The crypto town is all set to spectate a major event, which this time around is from the stable of a layer-2 protocol, “Polygon”. The impeccable journey of Polygon has left mainstream protocols in the dust, whilst leaving footprints for emerging layer-2’s to follow suit. The much talked about upgrade to EIP-1559, comes closer to its date of launch.
The connoisseurs from the Polygon community have pinned a hawkish stance on the EIP-1559 upgrade aka the London hard fork upgrade. Which would revolutionize the fee structure of the network, whilst opening doors for newer opportunities. In the interim, Polygon’s partnerships and adoptions have been doing seemingly well.
Will Polygon Now Be A Deflationary Asset?
Polygon had earlier announced the launch of the much awaited Ethereum Improvement Proposal (EIP-1559). The upgrade will go live on the mainnet on the 18th of January 2022, at about 8:00 am UTC. The London hard fork upgrade will be a major upgrade in the Polygon network, as it would revolutionize the fees structure on the network.
Since MATIC has a fixed total supply of 10 Billion tokens, EIP-1559’s token burning mechanism will have a deflationary effect on the asset. The upgrade will further empower the benefits of users of decentralized applications by lowering the fees. The upgrade will be imperative in the price trajectories of Polygon’s native token MATIC.
More Power To Polygon’s Glory?
Uniswap’s move with Polygon has been immensely beneficial for the network. As it has managed to save about $10 M in gas fees in comparison to the gas guzzler Ethereum.
In addition, the unique users have seen growth of 113% at 7,000 users, while the transactions are up 198% at 52,000. The average transaction per user is 6.5, which is 2.5 times greater than that of Ethereum’s.
Since the confluence, adoption has been escalating at a steady rate, the current TVL score stands at the ATH of $66M. On the contrary, Liminal launch will be launching the Polygon Partner Program.
The initiative will enable Polygon dApps to use Liminal’s self-custody platform to secure their digital assets at a subsidized rate. While getting access to perks such as insurance cover, premium support, gas free transactions, amongst others.
Summing up, the London hard fork upgrade is a major upgrade that was due on the Polygon network. The upgrade going live will play a pivotal role in making the digital asset scarcer.
That will in turn empower the price, “The Demand and Supply game” coming into picture. Moreover, the excelling utility has always been the USP of Polygon. With EIP-1559 in place, Polygon’s venture into the top-10 crypots list will be an easier task to triumph.
Source: https://coinpedia.org/altcoin/will-this-event-turn-buy-the-rumor-sell-the-news-for-polygon-matic-price-to-hit-3-this-weekend/