polygon

Polygon co-founder Sandeep posted on the X platform stating that the POL community has recently accumulated and permanently destroyed 100 million POL through on-chain revenue, accounting for about 1% of the total supply, and will additionally destroy approximately 25 million POL.Sandeep also mentioned that POL (formerly MATIC) is still "the most undervalued and overlooked project." According to him, Polymarket has launched perpetual contracts on Polygon, and with the recent upgrade, Polygon PoS is gradually evolving towards a more advanced blockchain, expecting to achieve a 1 millisecond confirmation time through block flow in the future. Additionally, OMS is about to enable Polygon to handle approximately 1 million new transactions daily.

According to The Block, the Solana Foundation announced the appointment of Rachel Conlan as Chief Strategy Officer and Jamal Raees as General Manager of Payment Business to expand institutional adoption and payment operations. Conlan previously worked at Binance for three years and held senior management positions at companies such as OKX; Raees comes from Polygon Labs and will be responsible for collaborating with payment companies, enterprises, and ecosystem partners to promote Solana as a global payment infrastructure.The Solana Foundation stated that this year, Solana's stablecoin trading volume has exceeded $50 trillion, the on-chain real-world assets (RWA) scale has surpassed $4.5 billion, and the supply of tokenized stocks has exceeded $620 million.

Polygon Foundation CEO Sandeep Nailwal announced that 100 million POL has been permanently destroyed, accounting for about 1% of the total supply. Previously, Sandeep Nailwal stated that the relevant destruction contract is ready and can be triggered by any member of the community, and mentioned that the community may consider conducting a POL destruction once every quarter in the future.

Polygon founder Sandeep posted on platform X that Polygon is ready to permanently burn 100 million POL tokens. The related contract is currently in the testnet and will go live on the mainnet after the final signature from the Polygon Council.After going live, anyone can trigger the first burn, and then community members can execute a burn operation once every quarter.

According to Blockaid monitoring, the QiDao Protocol stablecoin miMATIC on Polygon is currently still in a depegged state, reported at approximately 0.86 USD, about 14% lower than its 1 USD peg price.Blockaid stated that the depegging situation is still ongoing as of now.

Sandeep Nailwal, CEO of the Polygon Foundation, stated that Polygon is preparing to deploy a permissionless burn contract that allows anyone to permanently burn 100 million POL, which accounts for approximately 83% of the 121 million tokens held by the Polygon base fee collector. The contract is currently live on the testnet and will be deployed to the mainnet after the security committee completes the final signature.The first round of burns will permanently destroy 100 million POL, after which community members can trigger burns every quarter. Polygon's documentation indicates that the base fee is determined by the network and will be burned, with Nailwal stating that each base fee will inject POL into the collector. Based on the above data, approximately 21 million POL will remain in the collector after the initial burn.This burn represents about 1% of the initial supply of 10 billion POL, and based on a total supply of approximately 10.716 billion as shown by Blockscout, it accounts for about 0.93%. The burn will not set a hard cap on POL, which will continue to be issued, with an annual issuance rate of about 2% after June 2025. Nailwal also mentioned that POL has entered deflation starting January 2026, citing data from his "ChatGPT Analyst" that Polygon's revenue in 2026 will be $24.5 million, higher than Arbitrum's $8.41 million and Near's $5.6 million.

The official listing account of Kraken announced that TCS will soon be launched. TCS Blockchain is a blockchain-as-a-service platform aimed at the transportation industry, using ERC-20 tokens on Polygon to settle freight invoices without the need for traditional factoring intermediaries. The token trading will begin on September 9.

According to DefiLlama's on-chain cross-chain net flow data, Robinhood Chain had a net outflow of 306.19 million USD last week, ranking first among all chains in terms of outflow scale, far exceeding Hyperliquid (-179.51 million USD) and Polygon (-145.33 million USD).In terms of net inflow, Arbitrum leads with 184.14 million USD, followed by BSC (+142.38 million USD), Plasma (+120.38 million USD), Ethereum (+112.9 million USD), and Avalanche (+102.43 million USD).

Sandeep Nailwal, co-founder of Polygon and CEO of the foundation, stated that today he initiated a cryptocurrency campaign to support the people of Nepal and donate to the Nepalese Prime Minister's Disaster Relief Fund, with the donation link provided. This pathway utilizes blockchain technology to ensure that funds enter the government relief fund in the local currency.The campaign is supported by Polygon's Open Money Stack, Coinme, and Cross River Bank. Blockchain for Impact has pledged to donate $100,000. Nailwal mentioned that stablecoins are suitable for use when funds need to be quickly delivered to those in need.Nailwal stated that he was born in the Kumaon region of Uttarakhand, India, adjacent to Nepal, and his maternal family also hails from that area. Communities on both sides of the Indonesia border have been connected for generations through family, culture, faith, food, trade, and daily life. India and Nepal are often referred to as having a familial and shared life bond known as "roti-beti ka rishta." He hopes that people will participate in Nepal's relief and reconstruction using stablecoins.

Polygon Labs announced that it has completed a SOC 2 Type 1 examination for the Polygon Open Money Stack API and dashboard, covering the security trust services criteria. The independent auditing firm Schellman & Company, LLC determined that Polygon has implemented appropriate security controls.SOC 2 is an auditing framework established by the American Institute of Certified Public Accountants. A Type 1 examination assesses whether the design of the control system is correct at the time of the examination, while a Type 2 examination is ongoing and will test the execution of relevant controls over several months of actual operation. The report states that complementary user entity controls are not necessary for Polygon to fulfill its service commitments.Polygon Labs CEO Marc Boiron stated that as a technology provider handling real funds, it is essential to meet the standards of financial institutions, and most crypto infrastructure has never been audited against this standard for systems actually integrated by customers. Type 1 confirms that the control design is correct, and Type 2 will confirm its daily operation.

Polygon Labs disclosed that it has fixed a batch of security vulnerabilities in its proof-of-stake network through two hard forks, with the related fixes privately deployed before public disclosure. According to a forum post released on Wednesday, the team packaged the fixes into the Austin hard fork of the Bor client and the Kyoto hard fork of the Heimdall client, both of which followed the standard process for fixing issues that affect consensus: first validated on the Amoy testnet, and then publicly disclosed once the mainnet was activated and the network was secure.The Austin fork fixed two denial-of-service paths in block processing, including a vulnerability where malicious block producers could crash peer nodes by filling them with oversized field data. The Kyoto fork addressed a broader range of consensus hardening issues, with the most severe vulnerability allowing an attacker to force the entire validator set to perform costly and coordinated work with just one crafted transaction—the cost of constructing the transaction is low, but the network processing cost is high. Polygon emphasized that none of the vulnerabilities were observed to be exploited on the mainnet and have been proactively addressed. The two upgrades are now mandatory for node operators and have taken effect without the need for state migration or resynchronization.This disclosure comes at a critical transformation period for Polygon, which has completed the migration of the traditional MATIC token to POL as part of a comprehensive overhaul of its network architecture. The news did not boost the price of POL; according to CoinGecko data, POL traded at approximately $0.09983 on Sunday, down 2.3% in 24 hours, down about 6.8% over the past week, and down about 60.8% over the past year, with a market capitalization of approximately $1.07 billion.

Polygon disclosed multiple previously undisclosed security vulnerabilities recently fixed through two hard forks, Austin and Kyoto, which could affect its proof-of-stake network. The vulnerabilities involve Polygon's Bor and Heimdall clients, including denial-of-service risks, validator resource exhaustion, and defects affecting checkpoint and milestone processing.Polygon stated that the fixes were privately tested before being deployed to the mainnet and publicly disclosed. The most severe issue involved Heimdall, where carefully crafted transactions could force validators to perform excessive processing work, disrupting the network. The Austin hard fork also fixed two denial-of-service risks in Bor that could slow down block processing or cause node crashes. Polygon indicated that these vulnerabilities were not exploited on the mainnet, and the fixes were proactively completed before the details of the vulnerabilities were made public.

Polygon disclosed multiple previously undisclosed security vulnerabilities that were recently fixed through two hard forks, which could affect its proof-of-stake network. The vulnerabilities involve Polygon's Bor and Heimdall clients, including denial of service risks, validator resource exhaustion, and defects affecting checkpoint and milestone processing.Polygon stated that these vulnerabilities were fixed through the Austin and Kyoto hard forks, and the fixes were privately tested before being deployed to the mainnet and publicly disclosed. The most serious issue involved Heimdall, where a carefully crafted transaction could force validators to perform excessive processing work, thereby disrupting the network. The Austin hard fork also fixed two denial of service risks in Bor that could slow down block processing or cause node crashes.Polygon indicated that these vulnerabilities were not exploited on the mainnet, and the fixes were proactively deployed before the details were made public. Nodes running outdated client versions have fallen out of consensus after the hard fork activation height and must upgrade to rejoin the standard network. All Polygon PoS nodes are required to upgrade to Bor v2.1.0, and validators and full nodes must upgrade to Heimdall v0.11.0, both upgrades are now effective on the mainnet.

According to CryptoSlate, Polygon Labs issued an urgent notice that Polygon PoS nodes remaining on the old versions of Bor or Heimdall have lost consensus after the activation of the Austin and Kyoto hard forks and need to upgrade to catch up with the network progress. Austin was activated at mainnet block 91,949,700, requiring Bor v2.1.0 or above; Kyoto was activated at height 51,533,000, requiring Heimdall v0.11.0 or above.Austin fixed two types of Bor resource exhaustion risks: L1 to L2 bridging state synchronization events not counted towards the gas limit could slow down block processing; the TxDependency field having no size limit could lead to peer node crashes. Kyoto addressed vulnerabilities such as deep nested message attacks, fee coin scanning, and checkpoint signature recovery. Both hard forks are pure binary upgrades, requiring no state migration, and non-forked nodes do not need to resynchronize. Operators of old clients should upgrade and restore synchronization under Polygon's guidance if necessary.

The Slow Fog security team recently disclosed the discovery of a malicious GitHub repository impersonating the "Qwen 3.8 27B local quantitative model." The repository claims that the model file should exceed 16GB, while the actual downloaded content is only about 487KB, containing disguised files, a LuaJIT interpreter, and obfuscated Lua scripts. Slow Fog emphasizes that the official Qwen project has not been compromised.Slow Fog's analysis indicates that after the malicious program runs, it will collect host information, capture the screen, and send it to the attacker's C2 server; when the hard-coded server fails, it will also read backup C2 addresses from contracts on the Polygon chain, allowing the attacker to rotate infrastructure through on-chain transactions.Subsequent payloads can steal browser login information, cookies, history, email, WinSCP, Steam credentials, as well as files and extension data related to cryptocurrency wallets. Slow Fog also found that at least 23 GitHub repositories and 29 similar compressed packages used the same Lua delivery chain.

According to Crypto.news, data from CryptoSlam shows that this week, NFT transaction volume increased by 155.23%, rising from $35.29 million last week to $97.86 million. The number of NFT buyers rose by 50.56% to 174,203; the number of NFT sellers increased by 51.33% to 160,382; and the number of transactions slightly increased by 5.38% to 952,541.Ethereum network NFT transaction volume grew by 579.79% to $71.51 million, with the number of buyers increasing by 63.72% to 24,647. The Polygon network ranked second with a transaction volume of $10.55 million, a year-on-year decrease of 10.58%, while the number of buyers grew by 27.35% to 72,226. The Base network ranked third with sales of $4.51 million, an increase of 99.84%, and the number of buyer addresses grew by 86.74% to 2,168. The BNB Chain network followed closely behind, with a transaction volume of $3.59 million, an increase of 107.39%. Its number of buyers grew by 117.48% to 8,895.

Polygon co-founder Sandeep Nailwal stated that in response to community calls, the team is advancing a proposal for staking and tokenomics reform. He revealed that Polygon's revenue has achieved a tenfold increase this year, delivering 5k TPS and a 25% reduction in block time, and is now moving towards a block time of less than 1 second, making it the right time for stakers to receive their rightful share.Key points of the proposal include: launching native staking similar to L1 on Polygon PoS, which can run in parallel with Ethereum staking; the priority fee for each transaction will flow to POL stakers (PIP-85 has been approved, and native staking will simplify implementation); staking rewards are expected to nearly double, supported by real network fees rather than inflation; staking POL may earn additional incentives such as discounted Gas fees; sPOL will maintain liquidity and can be used in DeFi. Polygon Labs will write the code and submit the proposal for community forum review.

The Polygon Foundation posted on the X platform that the Ithaca hard fork has been successfully deployed on the Amoy testnet and will go live on the Polygon mainnet at block height 50,185,000 (expected at 22:00 Beijing time on July 29).This upgrade aims to enhance payment reliability: automatic failover during rare stalls of block producers ensures smooth transactions, new protective mechanisms intercept transactions that may cause the network to slow down or become unstable, while providing node operators with clearer visibility to ensure seamless integration of underlying operations. All node operators are required to upgrade as soon as possible to ensure compatibility and network security.

Polygon CEO Marc Boiron stated on the X platform that the company is in the final stages of completing the acquisition of Coinme, and will subsequently integrate the relevant teams into Polygon Labs. As part of achieving the profitability goal for 2027, the company has initiated layoffs and is advancing broader mergers and organizational adjustments.Marc Boiron mentioned that Polygon Labs is transitioning from a blockchain foundation-type organization to a blockchain payment company, with the relevant adjustments primarily focusing on organizational structure and talent needs. He also stated that the company's current revenue performance is strong, with stablecoin business volume continuously breaking records, and that compensation and support will be provided to affected employees.

Polygon Foundation CEO Sandeep disclosed that about one-third of the Polygon team paused their daily work last week to participate in a three-day internal AI innovation challenge, with a total reward pool of $15,000 set up by the team.During the three days, 13 projects were produced, of which 6 have officially launched, and 1 has completed real transaction settlement on 5 mainnet chains. Sandeep stated that for the payment sector, the landscape of the next decade will be dominated by teams that truly integrate AI into their daily workflows, and he expressed that this experiment has given him more confidence in the team.