More Than 750,000 MATIC Have Been Burned Since Launch of Burn Mechanism


Total of 1,642,831 MATIC (1.6 million) have been burned so far

According to stadium polygon, more than 750,000 MATICs have burned in the last three months. As seen on the Polygonburn website, a total of 1,642,831 MATICs (1.6 million) have been burned so far.

Polygon’s native token, MATIC, burning was enabled, thanks to the EIP-1559 upgrade that went live on the Polygon network in January. The tokens are burned and deducted from the overall supply, similar to a withdrawal transaction on Polygon.

Base fees are locked to the burning contract on Polygon, and priority fees are paid to the validator each time a user pays for a transaction. Users can start the burning process from Polygon once MATIC has been accrued on the burning contract.

Chainsmokers, an American electronic DJ and music duo, is releasing its NFT collection on Polygon. The release of their new album, “So Far So Good,” will include the distribution of 5,000 NFTs, allowing fans to partake in 1% of earnings. The Chainsmokers use a platform called Royal, which runs on the Polygon network and is responsible for Nas’ and other well-known artists’ recent NFT drops.

Polygon’s Metaverse event draws over 834,000 attendees

Polygon MATIC’s inaugural Polygon Ignite was held at Metaverse saw a phenomenal turnout of over 834,000 participants, twice the population of Iceland.

Polygon recently reached an adoption milestone with more than 19,000 decentralized applications (dApps) running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data.

At press time, the price of MATIC is currently trading at $0.717, which represents an increase of almost 17.42% in the last 24 hours. On May 12, MATIC dropped to intraday lows of $0.476. MATIC has since recovered from what appears to be the lowest levels so far in 2022, reaching intraday highs of $0.75 on May 13.


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