Polygon to Burn MATIC Tokens

EIP-1559 is quite active on the Polygon mainnet, resulting in MATIC tokens are being burned. The Ethereum network triggered the now-famous London update (EIP-1559) a few months ago, which kicked off the burning of a part of the fees paid to miners to register transactions on the Blockchain.

Polygon is one kind of the second layer designed to make Ethereum transactions quicker and, most of all, cheaper. There is no surprise that they’ve opted to include EIP-1559 on their mainnet as well.

EIP-1559 replaces the Cauction as the primary method for determining fees with a basic price and a priority fee to expedite processing. The mentioned base fee is used, which fluctuates based on network congestion.

EIP-1559 located on Polygon

The Ethereum network triggered the London update (EIP-1559), which kicked off the burning of a part of the fees that are paid to all miners for registering transactions on the Blockchain.

Polygon is quite a promising second layer designed to make Ethereum transactions quicker and, most all, cheaper. There is quite a little surprise for being opted to include EIP-1559 on their mainnet as well.

EIP-1559 replaces the auction as the primary method for determining fees with a basic price and a priority fee to expedite processing. This base fee is used, which fluctuates based on network congestion.

This modification does not cut fees because the gas cost is still controlled by the demand and supply, but it does help users to better predict transaction costs because the base rate is the lowest price to pay for a transaction to be included in the next block.

The purpose is to limit the number of times extra fees are paid, in addition to lowering the quantity of MATICs in circulation.

Benefits from MATIC Burn

Gas costs will be more predictable, which would benefit users along with Polygon and dApps developers. The rise of the base rate helps in having fewer transactions of spam for Validator, resulting in less congestion of the network. It’s unclear if these burns will lead the fees of the gas to rise like it did on Ethereum or if it will remain extremely low.Polygon MATIC is trading with the market price of $ 2.42, which is lower than the all-time high of $2.92 set 24 hours ago. Read this Polygon price prediction to know more about MATIC.