Polygon (MATIC) Achieves Record-Breaking TPS, Sandeep Nailwal Says
Polygon's proof-of-stake (PoS) network processed almost 16.5 million transactions in 24 hours, here's what caused eye-watering spike...
- The Polygon (MATIC) blockchain experienced a surge in transactional activity, processing over 16.4 million transactions on November 16, 2023.
- Despite the increased pressure, the network performed well without any outages or collapses.
- The throughput of Polygon's PoS reached 255 transactions per second, which is significantly higher than the entire Ethereum ecosystem.
- The total transaction fees generated by Polygon PoS validators exceeded $1 million due to high gas prices.
- This surge in activity set a new record for Polygon, surpassing the previous peak in June 2021.
- The stability of the network was attributed to recent advances and upgrades in Polygon's ecosystem engineering.
- Users started minting PRC-20 tokens inspired by Bitcoin's Ordinals, leading to a spike in average transaction fees on Polygon PoS.
The article highlights the positive performance of the Polygon (MATIC) blockchain, with the network handling a significant increase in transactions without issues. The co-founder, Sandeep Nailwal, expresses excitement about the achievement. However, the spike in transaction fees is mentioned as a result of high gas prices, which may be seen as a negative aspect.