Since the mechanism’s inception in January 2022, the Polygon network has burnt over 650,000 MATICs.
The EIP-1559 upgrade, which enabled tokens to be burned on the Polygon network, was extremely popular. To date, 658345.05 thousand MATICs have been destroyed, according to the Polygonburn website. The token’s value increased as a result of this.
Polygon MATIC tokens have a total supply of 10 billion. Every year, 0.27 percent of the total tokens will be burned. This is accomplished in three steps. It starts on the Polygon network and then moves to Ethereum to finish.
Remember when we just reported about Polygon’s successful financing round? The corporation raised $450 million in February 2022 to support Web3 development.
The network’s development is continuing along at a rapid pace. Supernets, a new infrastructure that will cost $100 million to create and operate, was inaugurated. This is a big step forward in the sphere of Web3-project domination.