The POLS coin was perhaps the most anticipated event on the Polygon (MATIC) blockchain this year and the statistics have confirmed this. The Bitcoin BRC-20 inspired coin took place on Thursday and the burn numbers were nothing short of impressive. As a result of this event, more than 100 million MATIC tokens were burned. But data suggests this rush is far from over.
POLS Mint causes massive MATIC burns
The POLS token coin saw a huge rise from the Polygon community as thousands of investors clamored to mint their tokens. As a result, fees on the network skyrocketed and the subsequent token burn exceeded 100 million MATIC.
According to reports, rates on the Polygon network have skyrocketed by over 13,000%, reaching as much as 4,005 gwei at its peak. Recognizing this increase in network activity, Polygon founder Sandeep Nailwal posted a graph showing that the network had processed more than 6 million transactions in a 24-hour period, which equates to a speed of 170 transactions per second (TPS).
What is going on @0xPolygon POS chain? 6 million transactions in the last 24 hours. Average 170 TPS. 1 min+ MATIC burned according to the protocol. The chain worked smoothly, however the petrol costs went up, but no reorgs or 0 blocks etc.
I hear there is a Baby Shark Launching game, could that be the…
—Sandeep Nailwal | sand deep. polygon 💜 (@sandeepnailwal) November 16, 2023
EVM data shows that POLS Mint saw over 100 million MATIC burned, which translated into over $80 million in fees alone. The NFT collection is becoming increasingly popular and a total of 10.32% of the collection was minted on Friday.
Why Polygon is just getting started
One of the main drivers of POLS popularity is its similarity to the BRC-20 standard that allowed minting NFTs on the Bitcoin network, which has been incredibly successful so far. Given the success of the BRC-20 tokens, this bullishness has translated to the PRC-20 tokens.
With only 18,480 owners of the POLS tokens and over 400,000 daily users on the Polygon network, there is still a lot of room for the new Polygon standard. When this happens, it is expected that more investors will get into the tokens.
Polygon users are also actively waiting for the rebranding of the MATIC tokens to the new POL token. This rebranding is expected to give the token a kind of “fresh start” that could push its price higher. Users will need to convert their MATIC tokens to POL. However, the team has said that holders will have up to four years to do this.
MATIC price initially benefited from this increase in user activity by rising above the $0.94 level on Thursday. However, according to data from Coinmarketcap, the altcoin has managed to lose some of these gains after falling 6.61% on Friday. The price is currently trading at $0.8626, albeit with a gain of 2.67% on the weekly chart.
Price retraces after pump | Source: MATICUSD on Tradingview.com
Featured image of Navi, chart from Tradingview.com