Bitcoin Inscriptions Spark Hype Leading to Creation of PRC20 Token Standard Users Flock to Polygon for Minting Gas Fees Surge Past 7000 Gwei

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Unusual Increase in Network Demand for Polygon
PRC-20 Token Standard Birth, Users Rush to Mint POLS Tokens
The hype of the Bitcoin ecosystem seems to be spilling over into other blockchain ecosystems. Polygon network experienced a rapid surge in daily trading volume last night, with transactions skyrocketing from 2.89 million on November 14 to 16.49 million on November 15, setting a new all-time high record.
The surge in transaction demand also led to a significant increase in Polygon’s average Gas Fee over the past 24 hours, reaching above 7,000 Gwei at one point (falling to around 2,000 Gwei at the time of writing). As the transaction costs on the Polygon network are already low, the increase in transaction fees remains within the affordable range for most users, resulting in an unusually fast rise in Gas Fees.
This sudden network activity is mainly driven by a new token standard called “PRC-20,” with users frantically competing to mint the POLS tokens under this standard. “PRC-20” is a Polygon token standard inspired by the Bitcoin Ordinals protocol, creating tokens using the “calldata function” in transactions on the Polygon chain, rather than using the conventional ERC-20 token standard. This references the Ordinals protocol’s practice of “engraving” data on satoshis (Sats) in the Bitcoin network.
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