650,000 MATICs burned since EIP-1559 update launched

The Polygon network has burned over 650,000 MATICs since the mechanism was launched in January 2022.

The EIP-1559 update, which allowed burning tokens on the Polygon network, proved to be in high demand. According to the data on the Polygonburn website, 658345.05 thousand MATICs have been burned to date. This had a positive impact on the value of the token.

The total emission of Polygon MATIC tokens is 10 billion. It is planned to burn 0.27% of the total tokens annually. This happens in a 3-step process. It is first initiated on the Polygon network and then completed on Ethereum.

 

 

Recall that earlier we wrote about a successful round of funding for Polygon. In February 2022, the company raised $450 million to fund Web3 development.

The development of the network is actively moving forward. Recently launched a new infrastructure called Supernets, with $100 million to develop and maintain. This is a huge step towards dominance in the field of Web3-projects.

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