Polygon gas fees spike 1,000% amid Ordinals-inspired token craze

Gas costs on Ethereum layer-2 Polygon surged more than 1,000% to reach a peak of $0.10 as users swamped the network with the minting of Ordinals-inspired tokens called POLS.In a Nov. 16 X (previously Twitter) post, Polygon founder Sandeep Nailwal shared his surprise at the raised deal activity on the network, stating the spike couldve been due to the launch of a brand-new Polygon-based nonfungible token (NFT) collection.What is going on @ 0xPolygon POS chain? 6m deals in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt by the procedure. The chain worked smoothly, gas charges went bananas though however no reorgs or 0 blocks etc I hear there is some game Baby Shark Launching, could that be the …– Sandeep Nailwal

The factor for the uptick in network activity and unexpected spike in gas charges seems to be coming generally from a frenzy of enthusiasm for minting the brand-new POLS token.Dune Analytics data revealed the rush of minting activity for POLS coincided with more than 102 million MATIC (MATIC) tokens– worth $86 million at existing prices– being utilized as gas. Gas charges measure the amount of computing effort required to perform a transaction on a given blockchain, with 1 gwei equivalent to approximately 0.000000001 MATIC.Polygon gas costs have actually since returned to somewhat above-average levels.