Minting of Ordinals-like tokens causes big surge in Polygon transaction fees

The Polygon network, a widely-used Ethereum sidechain, has experienced a record-breaking surge in daily transactions, leading to a significant increase in gas fees over the last 24 hours.

Activity on the network has escalated dramatically, with transaction numbers soaring from 2.89 million to a historic high of 6.1 million from November 14 to November 15, the most since October of the previous year. This rise in network usage has precipitated a spike in transaction costs, with average transaction costs rising to over 7,000 Gwei (from 100 Gwei a day prior), before reducing to around 400 Gwei, according to Polygonscan.

The heightened costs for transactions, especially token swaps on the blockchain, rose as high as $5 for swaps, which was a massive increase from the usual rates on the network. This has now come down to under $0.50.

#BTC $SOL $BTC $BNB #CryptoRealism #CryptoWhaleWatch #CryptoConferences #CryptoNewsUpdate