Polygonal gas fees have increased 1000% in the midst of a regularly induced token frenzy.
Gas fees on Ethereum's Layer-2 Polygon (MATIC) surged more than 1,000% to reach $0.10 as users flooded the network creating Ordinals-inspired tokens dubbed POLS.
In the year In a November 16 X (ex-Twitter) post, Polygon founder Sandeep Nilwal shared his surprise at the high transaction activity on the network, saying that the surge could be due to the launch of a new Polygon-based blockchain-based Vulnerable Token (NFT) suite.
What's going on at the @0xPolygon POS chain? 6M transactions in the last 24 hours. 170 TPS on average. 1mn+ MATIC burned through the protocol. The chain ran smoothly, gas charges went crazy but no reorgs or 0 blocks etc.
I heard there is a game called Baby Shark Launcher, that…
– Sandeep Nailwal | Sandy. Polygon (@sandeepnailwal) November 16, 2023
The reason for the increase in network activity and the sudden increase in gas fees seems to be mainly due to the eagerness to generate the new POLS token.
According to data from Dune Analytics, more than 102 million MATIC tokens – worth $86 million at current prices – were used as gas for the POLS accelerator.
The POLS token is built on a protocol called PRC-20, which works similarly to the Bitcoin Ordinals-Derived BRC-20 token standard.
According to data from Ethereum Virtual Machine data provider EVM, only 8.7% of the total POLS supply has been minted, with more than 18,100 holders claiming the token.
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At the time of publication, Polygon's gas prices have returned to normal levels, sitting at around 882 GW. Gas fees measure the amount of computing effort required to process a transaction on a particular blockchain, 1 gwei is roughly equal to 0.000000001 MATIC.
The Bitcoin network followed the release of a standard protocol in May of this year that allowed users to load NFTs onto the Bitcoin blockchain with a similar, albeit more extended, protocol.
The continued clamor for Ordinals NFTs and BRC-20 tokens has seen Bitcoin payments level off since April 2021, a development that has led traditional-minded Bitcoiners like Samson Mou and Adam Buck to dismiss the NFT protocol and token as a waste.
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