Ordinal-like transactions surge as gas fees go ‘crazy’ on Polygon network

The proliferation of Ordinal-like transactions of PRC-20 tokens seems to have pushed fuel charges on Polygon (MATIC), an Ethereum (ETH) layer-2 community, to yearly highs.

Whereas the community charges have since receded to earlier lows, data from livdir.com reveals that the common fuel charge peaked at over 5,000 Gwei on Nov. 16.

Data from Polygonscan additional corroborates this, displaying that the community customers spent roughly $131,000, or 155,000 MATIC, on fuel charges through the interval. This marked the best quantity Polygon customers have spent on fuel charges since November final 12 months.

Sandeep Nailwal, Polygon’s founder, noted this pattern and described the elevated fuel charges as “loopy.” In keeping with him, the community labored easily regardless of fuel charges going amid the 6 million transactions recorded in 24 hours at a mean of 170 transactions per second.

PRC-20 POLS token

In the meantime, the rise in Polygon’s charges coincided with elevated minting actions of the “PRC-20” token referred to as POLS.

Dune Analytics data, curated by SatsX, reveals that the full quantity of POLS tokens minted stands at 2.1 quadrillions as of press time. Per the dashboard, these minting actions resulted in spending over 102 million MATIC, valued at roughly $86.7 million, in transaction charges.

The POLS tokens make the most of the PRC-20 protocol, leveraging transactional ‘calldata’ on the Polygon blockchain. These tokens resemble Bitcoin Ordinals’ BRC-20 tokens, facilitating the technology of NFT-like property throughout the community.

Apparently, the charge surge on Polygon mirrors related developments noticed on the Bitcoin (BTC) community when Ordinals got here to the fore.

CryptoSlate not too long ago reported {that a} resurgence within the recognition of those Ordinals pushed BTC transaction charges to a six-month excessive.

Equally, Ordinals contributed to increased transactions on Litecoin’s (LTC) community, though its transaction charges didn’t considerably surge like different networks.