More than 650,000 MATIC have been burned since the deployment of the EIP-1559 upgrade on the Polygon mainnet in January, according to Polygon ecosystem updates. According to the Polygonburn website, 658,345.05 MATIC have been burned so far.
The much-anticipated EIP-1559 upgrade, which was released in January, allows Polygon’s native token MATIC to be burned in a three-step process that begins on Polygon and ends on Ethereum. This is identical to a Polygon withdrawal transaction, only that instead of being received by a user, the tokens are burned and eliminated from the overall supply.
When a user pays for a transaction, the base charge is locked on the Polygon burn contract and the priority fee is paid to the validator. Users can begin the burn process from Polygon once MATIC has been accumulated on the burn contract.
According to study, Polygon MATIC has a fixed supply of 10 billion, therefore an annualized burn would equal 0.27 percent of overall MATIC supply.
Stripe, a financial services provider, said last week that its merchants would be able to make initial payouts using USDC Stablecoins native to Polygon’s network.
Polygon also launched Supernets, a scalable blockchain infrastructure that intends to accelerate Polygon and Web3 adoption. Polygon claims its goal is to push Web3 to mass acceptance, and it sees the concept of Supernets as a big step toward that goal, devoting $100 million to its development and implementation. The cash will be utilized for liquidity mining, contract development and research, and grants.
Polygon received over $450 million in February via a private sale of its native MATIC token, led by Sequoia Capital India, with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and other investors.