Since the launch of the EIP-1559 upgrade on the Polygon mainnet more than 650,000 MATIC have been burned
Polygon Burns More Than 650,000 MATIC
Since the launch of the EIP-1559 upgrade on the Polygon mainnet in January, more than 650,000 MATIC have been burned, according to Polygon ecosystem updates. So far, 658,345.05 MATIC have been burned.
Thanks to the much-anticipated EIP-1559 upgrade that went live in January, MATIC can now be burned in a three-step process that begins on the network and ends on Ethereum.
Instead of being received by a user, the tokens are burned and removed from the total supply, similar to a withdrawal transaction on the network.
The base fee is locked onto the burn contract on the network each time a user pays for a transaction, and the priority fee is paid to the validator. Users can start the burn process from the network once MATIC has been accumulated on the burn contract.
MATIC Stated Goal
According to analysis, because MATIC has a fixed supply of 10 billion, an annualized burn would represent 0.27 percent of the total MATIC supply.
Stripe, a financial services company, announced last week that its merchants would be able to make initial payouts using USDC Stablecoins, which are native to the network.
The network also announced Supernets, a scalable blockchain infrastructure aimed at accelerating MATIC and Web3 adoption.
MATIC’s stated goal is to achieve mass adoption of Web3, and the company sees Supernets as a major step toward that goal, committing $100 million to their development and adoption. Liquidity mining, development, and research contracts, as well as grants, will all benefit from the funds.
The network raised $450 million in February through a private sale of its native MATIC token, led by Sequoia Capital India and including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and other investors.
