{"id":56098,"date":"2022-01-18T12:12:16","date_gmt":"2022-01-18T10:12:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56098"},"modified":"2025-09-04T04:47:42","modified_gmt":"2025-09-04T01:47:42","slug":"polygon-network-activates-mechanism-to-burn-a-portion-of-transaction-fees","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/polygon-network-activates-mechanism-to-burn-a-portion-of-transaction-fees\/","title":{"rendered":"Polygon Network Activates Mechanism to Burn a Portion of Transaction Fees"},"content":{"rendered":"<p>In the Polygon mainnet, at block <a href=\"https:\/\/polygonscan.com\/block\/23850000\">23 850 000<\/a>, a mechanism to burn a portion of transaction fees was implemented, modeled on Ethereum. Activation occurred on January 18 at 05:48 (MSK).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Folks, <a href=\"https:\/\/twitter.com\/hashtag\/EIP1559?src=hash&#038;ref_src=twsrc%5Etfw\">#EIP1559<\/a> is a few hours away from going live on the <a href=\"https:\/\/twitter.com\/hashtag\/Polygon?src=hash&#038;ref_src=twsrc%5Etfw\">#Polygon<\/a> mainnet.<\/p>\n<p>The highly-anticipated upgrade brings <a href=\"https:\/\/twitter.com\/search?q=%24MATIC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MATIC<\/a> burn and improved fee visibility.<\/p>\n<p>Find out more: <a href=\"https:\/\/t.co\/7fRxSZIrdv\">https:\/\/t.co\/7fRxSZIrdv<\/a><\/p>\n<p>\u2014 Polygon | $MATIC \ud83d\udc9c (@0xPolygon) <a href=\"https:\/\/twitter.com\/0xPolygon\/status\/1483108516122570753?ref_src=twsrc%5Etfw\">January 17, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The native MATIC token supply is capped at 10 billion, of which only 6.8 billion are in circulation, according to <a href=\"https:\/\/www.coingecko.com\/ru\/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E\/polygon\">CoinGecko<\/a>. The developers suppose that the protocol will burn 0.27% of the total MATIC supply annually. In their view, the deflationary effect will benefit validators and delegators.<\/p>\n<p>With the update, the project team also abandoned the first-price auction model for calculating gas fees. As a result, users of dapps on the blockchain will receive more predictable fees.<\/p>\n<p>Since Polygon is <a href=\"https:\/\/forklog.com\/en\/news\/what-is-polygon-matic\">a network of secure second-layer solutions<\/a>, token burning is a two-stage process that ends on the Ethereum blockchain:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Burning is a two-stage process that begins in the Polygon network and ends in Ethereum. The Polygon team has created a public interface, where users can observe the process and participate in it.&#8221;<\/p>\n<\/blockquote>\n<p>As part of the process, the tokens are transferred to a <a href=\"https:\/\/polygonscan.com\/address\/0x70bcA57F4579f58670aB2d18Ef16e02C17553C38#code\">special address<\/a> in the Polygon network. The withdraw() function, which guarantees that all coins will be burned, can be called by any address.<\/p>\n<p>In the Ethereum network, the target smart contract <a href=\"https:\/\/etherscan.io\/address\/0x70bca57f4579f58670ab2d18ef16e02c17553c38\">has been deployed<\/a> at the same address. After the procedure completes on Polygon, ERC-20 tokens are burned on the Ethereum blockchain. The corresponding function can also be called by any user.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"773\" height=\"532\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-2.jpeg\" alt=\"In the Polygon network, a mechanism to burn part of transaction fees has been activated\" class=\"wp-image-161993\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-2.jpeg 773w, https:\/\/forklog.com\/wp-content\/uploads\/1-2-300x206.jpeg 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-2-768x529.jpeg 768w\" sizes=\"auto, (max-width: 773px) 100vw, 773px\" \/><figcaption>Source: <a href=\"https:\/\/forum.polygon.technology\/t\/eip1559-implementation-on-mumbai-testnet\/399\">Polygon<\/a>.<\/figcaption><\/figure>\n<p>At the time of writing, the Polygon network has burned 2,693 MATIC (~$5,924 at the current rate), according to <a href=\"https:\/\/polygonscan.com\/gastracker\/\">Polygonscan<\/a>.<\/p>\n<p>In December 2021, a similar mechanism <a href=\"https:\/\/forklog.com\/en\/news\/polygon-to-burn-part-of-its-transaction-fees-following-ethereum-and-binance-smart-chain\">was deployed on the Mumbai testnet<\/a>. Since then, the protocol has burned more than 100,000 MATIC.<\/p>\n<p>Back in 2021, the Bruno hard fork on the Binance Smart Chain <a href=\"https:\/\/forklog.com\/en\/news\/bruno-hard-fork-on-the-binance-smart-chain-has-taken-place\">took place<\/a>, during which developers also implemented a burning mechanism for a portion of transaction fees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the Polygon mainnet, at block 23 850 000, a mechanism to burn a portion of transaction fees was implemented, modeled on Ethereum. Activation occurred on January 18 at 05:48 (MSK).<\/p>\n","protected":false},"author":1,"featured_media":56099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1264],"class_list":["post-56098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-polygon-matic"],"aioseo_notices":[],"amp_enabled":true,"views":"50","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=56098"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56098\/revisions"}],"predecessor-version":[{"id":56100,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56098\/revisions\/56100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/56099"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=56098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=56098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=56098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}