Key Takeaways
- Polygon (MATIC) recently claimed it can handle 7200 transactions per second on its network.
- Transaction speeds often create an issue with adoption of cryptocurrency in day to day finance.
- An Indian Crypto news website stated that Matic’s claim is just a marketing ploy.
NEW DELHI (CoinChapter.com) — Polygon, an Ethereum scaling and infrastructure development platform, claimed that it reached a milestone of 7,200 transactions per second (tps) on its network. While Matic fans rejoiced, some skeptics say the claim is nothing but a marketing ploy.
Matic – Neither Fast, Nor Furious
In a Youtube video, Naimish Sanghvi, CEO of India-based crypto news website CoinCrunch, and his team discussed if Matic could handle 7,200 tps. Sanghvi pointed out that many crypto users argue about BTC block size limitations and an option for increasing storage instead. However, he also highlighted that storage expansion takes time and energy.
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Smit Khakhkhar, CTO of CoinCrunch, cited Iron Finance’s recent debacle, in which its token TITAN plummeted from $64 to practically zero in a single day. In addition, Khakhkhar pointed out that nearly all RPC (Remote Procedure Call) collapsed during Iron Finance’s bank run while transaction speeds reached 100 tps.
For the uninitiated, RPCs are protocols and interfaces that the client uses to interact with a blockchain.
The CTO also mentioned how he recently tried to sync a Binance Smart Chain node, and it took him nearly a week.
BSC nodes process all past transactions before syncing on a new system. As such, any new user faces many delays when trying to set up a BSC node. Khakhkhar further pointed Matic could suffer from an identical drawback.
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Moreover, Khakhkhar dismissed Matic’s claim of 7,200 tps speed as being rubbish and a marketing ploy. He explained that the transactions performed during the test run were available Matic transfers, which are more straightforward and require only 21,000 gwei as gas.
Gas, in crypto, is the fee/fuel needed to successfully conduct a transaction or execute a contract on the Ethereum blockchain. Moreover, other transactions, such as withdrawal or smart contract calls, require a lot more gas, and there is a block size limit. Thus, while the speeds may be theoretically possible, the network will fail to perform at these speeds in real life, Mr. Khakhkhar surmised.
What Polygon claimed
Polygon, an Ethereum multichain scalability platform, claimed it achieved 7200 tps during stress testing of the Matic Network CS-2008 testnet. As cryptocurrency adoption increases, the number of transactions increases as well. Often, it leads to long transaction processing times. For example, Bitcoin transactions take an average of 10 minutes.
As a result, transaction times play an essential role in a cryptocurrency’s popularity and adoption in mainstream finance. Hence, blockchain platforms continuously try to improve their transaction times. Yet, Polygon’s claim of 7200 tps seems infeasible, given the current gas charges and block size limitations. On the other hand, if the Matic network can pull off its claim on the mainnet, it will be an enormous push for its prices. Also, its parachain ecosystem will get a boost as well.
Matic was trading at $1.154 at the time of writing.
A Delhi based content writer, I did my bachelors in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
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