The euphoria around a new type of tokens on the Polygon (MATIC) blockchain resulted in an unparalleled spike in transactional activity. Polygon PoS managed to handle 500% more transactions than average without interruptions or crashes, says its co-founder.
Polygon Surprisingly Sets New Record, Co-Founder Sandeep Nailwal Is Excited
As of November 16, 2023, Polygon Network (MATIC), the largest EVM L2 blockchain, processed more than 16.4 million transactions. Despite increased transactional pressure, the network performed as expected, said co-founder Sandeep Nailwal at X.
At its peak, Polygon (MATIC) recorded a throughput of 255 transactions per second. Nailwal emphasized that this is approximately 100% to 200% higher than that of the entire Ethereum (ETH) ecosystem.
Total transaction fees generated by Polygon PoS validators exceeded $1 million in equivalent due to exorbitant gas prices.
According to the PolygonScan explorer, November 16, 2023 was a record session in the entire history of Polygon (MATIC). The previous maximum in number of transactions was recorded in June 2021, with more than 9.7 million tx/day.
As such, the continued increase in activity allowed this metric to increase by 70% compared to the previous peak. In 2023, Polygon (MATIC) processed between 2.5 and 2.7 million transactions per day.
Polygon Ordinals Craze Lets Validators Earn $1 Million Per Day
Nailwal attributed the stability of the Polygon (MATIC) network amid the November stress tests to the advancements deployed in recent months:
The Polygon PoS chain was able to handle this load as a direct result of the engineering contributors to the Polygon ecosystem and the PoS updates that have been implemented over the past few months.
In mid-November, Polygon (MATIC) users began minting PRC-20 tokens inspired by Bitcoin Ordinals. Unlike regular ERC-20 tokens, these assets are created by altering transactional call data.
Two days ago, Polygon (MATIC) enthusiasts began 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 increased to 7000 Gwei, which is 70 times higher compared to normal levels.
