The Ethereum (ETH) network oriented L2 scalability solution Polygon (MATIC) has implemented the major update. Following the roadmap of Ethereum, the project also implemented the EIP-1559 update, which brought a record rise to ETH, on its own network.

This update, which allows tokens to be burned over the transaction fee continuously on the network, actually brings a never-ending token burning mechanism.

   “Token burning will be a two-step process, starting on the Polygon network and ending on the Ethereum network.”

Polygon Gets EIP-1559

Ethereum got this feature last summer with EIP-1559 and the London hard fork. Polygon now has a similar update as of block 2385000. The Polygon team announced on January 17 that this update was successfully implemented on the Mumbai testnet.

polygon eth update

The MATIC supply will also decrease, just like the Ethereum network, with 0.27% of the total supply being burned every year. This is of course based on current estimates and this is subject to change. While the total supply of MATIC is 10 billion, the circulating supply is known as 6.8 billion.

Transaction fees on the Polygon network broke records late last month and earlier this month. While the increase in demand and usage caused this, investors were disturbed by the increased transaction fees. The new mechanism coming now will ensure that transaction fees are not wasted, and thanks to other updates, a decrease in transaction fees will be observed.

The Ethereum network launched this 6 months ago, and 1.54 million ETH has been burned since then. That's $5 billion at the current price, and it's definitely a huge amount.

Polygon price today is $2.13 with a 24-hour trading volume of $1,324,263,971. The price is down -7.3% in the last 24 hours. There is a 6.9 Billion MATIC coin supply in circulation, with a total supply of 10 Billion coins. Digifinex is currently the most active market where this is traded.