Polygon Permanently Burns 100M POL, Worth $10.12M

Polygon has permanently removed 100 million POL from circulation through its new burn system. The tokens, worth around $10.12 million, were burned on September 23 and represent about 1% of the token's total supply.

The burn came from accumulated transaction fees, which are split into base fees and priority fees. Base fees are used for burning, while priority fees pay block producers or validators. The new system is designed to reduce the need for Polygon's team to handle every burn themselves.

POL remains under market pressure, down 6.46% on the day but still nearly 10% higher over the past week. The token's current price is $0.1014 with a market cap of $1.07 billion and a 24-hour trading volume of $228.83 million.