In a remarkable turn of events, the MATICUSD blockchain on Polygon experienced an extraordinary surge in transactional activity, setting a new standard for scalability. Co-founder Sandeep Nailwal expressed his excitement as the Polygon PoS successfully managed a staggering 500% increase in transactions without any outages or collapses.
On November 16, 2023, Polygon, known as the largest Layer 2 (L2) EVM blockchain, processed an impressive 16.4 million transactions. Despite the heightened transactional pressure, the network demonstrated resilience and performed flawlessly, as highlighted by co-founder Sandeep Nailwal in a recent statement.
Nailwal took to Twitter, announcing that Polygon’s PoS processed over 16 million transactions in a single day, showcasing the network’s robustness even under extreme conditions.
The peak performance of Polygon’s PoS reached an impressive throughput of 255 transactions per second (tps), surpassing the entire Ethereum (ETH) ecosystem’s capacity by 2-3 times. Nailwal emphasized that this throughput was approximately 100-200% higher than Ethereum’s.
The total transaction fees generated by Polygon’s PoS validators exceeded $1 million, a substantial amount attributed to the surge in gas prices. This remarkable achievement reflects the growing significance of Polygon in the blockchain space.
According to data from PolygonScan Explorer, November 16, 2023, it marked a historic session for the MATICUSD blockchain, surpassing the previous high of 9.7 million transactions per day recorded in June 2021. The ongoing surge in activity propelled this metric to a 70% increase compared to the previous peak, with Polygon processing 2.5-2.7 million transactions daily in 2023.
The success of Polygon’s network stability during the stress-tests in November was credited to the advancements made in recent months. Nailwal acknowledged the contributions of Polygon’s ecosystem engineering contributors and the implemented upgrades to the PoS system.
In mid-November, Polygon users engaged in the minting of PRC-20 tokens inspired by Bitcoin’s Ordinals, marking a new trend in the blockchain space. These tokens, different from regular ERC-20 tokens, are created by modifying transactional calldata.
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Notably, the emergence of a PRC-20 token named POLS on Polygon gained attention, distinct from Polkastarter’s POLS or any other novel Polygon assets. This trend led to a surge in average transaction fees on Polygon PoS, reaching 7,000 Gwei—a remarkable 70 times higher than normal levels.
Polygon’s MATICUSD blockchain’s ability to handle unprecedented transactional loads and adapt to evolving trends positions it as a frontrunner in the rapidly evolving blockchain landscape.