Ethereum

Polygon

<div class="dailyhodl">
 Ethereum (ETH) scaling solution Polygon (MATIC) processed the highest number of daily transactions in the blockchain’s history last week.
 On November 16th, the Polygon blockchain saw 16,449,264 transactions, marking a sudden and massive increase from the average of below three million per day.
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 In a post on social media platform X, Polygon founder Sandeep Nailwal says the network handled the spike without experiencing any downtime.
 “Polygon handled 16+ million transactions, and the network didn’t even blink.&nbsp;&nbsp;
 At its peak, PoS (proof of stake) had a throughput of 255 tps (transactions per second) – that’s around two to three times of the entire ETH ecosystem combined. Total transaction fees generated by the validators are around [$1 million] in a single day, though the gas fees spiked to insane levels. 
 Block rewards totaled more than 155,000 MATIC, around $1.2 million revenue for validators in a single day.”&nbsp;
 <figure id="attachment_266602" aria-describedby="caption-attachment-266602" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-266602 size-full" src="https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp" alt="" width="1008" height="582" srcset="https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp 1008w, https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp?resize=300,https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp 300w, https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp?resize=768,https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp 768w, https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp?resize=750,https://cdn.thebittimes.com/images/2023/11/21/6d490dfaf0dfe37767516b1d6b1e0d25.webp 750w" sizes="(max-width: 1008px) 100vw, 1008px">
 <figcaption id="caption-attachment-266602" class="wp-caption-text">
 Source: Polygonscan
 </figcaption>
 </figure>
 Nailwal says a new metaverse game called Baby Shark, which is based on the Polygon chain, could be what’s behind the sudden spike in transactions.
 “I hear there is some game Baby Shark launching, could that be the reason? Someone told me just now that the minting stopped just now and we might go back to the less crazy levels.”
 He also says that efforts to improve Polygon enabled the network to efficiently handle the volume of transactions.
 “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.”
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/polygon-handled-over-16-000-000-transactions-in-single-day-and-didn-t-even-blink-says-founder-sandeep-nailwal-tbt70985.html">https://thebittimes.com/polygon-handled-over-16-000-000-transactions-in-single-day-and-didn-t-even-blink-says-founder-sandeep-nailwal-tbt70985.html</a>

Polygon Handled Over 16,000,000 Transactions in Single Day and ‘Didn’t Even Blink,’ Says Founder Sandeep Nailwal

TheBitTimes

Other articles published on Nov 20, 2023

Gold Price Prediction Nov 2023: Will It Rise to $2,100 or Dip $1,900?

Emmett Shear Named New CEO of OpenAI Amidst Board Disagreements

ZTX partners with ZGM to offer game prediction competition and prizes

BCBS Report: Banks Invest $10.27 Billion in Crypto, XRP Emerges as Top Altcoin

Mastercard Partners with Feedzai to Combat Crypto Fraud with AI

Conflux Price Prediction: Correction Over; Time for Reversal?

Join our free newsletter for daily crypto updates!