Ordinal-like transactions surge as gas fees go ‘crazy’ on Polygon network

The proliferation of Ordinal-like transactions of PRC-20 tokens appears to person pushed state fees connected Polygon (MATIC), an Ethereum (ETH) layer-2 network, to yearly highs.

While the web fees person since receded to erstwhile lows, data from livdir.com shows that the mean state interest peaked astatine implicit 5,000 Gwei connected Nov. 16.

Data from Polygonscan further corroborates this, showing that the web users spent astir $131,000, oregon 155,000 MATIC, connected state fees during the period. This marked the highest magnitude Polygon users person spent connected state fees since November past year.

Sandeep Nailwal, Polygon’s founder, noted this inclination and described the accrued state fees arsenic “crazy.” According to him, the web worked smoothly contempt state fees going amid the 6 cardinal transactions recorded successful 24 hours astatine an mean of 170 transactions per second.

PRC-20 POLS token

Meanwhile, the emergence successful Polygon’s fees coincided with accrued minting activities of the “PRC-20” token called POLS.

Dune Analytics data, curated by SatsX, shows that the full magnitude of POLS tokens minted stands astatine 2.1 quadrillions arsenic of property time. Per the dashboard, these minting activities resulted successful spending implicit 102 cardinal MATIC, valued astatine astir $86.7 million, successful transaction fees.

POLS token minting. (Source: Dune Analytics)

The POLS tokens utilize the PRC-20 protocol, leveraging transactional ‘calldata’ connected the Polygon blockchain. These tokens lucifer Bitcoin Ordinals’ BRC-20 tokens, facilitating the procreation of NFT-like assets wrong the network.

Interestingly, the interest surge connected Polygon mirrors akin trends observed connected the Bitcoin (BTC) web erstwhile Ordinals came to the fore.

CryptoSlate precocious reported that a resurgence successful the popularity of these Ordinals pushed BTC transaction fees to a six-month high.

Similarly, Ordinals contributed to increased transactions connected Litecoin’s (LTC) network, though its transaction fees did not importantly surge similar different networks.

The station Ordinal-like transactions surge arsenic state fees spell ‘crazy’ connected Polygon network appeared archetypal connected CryptoSlate.