Ethereum’s layer 2 solution Polygon has attracted great attention in the recent cryptocurrency markets. This interest is associated with users minting the POLS token and the impact this process has on the network.
POLS Token Excitement
The Polygon network witnessed a massive influx of users during the minting of the POLS token, inspired by Ordinals. Along with this, there was a significant increase in transaction fees. On Polygon, an Ethereum layer 2 solution, transaction fees during this period surged by 10 times, reaching up to $0.10.
Polygon’s founder, Sandeep Nailwal, expressed his astonishment on social media platform X. Nailwal pointed out that this increase was due to the launch of a new NFT collection based on the Polygon platform. The intense interest shown by investors in the POLS token led to a sudden rise in network activity and transaction fees.
According to data from Dune Analytics, during the POLS minting activities, approximately 102 million MATIC tokens, valued at around 86 million dollars, were spent as transaction fees. The POLS token was built on a protocol named PRC-20, similar to the BRC-20 token standard, which is a derivative of Bitcoin Ordinals. As per Ethereum Virtual Machine (EVM) data, only 8.7% of the total supply of POLS tokens was minted, and over 18,100 investors have acquired these tokens.