Polygon Teams Up BitGo After A Hardfork Upgrade


Polygon has partnered with BitGo to provide MATIC holders with staking capabilities. Moreover, the users can earn rewards by staking ERC-20 MATIC tokens. BitGo decided to support Polygon because of its benefits like fast speed, low gas fees, higher security, and commitment to carbon neutrality. 

Another Strategic Partnership For Polygon

The Polygon-BitGo partnership is not the first one in recent times. Polygon has entered several partnerships with other platforms.

However, the recent partnership between Polygon and BitGo will provide MATIC holders with wallet and custody services. Where Polygon is a decentralized Ethereum-based scaling platform, BitGo provides regulated custody, financial services, and core infrastructure for investors. 

The COO of BitGo, Chen Fang, said, “By offering more features for MATIC, we’re providing investors with a safer way to custody their assets and providing platforms with the tools they need to build the future.”

Matic was priced at $0.969 on the one-day chart | Source: MATICUSDT on TradingView

This week, the price of MATIC has been trending downward. At the time of writing, MATIC’s price is $0.969, 1.36% higher than the past 24 hours’ price. 

What’s The Delhi Hardfork And Why The Uproar?

In December 2022, Polygon released Bor – v0.3.1-Mumbai, a hard fork named Delhi Fork. The benefit of this hard fork release is that it will reduce transaction costs on Polygon by mitigating problematic price spikes. The development team estimates that the base fee is tentatively reduced to 6.25% post-hard fork implementation from 12.5%. Another benefit of this hard fork is that it will improve chain reorganizations. 

This update has enabled BitGo users to access the Ethereum second-layer platform. In addition, Polygon has also announced further improvements in its network. This comes from “still pending” zero-knowledge (ZK) rollups into the mainnet. As a result, Polygon aims for better scalability and privacy on its network. 

The Delhi hard fork was rolled out on the 13th of January. By 18th January, all the Polygon validators executed the upgrade. Moreover, holders with over 3.5 billion MATIC tokens validated the upgraded blockchain version. 

Although, this Delhi hard fork has come under controversy because only 15 validators participated in the voting process.

BitGo is one of the oldest crypto custody platforms, launched in 2011. According to BitGo, the firm handles more than 20% of all Bitcoin transactions. It has support for over 300 blockchain-based digital assets. Its network has become even more prominent now that BitGo offers support for Polygon.

Featured Image From UnSplash, Chart From TradingView.com.

#Polygon #Teams #BitGo #Hardfork #Upgrade


Related Posts

Sequoia Capital, Paradigm among VCs facing ‘tricky’ FTX investor lawsuit

[ad_1] Users of bankrupt crypto exchange FTX have reportedly taken aim at financiers who promoted the platform suggesting their efforts added an “air of legitimacy” to the…

IND vs AUS: Shreyas Iyer declared fit for the second Test; Jasprit Bumrah to miss the ODIs as well

[ad_1] India’s star batter Shreyas Iyer who did not play the first Test between India and Australia due to a lower back injury, has been declared fit…

Sen. Warren vows reintroduction of AML bill that extends to DAOs and DeFi

[ad_1] A bi-partisan anti-money laundering (AML) bill that covers “decentralized entities” such as decentralized finance (DeFi) protocols and DAOs will soon be reintroduced to Congress, according to…

IND vs AUS: “I Had A Tough Time, Dale Steyn And Morne Morkel Were At Their Peak”

[ad_1] Indian batter Cheteshwar Pujara will play his 100th Test match against Australia at the Arun Jaitley Stadium in Delhi starting Friday, February 17. And ahead of…

Dogecoin, Shiba Inu Soar As Elon Musk Announces Twitter CEO

[ad_1] Elon Musk, who is still searching for a new Twitter CEO, jokingly introduced a dog as Twitter’s new CEO, sending the prices of Dogecoin, Shiba Inu…

Chetan Sharma’s sting operation: Here are the startling revelations made by Team India’s chief selector

[ad_1] Former India cricketer and current chief of the BCCI selection committee Chetan Sharma has made some shocking revelations in a massive sting operation conducted by Zee…

Leave a Reply

Your email address will not be published. Required fields are marked *