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Let’s explore Polygon's Layer 2 proposal with ApeCoin and Mastercard's CBDC tokenization. We'll also discuss Amazon, Immutable, FTX, MetaMask, and regulatory moves. Plus, we've got the latest in Web3 products and job listings to help you navigate web3 better!
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Polygon's Layer 2 Proposal with ApeCoin is dividing the community?
Sandeep Nailwal, Polygon Labs' co-founder, has announced a game-changing proposal, and ApeCoin community is not having it!
He's talking about accelerating ApeCoin's ecosystem by developing a dedicated Layer 2 network via Polygon's Chain Development Kit. Sounds great, right?
Well, the catch here is that Polygon is asking for “something” to make it happen. 👀
The Backdrop
The timing of Polygon's proposal has caused concern within the ApeCoin community.
The APE token has already experienced a significant decline of 82% since February.
Floor prices for major Yuga NFT collections have also taken a hit.
Yuga Labs, the NFT studio responsible for ApeCoin, is shifting its focus towards its metaverse project, Otherside.
With all of these developments in mind, many people are wondering what Polygon's sudden proposal is all about. 🤔
Why the Outcry?
The community is not happy with Polygon's financial demand. 🤭
The question is why they chose Polygon instead of cheaper alternatives like AVAX, Arbitrum, or Optimism.
SmartAPE, an engineer from ApeCoin, and Bradley Zastrow from Dash have pointed out that this arrangement favours Polygon since projects like ApeCoin bring value to chains like Polygon and not the other way around.
👉🏻 Keep in mind that ApeCoin is not just a token; it's a community-driven project, which means its success feeds directly into any chain it resides on. Polygon seems to underestimate this mutual value.
And it's not just about the money.
Nailwal mentioned that the $200K would be funnelled to an "implementation partner" chosen by the ApeCoin DAO.
Plus, Polygon is requesting additional funds from ApeCoin's treasury to stimulate ApeCoin-integrated projects and public goods.
What's the Real Cost?
Is $200K annually justified investment for a community that's already grappling with a dip?
💡 Remember, blockchain communities grow because of innovation, adaptability, and robustpartnerships—not just deep pockets.
🤝 ApeCoin needs a partner that recognizes its intrinsic value and potential for long-term growth.
Next Steps 🚀
The APE token's price has shown slight upward momentum, but the community is still divided. The proposal has initiated a much-needed conversation about scalability and partnerships, but is the community ready to foot this hefty bill?
Or will they look for more equitable and perhaps cheaper alternatives?
Your Move, ApeCoin
This proposal may serve as the litmus test for ApeCoin's governance capabilities. Will they go with Polygon and bet on futurescalability, or will they listen to the community's call for a more balanced partnership?
Got thoughts on ApeCoin's looming decision? 🎤 Drop your insights below!
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Mastercard has developed a solution to tokenize Central Bank Digital Currencies across different blockchains. In partnership with the Reserve Bank of Australia, Mastercard has explored CBDC use-cases in Australia. The technology enhances security and enables cross-blockchain transactions, allowing for the purchase of NFTs on Ethereum using a CBDC. This innovation could bridge public and private networks, unlocking opportunities in digital currency transactions.
Amazon Web Services and Immutable are teaming up to supercharge the Web3 gaming industry. Immutable's Ethereum layer-2 scaling solutions will now have access to AWS's resources and technical support. The partnership is part of Amazon's ISV (Independent Software Vendors) Accelerate Program and offers game studios up to $100,000 in cloud service coverage.
FTX is doubling down on its bullish stance on Solana, staking 5.5 million SOL tokens worth $122 million. The move comes even as FTX co-founder Sam Bankman-Fried faces fraud charges and the exchange navigates bankruptcy. The staked coins were sent to Figment, a validator firm for institutional investors, and represent just a slice of FTX's vast SOL holdings. Staking in Solana not only rewards holders but also secures the network. Despite recent legal challenges and a court-approved sale of $1.3 billion in SOL, FTX remains a significant player in the crypto market with $3.4 billion in digital assets. Could this staking move boost confidence in SOL, or is it a high-stakes gamble?
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Let’s get into Posty’s fresh pecks from the world of web3!
🦊 MetaMask has been unexpectedly removed from the Apple App Store. Direct links to download the app are also not working. The reason for its removal is still uncertain.
🇮🇱 Israeli authorities, in collaboration with Binance, have frozen cryptocurrency accounts allegedly used for fundraising by Hamas. This move follows recent attacks launched by the Palestinian group and comes as part of Israel's efforts to cut off financial support for the organization.
🇺🇸 The U.S. Consumer Financial Protection Bureau is considering the applicability of the Electronic Fund Transfer Act to cryptocurrency, aiming to protect consumers from fraudulent transfers.
🇬🇧 The UK's Culture, Media, and Sport Committee has warned of risks associated with NFTs and fan tokens in football, calling for regulation, citing underperformance of NFTs and raising serious copyright issues.
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