The London hard fork, or EIP-1559, finally arrives on Polygon as the network announces that on Tuesday, January 18, 2022, at 8:00 a.m. (UTC), 3:00 a.m. (EDT) (ET), the mainnet will be launched.
Date for London Hard Fork Mainnet Launch
The London hard fork is expected to appear on the Polygon mainnet in 5 days and 15 hours, or 222,454 blocks, according to Polygonscan.
When block 23,850,000 is validated, the London hard fork, or EIP-1559, will be activated. This gives us Tuesday, January 18, 2022, at 8:00 a.m. (UTC)/3:00 a.m. (EDT) (ET).
“After the successful EIP-1559 upgrade on Mumbai testnet last year, the much-awaited London hard fork on Mainnet is here!” reports the Polygon network in a recent Twitter feed.
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 Polygon brought up a testnet implementation of Ethereum Improvement Proposal 1559 on the Mumbai testnet in December 2021, using cues from Ethereum, to offer the burning of its native MATIC token and enhanced fee visibility.
On Aug. 5, 2021, Ethereum, the second-largest cryptocurrency, had a substantial upgrade known as the “London Hard Fork.” EIP-1559, which aims to reform the transaction fee market, as well as modifications to how gas refunds are handled, were introduced as part of the London upgrade.
Because Polygon MATIC has a fixed quantity of 10 billion tokens, any drop in the number of access tokens might cause deflation, as a yearly burn would account for 0.27 percent of the entire MATIC supply.
A Total of 150 million BEP2 Tokens will be Burnt
Following the demise of the BEP2 tokens, the Polygon network claims that all BEP2 MATIC will be burnt once all users have finished swapping their tokens to ERC-20.
As a user, If you hold MATIC on Ethereum, Polygon PoS chain or BSC or on Binance, no action is required.
If you hold BEP2 MATIC please move them to Binance and withdraw MATIC on Ethereum, Polygon or BSC.
All BEP2 MATIC will be burned when all users are done swapping.
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Polygon | $MATIC 💜 (@0xPolygon) January 11, 2022The move was made in conjunction with Binance Exchange due to low utilization, according to the network.
The 150 million BEP2 that MATIC provided for Binance Chain liquidity in 2019 will be swapped for ERC20 MATIC from the Foundation Wallet at 11:00 GMT on Jan. 12 and then burned, according to the announcement.
As of press time, MATIC, the Polygon blockchain’s native asset, is trading at $2.33.
