Ethereum’s Layer 2 scalability solution Polygon is preparing for a major upgrade coming next week. As per the recent announcement from Polygonscan, the Polygon blockchain will be activating the London hardfork or EIP-1559 in 5 days on Tuesday, January 18, once block 23,850,000 is validated.
The official announcement from Polygonscan reads:
After the successful EIP-1559 upgrade on Mumbai Testnet last year, the much-awaited London Hardfork on Mainnet is here! #EIP1559 and related EIPs will be activated on the Mainnet on 18th Jan around 3 AM ET / 8 AM UTC.
Taking cues from its elder brother Ethereum, the Polygon network shall also be implementing the EIP-1559 token burning mechanism. The burning mechanism will remove the MATIC tokens from circulation offering better fee visibility to its users.
Polygon currently has a fixed supply of 10 billion MATIC tokens. Thus, any reduction in the number of tokens will result in an overall deflationary effect. Furthermore, after consulting with Binance, MATIC BEP2 will be discontinued.
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Thus, the 150 million BEP2 MATIC provided as liquidity on the Binance Smart Chain (BSC) shall be swapped for ERC-20. The Polygon announcement notes:
As a user, If you hold MATIC on Ethereum, Polygon PoS chain or BSC or on Binance, no action is required. If you hold BEP2 MATIC please move them to Binance and withdraw MATIC on Ethereum, Polygon or BSC. All BEP2 MATIC will be burned when all users are done swapping.
Is MATIC Heading to $3?
Polygon’s MATIC has been one of the top-performing cryptocurrencies even during the recent market correction. As of press time, MATIC is trading 8.5% up at a price of $2.39 and a market cap of $16.8 billion.
Polygon’s MATIC holds the potential to hits $3 if the broader crypto market remains supportive. Also, on the technical chart, Polygon’s MATIC has formed an ascending accumulation channel which might lead to a breakout above $3.
Is #Polygon MATIC creating an ascending accumulation cylinder and will explode out of ATH in the coming weeks? pic.twitter.com/SiC5DMWdko
— Bitcoinsensus (@Bitcoinsensus) January 10, 2022
It will be interesting to see how far can MATIC go in the wake of all the recent developments. Drop your predictions below!
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