Polygon Burns 100M Tokens Amid Record Revenue

Polygon is preparing for the next crypto market bull cycle by implementing an aggressive deflationary plan, which includes permanently burning 100M POL tokens. According to Polygon Foundation CEO Sandeep Nailwal, this move is a result of the project's impressive protocol revenue, which has hit $24.5M so far this year.

The proposal to burn the tokens is awaiting Security Council approval and will be implemented manually on a quarterly basis. The collected fees from Polygon's base fees add POL to its collector wallet, with the current collector holding 121M POL, worth around $1.2M.

If the burning plan goes ahead as planned, it would remove 1% of the circulating supply of POL from the market. The move has already boosted POL's price, which surged by 10% on the update.