Over the last three months, more than 750,000 MATIC have been burned, according to Stader Polygon. So far, 1,642,831 MATIC (1.6 million) have been burned, according to the Polygonburn website.
The EIP-1559 upgrade, which went live on the Polygon network in January, permitted the burning of Polygon’s native token, MATIC. Similar to a Polygon withdrawal, the tokens are burnt and removed from the overall supply.
The priority cost is paid to the validator each time a user pays for a transaction, while the base fee is locked to the burn contract on Polygon. Once MATIC has been gathered on the burn contract, users can begin the burn procedure from Polygon.
Chainsmokers, an American electronic DJ and music duo, will release their NFT collection on Polygon. The release of their new album, “So Far So Good,” will feature the distribution of 5,000 NFTs, which will allow fans to share 1% of the profits. The Chainsmokers employ Royal, a platform that runs on the Polygon network and is behind Nas’ and other well-known artists’ recent NFT drops.
More than 834,000 people attended Polygon MATIC’s first Polygon Ignite in the Metaverse, which is more than double the population of Iceland.
According to Alchemy statistics, Polygon just hit an adoption milestone with more than 19,000 decentralised applications (dApps) running on its network, up 500% from 3,000 dApps in October.
Read more: Polygon and Avalanche founders take sides over Subnet vs Supernet
