The Polygon network is seeing an enhance in gasoline charges and transaction volumes due to the emergence of the new PRC-twenty token conventional.
The new PRC-twenty token conventional on Polygon leads to gasoline charges and transaction numbers to skyrocket
Polygon (MATIC) has witnessed its highest ever gasoline charges and transaction count more than the previous 48 hrs thanks to PRC-twenty, a new token conventional that bears a lot of similarities to BRC.-twenty of the Ordinals protocol on Bitcoin.
According to information from Polygonscan, the quantity of every day transactions on Polygon elevated from two – two.five million tx/day in the final number of weeks to six.one million transactions on November 15, and then continued to enhance to sixteen.four million transactions on November sixteen – the highest degree in Polygon’s three-12 months background, surpassing the record large of 9 million transactions in July 2021.
Statistics on the quantity of every day transactions of the Polygon network because July 2020. Source: Polygonscan (November 17, 2023)
Meanwhile, the normal gasoline price on Polygon on November sixteen in some cases elevated to seven,000 gwei, a lot of occasions the standard degree of 200-300 gwei. The token exchange charge on this blockchain network was as a result up to five USD at a single level, and then dropped yet again to .five USD.
The motive for the elevated action on Polygon stems from PRC-twenty, a new token conventional related to Bitcoin Ordinals’ BRC-twenty. At most, a lot of consumers participated in the minting of PRC-twenty tokens POL – the coin has a identify related to the new token that is about to substitute MATIC.
PRC-twenty has a related “subscription” mechanism to BRC-twenty, utilizing phone information from every single transaction to keep pictures or information in every single block on the blockchain, turning them into special NFTs.
It is not however clear who the PRC-twenty improvement group is, but most of the posts mentioning this new token conventional on social network X (Twitter) come from the Chinese cryptocurrency neighborhood.
— 0xmr.33🟧🦇🟦 (@0xmr33) November 16, 2023
Polygon a short while ago took preparatory measures to improve Polygon two., such as changing the MATIC token with POL, announcing the “3-pillar” governance model, implementing the re-staking mechanism, raising the chain degree PoS Polygon at degree two zkEVM,…
Additionally, the task a short while ago announced a new ecosystem improvement fund really worth $90 million, as properly as cooperation with other organizations, such as OKX, to construct Level two for the floor, producing the zkWASM option for Close to .Protocol and social network assistance Web3 Lens Protocol deploys V2 update.
This week’s MATIC rate has in some cases risen to as large as $.98, the highest mark because the finish of April 2023.
four-hour chart of MATIC/USDT pair on Binance as of 08:ten on November 17, 2023
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