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⚖️Polygon To Explore Community Governance In 2.0 Overhaul

The Defiant

DeFi Daily

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GM Defiers!

Today, we look Polygon Labs announcing it will explore community governance as part of its Polygon 2.0 roadmap. The announcement was a last in a series of posts describing the team's vision for the new Polygon ecosystem.

We also explore the newly-launch v2 iteration of Lens, the hyped decentralized social media protocol from Aave. Lens v2 focuses on providing new features for developers, including advanced smart contract execution and profiles attached to NFTs.

And lastly, we look at the impressive performance of DeFi tokens over the past week. DeFi assets account for seven of the ten best-performing top 100 cryptocurrencies from the past week.

✍️ In today’s newsletter:

  • Polygon proposes pathway towards community governance
  • Lens v2 launches new features for devs
  • DeFi tokens outshine broader crypto markets

📈 Markets in last 24 hrs:

TickerValue24h
BTC$29,857 -0.96%
ETH$1,898 -0.73%
S&P 500$4,556 0.24%
GOLD$1,978 0.02%
Arch WEB30.90pts +0.36%
FINANCE0.97pts 108%
INFRA0.80pts -0.13%
CONSUMER1.09pts 0.9%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Watch our video on how crypto security is evolving in 2023. And check out our podcast with Nicolas Liochon, Global Lead for Linea, which is a new zkEVM rollup by Consensys.


THANKING OUR NEWSLETTER SPONSORS

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Layer 2

Polygon Proposes Revamped Governance Model For 2.0 Roadmap

TLDR Polygon Labs has proposed new governance mechanisms for its forthcoming Polygon 2.0 overhaul. The post outlines Polygon's core protocol, system smart contracts, and community treasury as critical governance processes.

SO WHAT Polygon is embarking on a drastic makeover to stay at the forefront of Ethereum scalability. The project plans to unify its $1B TVL PoS Chain with its freshly-launch Layer 2 ZkEVM, and will replace its long-standing MATIC token with a new asset called POL.


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Technology

Lens Doubles Down On Developer-First Focus With v2 Iteration

TLDR Lens, the highly-anticipated decentralized social media protocol from Aave, launched its v2 iteration. The updated protocol provides advanced features to developers, such as allowing smart contract interactions with external protocols from within Lens.

SO WHAT Lens promises to deliver a web3-native social media experience defined by permissionlessness and composability. The new smart contract features allow users to offer DeFi experiences from within Lens.


Markets

DeFi Assets Consolidate Gains As Market Cools

TLDR DeFi tokens make up more than half of the week's top 10 performing assets. The rally comes after the SEC suffered a blow in its crusade against crypto assets, with a U.S. judge ruling that Ripple's XRP is not a security, even if the token was sold via a securities contract.

SO WHAT DeFi assets were among web3 asset classes hardest hit by the 2022 downtrend, when the collapse of the Terra ecosystem and failure of prominent VC Three Arrows Capital rocked the sector. However, with regulatory risk appearing to subside and Ethereum's Layer 2 ecosystem flourishing, DeFi tokens appear poised for a comeback.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Nasdaq halts plans for crypto custody service ( Financial Times)
  • El Salvador's Bonds Surge 62% Amid Bitcoin's ETF-Driven Rally ( CoinDesk)
  • UK Government Rejects Proposal to Classify Crypto as Gambling ( Decrypt)