Polygon (MATIC) Breaks Through with 255 TPS and $1 Million in Fees
The cryptocurrency world witnessed an extraordinary feat on November 16, 2023, as Polygon Network (MATIC), the leading Layer 2 (L2) Ethereum Virtual Machine (EVM) blockchain, processed an astonishing 16.4 million transactions in a single day. This surge marks a historic milestone for Polygon, demonstrating its scalability and resilience under immense pressure.
Sandeep Nailwal, the co-founder of Polygon, took to Twitter to announce this groundbreaking achievement, highlighting the network’s remarkable performance in handling the monumental transactional load without faltering. In his tweet, Nailwal lauded Polygon’s Proof of Stake (PoS) protocol for smoothly managing over 16 million transactions while maintaining a steady throughput of 255 transactions per second (tps). This figure significantly surpasses the entire Ethereum ecosystem’s capacity by 100-200%.
The spike in transactional activity led to a substantial surge in transaction fees, generating over $1 million for Polygon PoS validators in a single day. However, this surge in fees was accompanied by an unprecedented increase in gas prices, soaring to an astounding 7,000 Gwei—70 times higher than the usual levels. Despite this surge, the network operated as intended, showcasing its ability to handle elevated transactional demands.
Nailwal attributed this remarkable accomplishment to the collaborative efforts of Polygon’s ecosystem engineering contributors and the continuous upgrades to the PoS protocol implemented over recent months. These enhancements have significantly bolstered the network’s capacity to manage soaring transaction volumes, ensuring a seamless experience for users and validators alike.
The significance of this achievement becomes apparent when considering the historical data. Prior to this surge, the highest number of transactions processed by Polygon stood at 9.7 million transactions per day, recorded in June 2021. This recent activity represents a staggering 70% increase from the previous peak, solidifying Polygon’s position as a robust and scalable blockchain solution.
Adding to the fervor surrounding Polygon, enthusiasts began minting a new PRC-20 token called POLS, distinct from Polkastarter’s POLS or any other novel Polygon asset. This initiative contributed to the sudden spike in average transaction fees on the Polygon PoS network, emphasizing the growing interest and engagement within the Polygon ecosystem.
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