Ethereum’s Layer 2 scalability solution Polygon is gearing up for a major upgrade next week. According to a recent announcement from Polygonscan, the Polygon blockchain will trigger the London hardfork or EIP-1559 in 5 days on Tuesday, January 18, after block 23,850,000 has been validated.
The official announcement from Polygonscan says:
After successfully upgrading EIP-1559 on Mumbai Testnet last year, the much awaited London Hardfork on Mainnet is here! # EIP1559 and related EIPs will be activated on the Mainnet on January 18 at approximately 3am ET/8am UTC.
Taking cues from the oldest brother Ethereum, the Polygon network will also implement the EIP-1559 token logging mechanism. The write mechanism will remove MATIC tokens from circulation, providing better fee visibility for its users.
Polygon currently has a fixed supply of 10 billion MATIC tokens. Therefore, any reduction in the number of tokens will result in an overall deflationary effect. Furthermore, after consulting with Binance, MATIC BEP2 will be discontinued.
Therefore, 150 million BEP2 MATIC offered as liquidity on Binance Smart Chain (BSC) will be swapped for ERC-20. Polygon notification Note:
As a user, if you hold MATIC on Ethereum, Polygon PoS chain or BSC or on Binance, no action is required. If you hold BEP2 MATIC, please transfer them to Binance and withdraw MATIC on Ethereum, Polygon or BSC. All BEP2 MATIC will be burned when all users complete the swap.
Is MATIC Heading towards $3?
Polygon’s MATIC has been one of the best performing cryptocurrencies even during the recent market correction. As of press time, MATIC is trading up 8.5% at a price of $2.39 and a market cap of $16.8 billion.
Polygon’s MATIC is likely to hit $3 if the broader crypto market remains supportive. Additionally, on the technical chart, Polygon’s MATIC has formed an ascending accumulation channel that can lead to a breakout above $3.
To be #Polygon MATIC creates an ascending accumulation pillar and will explode out of ATH in the coming weeks? pic.twitter.com/SiC5DMWdko
– Bitcoinsensus (@Bitcoinsensus) January 10, 2022
It will be interesting to see how far MATIC can go after all these recent developments. Drop your predictions below!