Ordinal-like transactions surge as gas fees go ‘crazy’ on Polygon network

The proliferation of Ordinal-like transactions of PRC-20 tokens seems to have pushed gas fees on Polygon (MATIC), an Ethereum (ETH) layer-2 network, to yearly highs.

Whereas the network fees have since receded to earlier lows, data from exhibits that the typical gas payment peaked at over 5,000 Gwei on Nov. 16.

Data from Polygonscan additional corroborates this, displaying that the network customers spent roughly $131,000, or 155,000 MATIC, on gas fees in the course of the interval. This marked the very best quantity Polygon customers have spent on gas fees since November final 12 months.

Sandeep Nailwal, Polygon’s founder, noted this development and described the elevated gas fees as “crazy.” In keeping with him, the network labored easily regardless of gas fees going amid the 6 million transactions recorded in 24 hours at a mean of 170 transactions per second.

PRC-20 POLS token

In the meantime, the rise in Polygon’s fees coincided with elevated minting actions of the “PRC-20” token known as POLS.

Dune Analytics data, curated by SatsX, exhibits that the entire quantity of POLS tokens minted stands at 2.1 quadrillions as of press time. Per the dashboard, these minting actions resulted in spending over 102 million MATIC, valued at roughly $86.7 million, in transaction fees.

POLS token minting. (Supply: Dune Analytics)

The POLS tokens make the most of the PRC-20 protocol, leveraging transactional ‘calldata’ on the Polygon blockchain. These tokens resemble Bitcoin Ordinals’ BRC-20 tokens, facilitating the era of NFT-like property inside the network.

Curiously, the payment surge on Polygon mirrors comparable developments noticed on the Bitcoin (BTC) network when Ordinals got here to the fore.

CryptoSlate not too long ago reported {that a} resurgence within the recognition of those Ordinals pushed BTC transaction fees to a six-month excessive.

Equally, Ordinals contributed to increased transactions on Litecoin’s (LTC) network, though its transaction fees didn’t considerably surge like different networks.

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