WATCH

Polygon (Legacy) (MATIC)

Legacy MATIC being migrated to POL token. Dual-listing confusion and migration uncertainty create selling pressure. See POL entry for current thesis.

Ranked 94th of 251 rated tokens. Scoring pass 11 Jun 2026.

Score
110/250
94th of 251
Percentile
62.9%
of the rated universe
Circulating
100%
0% of value still to vest
Off all-time high
-94.2%
17.2x to recover
PolygonERC-20+15 since last pass
01

What the numbers say

MATIC scores 110 of 250 across the 25-variable framework, which places it 94th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.

MATIC is a top-10 name in the set on one variable. The score rests on Holder Concentration 5/10, 10th of 251, Supply Inflation 7/10, 26th of 251, Circulating / FDV Ratio 8/10, 27th of 251 and Institutional Adoption 5/10, 36th of 251.

Against the same universe, MATIC sits in the bottom third on BTC Alpha Potential 2/10, 200th of 251. These are the variables that would have to move for the verdict to change.

100% of eventual supply is already circulating, so vesting is not a live risk for MATIC. Price has to be justified by demand rather than absorbed against a cliff.

MATIC trades 94.2% below its all-time high of $1.29. Recovering that level is a 17.2x move, not a 94.2% one, which is the arithmetic most drawdown charts hide.

The framework score gained 15 points against the previous pass (95 to 110). Revisions of this size follow a change in the underlying variables, not a change in price.

$650.0M sits in the protocol. Each dollar of value locked carries 1.23 dollars of token market cap.

02

25-variable breakdown

Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.

Cash flow

Cash flow variables for MATIC, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
460th of 251
Revenue Trend
3117th of 251
P/S Multiple
4104th of 251
Real Staking Yield
482nd of 251

Supply

Supply variables for MATIC, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
726th of 251
Vesting Schedule
659th of 251
Circulating / FDV Ratio
827th of 251
Buyback and Burn
2114th of 251

Ownership

Ownership variables for MATIC, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
3149th of 251
Insider Selling
4151st of 251
Holder Concentration
510th of 251

Traction

Traction variables for MATIC, scored 1 to 10 and ranked against 251 tokens
TVL Trend
465th of 251
Active Users
538th of 251
Developer Activity
583rd of 251
Network Growth
4100th of 251

Position

Position variables for MATIC, scored 1 to 10 and ranked against 251 tokens
Market Share
487th of 251
Competitive Moat
3175th of 251
Institutional Adoption
536th of 251
Exchange Depth
637th of 251
Social Mindshare
486th of 251

Risk

Risk variables for MATIC, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
652nd of 251
Catalyst Calendar
3158th of 251
BTC Alpha Potential
2200th of 251
Team Execution
4147th of 251
Treasury Runway
574th of 251

The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.

03

Catalyst and risk

Next catalyst

Full POL migration completion resolving dual-token confusion

Principal risk

Token fully replaced by POL; holding MATIC requires migration action; low liquidity post-transition

04

Market and supply

MATIC now trades as POL. The scoring pass ran under the old ticker, so the scores below are filed under MATIC while the market figures track POL.

Price$0.0748
Market cap$799.2Mrank 77
All-time high$1.2913 Mar 2024
Circulating supply10,691,458,078
Eventual supply (total supply)10,691,458,078
Dilution to full supply1x
Total value locked$650.0M
Listed onBinance, Coinbase, Kraken

Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.

05

Tokens with a similar profile

These are the closest matches to MATIC measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.

06

Sources

  • [Polygon Blog] MATIC to POL token migration began September 2024link dead, claim unverified
  • [DeFiLlama] Polygon TVL approximately $650M across all chains as of 2026
  • [Polygon Docs] MATIC staking deprecated as POL becomes primary staking token

One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.

07

Common questions

What is the Early Thunder score for Polygon (Legacy) (MATIC)?
MATIC scores 110 out of 250 on the 25-variable framework, ranking 94th of 251 rated tokens (upper half). The framework verdict is WATCH.
What are MATIC's strongest fundamentals?
MATIC ranks highest on Holder Concentration 5/10, 10th of 251, Supply Inflation 7/10, 26th of 251, Circulating / FDV Ratio 8/10, 27th of 251 and Institutional Adoption 5/10, 36th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
What are the weakest parts of the MATIC thesis?
MATIC scores in the bottom third of the universe on BTC Alpha Potential 2/10, 200th of 251. The single risk carried on the scorecard is: Token fully replaced by POL; holding MATIC requires migration action; low liquidity post-transition
How much MATIC supply is still to enter circulation?
100% of eventual MATIC supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
How far is MATIC from its all-time high?
MATIC trades 94.2% below its all-time high of $1.29. Returning to that high requires a 17.2x move from the level used in this scoring pass.
Which tokens have a similar profile to MATIC?
Measured on the shape of all 25 scored variables rather than on price, the closest matches to MATIC are 1INCH (93), ANKR (96), THETA (105) and COMP (119). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
What is the next catalyst for MATIC?
Full POL migration completion resolving dual-token confusion

Keep reading

Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.