Is polygon burning coins?

Polygon, a prominent blockchain network, has recently witnessed a remarkable surge in transaction volume, setting a new benchmark for its activity. This heightened engagement has had profound implications on the network's operational dynamics.

The influx of transactions has not only highlighted the platform's growing popularity but also necessitated a significant adjustment in its fee structure. As a result, fees associated with conducting transactions on Polygon have spiked, reflecting the increased demand for its services.

Parallel to the surge in fees, the total number of MATIC tokens burnt has also witnessed a dramatic increase. The burning of MATIC tokens, an integral part of Polygon's economic model, serves as a mechanism to reduce the overall supply and potentially drive up the token's value over time.

According to reliable data from PolygonScan, a dedicated analytics site for the Polygon network, an astonishing 806,832 MATIC tokens have been burnt in the past 24 hours alone. This figure underscores the scale of the recent transaction surge and the subsequent impact on the network's token economics.

The reasons behind this unprecedented surge in transactions are multifaceted. One contributing factor is the growing recognition of Polygon's scalability and efficiency, making it an attractive option for developers seeking to build decentralized applications (dApps) that can handle high volumes of transactions.