Polygon Gas Fees Soar for Ordinal-Inspired Token:
In The middle of the excitement of minting an Ordinals-inspired token called POLS, gas prices on the Polygon network hit as high as $0.10. They soared more than 1,000% to a high of $0.10 as users flooded the network to mint tokens inspired by Bitcoin's atomic number.
The token is called POLS. A post about Polygon-based (NFTs) published on November 16. The reason for the sudden increase in network activity and the sudden increase in gas prices seems to be mainly due to the great excitement surrounding the minting of new POLS tokens. Data from Dune Analytics shows that active POLS minting activity coincided with the use of over 102 million MATIC tokens (worth approximately $86 million at current prices) to pay gas bills.
The POLS token is based on a protocol called PRC-20 and works similarly to the BRC-20 token standard, which is derived from Bitcoin ordinal. According to virtual machine data provider Ethereum EVM, only 8.7% of the total POLS supply has been minted, with just over 18,100 holders claiming their tokens. At the time of writing, the price of gasoline on Polygon has returned to normal levels and stands at approximately 882 Gwei. Gas price quantifies the amount of computation required to complete a transaction on a particular blockchain, where 1 Gwei is approximately equivalent to 0.000000001 MATIC.
The Bitcoin network saw a similar, albeit longer-term, surge in activity in May of this year following the launch of the Ordinals protocol, which allows users to mint NFTs directly on the Bitcoin blockchain. As a result, the hype surrounding NFT ordinals and BRC-20 tokens has driven Bitcoin fees to levels not seen since April 2021.
