdrawal services will only resume once the network is confirmed stable, and users are encouraged to monitor network status updates closely, as Binance will not issue separate announcements regarding service resumption.
Technical Requirements and Network Implications of the Bhilai Hard Fork
Validators operating Bor nodes must update their software to version 2.1.1 and adjust configuration settings, including increasing the gas limit to 45 million. These changes are essential to accommodate the enhanced transaction throughput and protocol modifications introduced by the upgrade.
The Bhilai Hard Fork also supports Polygon’s ongoing governance improvements and the adoption of a new token standard, POL, which aims to streamline network operations for developers and users alike. This upgrade is a foundational step toward Polygon’s vision of a highly scalable, user-friendly blockchain ecosystem capable of supporting diverse decentralized applications and services.
Future Outlook: Scaling Polygon’s Ecosystem
Looking ahead, Polygon’s roadmap includes further upgrades to elevate network performance and expand its capabilities. The October upgrade, targeting 5,000 TPS and one-second finality, will further solidify Polygon’s position as a premier Layer 2 solution. These enhancements are expected to attract more developers and projects, fostering innovation and adoption within the Polygon ecosystem.
Moreover, initiatives like the revival of zkEVM technology under new ventures signal Polygon’s commitment to integrating cutting-edge scalability solutions, enhancing privacy, and improving interoperability across blockchain networks.
Conclusion
The Bhilai Hard Fork marks a crucial advancement in Polygon’s journey to scale its Layer 2 network efficiently. With Binance’s proactive support and a clear upgrade roadmap, Polygon is poised to deliver faster transaction speeds and improved network stability. Users and developers should stay informed about the upgrade’s progress and prepare accordingly to leverage the enhanced capabilities once the network stabilizes post-upgrade.
