Gas fees on Ethereum's layer-2 Polygon network (MATIC) witnessed a significant surge, skyrocketing by over 1,000% and peaking at $0.10.
Gas fees on Ethereum's layer-2 Polygon network (MATIC) witnessed a significant surge, skyrocketing by over 1,000% and peaking at $0.10. The surge was a result of users flooding the network with the creation of POLS tokens, which is inspired by the Ordinals protocol.
Polygon founder Sandeep Nailwal expressed surprise at the sudden increase in transaction activity and speculated that the launch of a new NFT collection on Polygon might have contributed to this surge.
The surge in gas fees and network activity was mainly driven by the excitement surrounding the creation of the POLS token. Data from Dune Analytics revealed that the rush to mint POLS coins coincided with the use of more than 102 million MATIC tokens (worth approximately $86 million) as gas fees.
The POLS token is based on the PRC-20 protocol, which operates similarly to the BRC-20 token standard derived from Bitcoin's Ordinals. Currently, only 8.7% of the total POLS supply has been minted, with approximately 18,100 token holders, according to data from Ethereum Virtual Machine data provider EVM.
Although Polygon's gas fees have returned to normal levels, settling around 882 gwei, this surge in activity reflects a similar trend observed on the Bitcoin network earlier in the year when the Ordinals protocol enabled users to directly mint NFTs on the Bitcoin blockchain.
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