This week, Polygon announced an increase in gas fees, after which the price sharply dropped. Nevertheless, today in the last 24 hours, the crypto has recovered from $1.25 to $1.60 by a profit of 28%. Currently, it is open at $1.51 with a $10,109,655,757 market cap. The reason for the increased transaction fee is to avoid spam attacks on the network. However, the community did not welcome this update. MATIC is under threat of a sharp correction.
According to the Polygonscan tracker, the average price for gas on Polygon has now risen to about 56 Gwei. Raising the commission by 2900% sounded shocking, but it was still much cheaper than making a transaction on Layer 1 Ethereum, for only a fifth of a cent compared to tens of dollars. As you know, Polygon is still quite popular because it leverages many different 2-level protocols to scale Ethereum and enable faster and cheaper transactions, such as zk-rollups and optimistic rollups.