Polygon’s Proposal for 13-Member Protocol Council Drives MATIC Volume Up by 33%

Price Surge and Increased Trading Activity

MATIC, the native token of the Polygon blockchain, experienced a remarkable surge in price, rising by 6.58% within 24 hours. Alongside this price surge, trading activity increased by 33.8%, indicating strong market demand for MATIC tokens. As per the latest data from CoinMarketCap, MATIC’s current price stands at $0.5416.

Polygon’s PIP-29 Proposal: Creating a Protocol Council

Polygon recently introduced Proposal PIP-29, a significant step towards decentralized governance of its protocols. The proposal aims to establish the Polygon Protocol Council, a body dedicated to overseeing and enhancing the Polygon ecosystem. This move aligns with the broader Polygon 2.0 initiative, which includes the rebranding of the MATIC token to POL.

Composition of the Polygon Protocol Council

The Protocol Council, comprising 13 esteemed members, will play a crucial role in maintaining security and enabling upgrades within the Polygon system. Notable members of the council include:

  • Jordi Baylina, Co-Founder of Polygon
  • ZachXBT, Renowned Blockchain Security Expert
  • Viktor Bunin, Leader of Coinbase Cloud Protocol Operations Team
  • Mudit Gupta, Polygon’s Chief Information Security Officer
  • And nine other highly accomplished individuals

Impact on MATIC and Market Position

With these significant developments, the Polygon ecosystem is poised for growth. It remains to be seen how MATIC, currently the thirteenth largest crypto project with a market valuation exceeding $5 billion, will sustain this positive momentum in the market.

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