Polygon system Token (POL)
Polygon's new staking and gas token replacing MATIC. AggLayer cross-chain aggregation is the core thesis but token vesting schedule is heavy.
Ranked 56th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
POL scores 123 of 250 across the 25-variable framework, which places it 56th of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
POL is a top-10 name in the set on 2 variables. The score rests on Developer Activity 7/10, 9th of 251, Holder Concentration 5/10, 10th of 251, Exchange Depth 7/10, 12th of 251 and Regulatory Safety 7/10, 17th of 251.
Against the same universe, POL sits in the bottom third on Vesting Schedule 3/10, 204th of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Supply Inflation 3/10, 199th 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 POL. Price has to be justified by demand rather than absorbed against a cliff.
POL 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 8 points against the previous pass (115 to 123). 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 | 4 | 71st of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 3 | 199th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 4 | 203rd of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 6 | 24th of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 6 | 32nd of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 6 | 26th of 251 | |
| Exchange Depth | 7 | 12th of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 6 | 33rd 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
AggLayer connecting all Polygon CDK chains into unified liquidity layer; ETH Foundation alignment
Principal risk
Only 38% circulating; MATIC migration not fully complete; AggLayer adoption slower than expected
Market and supply
| 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, OKX, Bybit, 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 POL 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] POL replaced MATIC as Polygon's native gas and staking token in 2024link dead, claim unverified
- [Polygon Labs] AggLayer v1 launched connecting Polygon chains with unified cross-chain liquidity
- [Messari] POL circulating supply 38% of total as migration from MATIC continues
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 system Token (POL)?
- POL scores 123 out of 250 on the 25-variable framework, ranking 56th of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are POL's strongest fundamentals?
- POL ranks highest on Developer Activity 7/10, 9th of 251, Holder Concentration 5/10, 10th of 251, Exchange Depth 7/10, 12th of 251 and Regulatory Safety 7/10, 17th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the POL thesis?
- POL scores in the bottom third of the universe on Vesting Schedule 3/10, 204th of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Supply Inflation 3/10, 199th of 251. The single risk carried on the scorecard is: Only 38% circulating; MATIC migration not fully complete; AggLayer adoption slower than expected
- How much POL supply is still to enter circulation?
- 100% of eventual POL 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 POL from its all-time high?
- POL 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 POL?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to POL are FIL (101), PYTH (107), IMX (117) and OP (123). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for POL?
- AggLayer connecting all Polygon CDK chains into unified liquidity layer; ETH Foundation alignment
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.