HomeCrypto NewsAltcoinPolygon is about to deploy the upgrade of EIP-1559, will MATIC price...

Polygon is about to deploy the EIP-1559 upgrade, what will the MATIC price be?

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Polygon is about to deploy the EIP-1559 upgrade, what will the MATIC price be?

The London hardfork on Polygon, which will begin burning MATIC tokens, will take place on January 18, 1.

On October 12, Polygon announced on Twitter that the EIP-1559 upgrade is coming to the mainnet next week.

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Polygon noted that the EIP-1559 upgrade, which will start burning MATIC, is expected to be deployed online on the mainnet on January 18, 1 at around 2022 a.m. UTC (approximately 8 p.m. UTC). Vietnam).

The EIP-1559 upgrade, commonly known as the London hardfork, is one of Ethereum's most significant upgrades. BTA has a detailed article about EIP-1559, you can see below:

See more: What is EIP 1559? And its impact

Many experts believe that EIP-1559 will have far-reaching impacts on all Polygon stakeholders, including MATIC holders, validators, delegators, and decentralized application (dApp) developers. ) and users.

Deflationary effects on MATIC

Since MATIC has a fixed supply of 10 billion tokens, any decrease in the number of coins available will have a deflationary effect on the asset.

The Polygon core development team notes that: “The annual MATIC burn will represent 0.27% of the total token supply – approximately 27 million MATIC.”

For dApp users on the network, the EIP-1559 upgrade will further benefit them with even lower fees.

Deflationary pressure will be mutually beneficial for both validators and delegators as their rewards for processing transactions on the Polygon network are calculated in MATIC.

In addition, EIP-1559 helps the Polygon network to have fewer spam transactions and less network congestion. The majority of experts believe that this upgrade will have a positive impact on the MATIC price in the long run.

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