Polygon Emerges as Suitor for Celo's New Layer-2 Blockchain, Competing With OP Stack

Celo, which is ditching its standalone blockchain in favor of a new "layer-2" network atop Ethereum, had originally signaled plans to rely on Optimism's OP Stack, a similar customizable kit to Polygon's but using Optimism's “optimistic” technology.

Timeline of Celo, Polygon, Optimism-ethereum

The Optimism Foundation will conduct a private token sale, amounting to approximately 116 million (CRYPTO: OP) tokens. This move involves seven buyers and is primarily aimed at treasury management, the foundation said.

A decision to sell some tokens did not cause controversy within the Optimism community. But despite lagging behind Base, OP holders are showing unwavering signs of belief in the project.

Level-2 blockchain Optimism is set to sell 116 million of its OP tokens to seven private buyers. According to a recent post, the project team will sell tokens to unknown buyers to manage the treasury.

XRP was a big mover on Wednesday, despite cryptocurrency markets mostly consolidating in today's session. Traders have moved to secure recent gains, ahead of September's Federal Reserve interest rate decision. Polygon was also in the green, hitting a two-week high in the process.

Optimism, a leading Layer 2 network on Ethereum, has completed the direct distribution of unclaimed tokens from its first airdrop, amounting to an equivalent of $66.7 million. The airdrop initially commenced on June 1, 2022, and had successfully distributed 166 million of the nearly 215 million tokens reserved for the airdrop.

Polygon, the Ethereum scaling solution, has released a trio of Polygon Improvement Proposals (PIPs) for its forthcoming 2.0 upgrade. The upgrade aims to create a network of interconnected Layer 2 chains, leveraging zero-knowledge proofs.

While polygon's effort highlight its efforts at facilitating mass adoption and exodus to blockchain, its native token is also at a pivotal point. MATIC has been quite bearish over the last few weeks

With Bitcoin teasing a comeback last night, MATIC Price struggles to tap into the bullish momentum as their prices continue to fall. Currently, trading at $0.50, the MATIC price displays a 0.32% intraday gain with an overall bearish trend. Following the breakdown of the $0.

MATIC price dipped to a new 2023 low of $0.50 on Sept 11, days after Binance confirmed it would delist Polygon Network from its NFT Marketplace. On-chain data analysis examines how the recent exchange inflows of 41 million tokens could intensify bearish pressure on MATIC's price.

Polygon Labs, a player in the crypto space, has employed a unique analogy to elucidate the concept of crypto staking to Senators Ron Wyden, a Democrat from Oregon, and Mike Crapo, a Republican from Idaho.