{"id":561160,"date":"2023-11-17T10:20:25","date_gmt":"2023-11-17T10:20:25","guid":{"rendered":"https:\/\/wncen.com\/?p=561160"},"modified":"2024-06-11T14:31:16","modified_gmt":"2024-06-11T14:31:16","slug":"matic-pols-mint-gold-rush","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/matic-pols-mint-gold-rush\/","title":{"rendered":"Over 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over"},"content":{"rendered":"

The POLS mint was arguably the most anticipated event on the Polygon (MATIC) blockchain<\/a> this year and the stats have corroborated this. On Thursday, the Bitcoin BRC-20-inspired mint took place and the burn figures have been nothing short of impressive. Over 100 million MATIC tokens were incinerated as a result of this event. But data suggests that this rush is far from over.<\/p>\n

POLS Mint Triggers Massive MATIC Burns<\/h2>\n

The POLS token mint saw a massive turnout from the Polygon community as thousands of investors clamored to mint their tokens. As a result, the fees on the network skyrocketed and the ensuing token burn crossed 100 million MATIC.<\/p>\n

Related Reading: Dogecoin Is Literally Going To The Moon: 100% DOGE Price Blast Expected<\/a><\/div>\n

According to reports, the fees on the Polygon network skyrocketed by over 13,000% sending fees as high as 4,005 gwei at the peak. Polygon<\/a> founder Sandeep Nailwal acknowledged this increase in network activity, posting a chart that showed that the network had processed over 6 million transactions in a 24-hour period, amounting to a 170 transactions per second (TPS) rate.<\/p>\n

\n

What is going on on @0xPolygon<\/a> POS chain? 6m transactions in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt by the protocol. The chain worked smoothly, gas fees went crazy though but no reorgs or 0 blocks etc.<\/p>\n

I hear there is some game Baby Shark Launching, could that be the\u2026<\/p>\n

\u2014 Sandeep Nailwal | sandeep. polygon \ud83d\udc9c (@sandeepnailwal) November 16, 2023<\/a><\/p><\/blockquote>\n

EVM data shows<\/a> that the POLS mint saw over 100 million MATIC burned which translated to over $80 million in fees alone. The NFT collection<\/a> is rising in popularity and by Friday, a total of 10.32% of the collection has been minted.<\/p>\n

Why Polygon Is Just Starting<\/h2>\n

One of the major drivers of the POLS popularity is its similarity to the BRC-20 standard that allowed for minting NFTs on the Bitcoin network<\/a> which has been incredibly successful so far. Given the success of the BRC-20 tokens, this bullishness has translated to the PRC-20 tokens.<\/p>\n

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<\/a> to catch on. When this happens, the expectation is that more investors will get into the tokens.<\/p>\n

Related Reading: Ripple Introduces AMMs To XRPL, But Is This Good Or Bad For XRP Price<\/a><\/div>\n

Polygon users are also actively awaiting the rebranding of the MATIC tokens<\/a> into the new POL token. This rebranding is expected to give the token a sort of \u2018fresh start\u2019 that could propel the price upward. Users will have to convert their MATIC tokens to POL. However, the team has said that holders will have up to four years to do this.<\/p>\n

The MATIC price initially benefitted from this surge in user activity by rising above the $0.94 level on Thursday. However, the altcoin has managed to lose some of those gains after falling 6.61% on Friday, according to data from Coinmarketcap. It is currently trading at $0.8626, albeit with a 2.67% gain on the weekly chart.<\/p>\n

\"MATIC<\/p>\n

Price retraces after pump | Source: MATICUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Navi, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The POLS mint was arguably the most anticipated event on the Polygon (MATIC) blockchain this year and the stats have corroborated this. On Thursday, the Bitcoin BRC-20-inspired mint took place and the burn figures have been nothing short of impressive. Over 100 million MATIC tokens were incinerated as a result of this event. But data suggests that this rush is far from over. POLS Mint Triggers Massive MATIC Burns The POLS token mint saw a massive turnout from the Polygon community as thousands of investors clamored to mint their tokens. As a result, the fees on the network skyrocketed and the ensuing token burn crossed 100 million MATIC. Related Reading: Dogecoin Is Literally Going To The Moon: 100% DOGE Price Blast Expected According to reports, the fees on the Polygon network skyrocketed by over 13,000% sending fees as high as 4,005 gwei at the peak. Polygon founder Sandeep Nailwal acknowledged this increase in network activity, posting a chart that showed that the network had processed over 6 million transactions in a 24-hour period, amounting to a 170 transactions per second (TPS) rate. What is going on on @0xPolygon POS chain? 6m transactions in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt by the protocol. The chain worked smoothly, gas fees went crazy though but no reorgs or 0 blocks etc. I hear there is some game Baby Shark Launching, could that be the\u2026 \u2014 Sandeep Nailwal | sandeep. polygon \ud83d\udc9c (@sandeepnailwal) November 16, 2023 EVM data shows that the POLS mint saw over 100 million MATIC burned which translated to over $80 million in fees alone. The NFT collection is rising in popularity and by Friday, a total of 10.32% of the collection has been minted. Why Polygon Is Just Starting One of the major drivers of the POLS popularity is its similarity to the BRC-20 standard that allowed for 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 to catch on. When this happens, the expectation is that more investors will get into the tokens. Related Reading: Ripple Introduces AMMs To XRPL, But Is This Good Or Bad For XRP Price Polygon users are also actively awaiting the rebranding of the MATIC tokens into the new POL token. This rebranding is expected to give the token a sort of \u2018fresh start\u2019 that could propel the price upward. Users will have to convert their MATIC tokens to POL. However, the team has said that holders will have up to four years to do this. The MATIC price initially benefitted from this surge in user activity by rising above the $0.94 level on Thursday. However, the altcoin has managed to lose some of those gains after falling 6.61% on Friday, according to data from Coinmarketcap. It is currently trading at $0.8626, albeit with a 2.67% gain on the weekly chart. Price retraces after pump | Source: MATICUSD on Tradingview.com Featured image from Navi, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":561170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[40670,89524,76656,79614,90167,90168,83584,89525,90169],"class_list":["post-561160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-matic","tag-matic-news","tag-maticusd","tag-maticusdt","tag-pols","tag-pols-mint","tag-polygon","tag-polygon-news","tag-prc-20"],"acf":[],"yoast_head":"\nOver 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over<\/title>\n<meta name=\"description\" content=\"The POLS mint was arguably the most anticipated event on the Polygon (MATIC) blockchain this year and the stats have 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Over 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over","url":"http:\/\/wncen.com\/news\/matic-pols-mint-gold-rush\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/matic-pols-mint-gold-rush\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Polygon-MATIC-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Polygon-MATIC-1.jpeg?fit=600%2C400"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","matic news","maticusd","maticusdt","pols","pols mint","polygon","polygon news","prc-20"],"dateCreated":"2023-11-17T10:20:25Z","datePublished":"2023-11-17T10:20:25Z","dateModified":"2024-06-11T14:31:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Over 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/matic-pols-mint-gold-rush\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/matic-pols-mint-gold-rush\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Polygon-MATIC-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Polygon-MATIC-1.jpeg?fit=600%2C400\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"matic news\",\"maticusd\",\"maticusdt\",\"pols\",\"pols mint\",\"polygon\",\"polygon news\",\"prc-20\"],\"dateCreated\":\"2023-11-17T10:20:25Z\",\"datePublished\":\"2023-11-17T10:20:25Z\",\"dateModified\":\"2024-06-11T14:31:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Polygon-MATIC-1.jpeg?fit=600%2C400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=561160"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/561170"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=561160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=561160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=561160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}