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Ledger By Bhushan Akolkar Published 46 minutes in the past Updated 46 minutes in the past
Ethereum’s Layer 2 scalability answer Polygon is getting ready for a significant improve coming subsequent week. As per the latest announcement from Polygonscan, the Polygon blockchain will probably be activating the London hardfork or EIP-1559 in 5 days on Tuesday, January 18, as soon as block 23,850,000 is validated.
The official announcement from Polygonscan reads:
After the profitable EIP-1559 improve on Mumbai Testnet final 12 months, the much-awaited London Hardfork on Mainnet is right here! #EIP1559 and associated EIPs will probably be activated on the Mainnet on 18th Jan round 3 AM ET / 8 AM UTC.
Taking cues from its elder brother Ethereum, the Polygon community shall even be implementing the EIP-1559 token burning mechanism. The burning mechanism will take away the MATIC tokens from circulation providing higher price visibility to its customers.
Polygon at present has a set provide of 10 billion MATIC tokens. Thus, any discount within the variety of tokens will end in an general deflationary impact. Furthermore, after consulting with Binance, MATIC BEP2 will probably be discontinued.
Thus, the 150 million BEP2 MATIC offered as liquidity on the Binance Smart Chain (BSC) shall be swapped for ERC-20. The Polygon announcement notes:
As a consumer, If you maintain MATIC on Ethereum, Polygon PoS chain or BSC or on Binance, no motion is required. If you maintain BEP2 MATIC please transfer them to Binance and withdraw MATIC on Ethereum, Polygon or BSC. All BEP2 MATIC will probably be burned when all customers are executed swapping.
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Is MATIC Heading to $3?
Polygon’s MATIC has been one of many top-performing cryptocurrencies even throughout the latest market correction. As of press time, MATIC is buying and selling 8.5% up at a value 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 stays supportive. Also, on the technical chart, Polygon’s MATIC has shaped an ascending accumulation channel which could result in a breakout above $3.
It will probably be attention-grabbing to see how far can MATIC go within the wake of all of the latest developments. Drop your predictions under!
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