Polygon Prepares Permissionless Burn of 100 Million POL Tokens

Polygon, a leading blockchain platform, is preparing to launch a permissionless contract that will allow anyone to permanently burn 100 million POL tokens. This move would account for about 83% of the base-fee collector, which currently holds 121 million tokens, according to Polygon Foundation CEO Sandeep Nailwal.

The contracts are currently on testnet and will be deployed on mainnet once final Security Council signatures are obtained. The first burn would destroy 100 million POL at once, followed by quarterly burns that can be triggered by anyone in the community, said Nailwal.

According to Polygon's documentation, the base fee is a network-determined charge that is burned, and each base fee adds POL tokens to the collector. The planned burn would leave about 21 million POL in the collector before additional fees accrue.