Polygon platform announced the imminent launch of EIP-1559 upgrade

On January 18, 2022, it initiates the burning of MATIC tokens

13.01.2022 - 10:30

355

1 min

What’s new? The Polygon platform made an official statement on Twitter, announcing that the EIP-1559 upgrade will be activated on January 18. It will eliminate the first-price auction and introduce a discrete base commission, which will be burned rather than paid to the miners.

After the successful EIP-1559 upgrade on Mumbai Testnet last year, the much-awaited London Hardfork on Mainnet is here!#EIP1559 and related EIPs will be activated on the Mainnet on 18th Jan around 3 AM ET / 8 AM UTC.Find out more: https://t.co/TgZQtbCO98 https://t.co/dZ97nTUNTO— Polygon | $MATIC 💜 (@0xPolygon) January 11, 2022

What are the details of the upgrade? Since MATIC has a fixed supply of 10 billion tokens, any reduction in the number of coins available will have a deflationary effect. The developers noted that the annual MATIC burn will be 0,27% of the total number of tokens.

The deflation will mutually benefit both the validators and delegates, as their remuneration for processing transactions on the Polygon network is expressed in MATIC. The changes will reduce the number of spam transactions and reduce the network congestion, as the base commission will automatically increase once the block is filled.

Author: