Polygon gas fees spike 1000% amid Ordinals-inspired token craze
Gas fees on the Polygon network reached as high as $0.10 during a mad rush to mint an Ordinals-inspired token called POLS. Gas fees on Ethereum layer-2 Polygon (MATIC) surged more than 1,000% to reach a peak of $0.10 as users inundated the network with the minting of Ordinals-inspired token s dubbed POLS. In a Nov. 16 X (formerly Twitter) post Polygon founder Sandeep Nailwal shared his surprise at the elevated transaction activity on the network saying the spike could’ve been due to the launch of a new Polygon-based nonfungible token (NFT) collection. What is going on on @0xPolygon POS chain? 6m transactions in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt by the protocol. The chain worked smoothly, gas fees went crazy though but no reorgs or 0 blocks etc. I hear there is some game Baby Shark Launching, could that be the… — Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) November 16, 2023 The reason for the uptick in network activity and sudden spike in gas fees seems ...