MATIC Surges Following Protocol Council for Decentralized Governance; Stacks to Launch sBTC Developer Release for Seamless Bitcoin Transactions and Programmability

Daily Top Performer — Polygon (MATIC)

Last Friday, the SPX index was down 2.39%, due to concerns over higher interest rates. The broader cryptocurrency market is up, with Bitcoin and Ether rising 0.51% and 0.83% respectively in the past 24 hours. 

Today’s outperformer is MATIC, which surged 6.8% in the past 24 hours after introducing Polygon's Protocol Council for decentralized governance and smart contract upgrades.

Polygon (MATIC), launched in October 2017 is a layer-2 scaling solution for Ethereum and has gained popularity as a scaling solution and is widely used in DeFi projects, NFT platforms, and other dApps. Recently, the Polygon community has proposed the creation of a Protocol Council to advance decentralized governance in its ecosystem. This council, introduced through Polygon Improvement Proposal (PIP-29), would consist of 13 members responsible for specific, time-limited changes to Polygon's smart contracts on Ethereum. The Council would operate through a Gnosis Safe contract and would initiate future upgrades as part of Polygon 2.0. This proposal aims to balance efficient governance with community control and is part of a broader effort to further decentralize decision-making in Polygon.

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Talk of the Town

Stacks is launching an sBTC Developer Release to provide a 1:1 backed version of BTC on its layer, aimed at enabling seamless Bitcoin transactions between layers and making Bitcoin fully programmable. The release will include a front-end application and an API for developers to test deposit and withdrawal functions for sBTC. The release is expected the week of October 18th, and applications for the incentivized testnet program are now open. A prize pool of up to $50,000 is available for active testers. The next milestone after this will be the Nakamoto testnet, aimed at improving security and reducing transaction times on the Stacks chain.

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