Polygon Co-Founder Announces Additional POL Burn and Blockchain Upgrades
Sandeep, co-founder of Polygon, announced on the X platform that the POL community has successfully burned 100 million POL tokens, representing approximately 1% of the total supply. He stated that an additional 25 million POL tokens will also be permanently destroyed as part of ongoing efforts to enhance the token's value.
In his remarks, Sandeep described POL, formerly known as MATIC, as one of the most undervalued projects in the cryptocurrency space. He highlighted the recent launch of perpetual contracts on the Polymarket platform, which operates on the Polygon network, as a significant development for the ecosystem.
Furthermore, Sandeep noted that the Polygon Proof of Stake (PoS) system is undergoing upgrades aimed at achieving a confirmation time of just 1 millisecond. This improvement is expected to enhance the network's efficiency, with the OMS system set to enable Polygon to process approximately 1 million new transactions daily.
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Source: KLEA News