During the frantic rush to coin POLS, a token inspired by Ordinals, petrol fees on the Polygon network rose as high as $0.10.
The Ethereum layer-2 Polygon MATIC $0.8632 had a 1,000% increase in petrol fees, peaking at $0.10, because to a massive influx of users minting POLS tokens, which are tokens inspired by Ordinals.
Polygon founder Sandeep Nailwal expressed his amazement at the increased transaction activity on the network in a post on Nov. 16 on X (previously Twitter). He speculated that the surge could have been caused by the introduction of a new collection of nonfungible tokens (NFTs) based on Polygon.
Polygon Gas Fees Skyrocket 1000% Amidst Ordinals Token Frenzy,Polygon Gas Fees Skyrocket 1000% Amidst Ordinals Token Frenzy
Enthusiasm for minting the new POLS token appears to be the primary cause of the abrupt surge in petrol prices and increase in network activity.
According to Dune Analytics data, the spike in POLS minting activity was accompanied by the use of almost 102 million MATIC tokens, which are now valued at $86 million, as gas.
The POLS token is based on the PRC-20 protocol, which functions similarly to the BRC-20 token standard, which is developed from Bitcoin Ordinals.
Less than 18,100 POLS owners have claimed the token, representing just 8.7% of the total supply, according to statistics from Ethereum Virtual Machine data source EVM.
As of the time of writing, Polygon petrol prices have stabilised at about 882 gwei, back to normal. On a particular blockchain, petrol costs measure the computational work required to complete a transaction; one gwei is equivalent to around 0.000000001 MATIC.
A similar, although longer-lasting, surge in activity was seen on the Bitcoin network in May of this year after the Ordinals protocol was released. This protocol enabled users to mint NFTs directly onto the Bitcoin blockchain.
Bitcoin fees reached levels not seen since April 2021 during the subsequent rush for Ordinals NFTs and BRC-20 tokens. As a result, more conventionally inclined Bitcoiners, such Samson Mow and Adam Back, criticised the NFT protocol and token standard as being inefficient.
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