The much-anticipated EIP-1559 upgrade is finally here and Polygon’s native token MATIC is now being burned. We have created an interactive dashboard where users can monitor and take part in the process.
Each time a user pays for a transaction, the base fee gets locked on the burn contract on Polygon and the priority fee gets paid to the validator. Once MATIC gets accumulated to the burn contract, users can initiate the burn process from Polygon.
The burn is a three - step affair, first initiated on Polygon and then completed on Ethereum. This is similar to a withdrawal transaction on Polygon, but instead of the tokens being received by a user, they are burned and removed from the total supply.
Please follow this step-by-step guide for the burning process via the Burn MATIC interface:
Connect your MetaMask wallet to the application using the “Login” button in top right.
The “Initiate burn” button is activated when the amount of MATIC accumulated on the burn contract is more than 25,000.
Click on “Initiate Burn.” The status changes to pending. After that, the wallet pops up a confirmation modal so you can confirm the transaction.
Next, burn the tokens on Ethereum. (This transaction will be performed on Ethereum Mainnet.) As soon as the checkpointing of this transaction is complete, the button “Confirm Burn” will be enabled.
Click on “Confirm Burn” to initiate the burn on Ethereum.
Once the “Confirm Burn” action is done, the burn proceeds to Step 3 where you click on the “Complete burn” button and proceed to complete the burn on Ethereum.
The MATIC tokens are now burned and indexed in the “Completed Burns” section, which will also show the final transaction hash.
It’s as simple as that! For an overview of what EIP-1559 means for the Polygon ecosystem, click here. To keep up with the latest developments, check out our blog.
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