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
Japan's largest bank has already begun testing its cryptocurrency
The largest financial group, the Japanese giant Mitsubishi UFJ Financial Group, has begun testing its own stablecoin Mufg Coin.
Strong, fast, popular. Cryptocurrency rating forecast
A little futurology. Cryptocurrencies continue to develop rapidly. And at the forefront of these transformations are such “old-timers” as Bitcoin, Ethereum, TRON, as well as “newcomers” - TON (The Open Network), Solana.
