Polygon burns $7.38M in POL so far this year

Polygon (POL) has burned 107 million POL, worth $7.38 million, so far this year. Co-founder Sandeep Nailwal stated on X that the large-scale burn has transitioned the token to a net deflationary structure. He attributed this to the network processing a high volume of transactions, noting that Polygon handled 198 million transactions last month alone—the most of any blockchain. According to CoinMarketCap, POL is trading at $0.06898, down 1.01% over the past 24 hours.