What is PRC-20? New Token Standard on Polygon - PRC-20 token standard has attracted the attention of many crypto investors recently, so what is PRC-20?

    What is PRC-20?

    PRC-20 is a token standard inspired by Bitcoin’s BRC-20. This token standard has an “inscription” mechanism that uses transactional calldata on the Polygon blockchain to store images or data into each block, turning them into unique NFTs.

    A PRC-20 token will look like:

    With: p (tokens are being issued according to the PRC-20 token standard), op (the operation called in this transaction is mint), tick (token ticker is pols), amt (the number of minted tokens is 100,000,000).

    Who created PRC-20?

    It is unclear who created this token standard, but most PRC-20 updates on Twitter X come from the Chinese crypto community.

    Market overview

    Although PRC-20 has only been around for a few days, a lot of  PRC-20 tokens have been created such as POLS, MATS, POLY, HAVA, etc. Among them, POLS – a token named after Polygon’s upcoming token that is used to replace MATIC, is the most notable token. POLS is the PRC-20 token minted by the most users, the number of users participating in minting this token up to 18,552. The total gas fee that users have to spend to mint POLS is up to more than 800 thousand MATIC. However, there have not been any PRC-20 tokens listed on exchanges now.

    How to mint PRC-20?

    Step 1: Visit this link.

    Step 2: Connect the wallet and switch to the Polygon network.

    Step 3: Choose a PRC-20 token that allows minting.

    Step 4: Select “Mint Now”.

    Step 5: Select “Confirm” to confirm the transaction.

    PRC-20 token standard has brought the number of transactions on Polygon to a new peak of more than 16.4 million transactions on Nov 16. Gas fees ọn Polygon once surged to 7,000 gwei, dozens of times higher than the normal gas fees of 200-300 gwei. Swap fees on this blockchain was therefore up to $5 before decreasing back to $0.5.

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