Polygon launches EIP-1559 to begin the burning of MATIC tokens in real time.
Polygon, an Ethereum sidechain network, has started EIP-1559, better known as the London Hardfork.
At 2:48 a.m. UTC, the upgrade was activated at block height 23850000. It replaces Polygon’s old “first-price auction” charge scheme with a flat fee.
Polygon transactions will now employ base fee, which is an approximate amount of cost determined for a transaction to be completed quickly on the network, with EIP-1559 going live. Furthermore, the new pricing system includes a “priority charge” for validators, which functions as an incentive to expedite transactions.
EIP-1559 was first released as a London Hardfork on Ethereum in August of last year. The base price amount is modified up and down in this scheme depending on how congested the network is. The protocol also enables Web3 wallets to establish gas costs for users in a consistent and predictable manner.
EIP-1559 could assist Polygon’s fee system to become more predictable and reliable in the face of demand shocks.
It’s a wrap for this story.
