{"id":24993,"date":"2022-04-25T10:58:23","date_gmt":"2022-04-25T14:58:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=24993"},"modified":"2022-04-25T10:58:31","modified_gmt":"2022-04-25T14:58:31","slug":"polygon-burns-more-than-650000-matic-after-laun","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/polygon-burns-more-than-650000-matic-after-laun\/","title":{"rendered":"Polygon Burns More Than 650,000 MATIC After Launch of Burn Mechanism"},"content":{"rendered":"\n
Since the launch of the EIP-1559 upgrade on the Polygon<\/a> mainnet more than 650,000 MATIC have been burned <\/h5>\n\n\n\n
\"Polygon
Polygon Burns More Than 650,000 MATIC After Launch of Burn Mechanism<\/figcaption><\/figure>\n\n\n\n

Polygon Burns More Than 650,000 MATIC <\/h2>\n\n\n\n

Since the launch of the EIP-1559 upgrade on the Polygon<\/a> mainnet in January, more than 650,000 MATIC have been burned\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, according to Polygon ecosystem updates. So far, 658,345.05 MATIC have been burned. <\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/0xPolygonNews\/status\/1518500039965913088?s=20&t=CD–8TKUe4cs_Td9yVU6Xw\n<\/div>
\u2014 Polygon Ecosystem Updates \ud83d\udc9a (@0xPolygonNews) April 25, 2022<\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

MATIC Stated Goal<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

Stripe<\/a>, 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.<\/p>\n\n\n\n

The network also announced Supernets, a scalable blockchain infrastructure aimed at accelerating MATIC and Web3<\/a> adoption. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":29,"featured_media":16430,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5682,6492],"class_list":["post-24993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-polygon-2","tag-polygon-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/London-Hard-Fork-Arrives-on-Polygon-as-Network-Declares-Date-for-Mainnet-Launch.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/24993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=24993"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/24993\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/16430"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=24993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=24993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=24993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}