In a notable feat in the cryptocurrency market, the Polygon (MATIC) network has achieved a historic milestone in its transactional performance. On November 16, 2023, the network, known to be the largest EVM L2 blockchain, processed an impressive volume of over 16.4 million transactions. This number not only reflects the growing adoption and trust in the platform, but also demonstrates the robustness and efficiency of the system.
Polygon co-founder Sandeep Nailwal shared his enthusiasm and pride in the network’s performance. He highlighted that at its peak, Polygon recorded a throughput of 255 transactions per second (TPS). This mark is significantly higher, around 100 to 200% higher, compared to the total Ethereum (ETH) ecosystem, a testament to the capacity and scalability of the Polygon network.
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
A crucial factor in this unprecedented increase in the number of transactions was the introduction of a new type of tokens on the Polygon blockchain. This development generated a wave of transactional activity, demonstrating the adaptability and rapid response of the Polygon PoS (Proof of Stake) network to such demand. Even with a 500% increase in transaction volume compared to the average, the network remained stable, without interruptions or collapses.
The financial success accompanying this record is also notable. Transaction fees generated by Polygon PoS validators exceeded the equivalent of 1 million US dollars, driven by high gas prices. This not only underlines the economic viability of the network, but also its growing importance in the cryptocurrency market.
Polygon’s success story is marked by constant overcoming. Prior to this event, the previous record number of transactions was recorded in June 2021, with over 9.7 million transactions per day. The continued increase in network activity allowed for a 70% jump from the previous peak, reaffirming the platform’s upward trend.
At the time of publication, the price of MATIC was quoted at US$0.827669, up 0.5% in the last 24 hours.
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