The POLS Mint was undoubtedly the most anticipated event in the world. Blockchain Polygon (MATIC) this year and the statistics supported it. On Thursday, the Bitcoin-inspired coin BRC-20 took place and the burn numbers were nothing short of impressive. Over 100 million MATIC tokens were incinerated following this event. But the data suggests this rush is far from over.
POLS Mint Triggers Massive MATIC Burns
The POLS token currency saw massive participation from the Polygon community as thousands of investors clamored for their tokens. As a result, fees on the network skyrocketed and subsequent token consumption exceeded 100 million MATIC.
According to reports, fees on the Polygon network have skyrocketed by over 13,000%, sending fees as high as 4,005 gwei to the peak. Polygon founder Sandeep Nailwal acknowledged this increase in network activity, posting a chart showing that the network had processed more than 6 million transactions in a 24-hour period, which equated to a rate of 170 transactions per second ( GST).
What is going on @0xPolygon A chain of points of sale? 6 million transactions in the last 24 hours. 170 TPS on average. 1mn+ MATIC burned by the protocol. The chain ran smoothly, gas fees went crazy, but no reorgs or 0 blocks etc.
I heard there is a Baby Shark Launching game, could that be the…
—Sandeep Nailwal | deep. polygon 💜 (@sandeepnailwal) November 16, 2023
EVM data watch that the POLS Mint saw over 100 million MATIC burned, resulting in over $80 million in fees alone. THE NFT collection is gaining popularity and as of Friday, a total of 10.32% of the collection had been minted.
Why Polygon is just getting started
One of the main factors in the popularity of POLS is its similarity to the BRC-20 standard which allowed minting NFTs on the Bitcoin network which has been incredibly successful so far. Given the success of the BRC-20 tokens, this optimism has translated into the PRC-20 tokens.
With only 18,480 POLS token owners and over 400,000 daily users on the Polygon network, there is still plenty of room for new Polygon standard catch. When this happens, more investors are expected to jump into the tokens.
Polygon users are also actively waiting for the rebranding of the MATIC tokens in the new POL token. This rebranding should give the token a “fresh start” of sorts that could propel the price higher. Users will need to convert their MATIC tokens to POL. However, the team said the starters will have up to four years to do so.
MATIC price initially benefited from this sharp increase in user activity by surpassing the $0.94 level on Thursday. However, the altcoin managed to lose some of these gains after falling 6.61% on Friday, according to Coinmarketcap data. It is currently trading at $0.8626, with a gain of 2.67% on the weekly chart.
Price retraces after pump | Source: MATICUSD on Tradingview.com
Featured image of Navi, chart from Tradingview.com