MATIC Transitions to POL | Key Points | Sept. 4, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap, we will discuss the current news development at Polygon.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $56,755.72, down 3.4% over the last 24 hours.
Ethereum (ETH): $2,403.30, down 3.9% over the last 24 hours.
Solana (SOL): $130.09, down 2.4% vs the previous day.

Trending Coins Update

Quickswap: $0.0388, up 8.3% vs the previous day.
Uxlink: $0.2049, up 34.4% over the last 24 hours.
Simon’s Cat: $0.00002, down 1,6% vs the previous day.

For the daily price update, check out our post on Facebook.

🎮In Case You Missed It: Blockchain Game Alliance Survey

Photo for the Article - MATIC Transitions to POL | Key Points | Sept. 4, 2024

🌐 The Blockchain Game Alliance (BGA) has launched its 2024 State of the Industry Survey! Your insights can shape the future of web3 gaming: https://bit.ly/bgasurvey24

Feature News: Polygon Transitions From MATIC to POL

Polygon has officially migrated its MATIC token to POL, marking a significant step in its development into a zero-knowledge (ZK) chain.

What’s the significance: The transition is part of Polygon’s plans for long-term growth, especially with POL playing an expanded role in staking, block production, and zero-knowledge proof generation.

It also ensures liquidity consolidation across multiple chains with the AggLayer integration, news outlet The Block reported.

The key numbers:

1:1 exchange ratio from MATIC to POL
Total token supply remains at 10 billion
A 2% annual increase in token emissions over 10 years to support validators

How the transition will work:

MATIC holders on Polygon PoS will automatically upgrade to POL, but those on Ethereum, Polygon zkEVM, or centralized exchanges must migrate manually via a contract.

What’s next: Future developments may include expanded uses for POL in Data Availability Committees (DACs) and other roles as Polygon continues to scale its ZK technology.

Philippine Crypto News 🇵🇭

Coins.ph announced its HODL and Earn program for $CRETA and $AIR.
ICP Hub PH shared the top 3 teams of the HOOKED 2.0 Hackathon.
BitPinas article: Celo Philippines DAO was recently launched officially.

Educational Corner 🎓

New month, new updates. Check out the list of digital banks with high interest rates in the Philippines.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

South Korea’s Financial Services Commission and the U.S. SEC discussed the impact of non-bank financial regulations on capital markets and balancing virtual asset innovation with user protection.
Following Binance’s exit from Nigeria, the country’s SEC has approved local exchanges to resume regulated crypto trading.
Ripple CEO criticized SEC Chair Gary Gensler during a press conference in Seoul, while also announcing Ripple’s partnership with Yonsei University.

Community Spotlight 🔦

Meet Beryl Li: She has a background in economics and extensive experience in the cryptocurrency and blockchain industry.

Li is a co-founder of Yield Guild Games (YGG).
Check out our previous article here.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Tiger Research’s report emphasizes South Korea’s pivotal role in the Web3 market, driven by asset tokenization, entertainment, and strong conglomerate involvement despite strict regulations.
Luxspin Global Holding launched its Global Technology Innovator Empowerment Program to foster leadership in web3 and financial derivatives.
BitcoinCitadel.Club launched a web3 platform for Bitcoin enthusiasts, offering a secure space for HODLers to connect, share insights, and support each other.
Futureverse is integrating Ripple Custody to enhance the security of its digital assets.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Zynga sold its Web3 game Sugartown to D20 Labs, who plan to develop the game and other projects into the “future of rewarded play.”
Prolific Game Studio launched its native token, $PRO Coin, on The Open Network (TON) to enhance player involvement across its Web3 gaming ecosystem.
Mysten Labsunveiled the SuiPlay0X1, a web3 gaming handheld powered by an AMD Ryzen processor, integrated with Sui blockchain technology.

Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Bicol Traders Meet 2024: September 7, 2024
Scarletbox x Atsbury: Night of Arts and Chats: September 19, 2024
Blockchain Campus Conference 2024: October 10, 2024

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

BitPinas article: Top 10 Crypto Token Unlocks For August 2024.
In August, cryptocurrency phishing attacks surged by 215% accounting for the majority of the $66 million stolen during the month.
At Token2049 in Singapore, a crypto-themed immersive theater experience called “Decode: Legacy” will debut, hosted by HashKey Capital, Aethir, and CARV.