polygon

According to The Block, the stablecoin SoFiUSD issued by the licensed American bank SoFi has been launched on the Polygon Open Money Stack.SoFi users can buy, sell, hold, and exchange SoFiUSD on Polygon through the SoFi App without the need for a separate wallet or manual cross-chain transactions. SoFiUSD is issued by SoFi Bank, a national bank regulated by the Office of the Comptroller of the Currency (OCC), and can be redeemed for US dollars at a 1:1 ratio.

The Polygon community has proposed a draft proposal PIP-93, aiming to integrate the Protocol Council, Polygon PoS, and AggLayer multi-signature into a unified Polygon Security Council.The committee consists of 11 signatories sent by 10 institutions, adopting an 8/11 multi-signature strategy, covering Ethereum and Polygon; Polygon Labs occupies 2 seats, while the other institutions each occupy 1 seat, including Sherlock, Hexens, Sigma Prime, Curve, QuickSwap, EthCC, L2Beat, and Coinbase.Daily upgrades and parameter changes can be proposed by the Polygon Labs Operations multi-signature with a 7-day time lock, and the security council can veto during the window period, or skip the time lock for immediate execution or contract suspension removal. The proposal aims to replace the governance structure established by PIP-29, changing to only publicly holding the list of institutions with seats, no longer disclosing the identities of individual signatories; it is currently in Draft status.

According to the improvement proposal (PIP) disclosed by the Polygon community forum, a member proposed to zero out approximately 70.49 million native POL (approximately 6.5 million USD at about 0.0924 USD on October 29) from the addresses on the blacklist through a hard fork of the Polygon PoS mainnet and transfer it to a designated recovery address. Among these, approximately 23.86 million are related to Polymarket, and approximately 46.63 million are related to Binance, with the total supply remaining unchanged.The proposal is scheduled to be introduced at the protocol governance meeting on November 5 at 22:30 Beijing time, with the activation block and client version to be determined.

The multi-chain NFT data platform NFTScan stated on platform X that due to business adjustments, it will no longer provide NFT data services for Polygon and Solana.

The prediction market revenue protocol Robin Markets announced the shutdown of V1. The team stated that the initial version of the revenue product did not achieve the expected adoption and will be gradually phased out to allow for the re-launch of an improved version. The points program, revenue guarantees, and matching rewards will cease along with V1; these mechanisms were originally intended to incentivize liquidity but did not perform as expected. Existing products will continue to operate until the new version is launched by the end of this year.The team outlined two main issues. The first is position matching: V1 needs to match opposing YES and NO positions within each market's liquidity pool to combine funds into USDC for use, and the efficiency of funds depends on whether the distribution on both sides is relatively balanced. This creates a first-mover disadvantage, as tokens deposited early often remain idle before a counterparty appears, resulting in thin liquidity pools, and early users frequently cannot earn returns. The second issue is changes in the revenue environment: at the project's launch, the yield on USDC.e on Polygon was still considerable, and there was a partnership with Yearn; after October 10, more yield channels on Polygon shrank or lost competitiveness, weakening the original sources of revenue and placing greater pressure on subsidy guarantees. The team stated that insufficient matching and weakening revenue mutually influence each other, hindering the product's actual operation.Robin Markets positions itself as the capital efficiency layer of the prediction market, allowing users to stake Polymarket outcome tokens on Polygon while earning returns without losing their original market exposure. Public information shows that the project previously completed a $475,000 angel round of financing, with investors including Fabric VC, Animoca Brands, ATKA Incubator, John Lilic, Stefan D. George, and angel investors from Hilbert Capital, LayerZero, and others. The team stated that the next version will directly address the issues of matching mechanisms and revenue sources.

According to official news from Binance, the platform has resumed withdrawals of POL, USDT, and USDC on the Polygon network, as well as AVAX, USDT, and USDC withdrawals on the Avalanche C chain.Binance stated that more assets and networks will be gradually restored for withdrawals after completing security checks.

Polygon Labs announced that it has integrated Solana into its Open Money Stack payment platform, allowing the network's enterprise clients to connect their dollar bank accounts directly to the global payment network through a single API framework. The platform supports enterprises in depositing funds from bank accounts, transferring funds across chains, and making payments to recipients, while also providing functionalities such as customer accounts and wallets, currency exchange, and routing payments to supported bank accounts, debit cards, cash services, and cryptocurrency wallets.Kira is one of the first clients to use the Solana integration, helping clients convert between dollars and stablecoins, send payments through banking channels, and pay overseas suppliers. Kira's CEO Edrizio De La Cruz stated that the company has been using Solana to transfer stablecoins, and collaborating with Polygon allows these transfers to be converted into dollars in their bank accounts when clients need to pay suppliers. Open Money Stack simultaneously connects Polygon, Ethereum, and TRON, which was integrated earlier this month.This integration occurred after Solana activated the Alpenglow consensus upgrade a week ago, which reduced the final confirmation time for transactions from approximately 12.8 seconds to 150 milliseconds. According to data from The Block, the total supply of dollar stablecoins has approached $290 billion, with USDT exceeding $182 billion and USDC nearing $76 billion. Vibhu Norby, Chief Product Officer of the Solana Foundation, stated that the volume of stablecoin transactions processed by Solana in 2026 has exceeded $5.5 trillion. Earlier this month, Polygon also completed the acquisition of Coinme, obtaining money transmission licenses and exemptions covering 48 states in the United States.

According to Polygon, the Miden partner mainnet is now live and connected to Polygon's cross-chain aggregation layer Agglayer, which can access the liquidity of the entire blockchain ecosystem.Miden officials also announced that the network is operational on the partner mainnet.

According to monitoring by Arkham, the address marked as the Polygon multi-signature wallet "0xFA5" has transferred a total of 52,928,000 POL to the staking contract address, valued at approximately 4.82 million USD.Market analysis suggests that the recent increase in Polygon staking activities is related to the rise in APY, which may also provide some support for POL and alleviate its downward price pressure.

Polygon announced the launch of Polygon CDK Besu, supporting banks and financial institutions to deploy private blockchains based on Hyperledger Besu, and connect to other blockchains and their liquidity through Agglayer from the outset. It currently supports deployment on the Ethereum mainnet.

The Japanese yen stablecoin issuer JPYC posted on the X platform that the issuance processing of JPYC on the Polygon network experienced delays starting around 14:00. The related issues have now been resolved, and the backlog of issuance applications is being processed in order.JPYC emphasized that the JPYC issuance services on other networks and all redemption processing across networks were not affected by this incident.

Polygon Labs official announcement, Bor v2.1.3 is officially released to the public, previously distributed in private version form to validators and major infrastructure providers. This update fixes two medium-severity denial-of-service vulnerabilities in BlockSTM V2 parallel block execution, both submitted by security researchers through the Immunefi bug bounty program.Unbounded keccak256 cache issue: Attackers can fill hundreds of MiB of cache during the speculative execution phase by constructing specific transactions, leading to node memory exhaustion and delayed block production. The fix is to set a capacity limit on the shared cache. Repeated code hash calculation issue in parallel execution: A single transaction can cause the parallel processor to take about 11 seconds, severely affecting node activity. The fix is to cache code hash results on a per-transaction basis.In addition, this update also includes several internal hardening measures: the transaction pool address filtering adds interception for EIP-7702 SetCode authorization, RPC batch execution pool concurrency limit fixes, consistency fixes for reading balances across self-destruct boundaries in parallel execution, and an automatic cleanup mechanism for pending transactions (default 3 hours). The affected versions are Bor v2.1.1 and v2.1.2. v2.1.3 is a non-hard fork, and nodes can upgrade individually without coordination. No exploitation records of the two vulnerabilities have been found on the mainnet and testnet Amoy.

According to the official blog of Polygon, Polygon Labs announced the completion of its acquisition of Coinme, and its payment infrastructure product Polygon Open Money Stack (OMS) has officially become a payment platform regulated by the United States.Currently, the platform covers 48 states in the U.S., holds 37 state-level money transfer licenses and 11 exemptions, and has registered as a money services business with FinCEN.

On October 12, Polygon announced that its Open Money Stack (OMS) has launched automated stablecoin payment operations. The team can set the recipient range, payment budget, and operation window all at once. At the start of the cycle, the product sends a payment request without the need to re-sign for each transfer.The pre-set content by the team includes approved payment operations and recipient range, project expenditure limits, operation window, and expiration time, as well as the ability to close current rules. The wallet will verify the recipient range, expenditure limits, and expiration time on-chain, and the team can also close the rules in advance to prevent the next payment request.Related terms are recorded in the Sessions Module on the wallet chain and executed at the contract layer. Once approved, the backend cannot expand the recipient range, increase expenditure limits, or extend expiration time; requests that exceed the agreed terms will be rejected. This process is part of the same system as deposits, holding stablecoin balances, and subsequent settlement routing.

According to monitoring by Sandeep Nailwal, the Polygon protocol destroyed 100 million POL two weeks ago, accounting for about 1% of the total token supply, with funds sourced from network-generated transaction fees. Currently, another 22 million POL are prepared to enter the next phase of destruction, accounting for about 0.2% of the total supply.Polygon has not fully disclosed the impact of OMS on POL, and relevant information will be announced soon. Last week, the annualized transaction volume processed by OMS exceeded 1 billion dollars for the second consecutive week.

Regarding the announcement "Polygon is not dead" released by Polygon's official Twitter, which is suspected to mock the shutdown of Abstract, Polygon founder Sandeep responded that the dissemination effect of the related content "did not meet expectations," and some people attributed a completely different meaning to it. The Polygon marketing team was self-deprecating, as Polygon's fundamentals are still growing, and there was no intention to imply anything about Abstract's shutdown.Sandeep added that he was also confused when he first saw the content and emphasized that he has great respect for Abstract founder Luca Netz and his team. Since Polygon itself had also terminated the zkEVM project, he empathizes with the pain and would not mock the other party, wishing Luca and the Pudgy Penguins team all the best.

The Polygon Foundation announced on the X platform that the PIP-92 proposal has been officially activated, and the staking rewards for the Polygon Chain will be increased to an expected 7.7%. This incentive will last until December 1, 2026.According to PIP-92, the 27.3 million POL priority fees accumulated by the network will be used to enhance the reward earnings for stakers over the next two months.

The Polygon Foundation announced that the staking rewards for Polygon Chain are expected to increase to 7.7% on October 1. According to PIP-92, the accumulated 27.3 million POL priority fees in the network will be used to enhance staker rewards in the next two months.

Polygon co-founder Sandeep posted on the X platform stating that the POL community has recently accumulated and permanently destroyed 100 million POL through on-chain revenue, accounting for about 1% of the total supply, and will additionally destroy approximately 25 million POL.Sandeep also mentioned that POL (formerly MATIC) is still "the most undervalued and overlooked project." According to him, Polymarket has launched perpetual contracts on Polygon, and with the recent upgrade, Polygon PoS is gradually evolving towards a more advanced blockchain, expecting to achieve a 1 millisecond confirmation time through block flow in the future. Additionally, OMS is about to enable Polygon to handle approximately 1 million new transactions daily.

According to The Block, the Solana Foundation announced the appointment of Rachel Conlan as Chief Strategy Officer and Jamal Raees as General Manager of Payment Business to expand institutional adoption and payment operations. Conlan previously worked at Binance for three years and held senior management positions at companies such as OKX; Raees comes from Polygon Labs and will be responsible for collaborating with payment companies, enterprises, and ecosystem partners to promote Solana as a global payment infrastructure.The Solana Foundation stated that this year, Solana's stablecoin trading volume has exceeded $50 trillion, the on-chain real-world assets (RWA) scale has surpassed $4.5 billion, and the supply of tokenized stocks has exceeded $620 million.