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The start of burning “MATIC” after activating the “EIP-1559” protocol on the “Polygon” blockchain

The start of burning “MATIC” after activating the “EIP-1559” protocol on the “Polygon” blockchain

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Answer The start of burning “MATIC” after activating the “EIP-1559” protocol on the “Polygon” blockchain

One of the most popular Ethereum Layer 2 expansion solutions, Polygon, has seen the implementation of an important protocol on its mainnet.

And talking here about the 1559 protocol that will start burning MATIC coins as part of every transaction.

Integration of “EIP-1559” into the “Polygon” blockchain:

The project team reported last week that the EIP-1559 was scheduled to launch at another time soon.

Read:Blockchain platform Nuls hacked, $480,000 lost

To bring it even closer, it was officially announced that the update had been rolled out on January 18th at 3AM UTC, after a successful upgrade of its testnet.

Perhaps the most significant update that will happen to the Polygon network will be the introduction of the MATIC coin burning mechanism with improved fees and reduced fees.

It is worth noting that the upgrade itself is supported by major trading platforms, including Binance.

Implications for the price of “MATIC”:

At the time of writing this article, the price of “MATIC” is down 7.8% in the last 24 hours.

The upgrade will have a long-term effect on the price of MATIC and make it more deflationary over time.

And unlike Ethereum, MATIC has a fixed supply of 10 billion, so any decrease in the total number of coins available in the market would have an ultimate deflationary effect.

The team has already simulated the potential impact on the overall MATIC supply, taking Ethereum’s experience since the fork and the London upgrade, and the conclusions point to an annual burn estimate of 0.27% of the total MATIC supply.

Read:How will Bitcoin perform after the Ethereum integration upgrade?

As we have indicated, the effect will be long-term and does not appear at the present time.

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