Polygon Labs has deployed contracts for its next-generation #crypto , $POL, on the #ETH $ETH mainnet.ll The deployment follows a series of approved Polygon Improvement Proposals in September that detailed the specifications for the #pol token. POL is an evolution of $MATIC and aims to align with the architecture of the upcoming Polygon 2.0 upgrade. POL will serve as the main #cryptocurrency for the Polygon 2.0 ecosystem, supporting an ecosystem of zero-knowledge-based Layer 2 chains and incorporating features such as staking, community ownership, and governance.Despite being available on the mainnet, the POL token will not take the place of MATIC right away. A replacement of this kind will be rolled out in tandem with the Polygon 2.0 upgrade and will require governance approval. A straightforward technical step is needed to convert MATIC to POL: sending MATIC to the upgrade smart contract, which will automatically return the equivalent amount of POL. POL's #trading price is currently unknown, and projections regarding its future value are challenging to make.

Polygon 2.0 is a major upgrade to the Polygon ecosystem that aims to make it more scalable, secure, and sustainable. It is a network of interconnected zero-knowledge-powered layer-2 chains that scale Ethereum.One of the key changes in Polygon 2.0 is the switch from the MATIC token to the POL token. The POL token will become the native gas and staking asset of the Polygon ecosystem.There are several reasons for this change:POL is a more efficient gas token. It is designed to be more efficient than MATIC, which will lead to lower fees for users.POL is more secure. It uses a more secure cryptographic algorithm than MATIC, which will make it more resistant to attack.POL is more sustainable. It has a lower inflation rate than MATIC, which will make it more sustainable in the long term.In addition to the switch to POL, Polygon 2.0 also includes a number of other upgrades, such as:A new staking layer. This will allow users to stake their POL tokens to secure the network and earn rewards.A more efficient bridge. This will make it easier and faster to move assets between Polygon and Ethereum.Support for more programming languages. This will make it easier for developers to build on Polygon.Overall, Polygon 2.0 is a significant upgrade that will make the Polygon ecosystem more scalable, secure, and sustainable. It is expected to be released in Q4 2023, subject to community endorsement.Why it changed from $MATIC to $POLPolygon Labs, the team behind Polygon, has stated that the change from MATIC to POL is necessary to achieve the following goals:To make the Polygon ecosystem more scalable, secure, and sustainable.To create a more unified and cohesive ecosystem.To make it easier for users and developers to interact with Polygon.Polygon Labs has also stated that the change to POL will be a seamless transition for users and developers. All MATIC tokens will be automatically converted to POL tokens at a 1:1 ratio.When will the change from $MATIC to $POL happen?The change from MATIC to POL is expected to happen in Q4 2023, subject to community endorsement. Polygon Labs will release more information about the transition closer to the date.#pol

#pol FTX transferred 470k SOL tokens worth $15 million from a cold wallet to Wintermute.The transfers also included ETH, MKR, LINK, AAVE, COMP, and RNDN, totaling over $10.49 million.The deposits seem to coincide with the recent price surge of cryptocurrencies, including SOL.According to a PeckShieldAlert report from October 26, a staggering 470k Solana (SOL) tokens worth $15 million were recently moved from an FTX cold storage-labeled account on Solana. Some proceeds were transferred to controlled exchanges (CEX), including Coinbase and Binance.Here are the details.Understanding FTX’s TransfersAs of this writing, the only cryptocurrency payments made to Wintermute Trading were from addresses connected to FTX, totaling over $10.49 million. Most of the money was sent to Wintermute’s deposit addresses using controlled exchanges like Binance and Coinbase. Cryptocurrencies like ETH, MKR, LINK, AAVE, COMP, and RNDN were transferred. The deposits seem to align with the recent price surge witnessed by cryptocurrencies such as ETH, $SOL , $LINK , and $AAVE , among others, with SOL witnessing a staggering 5.55% in the last 24 hours.Furthermore, a different Ethereum address associated with FTX cold storage recently sent $2.5 million in cryptocurrency, including $RNDN and $COMP, to Wintermute. This well-known international algorithmic trading company deals in digital assets. Also Read: FTX Stages Comeback in 2023: Will It Be a Success?FTX is Resuming Its Crypto BusinessThe previous year, FTX filed for bankruptcy because of a liquidity issue with its token, FTT, which stirred the #cryptocurrency community.After a string of fraudulent transactions caused FTX, which is now a bankrupt cryptocurrency exchange, to fail, the company claimed it moved all of the remaining money to cold wallets to reduce damages. The company made more progress after that, hoping the exchange would rebound. John J. Ray III, the recently appointed CEO of FTX, announced earlier this year that the bankruptcy administrators had put up a fresh proposal to bring the exchange back to life. The exchange has made incremental progress and recently revealed that it intends to seek bids for its resuscitation, hoping to provide a firm proposal by December of this year. Also Read: SBF Fraud Trial: How FTX Used Customer Funds to Reclaim Its Stake from #Binance What’s Next?However, despite their efforts, FTX faced significant challenges rebuilding trust and attracting new users. The bankruptcy incident had tarnished their reputation, making it difficult to regain the confidence of investors and traders. Nevertheless, FTX remained determined to revive its #crypto business and implemented stringent security measures to prevent future fraudulent activities. #sbf