Recording A New Record, Polygon Reaches 16 Million Transactions In A Day

The Polygon blockchain broke a new record in terms of daily transactions. (Photo; Doc. BlogHong)

JAKARTA - The Ethereum scale improvement solution, Polygon (MATIC), recorded a brilliant achievement by processing the highest daily transactions in blockchain history on November 16 last week.

It was recorded that 16,449,264 transactions took place in one day. This daily transaction experienced a significant increase from an average of under three million per day.

Polygon founder Sandeep Nailwal shared this extraordinary feat through social media platform, X. In his post, Nailwal stated that the Polygon network was able to overcome the spike without experiencing downtime.

"Polygon handles more than 16 million transactions, and the network doesn't even blink. At its peak, PoS (proof of stake) has 255 taps of throughput (transaction per second) about two to three times the entire ETH ecosystem combined," said Sandeep Nailwal.

The total transaction fee generated by the validator reaches [$1 million] in one day, although gas costs soar to an astonishing rate. Block prizes reach more than 155,000 MATIC, about $1.2 million in revenue for validators in one day, he added.

Furthermore, Nailwal said that this sudden spike may have been caused by the launch of a new metaverse game called Baby Shark, which is based on the Polygon blockchain.

"I heard there's a Baby Shark game rolling out, can that be an excuse? Someone just told me that minting just stopped and we're probably going back to a calmer level." He also highlighted efforts to increase Polygon which allows the network to handle transaction volume efficiently.

At the time of writing, Polygon's crypto asset, MATIC, ranks 14 of the largest crypto assets by market cap. At 15:58, November 21, 2023, MATIC was trading at IDR 12,399 per coin, according to Coinecko data.