Polygon launched the EIP-1559 upgrade, targeting to set a base fee for transactions and begin real-time burning of MATIC tokens, according to a blog post by Polygon on Monday.
- The update was activated at block height 23850000, replacing the previous fee system based on the first-price auction.
- With this new upgrade, Polygon transactions will use a base fee, a minimum amount of MATIC token set for a transaction to be processed on the blockchain.
- The new gas fee program will compensate validators with priority fees. The move signals that users can send transaction base fees to incentivize validators to speed up transactions.
- EIP-1559 will assist in making Polygon’s fee system more stable and predictable against potential demand shocks. Polygon team indicated that EIP-1559 would lead to fewer spam transactions.
The upgrade was launched first on Ethereum as part of the London Hardfork program in August of last year. The upgrade increases and reduces the base fee depending on the congestion of the network. ETH USD down -1.64%, MATIC USD down -3.29%