Foreign media reports indicate that on-chain stablecoin liquidity on Polygon has increased significantly in recent months, but this change has not yet translated into token prices. Despite improvements in network fees, active addresses, and throughput, POL remains in a low range.

Stablecoin transfers rose to $24 billion in April.

The report, citing on-chain data, stated that Polygon's non-peer-to-peer stablecoin transfer volume has increased by approximately 66.7% over the past four months. Monthly transfer volume in April rose to $24 billion, up from less than $15 billion at the beginning of the year.

The article mentions that this indicator has been rising month by month since January of this year. A significant jump occurred in March, followed by a period of stability within a similar range. The total amount of stablecoins on the Polygon blockchain is approximately $3.44 billion, and the cumulative stablecoin transfer volume has exceeded $140 billion.

Improved transaction fees and active address performance

According to DefiLlama data, Polygon's daily on-chain transaction fees are approximately $297,000, slightly higher than BNB Smart Chain's $271,000. In terms of daily active addresses, Polygon has approximately 534,800, higher than Ethereum and Base.

However, Polygon's DEX trading volume remains relatively limited, at approximately $178 million. The article argues that this indicates a recovery in stablecoin liquidity and on-chain usage, but trading activity has not yet fully spread to all sectors.

The report also mentioned that the increase in transaction fees had a certain token burning effect. According to the article, approximately $297,000 in transaction fees corresponded to the burning of 2.64 million POL tokens, which somewhat compressed the token supply.

The price remains around $0.08.

Regarding prices, the article argues that POL has remained in a downward trend since 2025. After previously falling below $0.17, the price retreated to approximately $0.0835, repeatedly testing support in this area.

The key takeaway is that improvements in on-chain data have not translated into a corresponding increase in POL's value. In other words, while Polygon's network usage is recovering, the market remains cautious about pricing the token itself, and a significant gap exists between on-chain activity and price in the short term.