Polygon Announces London Hard Fork Upgrade and BEP2 Token Burn

Polygon Announces London Hard Fork Upgrade

London Hard Fork is expected to arrive on Polygon Mainnet on January 18 at 0800 Hours UTC or 0300 Hours ET, amid the announcement of BEP2 token burn.

The EIP-1559 upgrade would go live once block 23,859,000 is validated, which is in five days and 15 hours, an equivalent of 222,454 blocks away.

The network adds that the 150 million BEP2 meant for liquidity on Binance Chain would be swapped for ERC-20 MATIC at 11:00 GST on January 12 and burning to follow.

Polygon notes that the Hard Fork follows the EIP-1559 update on Mumbai testnet in 2021.

The testnet implementation brought the burning of MATIC tokens and enhanced fee visibility in the network.

Polygon’s native tokens have a hard cap of 10 billion tokens, and a drop in the circulating tokens would have a deflationary effect. An annual burn would be 0.27% of the total supply.  

Source: Polygon

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