MATIC Price Might Rise as Polygon Network Burning Mechanism Goes Live

At the time of publication, MATIC was trading down 9.87% at $2.16 according to CoinMarketCap data. This might be partly due to the ongoing market declines that saw the Bitcoin price dip below $42K and the majority of the altcoin tokens losing value.gives MATIC a 30-day Bitcoin correlation at 0.85, which is quite high.Polygon receives the same fee-burning mechanism with the EIP-1559 upgrade, destroying MATIC tokens.

EIP-1559 eliminates the first-price auction as the primary mechanism for calculating fees. Instead, for transactions to be included in the next block, there is a distinct base charge and a priority fee to expedite processing. The base cost is then burned, which varies based on network congestion. The burning takes place in two stages, beginning on the Polygon network and ending on the Ethereum network.Despite the dip seen in the MATIC price, several technical and fundamental factors are lining up for a price increase in the medium term.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ethereum’s EIP-1559 upgrade launches on Polygon to burn MATICAccording to estimates by the Polygon team estimates, MATIC’s supply is likely to become deflationary once fee burning commences. Could this send $MATIC to the moon? $Matic is going to the moon. Make no mistake $NSDX nasdex_xyz token is moving to the moon. Get a bag full of it now. & the price is free falling $ultgg
Source: Cointelegraph - 🏆 562. / 51 Read more »

MATIC Burn Begins as EIP-1559 Live on Polygon MainnetEIP-1559 went live on Polygon and is already burning MATIC tokens.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Ethereum EIP-1559 upgrade launches on Polygon to burn MATICA deflationary supply of MATIC tokens and lower network spam could be the result of EIP-1559 being deployed on Polygon. Hype MATIC doesnt have enough rich whales? $matic can easily reach to $10 dollars .
Source: Cointelegraph - 🏆 562. / 51 Read more »

Ethereum EIP-1559 upgrade launches on Polygon to burn MATICMATIC supply is likely to become deflationary once fee burning commences according to estimates by the Polygon team.
Source: CryptoPanicCom - 🏆 563. / 51 Read more »

Binance Will Support the Polygon (MATIC) Network Upgrade & Hard Fork | Binance SupportFellow Binancians, Binance will support the Polygon (MATIC) network upgrade and hard fork. The Polygon (MATIC) network upgrade and hard fork will take place at Polygon block height of 23,850,000 ... 0xPolygon Yo when listing first? Raca or SAFEMOON Quartal 1/2? 0xPolygon BabyDogeCoin 0xPolygon luffy cz_binance
Source: binance - 🏆 561. / 51 Read more »

$14.6 Million in MATIC Bought by Major ETH Whales, Moved Away from BinanceRecent blockchain data shows that a major Ethereum whale has purchased a large amount of MATIC, while a bigger sum in this coin was transferred from Binance
Source: Utoday_en - 🏆 295. / 63 Read more »