Polygon Gas Fees Surge 13,250%: What’s Behind This Incredible Spike?

• Polygon’s fees surged by 13,250% to 4,005 gwei with daily transactions hitting over 6 million, marking a yearly high.
• Despite the spike, Polygon’s $0.08 transaction fee contrasts sharply with Ethereum’s $1.30, maintaining a significant affordability edge.
• The spike was triggered by the PRC-20 POLs event, driving transactions to 6.17 million, prompting a competitive environment.

Polygon (MATIC) has recently experienced an unprecedented surge in gas fees, marking a staggering increase of 13,250% to reach a notable 4,005 gwei. This monumental spike coincided with a remarkable surge in daily transactions, surpassing the six million mark, representing an all-time high for the year.

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What makes this surge particularly striking is the stark contrast it presents in comparison to Ethereum’s gas fees. Despite this surge catapulting Polygon’s gas fees, the resulting transaction cost of $0.08 per transaction remains significantly lower than Ethereum’s steep $1.30. This affordability edge underscores Polygon’s continued appeal as a platform for users seeking cost-effective transactions within the crypto sphere.

The catalyst behind this seismic shift in Polygon’s transaction landscape was traced to the inception event of PRC-20 POLs on the network. This event acted as a major driving force, propelling daily transactions to an astounding 6.17 million, creating a highly competitive environment within the network.

This surge in transaction activity triggered a compelling scenario where users vied intensely for inclusion within the limited block space available. This competition subsequently led to users offering higher gas prices, aiming to prioritize their transactions amidst the heightened demand and congestion within the network.

Simultaneously, the value of MATIC faced a discouraging decline. Over a 24-hour period, MATIC experienced a 4% drop, settling at a value of $0.9047. Additionally, the trade volume for MATIC plummeted by 9.87% to $1,090,148,586.

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