thecryptobasic.com
Polygon (MATIC), the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development, is planning to release an update to set up a fee-burning mechanism line like Etherereum (ETH) and Binance Coin (BNB).
Polygon first rolled out a testnet EIP-1559 update in order to burn its native token MATIC. This step will offer MATIC’s ecosystem better transaction fee visibility. The first testnet announcement was made by Polygon via its official blog post on December 14, 2021.
Yesterday Polygon announced that they would deploy the EIP-1559 update on the mainnet on Jan 18th.
Today, Binance declared that it is ready to support the Polygon network upgrade and hard fork. The world’s leading exchange made this announcement public via tweet and provided details in its official blog post.
#Binance will support the Polygon @0xPolygon $MATIC Network Upgrade & Hard Fork.https://t.co/ClmfR6RqRv
— Binance (@binance) January 17, 2022
Looking into the details, we found that the Binance has the plan to carry Polygon network upgrade and hard fork at Polygon block height of 23,850,000 approximately at 08:00 (UTC) on 18th January 2022.
According to the reports, the trading of the MATIC would not be affected during the upgrade, whereas, deposit and withdrawal features of MATIC will be suspended on 2022-01-18 at 07:00 (UTC).
The binance team clarified that deposit and withdrawal features for the coin would be restored once the technical team got satisfied with the upgraded network and found it stable. The binance team will not release any further notification or announcement regarding Polygon.
Binance users, especially those holding MATIC in their Binance accounts, don’t have to worry about the upgrade as the exchange promised to handle all technical requirements involved in the process. The exchange confirmed that no new tokens for MATIC will be created during the upgrade.