Polygon Prepares $10M Token Burn Amid DeFi Shift Towards Supply Reduction

This week in cryptocurrency news, Polygon's foundation confirmed plans to permanently burn 100 million POL tokens. The move is pending approval from the Security Council and could have a significant impact on the token's price.

The tokens will be destroyed using a permissionless contract that sits in a collector contract holding 121 million POL from network base fees. Quarterly burns are planned once the contract is live.

Polygon's POL traded near $0.1043 as of publishing, according to CoinGabbar's live Polygon price tracker.

Other notable updates include Hyperliquid's manual lending feature rollout, which pushed HYPE to a fresh all-time high of $93.04, and Solana's upgrade to cut slot time from 400 milliseconds to 200 milliseconds under SIMD-0525.