To democratise the upgrading process and promote community involvement, Polygon Labs has begun work on an expansion plan encompassing blockchains and applications using its network.
Here are some major crypto developments over the past few days.
To democratise the upgrading process and promote community involvement, Polygon Labs has begun work on an expansion plan encompassing blockchains and applications using its network.
On July 19, its developers announced to update the governance framework for Polygon 2.0. The task involves constructing numerous layer 2s on the network.
The developers unveiled a comprehensive, cutting-edge governance framework supported by “three main pillars”, each created to fulfil a certain purpose in the Polygon ecosystem.
The expanded Polygon Improvement Proposal (PIP) architecture will enable users to suggest enhancements for Polygon protocols, the first pillar of the project. All blockchains and applications using the Polygon network will be part of the expansion, thereby democratising the upgrading process and encouraging community involvement.
Spot Crypto ETFs Eye SEC Approval
The US Federal Register has published applications from several companies for spot Bitcoin Exchange-Traded Funds (ETFs), one of the steps in the approval process of the Securities and Exchange Commission (SEC). It will now have until March 2024 for approval or denial.
The Federal Register received applications from BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree. The SEC has the discretion to accept or reject the requests, extend time, or seek public comment after the Federal Register publishes the applications. Following news that SEC deemed the prior filings unsatisfactory, exchanges representing the firms filed updated applications.
Web3 Could Power New Social App Integrations
Web3 social layer Lens Protocol, developed by Aave, a decentralised finance (DeFi) company, aims to provide seamless connectivity of applications across blockchain and non-blockchain platforms. Lens Protocol has included the new functionality to support shared monetisation and use cases for its expanding Web3 user base in the most recent release of its Web3 social layer, Lens Protocol v2. The code underlying the protocol has been rewritten to provide improved composability, configurability, and usefulness.
According to Stani Kulechov, co-founder of Aave, Lens is a decentralised protocol based on Polygon that enables developers to create and deploy Web3 social apps and integrate Web3 social features into Web2 and mobile experiences.
“Our vision for Lens Protocol is to enable all applications to connect seamlessly across blockchain and non-blockchain applications and reward both individuals and the collective shared network,” he said. Lens has approximately 119,000 Web3 users in its beta, according to Kulechov. This audience, which is a crucial element of the social graph design of the protocol, can be used by applications developed on Lens.