BEAM Surges Following Token Migration Announcement; Polygon Labs Introduces POL Token as Part of Upcoming Polygon 2.0 Ecosystem

Daily Top Performer — Merit Circle DAO (BEAM)

The SPX index is down 1.18%, mainly due to disappointing earnings and strong U.S. GDP data. The broader cryptocurrency market is mixed, with Bitcoin dropping 1.38% and Ether rising 0.61% in the past 24 hours. 

Today’s outperformer is BEAM, which surged 56.43% in the past 24 hours as Merit Circle DAO initiates 12-Month Token migration from MC to BEAM. 

BEAM token will serve as the native crypto asset for the Beam network, a gaming network empowered by the Merit Circle DAO. Beam is an ecosystem where gamers and developers come together to shape the future of the gaming industry. One of its core components is the Beam SDK, which is a flexible software development kit that enables game developers to choose between a variety of tools that can be used to fuel and structure their in-game blockchain elements.

Besides functioning as a gas token that fuels the Beam network, BEAM is in the heart of the governance of the Merit Circle DAO. Merit Circle DAO has migrated its native token to BEAM from MC with a 100:1 conversion rate. The migration is available for 12 months starting October 26, 2023, and can be done via Ethereum or BNB Chain. BEAM will assume all utilities that MC currently has. Tokens not migrated will remain as MC.

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Talk of the Town:

Polygon Labs has launched a new Ethereum token contract for POL, a token intended to eventually replace MATIC in the Polygon ecosystem. The new token aims to power a range of Layer 2 chains using a "re-staking protocol," allowing tokenholders to stake it across multiple chains. The launch is part of Polygon's 2.0 roadmap, which includes upgrades to the current proof-of-stake network and the creation of a shared liquidity protocol. Although POL has been introduced, users do not need to exchange their existing MATIC tokens for POL at this time, as MATIC is still being used for staking and gas fees on the Polygon network. Polygon's Layer 2 ecosystem, based on zero-knowledge proofs, will compete with Optimism Labs' Optimism ecosystem.

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