The POLS mint was possibly the most anticipated event on the Polygon (MATIC) blockchain this year and the statistics have backed it up. The BRC-20 inspired bitcoin mint took place on Thursday and the burn numbers have been nothing short of impressive. As a result of this event, more than 100 million MATIC tokens were incinerated. But the data suggests that this race is far from over.
POLS Mint causes massive burns in MATIC
The POLS token minting saw massive participation from the Polygon community as thousands of investors clamored to mint their tokens. As a result, fees on the network skyrocketed and the resulting token burn exceeded 100 million MATIC.
Rates on the Polygon network reportedly skyrocketed by more than 13,000%, sending rates as high as 4,005 gwei at their peak. Polygon founder Sandeep Nailwal acknowledged this increase in network activity and posted a graph showing that the network had processed over 6 million transactions in a 24-hour period, equivalent to a rate of 170 transactions. per second (TPS).
What’s going on? @0xPolygon Point of sale chain? 6 million transactions in the last 24 hours. 170 TPS on average. 1mn+ MATIC burned by the protocol. The chain ran smoothly, gas rates went crazy, but there were no reorgs or 0 blocks etc.
I heard there’s a Baby Shark launch game, could that be it…?
-Sandeep Nailwal | deep. polygon (@sandeepnailwal) November 16, 2023
EVM data sample that more than 100 million MATIC were burned at the POLS mint, which translated into more than $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 drivers of POLS’s popularity is its similarity to the BRC-20 standard that allowed NFTs to be minted on the bitcoin network and has been incredibly successful so far. Given the success of the BRC-20 tokens, this optimism has carried over to the PRC-20 tokens.
With only 18,480 POLS token holders and over 400,000 daily users on the Polygon network, there is still plenty of room for the new Polygon standard to catch on. When this happens, the expectation is that more investors will access the tokens.
Polygon users are also actively awaiting the renaming of MATIC tokens to the new POL token. This rebranding is expected to give the token a “fresh start” of sorts that could push the price higher. Users will need to convert their MATIC tokens to POL. However, the team has said starters will have up to four years to do so.
MATIC price initially benefited from this increase in user activity by breaking through 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
