Polygon's proof-of-stake blockchain experienced a dramatic spike in gas fees this Thursday, with costs soaring to over $0.10 or 5,000 gwei. This surge represented a 1,000% increase compared to the previous day's fees of 477 gwei. The primary catalyst for this escalation was the influx of activity related to inscriptions and the PRC-20 protocol, particularly involving a token named POLS.
The POLS token played a pivotal role in this surge, with around 9% of its 2.1 trillion total supply being minted, and the token acquiring 18,100 unique owners. This incident mirrors a similar trend observed in the Bitcoin network earlier in the year, where transaction fees spiked due to activities related to Ordinals and the minting of BRC-20 tokens.
BRC-20 tokens, an experimental token class, were initially introduced by a pseudonymous data analyst, Domo, in March. Since then, the BRC-20 standard has been adopted and replicated on other blockchain networks, including Ethereum, through the introduction of Ethscriptions. This trend highlights the evolving dynamics of blockchain technology and the impact of new token standards on transaction fees and network activity.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
