Over 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over
17 Novembro 2023 - 7:20AM
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The POLS mint was arguably the most anticipated event on the
Polygon (MATIC) blockchain this year and the stats have
corroborated this. On Thursday, the Bitcoin BRC-20-inspired mint
took place and the burn figures have been nothing short of
impressive. Over 100 million MATIC tokens were incinerated as a
result of this event. But data suggests that this rush is far from
over. POLS Mint Triggers Massive MATIC Burns The POLS token mint
saw a massive turnout from the Polygon community as thousands of
investors clamored to mint their tokens. As a result, the fees on
the network skyrocketed and the ensuing token burn crossed 100
million MATIC. Related Reading: Dogecoin Is Literally Going To The
Moon: 100% DOGE Price Blast Expected According to reports, the fees
on the Polygon network skyrocketed by over 13,000% sending fees as
high as 4,005 gwei at the peak. Polygon founder Sandeep Nailwal
acknowledged this increase in network activity, posting a chart
that showed that the network had processed over 6 million
transactions in a 24-hour period, amounting to a 170 transactions
per second (TPS) rate. What is going on on @0xPolygon POS chain? 6m
transactions in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt
by the protocol. The chain worked smoothly, gas fees went crazy
though but no reorgs or 0 blocks etc. I hear there is some game
Baby Shark Launching, could that be the… — Sandeep Nailwal |
sandeep. polygon 💜 (@sandeepnailwal) November 16, 2023 EVM data
shows that the POLS mint saw over 100 million MATIC burned which
translated to over $80 million in fees alone. The NFT collection is
rising in popularity and by Friday, a total of 10.32% of the
collection has been minted. Why Polygon Is Just Starting One of the
major drivers of the POLS popularity is its similarity to the
BRC-20 standard that allowed for minting NFTs on the Bitcoin
network which has been incredibly successful so far. Given the
success of the BRC-20 tokens, this bullishness has translated to
the PRC-20 tokens. With only 18,480 owners of the POLS tokens and
over 400,000 daily users on the Polygon network, there is still a
lot of room for the new Polygon standard to catch on. When this
happens, the expectation is that more investors will get into the
tokens. Related Reading: Ripple Introduces AMMs To XRPL, But Is
This Good Or Bad For XRP Price Polygon users are also actively
awaiting the rebranding of the MATIC tokens into the new POL token.
This rebranding is expected to give the token a sort of ‘fresh
start’ that could propel the price upward. Users will have to
convert their MATIC tokens to POL. However, the team has said that
holders will have up to four years to do this. The MATIC price
initially benefitted from this surge in user activity by rising
above the $0.94 level on Thursday. However, the altcoin has managed
to lose some of those gains after falling 6.61% on Friday,
according to data from Coinmarketcap. It is currently trading at
$0.8626, albeit with a 2.67% gain on the weekly chart. Price
retraces after pump | Source: MATICUSD on Tradingview.com Featured
image from Navi, chart from Tradingview.com
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