Gas Fees on Ethereum Layer-2 Polygon Skyrocket Over 1,000% Amidst Frenzy for POLS Tokens

In a surprising turn of events, gas fees on the Ethereum layer-2 solution Polygon experienced an astonishing surge of more than 1,000%, reaching a peak of $0.10. The spike in transaction activity appears to be linked to the fervent minting of Ordinals-inspired tokens known as POLS.

Polygon founder Sandeep Nailwal expressed his surprise in a Nov. 16 post on X (formerly Twitter), speculating that the increased activity might be attributed to the launch of a new Polygon-based nonfungible token (NFT) collection. The surge in gas fees is primarily driven by the overwhelming enthusiasm for minting the newly introduced POLS tokens.

Dune Analytics data reveals that the rush of minting activity for POLS coincided with the utilization of over 102 million MATIC tokens, equivalent to $86 million at current prices, as gas. The POLS token is built on a protocol named PRC-20, functioning similarly to the Bitcoin Ordinals-derived BRC-20 token standard.

Ethereum Virtual Machine (EVM) data provided by EVM indicates that only 8.7% of the total POLS supply has been minted, with just over 18,100 owners claiming the token. This suggests that the demand for POLS tokens is driving significant network activity, contributing to the surge in gas fees on the Polygon layer-2 solution.

As the cryptocurrency community watches these developments unfold, the fascination with POLS tokens and the associated spike in gas fees highlight the dynamic and sometimes unpredictable nature of the decentralized finance space. Stay tuned for further updates on this evolving situation.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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