Gas fees on Ethereum’s Layer-2 network, Polygon, experienced an astonishing surge, skyrocketing by over 1,000% to peak at $0.10.This sudden escalation in fees was triggered by an influx of users flooding the network while minting tokens inspired by Ordinals, known as POLS tokens.Polygon founder, Sandeep Nailwal, expressed his astonishment on Nov. 16, through a post on X (formerly Twitter), as he observed this unprecedented transactional activity.Speculation circulated that this surge might have been linked to the launch of a new nonfungible token (NFT) collection built on the Polygon network.The primary driver behind the surge in network activity and the subsequent spike in gas fees was the fervor surrounding the minting of POLS tokens.Data from Dune Analytics revealed a rush of minting activity coinciding with the use of over 102 million MATIC tokens, valued at $86 million at current market prices, for gas.The POLS token is based on the PRC-20 protocol, which functions similarly to the Bitcoin Ordinals-derived BRC-20 token standard.As per data from Ethereum Virtual Machine data provider EVM, only 8.7% of the total POLS supply has been minted, with slightly over 18,100 individuals claiming ownership of the token.As of the time of this publication, Polygon’s gas fees have reverted to their typical levels, settling at around 882 gwei.Gas fees measure the computational effort required to execute transactions on a blockchain, with 1 gwei being approximately equivalent to 0.000000001 MATIC.This surge in gas fees on Polygon resembles a similar occurrence on the Bitcoin network earlier in the year.In May, the Bitcoin network experienced a prolonged surge in activity following the release of the Ordinals protocol, allowing users to mint NFTs directly on the Bitcoin blockchain.The ensuing frenzy for Ordinals NFTs and BRC-20 tokens led to Bitcoin fees reaching levels not seen since April 2021.Some more traditional Bitcoin enthusiasts, like Samson Mow and Adam Back, criticized the NFT protocol and token standard as wasteful due to this development.#PolygonEvolution #PolygonLayer3 #PolygonTrends #NewOpportunity #Pyth $POLYX $BTC $BNB

OKX and Polygon Labs have launched the testnet of “X1,” a zero-knowledge Layer 2 network. This innovative venture positions OKX’s platform token, OKB, as the cornerstone for transaction fees on X1, marking a strategic evolution in its utility.At the core of X1’s development is the Polygon Chain Development Kit (CDK), a toolkit that has made OKX a significant contributor. With a commitment to channel substantial engineering resources, OKX aims to amplify Ethereum’s scalability. This move signifies a deep investment in the future of blockchain technology, highlighting the need for more efficient and scalable platforms.Notably, X1 stands out for its compatibility with Ethereum, offering a seamless environment for deploying EVM-based DApps. This compatibility extends to various smart contracts, wallets, and tools, ensuring a user-friendly and secure experience. X1’s design incorporates ZK proofs, enhancing its security and scalability while also cutting down on transaction costs.According to Jason Lau, OKX’s Chief Innovation Officer, X1 is poised to be a pivotal platform in introducing users to Web3. Developers find in X1 a robust network for building consumer-centric Web3 applications, maintaining interoperability with other networks. This aspect is crucial for a cohesive blockchain ecosystem.Polygon Labs’ CDK, released in August, has gained momentum for its role in developing Layer 2 blockchains on Ethereum. These blockchains can connect to a shared ZK bridge, enabling interoperability. Sandeep Nailwal, Polygon’s co-founder, views X1’s use of the CDK as a significant advancement, paving the way for interconnected, ZK-powered L2 networks within the Polygon ecosystem.The launch of X1 marks a pivotal moment in blockchain technology. This collaboration between OKX and Polygon Labs not only sets a new standard in blockchain development but also underscores the potential of collaborative innovation in creating a more integrated, efficient, and user-friendly blockchain ecosystem.#PolygonEvolution #OKX #X1 #PolygonTrends $XRP $BTC $MEME #Meme

Ethereum (ETH) competitor Solana (SOL) is sustaining its upward momentum as it overtakes layer-2 scaling solution Polygon (MATIC) in daily decentralized exchange (DEX) volume.
New data from blockchain tracking platform Artemis reveals that the smart contract platform has surpassed MATIC in both overall DEX volume and the number of daily transactions.
Artemis’ data shows that as of yesterday, Solana had a DEX volume of about $240.5 million, outpacing Polygon’s $137.5 million.
The numbers also show that Solana greatly surpassed Polygon – and other digital assets such as ETH and Avalanche (AVAX) – in terms of daily transactions. Solana has seen millions more daily transactions compared to its competitors, logging 19.5 million on November 2nd compared to ETH’s 1.05 million, MATIC’s 2.59 million, and AVAX’s 192,000.
Another chart that displays Solana’s recent upward momentum is that of market cap. Since the start of October, SOL has been outpacing its competitors in terms of market cap, setting itself apart even further in November.
Solana’s growth has also been reflected in its price, as the smart contract platform has seen about a 300% increase in price since January 1, 2023, when it was trading for just $9.97. Solana is moving for $39.36 at time of writing, a fractional decrease during the last 24 hours.
Recently, two prominent crypto strategists commented on the rise of Solana First, macro guru Raoul Paul said that Solana resembled a “rocket ship” after the release of Firedance, a new validator client for the SOL blockchain that improved its scalability and speed.
Days later, pseudonymous crypto trader Pentoshi predicted that the ETH rival would retrace toward the $32 range – only to set up another move to the upside.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#SolanaPredictions #PolygonTrends $SOL $MATIC

Billionaire investor Mark Cuban has deposited millions of Polygon (MATIC) to Coinbase in what appears to be a liquidation move.
Read more on: https://thecryptobasic.com/2023/12/26/billionaire-investor-mark-cuban-sparks-polygon-selloff-scare/
#PolygonFuture #PolygonTrends #Cryptocurrrency #CryptonewswithJack #CryptoNews🔒📰🚫

The cryptocurrency market presents many lucrative opportunities, even for investors on a budget. While mega-cap coins grab most of the headlines, smaller cryptocurrencies are trading for under $1 and offer exciting growth prospects.Two such coins with tremendous upside are Polygon (MATIC) and XRP, both currently priced well below a dollar. Though very affordable, these two cryptos have promising utilities and applications that could fuel substantial price increases.2 Coins Under $1 With Strong Growth PotentialPolygon (MATIC): Ethereum Scaling SolutionPolygon, formerly known as Matic Network, has evolved into a Layer 2 scaling solution for Ethereum. Providing faster and more cost-effective transactions, Polygon aims to address Ethereum’s challenges, such as high gas fees and network congestion.Several factors may contribute to Polygon’s growth in 2024:Scaling Needs: As Ethereum expands, the demand for scalable solutions like Polygon may see a significant increase.Ecosystem Growth: Polygon’s capacity to onboard more projects and users continues to bolster its position for widespread adoption.Upgrades: Ongoing improvements to Polygon’s infrastructure could further solidify its status as a premier Ethereum scaling platform.Ripple (XRP): Global Payments NetworkRipple and its XRP token have gained traction as a swift, cost-effective messaging and liquidity platform for cross-border payments. Ripple’s continuous integration with financial institutions to facilitate faster money transfers and currency trades contributes to the adoption of XRP.XRP’s growth potential by 2024 revolves around:Financial Use: The increasing real-world utility of XRP for payments sets it apart from purely speculative cryptocurrencies.Institutional Adoption: The expanding participation of banks and remittance firms in the Ripple network significantly extends XRP’s reach.Global Footprint: Ripple’s broader role as an international financial network positions XRP for substantial growth in the future.With strong fundamentals rooted in solving real-world problems, Polygon and XRP present compelling growth opportunities for crypto investors, even on limited budgets. Their vast upside potential, affordability at under $1, and continuously expanding utility and adoption put these two cryptos among the smartest buys for 2024. For those looking to maximize returns from minimal investments, MATIC and XRP check all the boxes.#XRPInvestment #PolygonTrends