Modified Ethereum EIP-1559 running on Polygon to destroy MATIC

Ethereum's upgrade, which was reported as part of the power bill in August, began with Polygon, a two-tier scaling network.

Ethereum's EIP-1559 upgrade, launched last summer with the London Hard Fork, is the culmination of fuel cost estimation and network cost burning. In order to improve the "visible value", improvements have been launched in two additional layers of extension of the Polygon network. Changes start at area code height 23850000.

The Polygon team announced the update date on January 17 after the upgrade was completed on the Mumbai testnet.

The EIP-1559 modification provides the same amount of power for Polygon to burn MATIC tokens. It also eliminates the one-time cost challenge of calculating network costs, thus providing better cost estimation but not lower fuel costs.

"The cooking process is divided into two stages, starting at the network polygon and ending at the Ethereum network."

The group said that, like Ethereum, MATIC products have the potential to turn deflationary, destroying around 0.27% of its total annual output. The fixed assets of MATIC tokens are 10 billion, of which 6.8 billion are currently in circulation.

Before saying that the upgrade could also reduce spam and network congestion, the team added that “deflationary pressure will benefit both consumer and customer due to payment,” a trademark in MATIC.

Although it is a Layer 2 network, Polygon has recently suffered from its own fuel. According to Dune Analytics, earlier this month Polygon oil prices soared, preventing some consumers from shipping blocks. The growing demand is driven by DeFi mining performance called Sunflower Land. The game rewards early consumers before it escalates, explaining that self-proclaimed players and producers lose interest.

According to Burn Tracker, this update has so far burned 1.54 million ETH since it was announced on Ethereum about 6 months ago. At current prices on ETH, it sits around $5 billion. Followers have also speculated that if a “merger” occurs and proof-of-stake becomes consensus on the network, Ethereum declares to be a value deflation of -2.5% per year.

Data from CoinGecko showed that MATIC's value fell 9% on the day, falling to $2.22 at the time of this writing.