Tag: Matic

Polygon MATIC Launches Solution Provider Network (SPN) for Seamless Developer Collaboration

by Blockchain News

Polygon ($MATIC) has unveiled its Solution Provider Network (SPN) to revolutionize the way developers find and collaborate with solution providers within the Polygon ecosystem, according to official announcement. This transformative platform is set to simplify the process of connecting developers with essential infrastructure, such as oracles, bridges, RPC providers, and wallets, fostering accelerated dApp development and deployment.

Streamlining Developer Access to Essential Infrastructure

Creating a decentralized application (dApp) on the Polygon network is an enticing prospect for developers seeking a high-performance blockchain solution. However, the challenge lies in acquiring the necessary tooling and infrastructure to engage with real users effectively.

Building these components from scratch can be a time-consuming and resource-intensive endeavor, diverting developers from their primary project focus. To address this issue, Polygon introduces the Solution Provider Network (SPN), a comprehensive platform designed to facilitate real-time connections between developers and solution providers.

Unveiling the New SPN

SPN has undergone a significant overhaul to emerge as a collaborative and user-friendly discoverability platform. Its primary purpose is to connect developers and solution providers seamlessly, all within a unified environment.

Understanding SPN’s Functionality

SPN serves as a vital resource for developers looking to identify, assess, and engage with the most suitable solution providers for their projects across various Polygon chains, including Proof of Stake (PoS) and zkEVM (zkRollups). Before the introduction of SPN, friction existed in the process of connecting solution providers with developers and establishing credibility. Simultaneously, developers lacked a clear means of identifying middleware and tools essential for their projects.

SPN addresses these challenges head-on by providing each Polygon solution provider with a dedicated profile, enabling developers to connect with them directly. This streamlined process involves a simple onboarding procedure and a comprehensive listing, ensuring that any solution provider can be easily discovered by developers operating within the Polygon ecosystem.

However, SPN is not merely a passive directory; it fosters active engagement within the Polygon community.

Enhancing Visibility and Credibility

Solution providers can bolster their visibility and credibility within the Polygon ecosystem by actively participating in various activities and completing tasks. These actions enable solution providers to earn badges, distinguishing themselves and signaling their commitment to supporting the Polygon network.

SPN is Live and Ready

Polygon’s Solution Provider Network is operational, providing immediate access to a diverse array of 100+ solution providers actively building on the Polygon blockchain. With an updated landing page and additional features, this platform is set to transform the landscape for developers. If you are a solution provider, the onboarding process is available now, offering the opportunity to showcase your offerings within the thriving Polygon ecosystem.

Polygon is actively expanding and enhancing its ecosystem. As reported by Blockchain.News, the 10-day timelock for the highly anticipated zkEVM Mainnet Beta upgrade, codenamed Dragon Fruit, has officially begun. This upgrade, scheduled to launch the week of September 11, 2023, will introduce numerous improvements, including the integration of the latest Ethereum opcode, PUSH0.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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MATIC: Polygon zkEVM Prepares for Dragon Fruit Upgrade

by Blockchain News

Polygon, a leading framework for building Ethereum-compatible blockchains, has initiated the 10-day timelock for its zkEVM Mainnet Beta upgrade, codenamed Dragon Fruit. Scheduled to go live the week of September 11, 2023, the upgrade aims to bring a host of improvements, including the implementation of the latest Ethereum opcode, PUSH0.

The Dragon Fruit Upgrade

Polygon Labs announced on August 31, 2023, that the Dragon Fruit upgrade, also known as ForkID5, will introduce two major features:

PUSH0: This is the latest Ethereum Virtual Machine (EVM) opcode, which was included in the recent Shanghai hard fork. The implementation of PUSH0 will ensure that Polygon’s zkEVM Mainnet Beta remains in sync with the latest version of Solidity, thereby maintaining its equivalence with the EVM. For further details, the Ethereum Improvement Proposal (EIP) 3855 provides comprehensive information.

RLP Parsing Bug Fix: The upgrade also addresses a non-critical bug related to the parsing of transactions.

Security Audits

Spearbit, a cybersecurity firm, conducted an audit of the new features and cryptographic optimizations included in the Dragon Fruit upgrade. According to the audit reports, no critical risks or soundness issues were identified. All non-critical risks that were discovered have been addressed and confirmed as fixed by Spearbit.

Testing on Public Testnet

Developers can currently test the Dragon Fruit upgrade on Polygon’s public zkEVM testnet. This allows for real-world testing of the new PUSH0 feature before the upgrade is officially rolled out on the Mainnet.

Governance and Timelock

The Dragon Fruit upgrade impacts the verifier component of the network, which is responsible for generating state transitions. As per Polygon zkEVM’s governance model, the initiation of the upgrade has triggered a 10-day timelock, set to conclude on September 10, 2023. This timelock serves as a security measure, providing users and developers sufficient time to withdraw funds if they choose to do so before the upgrade takes effect.

The contract associated with the upgrade can be verified on Etherscan, and the hash of the transaction containing the upgrade proposal is also publicly available.

What Comes Next?

Once the Dragon Fruit upgrade is live on the Mainnet in mid-September, developers will need to update to the latest versions of the node, prover, and bridge service. The respective GitHub repositories and changelogs for these components have been made available for public review.

Polygon is constantly updating its technology stack and ecosystem. On August 28, 2023, Sandeep Nailwal, the founder of Polygon, announced the introduction of a new token, POL. Designed to revolutionize multi-chain staking, POL is set to usher in a new era of token design. According to the announcement, POL has the potential to eventually replace the current native token, MATIC, in the long term. 

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Polygon Founder Announces POL: Massive Technical Upgrade to MATIC

by Blockchain News

Sandeep Nailwal, the founder of Polygon, announced a significant technical upgrade to the Polygon ecosystem with the introduction of the POL token. The announcement, made via Twitter, outlines how POL aims to revolutionize multi-chain staking and bring about a new era in token design.

POL: A Technical Marvel

According to Nailwal, “POL is a massive technical upgrade to MATIC. POL delivers the benefits of multi-chain staking without the added risks of restaking.” The token is part of the Polygon 2.0 proposal, which seeks to expand the Polygon ecosystem from a single chain to an interconnected network of Layer 2 solutions (L2s).

The Vision Behind POL

According to a recent blog post on Polygon’s official website, the POL token is engineered to serve as the “major tool for coordination and growth of the Polygon ecosystem, as well as the main driver behind the vision of the Value Layer for the Internet.” The token is designed to provide “practically unlimited opportunities” to its holders by enabling validators to oversee multiple chains and assume various roles, thus significantly accelerating the growth of the Polygon ecosystem. However, the introduction of POL rewards will replace the existing MATIC protocol rewards for Polygon validators, raising questions about the future role of MATIC and its potential impact on the asset’s market value.

Multi-Chain Staking and Enshrined Restaking

One of the most notable features of POL is its approach to “enshrined restaking,” which allows the token to be restaked across any number of chains on the network. Nailwal states, “POL can natively be used to stake any number of chains and participate in any number of roles. This lets stakers earn higher rewards with the same staked capital.”

Reducing Centralization

The POL token is designed to minimize reliance on trusted third parties, thereby reducing vectors of centralization. “Enshrined restaking fully avoids reliance on trusted 3rd parties, creating fewer vectors of centralization,” Nailwal explained.

A New Generation in Token Design

POL represents a third generation in token design, following Bitcoin (BTC) and Ethereum (ETH). While BTC does not allow holders to participate in securing the network, and ETH allows staking for network security, POL takes it a step further. According to Nailwal, “POL is designed from the ground up to be the first hyperproductive token — a third generation in token design.”

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Tetra Partners with Kiln to Enhance Staking Service Including Ethereum and Solana

by Blockchain News

Tetra Trust Company (Tetra), Founded in 2019, Canada’s only licensed custody solution for digital assets, has announced the rollout of increased staking functionality through its strategic partnership with Kiln, a leading enterprise-grade staking platform.

The Tetra-Kiln Partnership

Starting today, Tetra clients can stake their assets with Kiln on the main Proof-of-Stake (PoS) blockchains such as Ethereum (ETH), Solana (SOL), Polygon (MATIC), Cardano (ADA), and Tezos (XTZ). This collaboration aims to provide secure and efficient methods for institutional clients to actively participate in blockchain networks and earn rewards on their digital asset holdings.

Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake assets, and to whitelabel staking functionality into their offering. Kiln runs validators on all major PoS blockchains, with over $2.2 billion of stake under management and over 3% of the Ethereum network.

Kiln, known for its high standards of operational excellence, manages over $2 billion worth of staked assets and is SOC 2 Type II certified. “We are excited to offer our clients staking opportunities thanks to our collaboration with Kiln,” says Didier Lavallée, CEO at Tetra. “The solution Kiln brings to the table is quite impressive, not only does Kiln meet our security and technical requirements, their all-encompassing capabilities make it a robust solution to offer our clients.”

Laszlo Szabo, CEO at Kiln, stated, “We strive to enable institutions to access staking. Being our first enterprise-grade custodian partner in Canada, we’re thrilled to collaborate with Tetra, with whom we share common values.”

Understanding the Staking Opportunity

In PoS blockchains, staking consists of locking native tokens to earn the right to help secure the chain via a validator. Staking plays a crucial role in network security, governance, and contributes to the growth of the Web3 ecosystem. By staking, token holders can earn rewards and grow their digital asset holdings.

This collaboration marks a significant milestone in both companies’ commitment to delivering the highest standards of security and service for institutional and corporate clients.

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Crypto Exchange Bitstamp to Suspend Trading AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL

by Blockchain News

Bitstamp, one of the world’s oldest cryptocurrency exchanges, has announced a suspension of trading for seven cryptocurrencies in the United States, effective from August 29, 2023. The affected cryptocurrencies include AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL.

In an official statement released on Bitstamp’s blog, the company explained that the decision was made “considering recent developments” and in alignment with their “comprehensive framework” to evaluate cryptocurrencies in light of the dynamic regulatory environment. The statement further clarified that as of the mentioned date, new orders involving these assets would be disabled, and all existing orders across the affected trading pairs would be canceled.

Customers in the U.S. will still be able to hold these assets within their Bitstamp accounts and withdraw them at any time. The company has urged users to execute any desired buy or sell orders involving the affected assets before the deadline.

The New York State agency of Financial Services has issued Bitstamp USA, Inc. a license allowing it to participate in Virtual Currency Business Activity. This same agency has also issued Bitstamp USA, Inc. a license allowing it to act as a Money Transmitter.

This move comes at a time when Bitstamp is actively seeking to raise funds for expansion. The delisting coincides with the company’s efforts to comply with the dynamic regulatory environment, as stated in their official announcement, though no direct connection to investor pressure has been publicly disclosed

According to a Bloomberg report, Bitstamp initiated the fundraising process in late June 2023, with Galaxy Digital Holdings acting as an adviser. The funds are planned to be used for launching derivatives trading in Europe next year, expanding into Asian markets, and enhancing operations in the U.K.

Bitstamp’s global chief executive officer, Jean-Baptiste Graftieaux, emphasized that the company is not for sale and that the priority is to “accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Founded in 2011 and headquartered in Luxembourg, Bitstamp was once a primary venue for Bitcoin trading. It is now the world’s seventh-largest exchange, with about $126 million in trading volume in a recent 24-hour period. In 2018, Bitstamp was acquired by NXMH, a European investment firm owned by South Korean conglomerate NXC.

The suspension of trading for the seven cryptocurrencies is a significant indicator in Bitstamp’s operations, reflecting the ongoing challenges and complexities of regulations.

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Polygon Expanded Collaborations with Disney, Meta, Starbucks, and More in Q2 2023

by Blockchain News

Accordint to a report released by Messari, Polygon ($MATIC), a suite of Ethereum-based scaling solutions, unveiled key insights and recent developments in its ecosystem for the second quarter of 2023. Among the key highlights, Polygon Labs introduced Polygon 2.0, a network of zero-knowledge Layer-2 blockchains. This new development aims to become the “Value Layer of the Internet,” bringing significant updates to protocol architecture, tokenomics, and governance.

The Polygon zkEVM, a Zero-Knowledge (ZK) Layer-2 rollup protocol for Ethereum, showed steady growth, achieving 200,000 unique addresses by the end of Q2. This notable achievement was marked by collaborations and integrations with various industry players. An important aspect of the report was MATIC’s inclusion in the SEC’s complaints against Binance and Coinbase. However, the document emphasizes that Polygon’s network fundamentals were unaffected by this news.

Further, the report indicates that Polygon has expanded its partnerships with prominent legacy companies and institutions such as Franklin Templeton, Securitize, Mastercard, and Warner Music Group. These new additions join existing partners including Adobe, Adidas, Disney, Meta, Nike, Reddit, Robinhood, and Starbucks.

Other exciting developments include the launch of the Polygon zkEVM Mainnet Beta on March 27, 2023, aimed at enabling secure, quick, and cheap transactions. Additionally, the report provides insights into Polygon Miden, an upcoming ZK Layer-2 rollup protocol designed for Ethereum, utilizing the Miden Virtual Machine (MVM) written in Rust. An app-chain-focused scaling solution for Polygon PoS, known as Polygon Supernets, is currently in testnet. Finally, Polygon ID, a privacy-preserving identification service for Web3 users, uses ZK-proofs to verify user credentials privately.

Polygon’s Q2 report underscores the platform’s ongoing commitment to innovation, collaboration, and growth. These initiatives place Polygon at the forefront of the blockchain industry, reinforcing its position as a leading provider of Ethereum-based scaling solutions. 

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Donald Trump’s NFT Success Unveils Former President’s Crypto Ventures

by Blockchain News

Former U.S. President Donald Trump has made significant strides in the NFT market, as revealed in a recent financial disclosure form submitted to the Office of Government Ethics. The disclosure, which unveils a staggering $1 billion in earnings from various sources, highlights Trump’s ownership of CIC Digital LLC. This company acquires licensing payments for using Trump’s persona on nonfungible tokens (NFTs) and holds a crypto wallet valued between $250,000 to $500,000.

Two sets of digital trading cards have been released as a result of Trump’s entry into the NFT market, and both have had a big influence. The first season, which debuted in December, sold out on the first day, a feat that the second season also accomplished. Despite a 60% drop in the price of the original collection following the unveiling of the second series, the “Trump Digital Trading Cards” have remained a hot commodity on the NFT marketplace Opensea.

The second series, sold for $99 each on the Polygon blockchain, generated over $4.65 million in revenue with 47,000 assets in the collection. The sales, conducted by wrapped Ether transactions, brought around $2 million worth of new funds into the Polygon network. This success came despite a downturn in the NFT market, with Trump’s NFTs experiencing a spike in sales after his indictment earlier this year.

In addition to his NFT ventures, Trump’s media pursuits include an ownership stake in Trump Media and Technology Group, valued between $5 million and $25 million. The group’s revenue streams include over $1 million in advertising revenue from a conservative live-streaming site.

Trump’s diverse income sources also extend to more traditional avenues. For speaking engagements, he claimed getting $12.6 million in fees, including $1.4 million from a live tour with an American journalist. He also disclosed large earnings from the sale of his Washington hotel, which totaled $284.5 million, and from the administration of his Dubai golf club, which brought him over $1 million.

As the world of digital assets continues to evolve, Trump’s involvement in the NFT market underscores the growing intersection of politics, celebrity, and cryptocurrency. With his digital trading cards making waves in the NFT space, it remains to be seen how this venture will influence his financial pursuits moving forward.

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Bitcoin Leads Bullish Trend with $125M Inflows in Overall Crypto Market

by Blockchain News

CoinShares reports a significant increase in investor bullishness towards digital assets, with a total inflow of $125 million in the past week. In the last fortnight, inflows totaled $334 million, representing nearly 1% of the total assets under management (AuM).

Bitcoin remains the primary choice for investors, with a massive $123 million inflow over the past week. Bitcoin investment products have bounced back to a net inflow year-to-date, overturning a net outflow position of $171 million just two weeks prior. Despite the recent uptick in price, short-Bitcoin investment products experienced a tenth consecutive week of outflows, now representing 59% of AuM.

However, short-Bitcoin remains the second-best-performing asset in terms of year-to-date inflows, with $60 million. As for altcoins, Ethereum leads the pack with inflows totaling $2.7 million, followed closely by Cardano, Polygon, and XRP. Multi-asset and Solana experienced minor outflows of $1.8 million and $0.8 million, respectively. Blockchain equities have also seen a resurgence, with inflows of $6.8 million following a 9-week streak of outflows.

The surge in digital asset investment and blockchain equities indicates growing investor confidence in the crypto industry.

The total AuM reached $37 billion during the week, matching the highest level since early June 2022 and the average AuM for 2022. Trading activity remains robust, with a weekly volume of $2.3 billion, substantially higher than the year-to-date average of $1.5 billion.

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Gemini Launches ETH & MATIC Staking Services in Switzerland and Turkey Amidst U.S Regulatory Crackdown on Crypto Staking

by Blockchain News

Crypto exchange Gemini has announced the expansion of its staking services to users in Switzerland and Turkey. The development comes at a time when United States-based exchanges face regulatory hurdles with the Securities and Exchange Commission (SEC) regarding similar services.

The launch was announced through the company’s Tweet, which noted that customers could now stake Ethereum (ETH) and Polygon (MATIC) in the two countries. The move aims to provide investors with new opportunities to earn rewards and enhance network functionality.

Gemini’s move follows a recent trend of U.S-based cryptocurrency exchanges exploring opportunities in regions with more relaxed regulatory environments. The trend was sparked by recent actions taken by the SEC against cryptocurrency exchanges providing staking services in the U.S.

Earlier this year, the SEC charged Kraken for failing to register its staking-as-a-service program. Coinbase, another industry giant, faced similar charges for operating an unregistered trading platform and offering an unregistered crypto asset staking service.

Staking is a process that involves participating in a proof-of-stake (PoS) blockchain network by holding and “staking” cryptocurrency in a digital wallet to support network operations like block validation and transaction processing. In return, stakeholders earn rewards, usually in the form of additional tokens.

As U.S. regulations tighten on crypto-asset staking programs, exchanges like Gemini seem to be navigating these regulatory waters by extending these services to jurisdictions where they are permitted. The unfolding situation underscores the ongoing tension between crypto platforms and regulators as the industry continues to evolve.

With its latest move, Gemini continues to assert its commitment to providing its users with a wide range of investment options while working within the boundaries of varying global regulations. The new staking services in Switzerland and Turkey serve to increase Gemini’s reach and make cryptocurrency investment opportunities more accessible to users in these regions.

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Equities Up, Crypto Down: Robinhood’s May 2023 Trading Data and Upcoming Crypto Delisting

by Blockchain News

Robinhood Markets Inc., the popular trading platform known for democratizing investing, has released its operating data for May 2023, showing an increase in both equity and options trading but a decline in cryptocurrency trading.

In May, Robinhood’s Net Cumulative Funded Accounts (NCFA) reached 23.1 million, a growth of around 20,000 from the previous month. This figure, however, only represents unique users, as it does not count existing customers who have opened multiple accounts.

Despite the increase in the number of funded accounts, Robinhood reported a drop in Monthly Active Users (MAU), which fell by roughly 900,000 from April to May 2023, bringing the total to 10.6 million.

The trading platform experienced an uptick in Assets Under Custody (AUC), with a 6% increase from April to $81.8 billion by the end of May. Net deposits for the month of May totaled $1.6 billion, an annualized growth rate of 25% compared to April’s AUC. Over the past year, net deposits have reached $16.5 billion, reflecting an annual growth rate of 22% relative to May 2022 AUC.

However, when it comes to trading volumes, Robinhood’s report showed contrasting trends. While equity notional trading volumes rose 27% to $49.4 billion, and options contracts traded increased 29% to 97.5 million, cryptocurrency trading went down. Crypto notional trading volumes decreased significantly by 43% to $2.1 billion, reflecting a relative decline in the enthusiasm for cryptocurrency trading among Robinhood’s user base in May.

The company’s margin balances remained stable at $3.1 billion, showing no change from April 2023. Cash sweep balances, on the other hand, showed a marked increase, growing 16% from the end of April to $11.2 billion by the end of May.

The report provides insights into Robinhood’s performance in a volatile market environment, indicating the shifting preferences of its users. The contrasting trend in equities and options versus cryptocurrency trading may reflect changing investor sentiment in the evolving landscape of financial markets.

Adding to these dynamics that could significantly impact future trading volumes, Robinhood announced the delisting of cryptocurrencies Solana (SOL), Cardano (ADA), and Polygon (MATIC). This decision follows recent charges by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, alleging that these platforms traded unregistered securities. Given these circumstances, a further decline in cryptocurrency trading activity on Robinhood can be expected.

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Bitcoin (BTC) $ 26,652.14 1.65%
Ethereum (ETH) $ 1,594.56 1.83%
Litecoin (LTC) $ 64.98 0.38%
Bitcoin Cash (BCH) $ 208.93 2.46%