Polygon Burned Over 650,000 MATICs After Launching The Burn Mechanism

According to Polygon ecosystem updates, over 650,000 MATICs have been burned on the Polygon mainnet since the launch of the EIP-1559 update in January. As seen on the Polygonburn website, a total of 658,345.05 MATICs have been burned so far. Polygon MATIC has a fixed supply of 10 bln, thus, according to the analysis, the annual burning will be 0.27% of the total MATIC.

The long-awaited EIP-1559 update, launched in January, allows the Polygon MATIC native token to be burned in a three-step process that is first initiated in Polygon and then completed in Ethereum. This is similar to the withdrawal transaction on Polygon, but instead of the tokens being received by the user, they are burned and removed from the total supply.

Last week, financial services provider Stripe announced that its merchants would be allowed to make initial payouts using USDC stablecoins built into the Polygon network. Polygon also introduced Supernets, a scalable blockchain infrastructure that aims to drive the mainstream adoption of Polygon and Web3.

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