Polygon’s London HardFork Set to go Live by tomorrow and how this effect #MATIC.
Polygon (Matic) In an official announcement on Wednesday, the India-based project (MATIC) noted that the upgrade, which will initiate the burning of MATIC, is scheduled to go live on the mainnet on January 18, 2022 at about 8 a.m. UTC. In Ethereum The EIP-1559 upgrade, commonly known as the London Hardfork, completely revolutionizes how the fee market works on the Ethereum network. It eliminates first-price auction as the main mechanism for fee calculation and introduces a discrete base fee that is burned rather than paid to miners. While this change does not lower transaction fees, which are governed by the forces of demand and supply, it does allow users to estimate costs better and reduce the number of users overpaying. However, these changes will have far-reaching effects for all of Polygon’s stakeholders, including its native token (MATIC) holders, validators and delegators, decentralized app (DApp) developers, and users. Effect on MATIC Since MATIC has a fixed supply ...