Polygon is, among other things, a scaling solution for the Ethereum blockchain, designed to improve the network’s transaction processing speed and reduce transaction costs, also known as gas fees. Most NFTs are currently created or “minted” on Ethereum.
A banner on OpenSea, an online marketplace for NFTs valued at $13 billion, read: “Polygon is experiencing a demand influx causing intermittent downtime”.
Users on Reddit and Twitter complained they were unable to transfer their NFTs for days because of the issue.
The company’s co-founder Jaynti Kanani told ET that users were facing difficulties because they were not sending the correct gas fees. ‘Gas’ refers to the amount of ether – the native token of Ethereum – required for a user to access the network. These fees are used to compensate Ethereum miners for the energy they expend to verify a transaction and for providing a layer of security to the network by making it too expensive for malicious users to spam it.
What happened in Opensea? Polygon is experiencing a demand influx causing intermittent downtime.I can’t transfer m… https://t.co/O6wwg3KoFg
— hosidomo.eth (@ZPackert) 1641466312000
@DogeRanch @Cfnvlogs @endless_waltz_ @420JohnWeeed @Dingo75538428 @DropzAir @mmyq2021 @WarkRhyan @valryjr211… https://t.co/KwswdL62eE
— PXL MAGΞ VILLAGE NFT 🧙 MINTING | 1 NFT = 1 MATIC (@PXLMageVillage) 1641462339000
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But according to a tweet by Polygon, the network was facing difficulties because there was a high level of activity from bots farming on some DeFi (decentralised finance) applications.
1/3 A quick update and recommendations on the current state of Polygon PoS:- Polygon PoS is a permissionless netw… https://t.co/tP1gNuNzpU
— Polygon | $MATIC 💜 (@0xPolygon) 1641574781000
“Any idea for how long? Bit frustrating to wait. But of course I understand that these are temporary moments and in the future Polygon will correct these moments. I want to note that at other sites, like
hodlassets.org, Polygon does not work at all at the moment,” a user posted on Reddit five days ago.
Polygon, formerly known as Matic Network, is a blockchain scalability platform and framework for connecting and building blockchain networks compatible with Ethereum. It also refers to itself as “Ethereum’s internet of blockchains” as one of its main missions is aggregating scalable solutions to support a multichain Ethereum ecosystem. It was founded in October 2017 by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.
