🥞 GM!

Happy Friday Everyone!

Welcome back to your weekly dose of web3 insights! Your go to source for everything DeFi, RWAs, and Zivoe.

Here’s what we’ve got for you today:

1. Market Movements

2. Bite-Sized Bits

3. MATIC → POL? Everything you need to know!

4. Zivoe In The News

5. Memes Of The Moment

📉 Market Movements

Markets are in the 🚽 this week:

🟠 Bitcoin: $54,258.48 (- 6.64%)

🔵 Ethereum: $2,296.79 (- 6.33%)

🟣 Solana: $127.91 (- 4.32%)

🟡 Fear & Greed Index: 22 (Extreme Fear)

Here are the results from last week’s poll 👇🏽

🍪 Bite-Sized Bits

🧑‍⚖️ Legal

Uniswap Labs Faces $175K Penalty for Leveraged Crypto Trades
The U.S. Commodity Futures Trading Commission (CFTC) has fined Uniswap Labs $175,000 for unlawfully offering leveraged and margined retail commodity transactions in digital assets.

SEC Warns FTX
A recent filing from the SEC warns the FTX estate that the agency might oppose any attempts to pay creditors back with stablecoins or other digital assets. 

Pavel Durov speaks out for the first time since his arrest
The tech entrepreneur expressed surprise at his arrest by French authorities, noting that Telegram has an EU representative for regulatory and law enforcement matters. He added that Telegram is ready to exit jurisdictions that oppose its mission of free speech and expression.

CZ permanently banned from managing Binance?
CZ could be permanently banned from managing or operating the platform as part of his plea deal with U.S. prosecutors. While he is expected to be released from prison on September 29, 2024, this lifetime ban would go beyond the three years initially reported by some media outlets.

Qatar prepares attractive framework for cryptos
The Qatar Financial Center has launched the "QFC Digital Assets Framework 2024", inviting local and international companies to obtain licenses to operate as crypto service providers.

💰 DeFi

Active DeFi loans reach $13.3 billion, a level not seen since early 2022
🎚️Turn on the leverage!

Mastercard Launches Self-Custodial Crypto Payments Card
The payments card enables crypto payments with over 90 million merchants connected to Mastercard’s network, and features seamless integrations with both Apple Pay and Google Pay.

Injective Enables Traders to Bet On Growth of BlackRock's BUIDL Fund
Injective created a perpetuals market based on the BUIDL Index, which tracks the supply of the BUIDL fund rather than its price. Investors can take long, short, and leveraged positions in the fund. Trading is available on Injective’s decentralized exchange, Helix.

Trump Family Is Working With AAVE On DeFi Project
World Liberty Financial (WLFI), the forthcoming web3 project from the family of Donald Trump, said it is working closely with Aave and on a platform intended to drive “mass adoption of stablecoins and decentralized finance.” 

Euler returns to launch v2 modular DeFi lending protocol following 31 audits
The v2 launch marks the project’s reemergence after it was exploited for $197 million in a flash loan attack last year. 

🏗️ Infrastructure

Towards a merger for Cosmos and Osmosis?
Cosmos and Osmosis are proposing a merger to create a "unified blockchain ecosystem under ATOM" to improve interoperability, reduce user fragmentation and operational costs.

Cardano Introduces Chang Fork
Marking the beginning of the transition to fully decentralized governance.

Binance to add support for fixed rate loans
Enough said!

Mark Karpelès Launches New Exchange in Poland
Former Mt.Gox executive Mark Karpelès announced the launch of a new platform called EllipX at Korean Blockchain Week. The exchange will be based in Poland and will be MiCA compliant.

Halo Capital raised $25 million to invest in crypto projects
Daniel Howard, son of British hedge-fund billionaire Alan Howard, and colleague Bhavin Vaid have raised $25 million for Halo Capital, a new venture-capital fund focused on early-stage projects in the digital-asset sector.

➡️ Matic → POL? Everything you need to know!

On September 4th, Polygon officially replaced its MATIC token with POL as part of its Polygon 2.0 strategy to adopt a new aggregated blockchain architecture 🚀

What Are Aggregated Blockchains

Aggregated blockchains aim to address the issued faced by both monolithic blockchains (scalability issues) and modular chains (fragmentation issues) by creating a highly interoperable network of connected blockchains.

While Polygon’s so called “Agg-Network” is not fully launched yet, the idea is to unite its PoS and zkEVM chains together such that they feel like a single chain to the end user. Imagine you have USDC on Polygon PoS and wanted to send USDC to your friend on zkEVM. Today, you’d need to bridge USDC to zkEVM, then send the tokens. When the “Agg-Network” launches, you would just send USDC to your friend’s wallet. The underlying blockchain doesn’t matter.

But the “Agg-Network” enables more than just cross-chain transfers. It also enables things like shared liquidity across chains. Suppose you had a liquidity pool with $500 in USDT on PoS Chain and $1,000 in USDT on zkEVM chain. With the “Agg-Network”, the end user would have access to both pools and trade against $1,500 in USDT liquidity! 🦸🏼‍♂️

What Does POL Change?

Polygon’s migration from MATIC to POL is the first major step in this transition to the “Agg-Network.” Aside from the ticker change, POL will become the primary token for gas and staking on Polygon. This change will be accompanied by new tokenomics with a 2% annual issuance split between validator rewards and a community fund. 📈

I Hold MATIC! What Do I Need To Do?

It depends! Where do you hold MATIC…

1. On An Exchange: Most exchanges should handle the conversion for you. But look for an official announcement from your exchange to see if you need to take any action.

2. On Polygon PoS Chain: In this case, you don’t have to do anything. It was already converted to POL. If it still says MATIC in your wallet, it is probably just an RPC issue. You can fix this by updating the name in your wallet manually.

3. On Polygon zkEVM: Convert it via Kyberswap.

4. Holding/Staking MATIC on ETH: Unstake it and convert it here.

Happy Converting 🥳

📰 Zivoe In The News

There’s just 15 days left to participate in Zivoe’s Initial Tranche Offering. Earn $ZVE Points for helping people escape 300% APR debt. Deposit at https://app.zivoe.com

🐸 Memes Of The Moment

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