Polygon network fees surge 1000%, Ordinals-inspired POLS token sparks another craze

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Polygon Gas Fee Surges as Users Rush to Mint POLS Tokens

Recently, the Ordinals protocol in the Bitcoin ecosystem has triggered a frenzy of minting activities, causing network fees to skyrocket. This trend has also extended to Polygon, where the Chinese community has flocked to mint inscription tokens on Polygon: POLS. Network fees surged by over 1000%, reaching a peak of $0.10.

Bitcoin transaction fees surge nearly 1000% due to the popularity of Ordinals, BTC NFT market surpasses Ethereum

Polygon Founder Surprised by Surge in Trading Activity

In a post on 11/16, Polygon founder Sandeep Nailwal expressed surprise at the significant increase in network activity. However, he believes it may be due to the launch of Baby Shark NFTs. Nonetheless, the community generally points fingers at the inscription token on Polygon: PRC20 POLS.

POLS Token Craze Drives Surge in Minting Activity

According to data from Dune Analytics, minting activity for POLS surged, with over 102 million MATIC tokens worth $86 million at current prices used for Gas Fees. The minting process has now been completed, and Polygon network fees have returned to normal.

Blockbeats commented that inscriptions have recently become a hot topic of interest. In addition to Bitcoin inscriptions and Ethereum inscriptions, which have performed well in terms of wealth creation and have scarce entry opportunities, inscriptions on various public chains have also gradually caught the community's attention. Projects such as Dogecoin inscriptions, Binance Smart Chain inscriptions, Litecoin inscriptions, and BASE Chain inscriptions have emerged and shown promise in their respective secondary trading markets.

However, these inscription tokens are considered meme coins with no specific applications or plans, and speculators should be aware of the risks involved.