Polygon burned more than 650,000 MATIC After the launch of Burn

Over 650,000 MATIC have been burnt since the mechanism’s inception. More than 650,000 MATIC are burned by Polygon since the start of the Burn

Since the January introduction of the EIP-1559 upgrade on the Polygon mainnet, moreover 650,000 MATIC have been burnt, according to Polygon ecosystem updates. There have been 658,345.05 MATIC burned to date, according to the Polygonburn website.

When Polygon’s native token MATIC was upgraded to EIP-1559, it was widely expected that the three-step process of burning the token would be made possible. This is identical to a Polygon withdrawal, only that instead of being sent to the user, the tokens are destroyed and no longer exist in the system.

For every transaction, the basic charge is locked on Polygon’s burn contract and a priority fee is paid to the validator. Users may start the burning process from Polygon after MATIC has been gathered on the burn contract.

A burn of 0.27 percent of Polygon MATIC’s 10 billion supply would be based on analysis, according to the company’s website.

With Stripe’s announcement in the last week, Polygon-based stablecoins may now be used for first payments by Stripe customers.

As part of the launch of Supernets, Polygon announced a scalable blockchain architecture that it hopes would lead to broad adoption of Web3 and Polygon. Web3 adoption is Polygon’s aim, and they consider Supernets as a crucial step in achieving this goal, thus they’re investing $100 million in their development and adoption. Research and development contracts, as well as grants, will be funded by the money.

Funding was secured via a private sale of Polygon’s MATIC token, which was headed by Sequoia Capital India, with participation from SoftBank Vision Fund 2 and additional investors including Tiger Global.

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