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🖇️Polygon To Merge PoS Chain With zkEVM

The Defiant

DeFi Daily

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Today, we look at Polygon's plan to merge its PoS sidechain and zkEVM Layer 2. Then, we explore the Bank for International Settlements' pilot program, Project Mariana, that's investigating cross-border CBDCs using Curve's automated market maker design. Finally, we look at Coordinape's rollout of CoSoul, an on-chain marker of a holder's web3 work history.

✍️ In today’s newsletter:

  • Polygon unveils plan to unify PoS chain and zkEVM
  • BIS utilizes Curve AMM design for CBDC test
  • Coordinape launches CoSoul NFTs that act as web3 resumes

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Ethereum Scaling

Polygon Plans To Merge PoS Chain With zkEVM

TLDR Polygon is planning to merge its Proof of Stake (PoS) sidechain and zkEVM Layer 2 as part of a major upgrade called Polygon 2.0. This would create the third-largest Layer 2 network by TVL. The project plans to allow users to transact and interact across both chains without needing to bridge back to Ethereum.

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DeFi

BIS Leverages Curve’s AMM Technology For CBDC Test

TLDR The Bank for International Settlements has released an interim report for Project Mariana, a pilot program exploring cross-border Central Bank Digital Currencies (CBDCs) using the automated market maker (AMM) design pioneered by Curve Finance. The project, a collaboration with the Bank of France, the Swiss National Bank, and the Monetary Authority of Singapore, looks at whether AMMs can enhance the efficiency and transparency of foreign exchange trading and settlement.

SO WHAT This project demonstrates growing interest and engagement from central banks and global institutions in DeFi and web3 technologies. Even though the project is experimental, it signals a possible shift in how interbank settlements could be handled in the future.


NFTs

Coordinape Brings Web3 Reputation On-chain With CoSoul

TLDR Coordinape, a platform assisting Web3 projects to reward and acknowledge contributors, has introduced CoSoul, a non-transferable on-chain representation of a user's work history. Over 15,000 users can claim these free NFTs on the Optimism Layer 2 network.

SO WHAT With the use of on-chain markers, contributors' efforts can be tracked and rewarded more effectively, adding a layer of transparency to peer contributions. The non-transferability of the CoSoul tokens underlines the emphasis on individual contribution and deters manipulation of reputation. This could potentially set a new standard for attribution and recognition in decentralized collaborative environments.


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🌍 ELSEWHERE

  • Fidelity Joins Spot-Bitcoin ETF Race With Fresh SEC Filing ( Bloomberg)
  • UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law ( Coindesk)
  • Coinbase says SEC lacks police power over crypto ( Reuters)