Main navigation

Polygon Launches Mobile Burning Capabilities for MATIC Tokens

Mon, 03/28/2022 - 15:44
article image
Tomiwabold Olajide
The MATIC burn console will now be available for Polygon's mobile wallet suite
Polygon Launches Mobile Burning Capabilities for MATIC Tokens
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

As stated in a recent update, Polygon has launched two new features, first for mobile burning capabilities for MATIC tokens, and a new Token List service. The MATIC burn console will now be available for Polygon's mobile wallet suite, complete with a fresh interface that is aimed at providing a seamless and intuitive experience to its users.

U.Today previously covered Polygon teasing its community on two massive products set to be released shortly. It also hints at its multichain ecosystem, leaving the community to guess what it could be about.

Polygon, the Layer 2 scaling network, rolled out a major upgrade in January, incorporating Ethereum's London hard fork. With EIP 1599 now on its mainnet, the Polygon upgrade will limit the supply of MATIC and make its tokens potentially more valuable.

According to the Polygon Burn tracker, a total of 607,121.47 MATIC have been burned since this mechanism was initiated.

Latest developments

In the past week, digital asset manager Grayscale Investments unveiled a new cryptocurrency fund dedicated to smart contract platforms, excluding Ethereum, underscoring growing investor appetite for alternative blockchain networks.

The Grayscale Smart Contract Platform Ex-Ethereum Fund, also known by the ticker symbol GSCPxE, is the company's 18th investment product. The fund will provide exposure to seven smart contract platforms, including Polygon MATIC, with a 9.65% weighting.

As shared by Polygon Studios, the gaming arm of the Polygon blockchain, Italian luxury brand Bulgari, has launched its NFT collection on the blockchain. Inspired by the newest Octo Finissimo Ultra watch, which is said to be the world's thinnest mechanical watch, is the Octo Finissimo Ultra NFT. The 137-year-old Italian luxury brand also released the BVLGARI Singularity NFT.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.