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Polygon Labs introduces new POL token

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

quick weekly news

dYdX takes steps toward decentralization with open-source cosmos-based network code

dYdX, a prominent decentralized cryptocurrency exchange handling over $2.6 billion in daily trading volume, released the open-source code for their new Cosmos-based network, which includes the full protocol, order book, front-end, and more, as announced in an October 23 blog post. The main goal behind sharing this code is to facilitate an upcoming mainnet launch coordinated by the dYdX Decentralized Autonomous Organization (dYdXDAO) SubDAO on Operations.

Notably, despite its significant presence in the decentralized exchange space, dYdX has relied on a centralized order book to connect traders with market makers. This approach has raised questions about its true level of decentralization.

To address this, the dYdX team has embarked on a mission to develop a new Cosmos-based dYdX chain. The objective is to decentralize the exchange’s order book and remove it from the development team’s control, ultimately achieving genuine decentralization. A testnet for this new network was launched on July 5. Currently, dYdX operates on StarkEx, an Ethereum layer-2 solution.

SEC fines BlackRock advisors $2.5 million over inaccurate investment descriptions

The United States Securities and Exchange Commission has fined BlackRock Advisors $2.5 million for inaccurately describing investments in the entertainment industry within a publicly traded fund, accusing BlackRock of failing to provide accurate information about its investments, particularly its significant holdings in a print and advertising business called Aviron Group, between 2015 and 2019.

BlackRock had incorrectly characterized Aviron as a company providing “Diversified Financial Services,” and misrepresented Aviron’s interest rate. While unrelated to the crypto industry, it’s worth noting that BlackRock has been in the spotlight for its proposed Bitcoin ETF.

Polygon Labs introduces new POL token

As per an announcement, Polygon Labs has rolled out its latest Ethereum contract for the Polygon token, POL, as of October 25. This new token is slated to replace the current MATIC token within the ecosystem. However, there is no immediate requirement for MATIC holders to exchange their tokens for POL.

Block data indicates the token’s creation on October 25 at 9:06 am UTC, officially named the “Polygon Ecosystem Token.” POL is set to drive a broad range of zero knowledge-based Layer 2 chains, thanks to its “re-staking protocol.” This innovative feature allows token holders to stake POL across multiple chains, granting it versatility for various functions.

The launch of POL sets the stage for other critical elements of the Polygon 2.0 roadmap, including the introduction of a new staking layer, an upgrade of the current proof-of-stake network to zkEVM layer-2, and the development of a shared liquidity protocol spanning all Polygon networks.

Coinbase challenges SEC’s authority seeks to dismiss lawsuit over cryptocurrency classification

Coinbase has filed a final motion to dismiss a lawsuit by the U.S. Securities and Exchange Commission, arguing that the SEC overstepped its authority by categorizing cryptocurrencies listed on its platform as securities.

Coinbase contended that the SEC’s definition of securities was overly broad and that the cryptocurrencies it lists are not within the SEC’s regulatory scope. The company accused the SEC of significantly expanding its authority beyond what is legally permissible, claiming it has jurisdiction over nearly all investment activities, a prerogative reserved for Congress under the major questions doctrine.

This is in response to the SEC’s previous opposition, where it asserted that several cryptocurrencies on Coinbase met the criteria of investment contracts based on the Howey test.

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October 26, 2023

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