POLS Mint Event Sparks Huge MATIC Burns
The highly anticipated POLS token mint event took place on the Polygon (MATIC) blockchain, resulting in an impressive burn of over 100 million MATIC tokens. Thousands of investors participated in the minting process, causing fees on the network to surge dramatically.
Reportedly, fees on the Polygon network skyrocketed by more than 13,000%, reaching as high as 4,005 gwei at its peak. Polygon founder Sandeep Nailwal confirmed this surge in network activity, revealing that the network processed over 6 million transactions within a 24-hour period, equating to a rate of 170 transactions per second (TPS).
Why Polygon Is Just Getting Started
The similarity of POLS to the BRC-20 standard, which enabled NFT minting on the Bitcoin network, has contributed to its popularity. With just 18,480 POLS token holders and over 400,000 daily users on the Polygon network, there is significant potential for growth.
Users are eagerly anticipating the rebranding of MATIC tokens into the new POL token, which is expected to give it a fresh start and potentially drive its price higher. However, holders will have up to four years to make this conversion.
MATIC Price Reaction
Following the surge in user activity, the price of MATIC initially rose above $0.94 but subsequently fell by 6.61% on Friday. It is currently trading at $0.8626 with a 2.67% gain on the weekly chart.
Hot Take: Assessing The Impact Of The POLS Mint Event
The POLS mint event has undeniably triggered significant excitement and activity within the Polygon community. The substantial burn of MATIC tokens and anticipation surrounding the transition to POL tokens demonstrate a strong bullish sentiment among investors. While short-term price fluctuations may occur, the long-term prospects for both POLS and MATIC appear promising given their growing user base and innovative developments.
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