Bitcoin’s recent approach to the $30,000 price level is catching attention, and what’s even more interesting is that alternative cryptocurrencies (altcoins) are not only keeping up but are actually doing better than Bitcoin.
The cryptocurrency markets are having a positive month, often referred to as “Uptober,” as both Bitcoin and various altcoins are showing gains. Bitcoin’s recent flirtation with the $30,000 price point has raised hopes for the approval of a spot Bitcoin ETF. Bitcoin’s price is holding steady above $30,000, and what’s interesting is that altcoins are not only keeping pace with Bitcoin but are actually performing better. Some altcoins, like Polygon (MATIC), have seen substantial double-digit increases, marking what experts at Santiment call the “best decoupling of 2023.”
In the midst of this, Polygon has introduced an important proposal called PIP 29, which outlines the creation of a “Polygon Protocol Council.” This council, composed of 13 initial members, including representatives from Coinbase and the Ethereum Foundation, will supervise timed updates to smart contracts within Polygon’s protocols. This is part of the broader Polygon 2.0 roadmap, initiated in June this year, with the goal of revamping the foundation of the Polygon blockchain. The proposal is a significant step toward decentralization and community-driven governance. To make changes to the Polygon blockchain, council members will need to use Gnosis Safe contracts. This development could set a trend for decentralized governance across the wider blockchain industry.
Bitcoin and Altcoins Thrive in ‘Uptober’ Optimism
The cryptocurrency market is looking optimistic in October, with both Bitcoin and various altcoins seeing gains. Investors are feeling more confident, driven by hopes of a Bitcoin ETF approval. Bitcoin briefly crossed the $30,000 mark twice in the past week and currently trades at $34,509. What’s interesting this time is that altcoins are not just keeping up but are actually performing better in this rally.
Analytics firm Santiment has noticed this trend, calling it the “best performing decoupling of 2023.” This means altcoins are gaining value independently from Bitcoin. MATIC, in particular, has been doing well. A significant development is the activation of PIP-29, proposing the establishment of the Polygon Protocol Council. This council, consisting of 13 community-elected members, will oversee updates to Polygon’s smart contracts. It’s seen as a big step toward better governance and development of the Polygon network, promoting transparency and community involvement.
But it’s not just Polygon; other altcoins like Chainlink (LINK) and Aave (AAVE) are also experiencing their best performances of the year. This shows the cryptocurrency market is becoming more diverse and mature.
Investors are watching these developments closely, and they indicate a potential shift in the cryptocurrency landscape. While Bitcoin remains a key player, the rise of strong and independent altcoins is a positive sign for the cryptocurrency ecosystem.
As October continues, the cryptocurrency community is looking forward to more developments and hoping that this positive trend will solidify cryptocurrencies as a mainstream asset class with a bright future. The growth of altcoins and increasing interest in cryptocurrency-related ETFs are just some of the exciting aspects of this rapidly evolving market.
Polygon Proposes Council with Coinbase and Ethereum Foundation
Polygon, the Ethereum blockchain scaling solution, has introduced an important proposal known as PIP 29. This proposal outlines the creation of the “Polygon Protocol Council” and names its 13 founding members, which include individuals from Coinbase and the Ethereum Foundation.
The purpose of the Polygon Protocol Council, as outlined in the proposal, is to supervise scheduled updates to the smart contracts used in both current and future Polygon protocols on the Ethereum network. This marks a significant step in evolving Polygon’s governance structure and its dedication to decisions made by the community.
The council’s responsibilities extend to initiating future upgrades, including those introduced in the Frontier phase of Polygon 2.0, a comprehensive roadmap of proposals and upgrades introduced in June this year to reshape the Polygon blockchain.
What sets this development apart is the diverse group of council members with deep involvement in the blockchain and cryptocurrency field. It includes individuals like Viktor Bunin from Coinbase, Justin Drake from the Ethereum Foundation, Zaki Manian of Sommelier Finance, and Jordi Baylina, a technical lead at Polygon Labs, the primary developer behind Polygon.
To ensure transparency and security in decision-making, council members must use a Gnosis Safe contract for executing changes to the Polygon blockchain.
This announcement brings to life a concept introduced in June, called the “community-controlled Ecosystem Council security model.” Polygon Labs, the main developer of Polygon networks, began discussions about the need for more decentralized governance.
Polygon expressed its vision for the future, emphasizing the goal of further decentralizing governance for Polygon protocols in a secure and responsible manner. They highlighted the importance of community involvement in shaping the council’s membership and terms through feedback, additional proposals, and various voting mechanisms.
This move is expected to enhance transparency, accountability, and community participation in the Polygon ecosystem, reinforcing its commitment to decentralization and creating a strong community-driven blockchain platform.
As the Polygon Protocol Council takes shape, it signifies a significant step forward for Polygon and reflects a broader trend in the blockchain industry toward more inclusive and community-driven governance models. It remains to be seen how this innovative approach will impact the evolution of Polygon and potentially set a precedent for decentralized governance in the broader blockchain space.
According to the cryptocurrency price tracking website, MATIC was trading at $0.644209 at the moment. It had gained 3.62% over the last 24 hours, continuing its positive trend for the week, with a total increase of more than 21% over the past 7 days.
Price chart for MATIC (Source: CoinStats)
However, in the last 24 hours, MATIC couldn’t outperform the leading cryptocurrency, Bitcoin. CoinStats data showed that MATIC had decreased by 8.08% against BTC, which meant that 1 MATIC token was valued at 0.00001872 BTC.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News