What makes this achievement even more remarkable is the fact that Polygon has maintained gas fees consistently under $0.10, a feat that sets it apart from other prominent blockchain networks.
Thes milestone of Polygon’s Inscriptions serves as a testament to Polygon’s technology. Let’s discover more about this milestone.
Polygon Sets the Standard: Leading with 161M Inscriptions
One of the key indicators of a blockchain’s performance is its inscription count, representing the total number of transactions and smart contract interactions recorded on the network. At 161 million inscriptions, Polygon has not only surpassed its competitors but has done so by a staggering margin, doubling the number of inscriptions on any other major chain.
This is the result of months of effort on EVM parallelisation (BlockSTM) and multiple other hardforks which resulted in reduced reorgs and better performance.
Even with 18mn txns a day, the gas fees went to a maximum of $0.10 whereas on some other blockchains it went >$400… https://t.co/amlAghQ6aM
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) December 22, 2023
What sets Polygon apart is not just its inscription dominance but its ability to handle this high volume while keeping gas fees remarkably low. This cost-efficiency is a significant factor in attracting developers and users to the platform. This ensures that engaging with the network remains accessible and economically viable.
Now, How has Polygon managed to achieve such an impressive balance of high inscription numbers and low gas fees? The answer lies in the extensive work carried out by the Polygon team over months. This focuses on optimizing the network’s performance through EVM parallelization and implementing multiple hard forks.
More About Polygon’s Inscriptions
EVM parallelization is a groundbreaking technology that allows the Ethereum Virtual Machine (EVM) to process multiple transactions simultaneously. This means that Polygon can handle a large number of transactions without compromising speed or efficiency. The result is that a massive influx of inscriptions without experiencing congestion or delays.
Highest number of inscriptions on @0xPolygon POS, 161m.
More than 2X the amount of inscriptions on the second ranked chain for inscriptions.
Fun part, afaik the gas fees still stayed under 10 cents, i heard horror stories that on somechains it went to as high as $400. Peak… pic.twitter.com/RC91DaOGhx
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) December 18, 2023
The combination of high inscription numbers, low gas fees, and technological advancements positions Polygon as a leading player in the blockchain space. Developers find an attractive ecosystem where they can build and deploy decentralized applications without the hindrance of exorbitant fees. Users, in turn, benefit from a seamless and cost-effective experience when interacting with the Polygon network.
Conclusion
The strategic focus on EVM parallelization and meticulous implementation of multiple hard forks has set Polygon on a trajectory of success. This creates an ecosystem that is not only scalable and efficient but also accessible to a wide range of developers and users
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