Polygon

<ul><li>Polygon Network gas fees skyrocket over 1,000% amid POLS Token minting frenzy.</li><li>Sandeep Nailwal is surprised by a sudden spike in Polygon&#39;s transaction activity, possibly linked to the New NFT collection.</li><li>Bitcoin&#39;s Ordinals Protocol influence is seen in Polygon&#39;s recent fee surge, mirroring  earlier blockchain trends.</li></ul>The Polygon network, a prominent Ethereum scaling solution, <a href="https://livdir.com/polygongaspricechart/" rel="noopener noreferrer nofollow">recently witnessed</a> a significant spike in gas fees attributed to a surge in token minting activities. The fees, which quantify the computational effort required for transactions on the network, soared over 1,000% to a peak of $0.10 or 5,000 gwei. This spike was notably linked to the minting of a new token, POLS, built on the PRC-20 protocol, a variant inspired by Bitcoin&#39;s Ordinals and BRC-20 token standards.During this period of elevated fees, several transactions on the Polygon network contained JSON text as <a href="https://polygonscan.com/tx/0xc9d9c0d5c2549d2fd76c005bfefcf8c301c1f6f7230a6af42f54b3581ee8b138" rel="noopener noreferrer nofollow">input data</a>, resembling text-based inscriptions associated with BRC-20 tokens on Bitcoin. This specific nature of transactions underscores the growing complexity and diversity of activities on blockchain networks.Before the sharp increase, the network&#39;s transaction cost was recorded at 477 gwei. However, the fees have since normalized, dropping to approximately 270 gwei, as per the latest data. This fluctuation in gas prices reflects the dynamic nature of blockchain networks in response to user activity and demand.Read full article at<a href="https://cryptotale.org/polygon-network-faces-gas-fee-spike-due-to-new-token-minting-wave/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Polygon Network Faces Gas Fee Spike Due to New Token Minting Wave

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