The EIP-1559 hardfork, which has launched a mechanism to burn MATIC tokens with every transaction, has been activated on the Polygon network at block number 23,850,000.
Polygon developers plan to burn about 0.27% of the total altcoin supply annually. In their view, this deflationary effect will benefit validators and delegates.
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The MATIC network's native token supply is limited to 10 billion, of which only 6.8 billion are in circulation.
In addition, the project team has abandoned the first-price auction model for calculating gas fees. Thanks to this, users of decentralized applications (dApps) on the Polygon blockchain will receive more predictable commissions.
The burn mechanism works similarly to the system in the Ethereum network. In mid-January, the amount of ETH destroyed exceeded $5 billion.