- MATIC sees a 6.58% price surge with a 33.8% increase in trading activity in 24 hours.
- Polygon introduced the PIP-29 to create a Protocol Council for decentralized governance.
- The council will potentially comprise Polygon co-founder, rug-pull detector ZachXBT, and others with impressive resumes.
MATIC, the soon-to-be-rebranded native token of the Polygon blockchain, has garnered increased trading activity from crypto market participants over the past 24 hours. According to data from CoinMarketCap, MATIC’s 24-hour chart appears usually bullish with a stronger upward trajectory in sight.
Specifically, crypto traders bought and sold 33.8% more MATIC tokens within the last 24 hours than the previous day. Its price is now $0.5416, up 6.58%, at the reported time.
Notably, the uptick in MATIC value followed a significant development from the Polygon development team. In particular, the development crew has initiated a new proposal dubbed PIP-29. According to the official report, the aim is to create the Polygon Protocol Council.
“This is the next step towards the vision of a decentralized, community-led governance of Polygon protocols,” Polygon Labs proclaimed in the notification. The team underscored that the move aligns with the broader Polygon 2.0 movement, which would also see the MATIC token rebranded to POL.
According to the team, the constitution of the Protocol Council is to uphold continuous security while preserving the capacity for upgrades. Therefore, a community-led council consisting of 13 members will oversee time-limited modifications to the smart contracts within the Polygon system.
Besides, the team disclosed the identities of the persons to constitute the 13 Polygon Protocol Council. They include Jordi Baylina, Co-Founder of Polygon; ZachXBT, the renowned blockchain security threat tracker; Viktor Bunin, leader of Coinbase Cloud protocol operations team; Mudit Gupta, Polygon’s Chief Information Security Officer, and nine others with impressive resumes.
Given the significant boost coming to the Polygon ecosystem, it remains to be seen how its native token would sustain the tempo. MATIC currently ranks as the thirteenth largest crypto project with a market valuation exceeding $5 billion.
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