- Polygon’s PoS network processed a record-breaking 16.4 million transactions in 24 hours, with a peak throughput of 255 transactions per second.
- This surge in transactions was driven by the introduction of new token types on the Polygon blockchain, leading to significantly higher transaction fees.
Unprecedented Transactional Activity on Polygon
Polygon Network, a leading Layer 2 Ethereum Virtual Machine (EVM) blockchain, has achieved a remarkable milestone in transaction processing. On November 16, 2023, Polygon‘s proof-of-stake (PoS) network handled over 16.4 million transactions within a 24-hour period, showcasing the robustness and efficiency of the network.
🚀 Polygon (#MATIC) Sets New Records in Transaction Processing!#Polygon's PoS network handles a staggering 16.4 million transactions in 24 hours, achieving a throughput of 255 transactions per second.
Read more: https://t.co/157LQu65Ol pic.twitter.com/ODplThEScb
— Collin Brown (@CollinBrownXRP) November 19, 2023
A New Era of Throughput
At the peak of this transactional spike, Polygon registered an impressive throughput of 255 transactions per second (TPS). This performance, highlighted by co-founder Sandeep Nailwal, was significantly higher than the average throughput of the entire Ethereum ecosystem, marking a major advancement in blockchain transactional capacity.
Impact of New Token Types
The surge in transaction volume was primarily attributed to the introduction of a new type of tokens on the Polygon blockchain. Inspired by Bitcoin’s Ordinals, these tokens were minted as PRC-20 tokens, created by altering transactional calldata, differing from regular ERC-20 tokens.
Financial Implications and Network Stability
This unprecedented level of activity led to a considerable increase in transaction fees on the Polygon network. On average, transaction fees soared to 7,000 Gwei, approximately 70 times higher than normal levels. The total transaction fees generated by Polygon PoS validators exceeded $1 million in equivalent, largely due to these exorbitant gas prices.
Ensuring Network Stability
Despite the increased transactional pressure, Polygon’s network remained stable and performed as intended. Nailwal credited this stability to recent upgrades and engineering contributions within the Polygon ecosystem. These advancements ensured that the PoS chain could handle the increased load effectively.
The Emergence of Polygon’s Ordinals
The phenomenon of minting PRC-20 tokens, particularly the POLS token (distinct from Polkastarter’s POLS), has been a major driving force behind the heightened transactional activity. This new tokenization approach has significantly impacted the average transaction fees on the network, reflecting the growing interest and participation in the Polygon ecosystem.
Conclusion
Polygon’s record-breaking transaction processing performance exemplifies the network’s capacity to handle substantial transactional loads efficiently. The introduction of new token types has not only driven this increase in transaction volume but also tested the network’s robustness and adaptability. As Polygon continues to evolve and expand its offerings, it further cements its position as a key player in the blockchain space.
