On January 18, Polygon turned on a mechanism for burning part of transaction commissions.
EIP-1559 improves “fee visibility” on Polygon and enables MATIC token burns. Although this will not effectively reduce transaction costs, the update eliminates the gas auction by introducing a base fee and an optional fee for expedited transaction processing. Part of the base board will be burned.
The process itself is two-stage, and first burns tokens in the Polygon network, and then in the Ethereum network.
The Polygon team calculated that after the update, 0.27 percent of the 10 billion total supply will be burned annually MATIC. The team noted:
Network deflation will benefit both validators and delegators receiving rewards in MATIC
Furthermore, EIP-1559 is expected to discourage spam transactions and reduce network congestion.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
You May Also Like
Kazakhstan tracks taxpayers using blockchain
Blockchain technology in Kazakhstan is confidently becoming an everyday reality due to the active interest in the technology of the public administration segment and the financial sector of the country. Thanks to government support for the development of digital technologies, it became possible to develop a fiscal system based on Blockchain technology.
Energy giants have launched a blockchain platform for oil trading
The VAKT platform is a post-transaction process management system, allowing you to agree on the terms of purchase and sale and monitor the supply of raw materials. The goal of the platform is to digitalize the global trade industry by creating a reliable ecosystem on the blockchain.
