This Week in Crypto: Polygon’s MATIC Migrates to POL, Cardano’s Chang Fork, and More

This week in crypto has seen significant advancements, with Polygon’s MATIC token transitioning to POL as part of its 2.0 roadmap and Cardano’s much-anticipated Chang hard fork going live.

These updates mark major steps toward enhanced decentralization and governance improvements for both blockchain ecosystems.

Shiba Inu’s DAO Proposes New Directions for Funds

The Shiba Inu community is currently voting on a proposal to allocate 37.5 ETH (approximately $100,000) received from its partnership with Welly’s. Shiba Inu’s lead developer, Shytoshi Kusama, called on the decentralized autonomous organization (DAO) to vote on how best to use the funds.

The community has four options to consider. The first involves placing the funds in a new multisig wallet, allowing a group of individuals to manage the assets, with decisions directed by the DAO.

Another option proposes using the funds to burn SHIB tokens, while the third suggests funding a community project. The final option would be for the wallet holder to retain the assets and halt future funding.

Snapshot data shows that the majority of voters support the first option, with 78 billion SHIB tokens representing 84.95% of the votes. Meanwhile, the second option received 14 billion SHIB tokens, equivalent to 15.05% of the total. This vote is part of a broader effort to ensure transparency and decentralization in Shiba Inu’s ecosystem, transitioning the DAO from its V1 to V2 phase.

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

21Shares Launches Wrapped Bitcoin on Ethereum

In other news, 21Shares has expanded its Wrapped Bitcoin (WBTC) product to the Ethereum blockchain. Following its successful launch on Solana, the new Ethereum-based Wrapped Bitcoin (branded 21BTC) aims to provide a more secure and decentralized way for users to engage with decentralized applications (dApps).

Unlike traditional Wrapped Bitcoin models, which rely on a “lock-and-mint” approach, 21BTC prioritizes cold storage solutions, enhancing security. The launch comes amid investor concerns over recent developments in the custody of Wrapped Bitcoin, especially in light of BitGo’s shift to a multi-jurisdictional model.

Despite these concerns, 21Shares is positioning 21BTC as a more secure alternative, with institutional-grade custody designed to mitigate the risks commonly associated with cross-chain bridges.

Trump Family Targeted by Crypto Scam Hack

The Trump family recently fell victim to a hacking incident that compromised their social media accounts to promote a fraudulent crypto scheme. The hacker gained access to the X (formerly Twitter) accounts of Lara and Tiffany Trump, former President Donald Trump’s daughter-in-law and daughter, respectively. 

Hackers exploited Lara and Tiffany’s large following to promote a scam involving World Liberty Financial, a decentralized finance (DeFi) project linked to the Trump family. They used the Trumps’ high-profile status to attract followers to a fraudulent governance token associated with the Solana blockchain.

The timing of this hack is particularly noteworthy, as Donald Trump’s team has been planning to launch a crypto platform with the family’s growing involvement in the DeFi space. Moreover, this incident reflects a broader pattern where malicious entities exploit celebrities’ and public figures’ accounts to advertise fraudulent tokens.

Cardano’s Chang Hard Fork: A New Era of Decentralized Governance

Cardano has officially launched its Chang hard fork, marking a major shift toward decentralized governance for the $13 billion blockchain. The upgrade, long-awaited by the community, puts decision-making power in the hands of ADA token holders.

With the Chang hard fork, ADA holders can now elect governance representatives and vote on key development proposals. As outlined in Cardano Improvement Proposal CIP-1694, the upgrade introduces a governance structure comprising three key bodies: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).

Previously, these governance powers were concentrated in Cardano’s three founding entities. However, with this upgrade, the community gains significant control over the blockchain’s future development.

Cardano founder Charles Hoskinson recently highlighted the significance of this shift, declaring that the “Genesis keys are dead.” This statement symbolizes the blockchain’s move toward a truly decentralized future.

The upgrade will be implemented in two phases. The first phase, currently active, features an Interim Constitutional Committee that will oversee governance for 90 days. After this period, the newly established governance bodies will take full control.

Polygon’s MATIC to POL Migration Kicks Off

Polygon, a leading Layer-2 network built on Ethereum, has begun transitioning from the MATIC token to the new POL token.POL is replacing MATIC as the network’s native token, with the latter currently having a market capitalization of $3.6 billion.

“POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself. It feels good to know that, as the community builds towards this exciting vision, the network has a future-proof native token that can secure it and support its growth,” Polygon explained.

Migration is a key part of Polygon’s 2.0 roadmap, which aims to enhance the flexibility and scalability of its ecosystem. The transition affects many investors, but most holders on Polygon’s Proof of Stake (PoS) chain will see their tokens automatically converted to POL. However, holders of MATIC on the Ethereum and zkEVM chains may need to migrate their tokens manually through the Polygon Portal Interface.

Read more: How To Buy Polygon (MATIC) and Everything You Need To Know

The POL token will be central to Polygon’s future, serving as the native gas and staking token. It will also be used to generate zero-knowledge proofs and participate in Data Availability Committees (DACs) as part of the Polygon staking hub, which is slated to launch in 2025.

Polygon indicates there is currently no set deadline for MATIC holders to complete the migration. However, it hints that a deadline may be imposed in the future as the transition progresses.

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