Polygon launches mobile burning capabilities for MATIC tokens

By:
on Mar 29, 2022
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  • Polygon has launched burning capabilities on its mobile wallet suite.
  • It has also unveiled a new Token List service.
  • These developments are contributing to the notable growth of the Polygon network.

Polygon has unveiled two new features for its ecosystem. Polygon (MATIC/USD), a layer-two scaling network built on top of the Ethereum mainnet, is launching significant developments that are aiding in the growth of its ecosystem and facilitating the price gains for MATIC.

The two new features launched on the Polygon network include mobile burning capabilities for MATIC tokens and a new Token List service.

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Polygon launches two new features

The MATIC burn console will be available for the mobile wallet suite of Polygon. It will offer a new interface that will provide seamless and intuitive experiences to users. The Polygon community has eagerly expected these two features, as the blockchain has teased its users about these products before.

The Polygon network is also making plans to offer a multichain system. This multichain system will allow users on the network to interact with other blockchains, which achieves growth for the entire blockchain sector.

The Polygon network has been committed to achieving growth by launching various upgrades. In January, the network integrated the Ethereum London hard firm on its mainnet. This upgrade seeks to lower the supply of MATIC tokens and boost the value of these tokens.

Since this burning mechanism was adopted, data from Polygon Burn Tracker shows that around 607,121 MATIC tokens have been burned.

Positive network developments

The largest digital asset management firm globally, Grayscale, recently announced a new cryptocurrency fund to support smart contract platforms apart from Ethereum. The launch of this fund will boost the growth of investments in the network.

Grayscale’s 18th investment product, dubbed the Ex-Ethereum Fund under the ticker GSCPxE, will provide exposure to seven smart contract networks such as Polygon MATIC. Polygon carries a 9.65% weighting on this investment product. Another notable development is on Polygon Studios, the gaming division on the Polygon network. The division recently announced that Bulgari, a luxury fashion brand, had launched an NFT collection on the network. Bulgari also announced the release of the BVLGARI Singularity NFT, also minted on the Polygon network.