Ethereum (ETH) scaling solution Polygon (MATIC) experienced a significant milestone last week as it processed the highest number of daily transactions in its history, reaching a staggering 16,449,264 transactions on November 16th. This massive surge in transaction volume represented a significant increase from its average daily transactions, which had previously been below three million.
Despite the sudden influx of transactions, the Polygon blockchain network managed to handle the spike without experiencing any downtime, signaling its scalability and robustness. Sandeep Nailwal, the founder of Polygon, took to social media to share insights into the network’s performance during this unprecedented surge in transaction volume. He mentioned that the peak throughput of the Proof of Stake (PoS) consensus mechanism reached 255 transactions per second (tps), surpassing the combined throughput of the entire Ethereum (ETH) ecosystem by two to three times. Additionally, validators on the network generated around $1 million in total transaction fees in a single day, although the gas fees spiked to extraordinary levels. Furthermore, Nailwal highlighted that block rewards for validators totaled more than 155,000 MATIC, translating to approximately $1.2 million in revenue for validators in a single day.
The sudden surge in transactions on the Polygon network was attributed to the launch of a new metaverse game called Baby Shark, which is based on the Polygon chain. Nailwal speculated that the release of this game might have been the driving force behind the substantial increase in transaction volume. However, he also mentioned that the minting process for the game had halted, indicating that the network might return to less intense transaction levels.
Nailwal emphasized that the ability of the Polygon PoS chain to handle this unprecedented load was a direct result of ongoing engineering improvements to the Polygon ecosystem and the successful rollout of upgrades to the PoS mechanism over the last few months.
Related Post
The impressive performance of the Polygon network during this surge in transaction volume underscores its resilience and scalability, positioning it as a robust solution for processing a high volume of transactions efficiently.
As the blockchain industry continues to evolve, the ability to handle an increasing number of transactions becomes crucial. The milestone achieved by Polygon serves as a testament to the network’s capability to accommodate and process a massive influx of transactions, further solidifying its position within the blockchain ecosystem.
In conclusion, the record-breaking surge in daily transactions on the Polygon network showcases its scalability and resilience, affirming its significance as a vital scaling solution for Ethereum and reinforcing its position in the competitive blockchain landscape.
For the latest news and updates on blockchain technology, subscribe to our newsletter and follow us on social media platforms. Stay informed and stay ahead of the evolving blockchain industry.
