Polygon

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 <p class="is-style-lead">According to a Nov. 15 post from WuBlockchain, a Chinese Reporter that typically reports crypto news in Asia, the Polygon network hit a peak in <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, surpassing 6.1 million <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s.</p>
 <p>This marked the highest point seen all year.</p>
 <h2 class="wp-block-heading" id="breaking-yearly-records">Breaking yearly records&nbsp;</h2>
 <p>At the same time, data from Polygonscan, the block explorer for the Polygon network, shows that gas fees are currently sitting at 4,542 gwei for standard and 5,078.5 gwei for rapid <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s. In this context, “gwei” is a unit of measurement for gas prices on Polygon, with demand for gas increasing when users begin carrying out operations or <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s on the chain.</p>
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    <p lang="en" dir="ltr">According to Polygonscan, the current Polygon Gas fee has soared to over 1700 gwei, which may be related to the Polygon Inscription PRC-20 POLS casting event. In addition, the number of <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s on the Polygon exceeded 6.1 million on November 15, which was the peak of the…</p>— Wu Blockchain (@WuBlockchain) November 16, 2023
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 <p>Data from Polygonscan also suggests that a possible correlation exists between these higher than normal fees and the ongoing Polygon Inscription PRC-20 POLS casting event.&nbsp;</p>
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 <p>At the time of writing, Polygon sits at $0.8981, a 6.29% increase in the last seven days.</p>
 <div class="cn-block-related-link">
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> OKX unveils exclusive Layer-2 blockchain powered by Polygon
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 <h2 class="wp-block-heading" id="pushing-forward-with-development">Pushing forward with development</h2>
 <p>Two days prior, the Polygon project unveiled the latest iteration of Polygon ID, the fifth version of its web3 identification service.</p>
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  <div class="wp-block-embed__wrapper"><iframe title="Polygon ID Fundamentals #1 | Overview" width="1020" height="574" src="https://www.youtube.com/embed/QkDpcV3AjME?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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 <p>This tool is said to empower decentralized applications to authenticate user data while maintaining the confidentiality of personal information. With Polygon (MATIC) ID, users are said to now have the ability to reuse their identities, in turn enabling identity interoperability within the web3 space.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Polygon Labs reveals updated web3 identification service
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/polygon-hits-2023-peak-in-transaction-volume-tbt70565.html">https://thebittimes.com/polygon-hits-2023-peak-in-transaction-volume-tbt70565.html</a></p>

Polygon hits 2023 peak in transaction volume

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