The euphoria around a new type of tokens on the Polygon (MATIC) blockchain resulted in an unmatched transactional activity spike. Polygon PoS managed to handle 500% more transactions than average without outages and collapses, its co-founder says.
Polygon surprisingly sets new record, co-founder Sandeep Nailwal excited
On Nov. 16, 2023, Polygon Network (MATIC), the largest L2 EVM blockchain, processed over 16.4 million transactions. Despite the increased transactional pressure, the network performed as intended, co-founder Sandeep Nailwal stated on X.
At its peak, Polygon (MATIC) registered a throughput of 255 transactions per second. Nailwal stressed that this is roughly 100-200% higher than that of the entire Ethereum (ETH) ecosystem.
Total transaction fees generated by the Polygon PoS validators exceeded $1 million in equivalent due to exorbitant gas prices.
As per the PolygonScan explorer, Nov. 16, 2023 was a record-breaking session for the entire Polygon (MATIC) history. The previous high in the number of transactions was registered in June 2021, with over 9.7 million tx/day.
As such, the ongoing surge of activity allowed this metric to spike 70% higher compared to the previous peak. In 2023, Polygon (MATIC) processed 2.5-2.7 million transactions per day.
Polygon's Ordinals mania allows validators to make $1 million per day
Nailwal attributed the stability of the Polygon (MATIC) network amid the stress-tests of November to the advances deployed in recent months:
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
In mid-November, users of Polygon (MATIC) started minting PRC-20 tokens inspired by Bitcoin's Ordinals. Unlike regular ERC-20 tokens, these assets are created by altering transactional calldata.
Two days ago, Polygon (MATIC) enthusiasts started 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 jumped to 7,000 Gwei, which is 70x higher compared to normal levels.