Polygon processes 3 times more transactions of the entire combined Ethereum ecosystem.
Polygon is a popular Proof-of-stake (PoS) Ethereum scaling network which is popular in this innovative sector because a huge number of Ethereum tokens are available on the Polygon network and people can easily transfer those tokens at very low cost. In 2017, this crypto blockchain was launched under the leadership of Jayanti Kanani, Sandee Narwal, Anurag Arjun, and Mihailo Bjelic. Over the past few years, the Polygon team showed significant Inclination toward the Indian crypto sector.
On 18 Nov 2023, Sandeep Nailwal, the co-founder of Polygon Technology, dragged the attention of the crypto community toward the latest performance shown by the Polygon network.
Nailwal noted that the Polygon network successfully processed more than 16 million transactions on 17 Nov with a net scalability of 255 transactions per second (TPS) which is a very big number for the Polygon network.
Polygon network processed all these bulk transactions without facing any network error or any kind of issue which is a very big picture of Polygon network’s potential.
According to the Polygon co-founder, Polygon’s latest work result was around 2-3 times of the entire Ethereum ecosystem combined. Total transaction fees generated by the Validators were around 1 million in a day, though the gas fees spiked to insane levels.
Yesterday, @0xPolygon PoS handled 16+ million transactions, and the network didn’t even blink.
At its peak, PoS had a throughput of 255 tps— thats around 2-3 times of the entire Eth ecosystem combined. Total transaction fees generated by the Validators is around 1mn in a single… pic.twitter.com/WEvuADktrf
— Sandeep Nailwal | sandeep. polygon
(@sandeepnailwal) November 17, 2023
Behind the high earning fees by validators, Nailwal admitted that the network fee was high enough.
Indeed the network fees on the Polygon network surged because of the heightened transaction activity related to the minting of tokens known as POLS.
On that day, the Polygon network fee surged 1,000% i.e. $0.1.
Matic coin price
Matic is a native coin of the Polygon network and the current trade price of Matic coin is $0.83 & this trade price is 59% higher over the last 30 days of trade price.
Read also: Ethereum co-founder invites former OpenAI CEO to join Cardano (ADA)
