In a surprising development, Ethereum layer-2 Polygon experienced an exceptional surge in gas fees, soaring more than 1,000% to a pinnacle of $0.10. This surge was set off by a massive influx of users minting POLS tokens, inspired by Ordinals, indicating a substantial increase in transaction action on the network.
About 6 million Transactions In Record
What is going on on @0xPolygon POS chain? 6m transactions in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt by the protocol. The chain worked smoothly, gas fees went crazy though but no reorgs or 0 blocks etc.
I hear there is some game Baby Shark Launching, could that be the…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) November 16, 2023
Polygon founder Sandeep Nailwal expressed his astonishment at the staggering response in a post on X (previously Twitter) on November 16. Speculating on the cause of the surge, Nailwal suggested that the presentation of another assortment of nonfungible tokens (NFTs) based on Polygon may be behind the influx. His tweet defined the wonderful statistics, recording 6 million transactions for the last 24 hours, averaging 170 transactions each second, and north of 1 million MATIC burnt by the protocol.
Recent Surge Could Be Linked To Baby Shark Game Launch
The tweet also indicated a likely connection with the launch of a game called Baby Shark, with Nailwal suggesting that the minting movement could have briefly ceased, possibly prompting a return to less frenzied levels.
As of the latest update, Polygon gas fees have subsided to common levels, settling at around 882 gwei. Gas fees assume a significant part in quantifying the computing exertion expected for transactions on a blockchain, with 1 gwei equivalent to approximately 0.000000001 MATIC.
Keom Lending As Of Late Went Live On Polygon’s PoS
This unexpected surge in gas fees comes in the midst of other exciting developments inside the Proof-of-Stake (PoS) ecosystem. Keom Lending as of late went live on Polygon’s PoS, expanding the stage’s lending capabilities. Furthermore, ChainGPT reported the opening of cross-chain functionality with Polygon following its combination with Chainlink CCIP, denoting a significant step forward in interoperability inside the blockchain space.
The Polygon network’s capacity to handle the surge in transactions without disruptions, despite the spike in gas fees, showcases its robust infrastructure.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.