Since the January deployment of the EIP-1559 upgrade on the Polygon mainnet, almost 650,000 MATIC have been burnt. As of now, according to the Polygonburn website, a total of 658,345.05 MATIC have been burnt.
In total, more than 650,000 MATIC has been burned🔥
Inching close to $1,000,000 USD worth of $MATIC burnt. https://t.co/wFbFZAe55w
— Polygon Ecosystem Updates 💚 (@0xPolygonNews) April 25, 2022
The widely expected EIP-1559 upgrade in January enables the burning of Polygon’s native token MATIC in a three-step process that started on Polygon and ended on Ethereum. This is like a withdrawal transaction on Polygon, except that the tokens were burnt and deleted from the total supply, not received by the user.
When a user pays for a transaction, the basic fee is locked on Polygon’s burn contract, and the validator receives the priority fee. Users can kick off the burn process from Polygon after MATIC has been gathered on the burn contract.
Because Polygon MATIC has a fixed supply of 10 billion, a yearly burn would account for 0.27% of the entire MATIC supply.
Stripe, a financial services firm, said this week that its merchants would be able to initiate payments using Polygon’s USDC Stablecoins.
Additionally, Polygon introduced Supernets, a scalable blockchain infrastructure aimed at accelerating the mainstream adoption of Polygon and Web3. The network’s objective is to bolster the widespread acceptance of Web3 and thus, the notion of Supernets is viewed as an essential step towards accomplishing this goal. The fund of $100 million will be utilised for liquidity mining, development and research, and grant funding.
Polygon received over $450 million in February via a private sale of its native MATIC token, sponsored by Sequoia Capital India and joined by Galaxy Digital, SoftBank Vision Fund 2, Galaxy Interactive, Republic Capital, Tiger Global and other investors.