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Home Crypto News Market Polygon Upcoming Network Upgrade Will Burn Matic With Every Transaction Like ETH...

Polygon Upcoming Network Upgrade Will Burn Matic With Every Transaction Like ETH And BNB

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The developers of the Polygon (MATIC) are going to deploy a fee-burning mechanism, like BNB and ETH.


Polygon is bringing an upgrade to its network with a testnet release known as the Mumbai test network, similar to the EIP-1559 update on the Ethereum network.

 

EIP-1559, was activated on Ethereum Blockchain during the London hard fork, which took place on August 5, 2021. The update introduced the burning of transactions fees depending on the network load and reduced the volatility of the gas price.

Now Polygon’s core development team is rolling out a testnet implementation of Ethereum Improvement Proposal 1559 to introduce the burning of its native MATIC token and better fee visibility.

Polygon’s MATIC has a fixed supply of 10 billion, so any reduction in the number of available tokens will have a deflationary effect. Polygon team took Ethereum’s experience since the upgrade as the baseline to simulate the potential impact on MATIC’s total supply. The analysis, conducted by the team shows that annualized burn would represent 0.27% of the total MATIC supply.

On Dec 1st, Binance the biggest cryptocurrency exchange announced that its token BNB is going to be burned with every transaction by introducing BSC Bruno Upgrade v1.1.5.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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