Polygon has launched EIP-1559 to initiate the real-time burning of MATIC tokens

Ethereum sidechain network, Polygon has initiated EIP-1559, also called London Hardfork.

The update was activated at block height 23850000 at 2:48 am UTC, and replaces Polygon’s previous fee system based on “first-price auction.”

With EIP-1559 going live, Polygon transactions will use base fee–a minimum amount of fee that guarantees a transaction is processed immediately on the network. Instead of paying fee to its validators, EIP-1559 burns the base fee in each transaction paid in the native MATIC token.

The new gas fee system compensates validators with “priority fee” acting as an incentive to speed up transactions.

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