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Polygon Deploys ETH’s Anticipated EIP-1559 Upgrade to Improve Fee Visibility

Polygon deploys News
  • Polygon has now activated Ethereum’s EIP-1559 upgrade on its Mumbai testnet.
  • Ethereum’s EIP-1559 upgrade seeks to improve fee visibility on Polygon.
  • It will also reduce spam and congestion while burning MATIC tokens.

Polygon has deployed Ethereum’s EIP-1559 upgrade on its Mumbai testnet with a goal to improve fee visibility in its ecosystem. The EIP-1559 upgrade will rock to unfold network freedom while reducing spam and network congestion on Polygon. 

Specifically, Polygon’s innovation happened a couple of hours ago at block 23850000. Meanwhile, before the deployment, the Polygon team made an announcement to inform users ahead on January 17, 2022.

The EIP-1559 upgrade will be the disruptive technology to implement its same fee-burning mechanism on Polygon that will result in MATIC tokens destruction. This forms a big part of why Polygon adopted the EIP-1559 upgrade.

Additionally, the EIP-1559 upgrade will be mathematically inclined to remove the first-price auction approach for calculating network fees for better estimates. It will function to treat this and bring new experiences to Polygon without reinventing the wheel.

The burning is a two-step affair that starts on the Polygon network and completes on the Ethereum network.

Like Ethereum (ETH), there is a high possibility that MATIC supply will deflate by 0.27% which will lead to the burning of the total supply every year, according to the team.

Moreover, the post mentioned that there’s the likelihood for validators and delegators to benefit from deflationary pressure in the coming days. From other perspectives, this mainly takes into account because validators’ transaction rewards are denominated against MATIC in the market.

Of late, Polygon has been bedeviled with a gas crisis in the crypto market. Early this new year, Polygon gas fees skyrocketed immensely, according to a Dune Analytics report.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.