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MATIC Burn Begins as EIP-1559 Live on Polygon Mainnet

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EIP-1559 went live on Polygon and is already burning MATIC tokens.

At the time of this writing, MATIC’s price is down 7.8% in the past 24 hours. Nevertheless, it’s worth taking a look at the longer-term implications of the introduction of a burning mechanism.

Unlike Ethereum, however, MATIC has a fixed supply of 10 billion, so any reduction in the overall number of tokens available on the market will have a definitively deflationary effect. The team has already simulated the potential impact on MATIC’s total supply, taking Ethereum’s experience since theThe analysis itself can be foundThe burning is a two-step affair that starts on the Polygon network and completes on the Ethereum network.

There’s also a public interface where users would be able to monitor the whole process, but that’s yet to go live at the time of this writing.

 

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