Ethereum

Polygon

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The euphoria around a new type of tokens on the Polygon (MATIC) blockchain resulted in an unmatched transactional activity spike. Polygon PoS managed to handle 500% more transactions than average without outages and collapses, its co-founder says.
<h2 id="polygon-surprisingly-sets-new-record-co-founder-sandeep-nailwal-excited">Polygon surprisingly sets new record, co-founder Sandeep Nailwal excited</h2>
On Nov. 16, 2023, Polygon Network (MATIC), the largest L2 EVM blockchain, processed over 16.4 million transactions. Despite the increased transactional pressure, the network performed as intended, co-founder Sandeep Nailwal stated on X.
<blockquote>
 Yesterday, <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw">@0xPolygon</a> PoS handled 16+ million transactions, and the network didn’t even blink. At its peak, PoS had a throughput of 255 tps— thats around 2-3 times of the entire Eth ecosystem combined. Total transaction fees generated by the Validators is around 1mn in a single… <a href="https://t.co/WEvuADktrf">pic.twitter.com/WEvuADktrf</a>— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) <a href="https://twitter.com/sandeepnailwal/status/1725611408727871560?ref_src=twsrc%5Etfw">November 17, 2023</a>
</blockquote> 
At its peak, Polygon (MATIC) registered a throughput of 255 transactions per second. Nailwal stressed that this is roughly 100-200% higher than that of the entire Ethereum (ETH) ecosystem.
Total transaction fees generated by the Polygon PoS validators exceeded $1 million in equivalent due to exorbitant gas prices.
As per the PolygonScan <a href="https://polygonscan.com/chart/tx">explorer</a>, Nov. 16, 2023 was a record-breaking session for the entire Polygon (MATIC) history. The previous high in the number of transactions was registered in June 2021, with over 9.7 million tx/day.
As such, the ongoing surge of activity allowed this metric to spike 70% higher compared to the previous peak. In 2023, Polygon (MATIC) processed 2.5-2.7 million transactions per day.
<h2 id="polygon-s-ordinals-mania-allows-validators-to-make-1-million-per-day">Polygon's Ordinals mania allows validators to make $1 million per day</h2>
Nailwal attributed the stability of the Polygon (MATIC) network amid the stress-tests of November to the advances deployed in recent months:
<blockquote>
 Polygon PoS chain was able to handle this load as a direct result of Polygon ecosystem engineering contributors and the upgrades to PoS that have been rolled out over the last few months
</blockquote>
In mid-November, users of Polygon (MATIC) started minting PRC-20 tokens inspired by Bitcoin's Ordinals. Unlike regular ERC-20 tokens, these assets are created by altering transactional calldata.
Two days ago, Polygon (MATIC) enthusiasts started minting a PRC-20 token called POLS (not to be confused with Polkastarter's POLS or a novel Polygon asset POL).
As a result, average transaction fees on Polygon PoS jumped to 7,000 Gwei, which is 70x higher compared to normal levels.

Polygon (MATIC) Achieves Record-Breaking TPS, Sandeep Nailwal Says

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