Polygon 2.0 Tokenomics Announced from MATIC to POL

Polygon 2.0 tokenomics announced from MATIC to POL

In a move towards further decentralization and scalability, Polygon Labs has announced an upgrade of their native token, MATIC, to POL. The transition aims to transform the Polygon network into a self-sustainable ecosystem by creating a third generation of hyperproductive tokens, addressing the "free rider problem" often seen in open source projects. 

As a hyperproductive token, POL would allow holders to validate multiple chains and perform multiple roles within each chain, supercharging growth and offering extensive opportunities to its holders.

POL is set to bring major benefits to the Polygon ecosystem, such as improved security through a highly decentralized pool of Proof-of-Stake validators and infinite scalability to support an exponential growth of the network. It is designed to incentivize validators to perform useful work, offering multiple streams of rewards, while also introducing a sustainable, in-protocol mechanism for ecosystem support. 

The transition from MATIC to POL is planned to be seamless, requiring only a simple technical action from token holders, with the migration potentially starting within months subject to community consensus.

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Celsius founder Mashinsky freed on bail

On Thursday, following his arrest, Alex Mashinsky, the creator and ex-CEO of Celsius, professed his innocence in response to accusations of deceiving clients and pumping up the CEL token.

On the very same day, Celsius and Mashinsky were sued by the CFTC, FTC, and SEC, while the Department of Justice leveled seven charges against him, encompassing securities and wire fraud. US Magistrate Judge Ona Wang sanctioned his release on a bond worth $40 million, as reported by Reuters.

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Coinbase Base launches mainnet for builders

​​Base, an Ethereum Layer 2 platform, has officially opened its mainnet for builders, prior to its full launch in early August. The platform is designed to attract the next million builders and billion users to the blockchain. During this pre-launch phase, developers are invited to deploy their projects and will receive hands-on support from the Base team. Those who participate early will be awarded a 'Genesis Builder' Non-Fungible Token (NFT), serving as a permanent onchain record of their contribution.

The mainnet is supported by a variety of builder-friendly tools, including Node providers and data indexers, as well as a robust security system. In anticipation of the official launch in August, Base is introducing a Genesis Builder NFT program with three tiers, encouraging developers to deploy their decentralized applications (dapps) early. The NFT tiers are based on the timeline of deployment: Gold by early August, Silver by the end of August, and Bronze by the end of September.

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Indonesia to launch their own exchange 

The Indonesian government is making progress on its intention to introduce a national cryptocurrency exchange, anticipating its launch in the near future. 

The country's Commodity Futures Trading Supervisory Agency (CFTRA), more commonly recognized as Bappebti, is aiming to inaugurate the national crypto exchange by July 2023, according to an announcement made by the local news outlet, Tempo, on July 14.

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Circle CEO argues US needs stablecoin regulation

Jeremy Allaire, CEO of Circle, issued a stern caution to policy makers on Thursday: Safeguard stablecoins or the global supremacy of the US dollar is at risk.

Allaire, in a polished video advertisement posted on Twitter, stated that if the US dollar is to continue as the world's reserve currency, it's crucial to establish trust in digital dollars and implement regulations on stablecoins immediately.

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Other breaking news

• Lending protocol Ajna launches on Etheruem
• RWA protocol Ondo expands to Polygon
• European regulators promise Euro CBDC is not a “Big Brother” project
• NFT hip-hop collab brings together major labels
• Crypto trading volume down by 23%

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Wrapping Up

As we conclude this week's Datawallet Daily, we've witnessed key crypto developments. Polygon Labs' transition from MATIC to POL promises improved scalability and security, while legal issues surround Celsius founder Alex Mashinsky. Coinbase Base's mainnet goes live for developers and Indonesia marches towards launching a national crypto exchange. Circle's CEO underscores the urgent need for stablecoin regulation. A busy week indeed in the crypto world, highlighting its rapid evolution and the increasing importance of sound regulation. Stay tuned for more updates next week!