The PRC-20 protocol of Polygon went boom yesterday. In fact, he experienced a massive rush of users during the POLS token mint. And this did not fail to affect the gas costs on this Ethereum layer-2. THE 1,000% increase have surprised more than one in the crypto community.
POLS tokens are snapping up like hotcakes
The disembarkation of Ordinals on Bitcoin at the start of the year sowed discord within the crypto community. If bitcoiners went so far as to describe these innovations as an “impending catastrophe”, others see them as opportunities to be seized. Last May, 10 million people registered to trade NFTs on this very popular network.
“ Gas fees on the Polygon network have soared more than 1,000% in a mad rush to mint a new Ordinals-inspired token called POLS. »
In L’one of his latest publicationsCointelegraph revealed that this rush for PRC-20 protocol POLS tokens caused a historic increase in gas costs on Polygon. The 1,000% jump actually represents $0.10, or approximately 5,000 Gwei. However, last Wednesday, L2 Ethereum showed an average of 100 Gwei.
Note that 1 Gwei is equal to 0.000 000 001 MATIC. This native Polygon crypto was trading at 86 cents at the time of writing this article.
Nonetheless, Cointelegraph pointed out that Polygon’s gas fees (a way of quantifying the amount of computational effort required for a transaction on its network) have relatively decreased. A few hours ago, they were down to 882 gwei.
This graph taken from Dune Analitics highlights the use of approximately 102 million MATIC gas cryptos for the mint of POLS tokens. That’s $86 million in fiat. However, at this period, only 8.7% of the total POLS supply have been created. And only 18,100 investors have expressed interest in the new token.
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