Polygon has issued EIP-1559 to begin the burning of MATIC tokens in real time. EIP-1559 is now available on Polygon.
Polygon, an Ethereum sidechain network, has started EIP-1559, popularly known as the “London Hardfork.”
At 2:48 a.m. UTC, the update activates at block height 23850000. It replaces Polygon’s prior “first-price auction” charge system.
Polygon transactions will use base fee after EIP-1559 is live, which is an estimated amount of money required for a transaction to be processed for the following blocks.
EIP-1559 improves the network charge system’s predictability and stability in the face of demand shocks. The protocol adjusts the base fee amount up or down depending on how congested the network is. This also enables Web3 wallets to change gas fees for customers in a consistent and reliable manner.
EIP-1559 requires each transaction to burn the base fee paid in MATIC token. Of course, instead than paying a fee to its validators. In addition, the new price structure awards validators with a
“priority charge,” which acts as an incentive to speed up transactions.
EIP-1559 was first released on Ethereum in August of last year as part of the network’s London hardfork.
The Polygon team thinks that EIP-1559 will result in fewer spam transactions. Then, and decreased network congestion, according to a Monday blog post.
EIP-1559 resulted in a fundamental adjustment in ETH’s monetary policy, in addition to gaining certainty in gas fees. The Ether circulating supply has been significantly reduced as a result of the Ethereum gas fee burning mechanism.
So, like Ethereum, may have a deflationary effect on MATIC. Of course, due to its fixed token supply of 10 billion tokens, according to the Polygon team. The EIP-1559 is predicted to burn 0.27 percent of the overall MATIC supply in a year. That’s, according to the team’s analysis.
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