On December 2nd, a new all-time record was set for the number of USDT and USDC transfers on Polygon.
Around 5.5 million such transactions were made in a single day. Polygon POS earned $15,214 in fees that day.
At the same time, over the last two years fees on Polygon have fallen 40×, and the median fee is now $0.00096 - meaning you can make 1,000 transactions for just $1.
A few interesting points here:
1) Future transaction growth does not increase costs in any way. All of it goes straight into pure profit.
2) The network is currently handling 50–80 TPS and can already sustain 1000–1500. In 2026 it will first reach 5,000 TPS, and later 100,000 TPS. Technically, exponential growth is not constrained.
3) Stablecoin transfers, payments, and Polymarket use cases are almost completely decoupled from traditional “crypto cycles”, and therefore from market sentiment.
4) Fees are so tiny that after capturing the market Polygon can raise them slightly - and profits would spike dramatically. For example, raising median fee from $0.00096 to $0.0096 is practically irrelevant for an average user. This can be done once the network and its products establish a strong, defensible moat (see: the Tron example).
POL is undervalued.