Polygon burns 100 million POL through network fees as the token trades near $0.10
Polygon burned 100 million POL through network fees, about 1% of original supply, while POL fell from $0.102 on October 11 to $0.0948 on October 16.
Why it matters
The burn runs through Polygon's existing fee mechanism rather than a new buyback programme, and issuance keeps adding supply on top of it. The Coinme acquisition gives Polygon Labs licensed dollar rails across 48 US states, and the BlockSTM V2 fixes close a resource-exhaustion path in the execution engine that Polygon says was never exploited. Apart from those two items, the burn's effect on the token is limited, since POL traded lower over the same period.
Key facts
Polygon permanently burned 100 million POL, about 1% of its original supply, using fees collected by the network rather than tokens from the Polygon Foundation treasury.
100,000,000 POLReported by Crypto.News
A further 22 million POL, about 0.2% of the original supply, were lined up for the next burn.
22,000,000 POLReported by Crypto.News
Polygon's token issuance mechanism continued to add new POL, partly offsetting supply removed through fee burns.
Reported by Crypto.News
Polygon's Open Money Stack recorded more than $1 billion in annualized processing volume for two consecutive weeks, according to co-founder Sandeep Nailwal.
1,000,000,000 USDReported by Crypto.News
Crypto.News put POL near $0.103 on October 12, after a decline from about $0.12 in late September.
0.103 USDDisputed figureReported by Crypto.News
CryptoNews.net put POL at $0.0948 on October 16, 7% below the $0.102 recorded on October 11, with an intraday dip near $0.090, RSI at 44.9 and open interest that reached $50 million on October 12 before declining.
0.095 USDDisputed figureReported by Crypto News (CryptoNews.net)
Polygon Labs completed its acquisition of Coinme, which holds 37 money transmitter licenses and 11 exemptions, is registered with FinCEN, and converts dollars to and from digital assets across 48 US states.
48Reported by Crypto News (CryptoNews.net)
What happened
Polygon has permanently burned 100 million POL, roughly 1% of its original supply, through network fees, and the token has not tracked that supply reduction. Crypto.News reported POL near $0.103 on October 12, down from about $0.12 in late September, while CryptoNews.net reported the token at $0.0948 on October 16, a 7% fall from the $0.102 it recorded on October 11, with an intraday dip close to $0.090. Co-founder Sandeep Nailwal said in an October 11 post on X that the burn had happened roughly two weeks earlier, was paid for with fees the network collected rather than tokens from the Polygon Foundation treasury, and that a further 22 million tokens, about 0.2% of original supply, were lined up for removal; the same post put Polygon's Open Money Stack above $1 billion in annualized processing volume for two consecutive weeks. Crypto.News also reported that Polygon's issuance mechanism keeps adding new POL, partly offsetting what the burns remove. Two developments carried only by CryptoNews.net sit alongside the burn: Polygon Labs has wrapped up its acquisition of Coinme, a firm with 37 money transmitter licenses and 11 exemptions that is registered with FinCEN and converts dollars to and from digital assets across 48 US states, and Polygon shipped a Bor client update on October 15 fixing two medium-severity flaws in the BlockSTM V2 parallel execution engine, where valid low-gas transactions caused delays of up to 11 seconds against a serial path measured in tens of milliseconds, with the private rollout starting October 5 on Amoy and October 8 on mainnet and no active exploitation reported. The same outlet reported KiiChainio's launch on Polygon with 24/7 settlement and $100 million processed since launch, a claim it attributed to the CryptoTwitter commentator @0xPolygon; three of the four reports here come from CryptoNews.net, one of them crediting crypto-economy.com, so the Coinme deal, the bug fixes and the KiiChainio launch each rest on a single outlet.
How the story developed
- Official statement
Sandeep Nailwal discloses the burn on X
He stated the network had burned 100 million POL, that another 22 million tokens were queued, and that the Open Money Stack had passed $1 billion in annualized processing volume for two consecutive weeks.
- First report
First report by Crypto.News
Polygon burns 100 million POL tokens, but why is its price still struggling?
- Update
Polygon executes the 100 million POL fee burn, roughly two weeks before Nailwal's disclosure
The tokens were paid for with fees accumulated by the network, not from the Polygon Foundation treasury; the exact date was not given.
- Update
Crypto.News reports the burn and POL trading near $0.10
The first report in this set, describing the 1% supply reduction alongside a token down from about $0.12.
- Update
KiiChainio launch on Polygon reported
CryptoNews.net said KiiChainio launched with 24/7 settlement and $100 million processed since launch, attributing the announcement to the CryptoTwitter commentator @0xPolygon.
- Update
Bor client update ships with two BlockSTM V2 fixes
Private rollout started October 5 on Amoy and October 8 on mainnet; tests recorded parallel-path delays of up to 11 seconds against tens of milliseconds on the serial path.
- Resolution
Coinme acquisition completion and 7% POL decline reported
CryptoNews.net reported that Polygon Labs had wrapped up the Coinme acquisition and that POL had fallen 7% to $0.0948 as open interest and funding weakened.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 12 Oct 2026, 07:52 UTC: Crypto.News — 1 independent source, 1 reports
- 13 Oct 2026, 20:45 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Polygon burns 100 million POL tokens, but why is its price still struggling? | Original | |
| Crypto News (CryptoNews.net) Aggregator | KiiChainio Launches on Polygon, Expanding Onchain Liquidity | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Polygon price drops 7% below $0.10 as futures interest weakens | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Polygon Fixes Bugs That Let Cheap Transactions Overload Nodes for 11 Seconds | Syndicated |
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