Polygon's Transformation: Aiming for Leadership in Web3

Key Highlights:

Welcome to The Protocol, CoinDesk’s overview of significant developments in cryptocurrency technology. This edition includes:

Sandeep Nailwal Takes Charge of the Polygon Foundation: Polygon’s co-founder has stepped into the role of CEO, facilitating a major shift in the organization’s leadership and a redesign of the long-term strategy. Nailwal will centralize oversight and refocus efforts on AggLayer, the new liquidity protocol for cross-chain interactions, while discontinuing zkEVM. According to the team, this strategic shift aims to restore Polygon’s leading position in the Web3 landscape.
Ethereum Foundation Issues Updated Treasury Policy: A new policy outlines plans on token management and financial transparency. The foundation will allocate 15% of its treasury to operational expenses and aims to progressively lower this towards a long-term goal of 5%.
Bitcoin Core Set to Raise OP_RETURN Data Limits: The upcoming version 30 of Bitcoin Core will raise the OP_RETURN data transaction limit significantly, sparking debates within the community regarding the implications for network performance.
Launch of Plume Genesis Mainnet: Plume’s mainnet will enable real-world assets to participate in decentralized finance (DeFi), representing a significant advancement in the integration of traditional investments with blockchain technology.

SEC Chairman Paul Atkins mentions the agency’s efforts to modify rules for decentralized finance tools to better facilitate their regulatory integration, potentially benefiting many developers in the crypto space.