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

by ChainChirp
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The Polygon community, a widely-used Ethereum sidechain, has skilled a record-breaking surge in each day transactions, resulting in a big improve in gasoline charges over the past 24 hours.

Exercise on the community has escalated dramatically, with transaction numbers hovering from 2.89 million to a historic excessive of 6.1 million from November 14 to November 15, probably the most since October of the earlier 12 months. This rise in community utilization has precipitated a spike in transaction prices, with common transaction prices rising to over 7,000 Gwei (from 100 Gwei a day prior), earlier than decreasing to round 400 Gwei, in line with Polygonscan.

The heightened prices for transactions, particularly token swaps on the blockchain, rose as excessive as $5 for swaps, which was an enormous improve from the same old charges on the community. This has now come right down to beneath $0.50.

But even throughout the transaction price surge, the price of transactions on the Polygon community remained decrease than the Ethereum mainnet, the place the price of token swaps can vary from $30 to $50.


Polygon PoS Chain Every day Transactions | Supply: Polygonscan

A Polygon contributor mentioned that the exercise could be attributed to a brand new kind of tokens referred as “PRC-20,” an Ordinals-inspired token commonplace on Polygon. Customers have been minting PRC-20 tokens named POLS en masse, knowledge reveals. These tokens are created utilizing transactional calldata on the Polygon blockchain as a substitute of the traditional ERC-20 token commonplace.

The mechanism was impressed from Ordinals, a protocol designed for producing tokens and NFTs on the Bitcoin community. It includes a course of referred to as “inscription,” which assigns knowledge to particular person satoshis throughout the Bitcoin community. Nevertheless, Polygon-based PRC-20s undertake a special technique, using transaction calldata to generate tokens or distinctive NFT-like picture artifacts which can be embedded throughout the community transactions.

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Builders have beforehand launched tokens on the Ethereum mainnet in June by leveraging an identical Ordinals-inspired protocol known as Aspect.

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