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European crypto ETN and ETP report: Thursday, June 9

Most crypto investment vehicles in Europe traded marginally down on Thursday, while others bucked the trend.  21Shares Cardano ETP was the worst performer on our list for June 9, trading at $12.89 — representing a daily loss of 1.55%. Other notable drops were 21Shares Ripple XRP ETP, down 0.83%, and BTCetc ETC Group’s Physical Bitcoin ETN, which lost 0.62% on Thursday.  Elsewhere, 21Shares Tezos ETP was the best performer, gaining 4.99% to close at $12.20. VanEck’s Solana ETN also closed …

BlockFi halves interest rates for major cryptos Solana, Avalanche, Polygon

BlockFi, a popular crypto lending platform, has slashed interest rates by half for some of the market’s cryptos held by non-US clients. Interest rates for Solana deposits will fall from 10% to 5% as of June 1, while rates for Avalanche (AVAX) and Polygon (MATIC) will fall from 10% to 5% and 11% to 5%, respectively. The company outlined its planned changes in a post on May 26.  BlockFi’s move is a reflection of the dynamics in the crypto market. …

Polygon up with a ‘temporary fix’ after being down for several hours

Ethereum scaling project Polygon’s blockchain network was down for roughly eight hours last night due to a technical upgrade that went wrong.  The network has now been restored with a “temporary hotfix,” according to a tweet from the company.  Polygon co-founder Mihailo Bjelic told The Block that the project’s proof-of-stake blockchain network has two layers: Heimdall (the consensus layer, based on Cosmos SDK/Tendermint) and Bor (the block production layer, based on Geth). A “small upgrade” on the Bor layer led the …

Polygon co-founders say they’ve ditched C-suite positions

Ethereum scaling project Polygon no longer has C-suite positions such as CEO and COO. Polygon co-founder Sandeep Nailwal, who was also the COO of the project, has removed that position from his job title sometime this month, according to his LinkedIn profile. When contacted, Nailwal told The Block that he recently updated his LinkedIn profile as Polygon has removed all C-suite positions. Fellow Polygon co-founder Jaynti Kanani had the CEO role listed on his LinkedIn profile until Wednesday, but later …

‘Critical’ Polygon bug put $24 billion in tokens at risk until recent hard fork

Ethereum scaling project Polygon was at risk of losing nearly all of its MATIC tokens until it upgraded its network earlier this month. The problem was a “critical” vulnerability in Polygon’s proof-of-stake genesis contract, which could have allowed attackers to steal over 9.2 billion MATIC tokens (currently worth over $24 billion). The total supply of MATIC tokens is 10 billion. The vulnerability was reported on the bug bounty platform Immunefi by a whitehat hacker known as Leon Spacewalker. According to …

Uniswap goes live on Ethereum scaling network Polygon

Decentralized exchange protocol Uniswap has gone live on Polygon, an Ethereum-focused scaling platform. Last month, Polygon co-founder Mihailo Bjelic submitted a proposal on the Uniswap governance portal to deploy Uniswap v3 on Polygon. The Uniswap community then voted to accept the proposal last week. More than 72 million Uniswap (UNI) token holders supported the move, and as a result, Uniswap is now live on Polygon. In other words, Uniswap users can now swap tokens using the Polygon blockchain via Uniswap’s …

Polygon and Reddit co-founder’s VC launch $200 million Web3 fund

Ethereum scaling project Polygon and Seven Seven Six, Reddit co-founder Alexis Ohanian’s venture capital firm, have jointly launched a $200 million fund to invest in Web3 social media and gaming projects. The fund is denominated in dollars and not in Polygon’s MATIC tokens, Polygon co-founder Sandeep Nailwal told The Block. It will invest in startups building on Polygon’s technology and back their equity as well as token rounds, said Nailwal. It is not clear by when the fund expects to …

Polygon acquires ZK-rollups startup Mir Protocol for $400 million

Polygon (formerly Matic Network) has made yet another acquisition in the ZK-rollups space, buying Mir Protocol for $400 million. Mir is an Ethereum scaling startup that utilizes zero-knowledge proof (ZK-proof) technology. A ZK-proof is a cryptographic tool that can be used to create ZK-rollups. ZK-rollups enable transactions to be processed but don’t require all transaction data to be posted on Ethereum. This helps to reduce the block space used on Ethereum — enabling it to scale — and reduces gas …