Polygon ($MATIC) Network Upgrade & Hard Fork Will Be Supported By Binance On January 18

Binance will support the Polygon (MATIC) network upgrade and hard fork.

The EIP-1559 upgrade, commonly known as the London hardfork, completely revolutionizes how the fee market works on the Ethereum network. It eliminates first-price auction as the main mechanism for fee calculation and introduces a discrete base fee that is burned rather than paid to miners.

While this change does not lower transaction fees, which are governed by the forces of demand and supply, it does allow users to estimate costs better and reduce the number of users overpaying.
However, these changes will have far-reaching effects for all of Polygon’s stakeholders, including its native token (MATIC) holders, validators and delegators, decentralized app (dApp) developers, and users.

The Polygon (MATIC) network upgrade and hard fork

It will take place at Polygon block height of 23,850,000 or approximately at 2022-01-18 08:00 (UTC). Deposits and withdrawals of MATIC will be suspended approximately starting from 2022-01-18 07:00 (UTC).

Please note:

• The trading of MATIC will not be affected during the network upgrade and hard fork.
• The Polygon (MATIC) network upgrade and hard fork will take place at Polygon block height of 23,850,000. The estimated time is for users’ reference only.
• Binance will handle all technical requirements involved for all users holding MATIC in their Binance accounts.
• The Polygon (MATIC) network upgrade and hard fork will not result in new tokens being created.
• They will reopen deposits and withdrawals for MATIC once we deem the upgraded network to be stable, and we will not notify users in a further announcement.

Important notes:

• Polygon will be introducing a token burn mechanism which is dependent on network activity. For further details, please refer to the link.
• As of the release time of this announcement, Binance is not aware of any security code audit report conducted on this version of Polygon’s network upgrade and hard fork.

For more information on the network upgrade and hard fork, please refer to the following:

• EIP1559 (London Fork) on Mainnet
• Case Analysis of EIP1559 Implementation and Impact on Total Supply

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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