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Polygon's London Hard Fork Arrives as Network Declares Date for Mainnet Launch

Wed, 01/12/2022 - 10:52
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Tomiwabold Olajide
London hard fork finally arrives on Polygon as network announces date for mainnet launch
Polygon's London Hard Fork Arrives as Network Declares Date for Mainnet Launch
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According to Polygonscan, London hard fork is set to arrive on the Polygon mainnet in 5 days and 15 hours, or 222,454 blocks away. The London hard fork, or EIP-1559, is set to be activated when block 23,850,000 is validated. This gives an estimated date of Tuesday, Jan. 18, 2022, at 8:00 a.m. (UTC)/3:00 a.m. (ET).

Disclosing this in a recent Twitter feed, the Polygon network writes, ''After the successful EIP-1559 upgrade on Mumbai testnet last year, the much-awaited London hard fork on Mainnet is here!''

In December 2021, Polygon rolled out a testnet implementation of Ethereum Improvement Proposal 1559 on the Mumbai testnet to introduce the burning of its native MATIC token and better fee visibility, taking its cues from Ethereum.

The second-largest cryptocurrency, Ethereum, saw a major upgrade dubbed "London Hard Fork" on Aug. 5, 2021. The London upgrade introduced EIP-1559, which seeks to reform the transaction fee market, along with changes to how gas refunds are handled.

Polygon MATIC has a fixed supply of 10 billion, so any reduction in the number of available tokens might have a deflationary effect as an annualized burn would represent 0.27% of the total MATIC supply.

150 million BEP2 tokens to be burned

According to the Polygon network, all BEP2 MATIC will be burned when all users are done swapping their tokens to ERC-20 following the discontinuation of the BEP2 tokens.

The network states that the move comes in consultation with Binance Exchange and due to low usage. The 150 million BEP2 that MATIC provided for liquidity on Binance Chain in 2019 will be swapped for ERC20 MATIC from the Foundation Wallet at 11:00 GST on Jan. 12 and be burned afterward, it says.

MATIC, the native asset of Polygon blockchain, trades at $2.33 as of press time.

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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.