Polymesh (POLYX): how it works, supply and reviews
In short
- Type
- Public permissioned layer-1 blockchain for regulated assets.
- Maximum supply
- No fixed maximum supply.
- Risks and caveats
- POLY holders who did not use the bridge before 29 February 2024 can no longer upgrade to POLYX.
- Checked
- 1 November 2026
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Key facts
- Ticker
- POLYX
- Official site
- polymesh.network
Key facts checked on 1 November 2026 against official sources.
What is Polymesh
Polymesh is a public permissioned layer-1 blockchain built for issuing and settling regulated assets such as tokenized securities, with identity, compliance and settlement built into the chain. Its POLYX token pays fees and secures the network through staking; POLYX replaced Polymath's POLY token.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Public permissioned layer-1 blockchain for regulated assets. |
| Consensus | Nominated proof-of-stake (NPoS); only licensed or regulated financial entities can run operator nodes. |
| Launched | First block on 28 October 2021. |
| Smart contracts | Assets are native to the chain rather than ERC-20/ERC-1400 contracts. |
| Runs on | Substrate-based network that replaced the earlier Polymath ERC-1400 standard on Ethereum. |
| Smart contracts | Since v8 (July 2026) any account can register an on-chain identity without a CDD provider, and EVM contracts are supported. |
Supply and issuance
| Parameter | Details |
|---|---|
| Maximum supply | No fixed maximum supply. |
| Issuance | Annual minting is capped at 14% of supply and becomes 140 million POLYX a year once supply reaches 1 billion. |
| Staking rewards | Rewards target a 70% staking ratio. |
| Initial distribution | Over 890 million POLY (about 89% of POLY supply) were upgraded to POLYX before the bridge closed. |
What POLYX is used for
- Paying transaction and protocol fees on Polymesh.
- Staking to secure the network under nominated proof-of-stake.
- Signalling support for Polymesh Improvement Proposals (PIPs).
Who develops and governs Polymesh
- Company
- Polymesh Labs Ltd., Grand Cayman, Cayman Islands (registry number 421326), registered 7 May 2025.
- Legal entity
- Parent company: Polymath Research Inc.
- Company
- TruGolf Holdings (NASDAQ: TRUG) closed its acquisition of Polymath Research Inc. in October 2026.
- Governance
- Changes go through Polymesh Improvement Proposals reviewed by technical committees and the Governing Council.
- Open source
- GitHub organisation PolymeshAssociation (Polymesh Labs), created 24 January 2022.
History
| Date | Event |
|---|---|
| — | Polymath's POLY token launched (the bridge closure in February 2024 marked its sixth anniversary). |
| 8 May 2020 | Polymesh Aldebaran testnet V1.0.0 released. |
| October 2021 | The POLY to POLYX upgrade bridge opened. |
| 28 October 2021 | First Polymesh mainnet block. |
| 29 February 2024 | The POLY to POLYX upgrade bridge closed permanently. |
| 11 May 2026 | Polymesh v8.0.0 released. |
| 22 July 2026 | Polymesh v8 went live on mainnet, removing the CDD claim requirement for onboarding and adding EVM smart contracts. |
| 9 October 2026 | TruGolf completed its acquisition of Polymath Research Inc., the company behind Polymesh. |
Security and audits
- Polymesh says the POLY to POLYX upgrade bridge ran incident-free with 100% uptime until it closed in February 2024.
- Only licensed or regulated financial entities can run operator nodes.
Security incidents
No security incident is recorded in the sources checked on 1 November 2026 (the company’s own channels and incident databases): defillama.com/hacks, hacked.slowmist.io/search, rekt.news/leaderboard, github.com/PolymeshAssociation/Polymes, polymesh.network/blog, polymesh.network/blog/polymesh-celebrates-closur
Risks and caveats
- POLY holders who did not use the bridge before 29 February 2024 can no longer upgrade to POLYX.
- POLYX has no fixed maximum supply; new tokens are minted every year.
- POLYX gives holders no legally enforceable rights, according to its MiCAR white paper.
Official links
- Website: polymesh.network
- Docs: developers.polymesh.network
- Whitepaper: assets.polymesh.network/micar-whitepaper.pdf
- Source code: github.com/PolymeshAssociation
- Block explorer: polymesh.subscan.io
- Governance forum: polymesh.polkassembly.io
Questions and answers
What is Polymesh?
A public permissioned layer-1 blockchain for regulated assets such as tokenized securities, secured by nominated proof-of-stake with licensed node operators.
What happened to Polymath (POLY)?
POLY holders could upgrade to POLYX on Polymesh through a bridge that opened in October 2021 and closed permanently on 29 February 2024.
Can I still swap POLY for POLYX?
No. Polymesh says the bridge closure is permanent and holders who missed it can no longer upgrade.
What is the maximum supply of POLYX?
There is no fixed maximum; annual minting is capped and becomes 140 million POLYX a year after supply reaches 1 billion.
Who is behind Polymesh?
Polymesh Labs Ltd. (Cayman Islands), whose parent Polymath Research Inc. was acquired by TruGolf Holdings in October 2026.
Sources
- Polymesh - POLYX MiCAR white paper
- Polymesh - POLY to POLYX bridge closure
- Polymesh - POLYX
- Polymesh - About
- Polymesh Developer Portal
- GitHub - PolymeshAssociation organisation
- GitHub - Polymesh releases
- Polymath - home and news
- Subscan - Polymesh block 1
- Polymesh - v8 Is Here
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