Polygon's transition to a blockchain payments company has sparked significant community backlash, with token holders demanding clarity on future profit distribution. Just Hopmans, a Polygon holder, criticized the company's strategy, stating 'Polygon Labs is becoming a for-profit payments company, while POL is roughly 98% below its ATH. Holders have no equity in Polygon Labs and no claim on its future profits.' Hopmans further questioned 'How will the success of this company create measurable value for POL and the Polygon network?' The community concern stems from POL's dramatic 93% crash in 2026, falling from $1 to $0.06 during its debut, despite recent growth in network usage. As reported by AMBCrypto, the token has surged 78% to over 245K holders in the past month, but questions remain about how future payment profits will benefit existing token holders.
Polygon Labs has completed its second round of layoffs in 2026, as announced by CEO Marc Boiron on Thursday, July 16. This marks the fourth wave of reductions dating back to February 2023, representing the company's continued transformation from a blockchain foundation into a blockchain-enabled payments company. The latest cuts were described as 'difficult, but necessary' as part of the company's strategic pivot toward payment solutions. A Polygon Labs spokesperson declined to disclose the exact number of employees affected, stating that affected workers will receive severance packages and transition support. The reductions represent the company's second layoff in 2026, following cuts of approximately 60 employees in January that were reportedly tied to the Coinme and Sequence acquisition plans.
Despite strong network growth, Polygon has lost approximately half of its stablecoin market share since 2023, dropping from 1.54% to 0.72% in 2026. According to AMBCrypto analysis, while the network achieved a record $106 billion in annual stablecoin transfer volume in 2025, 2026 volumes are currently clocking $70 billion, representing a significant decline in market dominance. This contrasts sharply with competitors like Solana and Base, which have increased their market share from zero to 22% and 16% respectively over the same period. The network continues to demonstrate strong growth metrics, with POL holders increasing from 138K to 245K in just one month, representing more than 107K new wallets and a 78% increase. Monthly Crypto Card Volume has already surged more than 122%, hitting a record high with fifteen days remaining in July, with over $30.5 million processed so far compared to $13.69 million in June.
Polygon Labs has finalized its acquisition of Coinme, marking the completion of a strategic shift toward blockchain payments, according to latest reports. CEO Marc Boiron announced that the company is in the final stages of acquiring Coinme, a move that includes integrating Coinme's team into Polygon Labs. This acquisition represents the culmination of Polygon's strategic transformation from a blockchain foundation into a company building blockchain-based payment solutions. The timing was chosen to capitalize on strong current momentum and expresses gratitude to affected employees, with Boiron stating 'To everyone affected, thank you. You worked hard and believed in what we were building when it was far from certain.' The Coinme acquisition, along with wallet infrastructure firm Sequence, was completed for $250 million in January 2026, with the layoffs of 60 staff members back then being part of the restructuring after the acquisitions.
Beyond token holder concerns, the Polygon Foundation faces additional scrutiny over community governance. Hopmans criticized the Polygon Foundation's movement of over 50 million POL in H1 2026 without clear communication to the community. The foundation, which oversees governance, has not responded to these transparency concerns as of reporting. For CEO Marc Boiron, the transition into a blockchain payment firm would ensure profitability in 2027, though the company has yet to respond to Hopmans' call for transparency and accountability to the community. The Polygon Open Stack vision aims to enable seamless money transfers on-chain, with the company implementing layoffs to streamline operations and focus on profitability.
