Polygon has achieved a significant on-chain milestone, recording 94 million stablecoin transfers, the highest among major blockchain networks. This surge, backed by 5.2 million stablecoin addresses, drove the total stablecoin supply on the chain to $3 billion and contributed to an adjusted transaction volume exceeding 32.2 billion. The chain also registered a daily all-time high of $1.49 billion in USDC supply, signaling a substantial increase in on-chain liquidity and trading activity.
Concurrently, heightened network usage generated $4 million in fees over the last 30 days. A portion of this revenue has been directed toward token burns, with 3 million POL burned in the last 24 hours, bringing the total burned to 28.9 million. While this mechanism aims to increase token scarcity, analysis indicates it has been insufficient to counteract selling pressure, as evidenced by Polygon's Stock-to-Flow Ratio declining to a low of 4.5.
Despite these robust on-chain metrics, the price of POL has failed to respond positively. At the time of reporting, POL was valued at $0.092, reflecting a 2.76% daily decline and a 42% drop over the previous month. The token trades below all its key moving averages (20-, 50-, 100-, and 200-day EMAs), and its Stochastic Momentum Index sits at -38, indicating dominant downside pressure from sellers.
In a separate development, the Bank of England selected Chainlink as a member of its new Synchronization Lab, a project building on Project Meridian to demonstrate synchronization operator concepts for the upcoming RT2 capability. Chainlink joins other entities like Swift, Quant, and the London Stock Exchange in the program. Despite this institutional partnership, the price of LINK continued to decline, trading at $8.60, down approximately 70% from its 2025 peak.
