Polygon's native token, MATIC, burning was enabled, thanks to the EIP-1559 upgrade that went live on the Polygon network in January. The tokens are burned and deducted from the overall supply, similar to a withdrawal transaction on Polygon.
The base fee is locked on the burn contract on Polygon, and the priority fee is paid to the validator each time a user pays for a transaction. Users can start the burn process from Polygon once MATIC has been accumulated on the burn contract.
Chainsmokers, an American electronic DJ and music duo, is releasing its NFT collection on Polygon. The release of their new album, "So Far So Good," will include the distribution of 5,000 NFTs, allowing fans to partake in 1% of earnings. The Chainsmokers use a platform called Royal, which runs on the Polygon network and is responsible for Nas' and other well-known artists' recent NFT drops.
Polygon's Metaverse event sees more than 834,000 attendees
Polygon MATIC's inaugural Polygon Ignite held in the Metaverse saw a whopping turnout of more than 834,000 attendees, which is two times the population of Iceland.
Polygon recently reached an adoption milestone with more than 19,000 decentralized applications (dApps) running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data.
At the time of publication, MATIC's price is currently trading at $0.717, representing a nearly 17.42% increase in the last 24 hours. On May 12, MATIC dipped to intraday lows of $0.476. MATIC has since recovered from what seems to be the lowest levels so far in 2022, reaching intraday highs of $0.75 on May 13.