Matic joins Ethereum and Binance coin in real-time fees burning.
On Jan 18th Polygon hit the London Block, where the EIP1559 and related EIPs were activated on the Mainnet.
Since the launch of EIP1559, a total of 475,751 Matic have been burned worth $710,000.
One week after the Polygon network launched EIP-1559, 475,751 MATIC have been burned, with a total US dollar value of about 710,000 US dollars.
— Wu Blockchain (@WuBlockchain) January 25, 2022
While EIP 1559 will not help reduce transaction fees, it will decrease the number of users who overpay and let users better evaluate their spending.
Implementing the EIP-1559 update can enable Matic to become a deflationary asset that will vastly impact the Polygon community, including holders, validators, delegators, and developers.
Polygon’s MATIC has a fixed supply of 10 billion, so any reduced available tokens will have a deflationary effect. The Polygon team used Ethereum’s experience since the upgrade as a basis for modeling the potential impact on the overall MATIC supply. The team’s analysis indicates that year-on-year incineration would destroy 27 million MATICs in a year.