The Unprecedented Surge in Transactional Activity on Polygon (MATIC)
The excitement surrounding a new type of tokens on the Polygon (MATIC) blockchain has led to an unparalleled spike in transactional activity. According to the co-founder, this surge in activity was successfully managed by the Polygon PoS, handling a remarkable 500% more transactions than the average without any outages or collapses.
Polygon’s Record-Breaking Achievement and Sandeep Nailwal’s Reaction
On November 16, 2023, the Polygon Network (MATIC), the largest Layer 2 (L2) EVM blockchain, processed over 16.4 million transactions. Despite the increased transactional pressure, co-founder Sandeep Nailwal expressed his excitement, stating that the network performed flawlessly.
Yesterday, @0xPolygon PoS handled 16+ million transactions, and the network didn’t even blink. At its peak, PoS had a throughput of 255 tps— that’s around 2-3 times the entire Eth ecosystem combined. Total transaction fees generated by the Validators is around 1mn in a single…
At its peak, Polygon (MATIC) achieved a throughput of 255 transactions per second, which Nailwal emphasized is approximately 100-200% higher than that of the entire Ethereum (ETH) ecosystem. The total transaction fees generated by the Polygon PoS validators exceeded $1 million due to exorbitant gas prices.
Record-Breaking Session According to PolygonScan Explorer
According to the PolygonScan explorer, November 16, 2023, marked a record-breaking session in the entire history of Polygon (MATIC). The previous high in the number of transactions was registered in June 2021, with over 9.7 million transactions per day. The ongoing surge allowed this metric to spike 70% higher compared to the previous peak, with Polygon (MATIC) processing 2.5-2.7 million transactions per day in 2023.
Polygon’s Ordinals Mania and Validator Earnings
Nailwal attributed the stability of the Polygon (MATIC) network during 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. These tokens, unlike regular ERC-20 tokens, are created by altering transactional calldata. Polygon (MATIC) enthusiasts began minting a PRC-20 token called POLS, leading to a significant increase in average transaction fees on Polygon PoS, jumping to 7,000 Gwei, which is 70 times higher compared to normal levels.