PANews, October 12: Sandeep Nailwal, founder of the Polygon Foundation, posted that two weeks ago, the Polygon protocol burned 100 million POL tokens, approximately 1% of the total supply, using fees generated by the network. Currently, the next phase of planned burns has reached 22 million POL tokens, approximately 0.2% of the total supply.
Polygon Protocol Burns 100M POL Tokens, Plans to Destroy 22M in Next Phase
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Summary
The Polygon Protocol announced a recent update that burned 100 million POL tokens, or 1% of the total supply, using network fees. Co-founder Sandeep Nailwal confirmed the action and revealed that a network upgrade is planned to burn an additional 22 million tokens in the next phase, equivalent to 0.2% of the total supply.
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