Gas fees for transactions on Polygon’s proof-of-stake chain skyrocketed to more than $0.10 or 5,000 gwei on Thursday, as the Ethereum scaling solution weathered an apparent influx of inscriptions-related PRC-20 activity. This influx of activity caused fees to increase 1,000% compared to the same time a day ago. The token responsible for this influx appears to be POLS, and according to evm.ink, around 9% of the token’s 2.1 trillion total supply had been minted, with 18,100 different owners as of this writing. This is similar to the Ordinals activity that sent transaction fees on Bitcoin to multi-year highs earlier this year. The BRC-20 standard was pioneered by the pseudonymous data analyst Domo in March, and has since been replicated on other networks, such as Ethereum. Recently, a bot called the Sophon derailed hundreds of newly created BRC-20 tokens on Bitcoin in October. This news demonstrates the growing interest in BRC-20 tokens, and the potential for increased transaction fees as a result. #BRC20 #CryptoNews #Ethereum #Polygon
You can read more about this topic here: Decrypt: Polygon Version of Bitcoin Ordinals Sends Gas Fees Skyrocketing
