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PIP-25: Adjust POL Total Supply

Authors: David Silverman (@oneski22)Paul Gebheim (@pgpg)Harry Rook (@H_Rook)Mateusz Rzeszowski (@Mateusz)

Type: Contracts

Table of Contents:

  • Abstract
  • Definitions
  • Motivation
  • Specification
  • Security Considerations
  • Backward Compatibility

Abstract

In response to community feedbackthis PIP proposes that the burn() function be called on the migrator contractintroduced in PIP-17in order to burn an amount of POL equivalent to MATIC in the addresses currently used to permanently remove MATIC tokens from supply (ex: 0x000..dEaD) as well as other permanently inaccessible tokensthus bringing the POL circulating supply inline with the MATIC supply.

Motivation

PIP-17which initiates the POL upgradeproposes the minting of 10B POL to the migrator contract which corresponds to the entire original supply of MATIC. In order to accurately reflect the amount of previously burned MATIC in the POL supplythe authors propose the burning of corresponding POL.

Specification

Call burn() on the migrator contract with an amount reflective of the MATIC balances of the following addresses:

  • 0x000000000000000000000000000000000000dEaD [MATIC burn address] - ~16M MATIC
  • 0x7D1AfA7B718fb893dB30A3aBc0Cfc608AaCfeBB0 [MATIC token address] - ~500k MATIC

Exact values to be updated upon EIP-1559 recipient changeshould PIP-24 be adopted

Backward Compatibility

This change causes no identifiable backward incompatibilities.

Copyright

All copyrights and related rights in this work are waived under CC0 1.0 Universal.

7 Likes
2

What about on other chains as well. ETHBNB etc.

Also is used 0x0000000000000000000000000000000000000000 as a burn address too.

3

why exactly 10 billion? why can’t it be done like the Ether 100 million

4

I don’t understand why the total number of POL is more than the current number of MATIC? Why will you increase the amount of POL every year by 2%it will be 12 billions in 10 years. How did you not include the MATIC that was burned. You will lose this project. The price will never reach 5$ if you increase the number of tokens and not decrease them! I agree that it is necessary to reduce the amount of POL to the real amount of MATIC and take away those 2%.