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
Salesforce patents anti-spam on blockchain
Software giant Salesforce has been awarded a patent that describes the use of a blockchain platform to combat email spam. The patent explains the technology to prevent spam from reaching users' mailboxes.
China's Supreme Court recognizes the legal validity of blockchain records
China continues to create its own crypto history, implementing a policy of banning cryptocurrencies and supporting blockchain technology. Last week, the Supreme Court of the Middle Kingdom recognized records on the blockchain as reliable evidence.
