Polygon Fees Surge 1000% Following POLS Launch.
18.11.2023
Polygon Fees Surge 1000% Following POLS Launch.

On November 16th, gas prices in the Polygon network sharply increased, reaching approximately 5000 Gwei (~$0.1), which represents a 1000% surge. This price jump is linked to the growing popularity of POLS tokens, inspired by Ordinals.

Activity on the Polygon blockchain also significantly increased: the number of transactions jumped from 2.89 million to a record 16.5 million. Despite this, fees in the Polygon network remained lower than in Ethereum, where transaction costs could reach $30.

As of the writing of this text, the gas price in the Polygon network has returned to its usual level of about 1000 Gwei.

The surge in popularity is related to the implementation of the new PRC-20 standard, which allows for the creation of unique non-fungible tokens, similar to Ordinals in Bitcoin.

According to Dune dashboard data, since November 15th, more than 102 million MATIC (~$87.5 million) has been spent on creating POLS tokens. The Baby Shark collection enjoys particular popularity.

The PRC-20 standard functions almost the same as BRC-20 but uses transaction call data in the Polygon network to generate NFTs.

Polygon co-founder, Sandip Nailwal, noted that at a certain point, the number of transactions per second reached 170.

Earlier, the Polygon team deployed a smart contract in the Ethereum mainnet for the new Polygon Ecosystem Token (POL), intended to replace MATIC. Details of this swap were announced in September.

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