The POLS Mint and Impressive MATIC Burns
The POLS mint, a highly anticipated event on the Polygon (MATIC) blockchain, unfolded on Thursday, resembling the Bitcoin BRC-20-inspired mint. The statistics that followed have been nothing short of impressive, with over 100 million MATIC tokens incinerated during the event. Despite this significant burn, data indicates that the gold rush on the Polygon network is far from over.
POLS Mint Triggers Massive MATIC Burns
The POLS token mint attracted a massive turnout from the Polygon community, leading to thousands of investors eager to mint their tokens. Consequently, network fees experienced a drastic surge, resulting in the burning of over 100 million MATIC tokens.
Reports reveal that fees on the Polygon network spiked by over 13,000%, reaching as high as 4,005 gwei at the peak. Polygon founder Sandeep Nailwal acknowledged this surge in network activity, sharing a chart illustrating that the network processed over 6 million transactions within a 24-hour period, achieving a rate of 170 transactions per second (TPS).
EVM data highlights that the POLS mint led to the burning of over 100 million MATIC tokens, translating to over $80 million in fees alone. The associated NFT collection is gaining popularity, with 10.32% of the collection being minted by Friday.
Why Polygon Is Just Starting
One of the driving factors behind the popularity of POLS is its resemblance to the BRC-20 standard, enabling the minting of NFTs on the Bitcoin network, which has been highly successful. The success of BRC-20 tokens has translated into bullish sentiment for PRC-20 tokens.
With only 18,480 owners of POLS tokens and over 400,000 daily users on the Polygon network, there is ample room for the new Polygon standard to gain traction. The expectation is that more investors will enter the token space as it continues to evolve.
Polygon users are eagerly anticipating the rebranding of MATIC tokens into the new POL token. This rebranding is anticipated to provide the token with a ‘fresh start,’ potentially driving the price upward. Holders will have up to four years to convert their MATIC tokens to POL.
While the MATIC price initially benefited from the surge in user activity, rising above the $0.94 level on Thursday, the altcoin has experienced a 6.61% decline on Friday, according to data from Coinmarketcap. It is currently trading at $0.8626, with a 2.67% gain on the weekly chart.