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.
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.
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
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 7 | 26th of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 8 | 27th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 5 | 74th 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.
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
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 supply | 10,691,458,078 |
| Eventual supply (total supply) | 10,691,458,078 |
| Dilution to full supply | 1x |
| Total value locked | $650.0M |
| Listed on | Binance, 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.
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.
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.
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.