Polygon released a proposal on Thursday to create a "Polygon Protocol Council" to promote more decentralized governance, and appointed 13 initial members, including officials from Coinbase and the Ethereum Foundation. Polygon stated in a press release that the proposal, called PIP29, will "be responsible for making narrow, time-bound changes to the system smart contracts that implement the existing and future Polygon protocols on Ethereum." According to the announcement, the Council will "execute community-led processes to initiate future upgrades, including those proposed in the forefront stages of Polygon 2.0."

Data monitored by Arkham shows that about 2 hours ago, the Alameda clearing party allegedly staked nearly $7 million worth of MATIC through the Polygon PoS staking contract.

Manta Pacific will transition from its current Optimistic (OP) rollup to the zero-knowledge Ethereum virtual machine Validium. Following the deployment of the Manta Pacific mainnet last month, the Manta team has decided to abandon the OP stack and instead use the Polygon Chain Development Kit (CDK). Manta Networks' Chief Operating Officer, Kenny Li, pointed out that this decision was made because Manta hopes to leverage zero-knowledge technology to support faster finality speeds, and another reason for the shift to Polygon CDK is its support for modular design.

October 16th, NFT project y00ts announced on its social media platform that the cross-chain bridge for migrating y00ts from Polygon back to Ethereum has gone live. The team will bear all gas fees for the first day and randomly distribute 10 y00ts to cross-chain wallet addresses within 24 hours. After October 22nd, a 33.3% royalty fee will be charged for trading y00ts on Polygon, and users are advised to migrate y00ts within 7 days.

Polygon's STARK-based Ethereum-compatible solution, Polygon Miden, has released Miden VM V0.7, which includes support for nested modules and module aliases; constant value expressions and debugging instructions. Miden stdlib has added two features: a compact sparse Merkle tree for 256-bit keys and Falcon signature verification.

The smart contract stablecoin wallet UniPass announced on X platform that the UniPass Wallet mobile application is now available on the Google Play store. UniPass reportedly provides a comprehensive stablecoin payment solution, offering the ability to enjoy gas-free payments and one-click processing of batch transactions. Currently, UniPass only supports USDC and USDT on the Polygon network.

According to an official announcement on October 12th, Binance will support the upgrade and hard fork of the Polygon (MATIC) network. The project team will upgrade and hard fork the network on the Heimdall proof-of-stake (PoS) verification layer block height of the Polygon network at 15,950,759 (expected to be October 13th, 2023, Eastern Time). Binance is expected to suspend token deposit and withdrawal services for the above network at 19:00 on October 13th, 2023, Eastern Time.

October 11th, Coinbase Assets tweeted that Coinbase now supports deposits and withdrawals of USDC on Polygon. USDC deposits on Polygon are now open, and all bridged withdrawals will be converted to local withdrawals around 3am Beijing time on October 13th.Previously, native USDC had been launched on the Polygon PoS mainnet. With the addition of Polygon PoS, native USDC is now circulating on 15 different blockchain networks.

Coinbase Assets announced in a tweet that Coinbase has expanded the multi-chain availability of USDC on Polygon. This release will bring more efficient USDC transactions and USDC deposits will be available on Polygon. All bridged withdrawals will be converted to local withdrawals at around noon Eastern Time on October 12th.

Polygon's native token, MATIC, saw a 16.4% increase in value following the launch of Polygon 2.0 Goreli testnet on October 4th. However, the token's value declined by 10.6% over the six days leading up to October 10th due to resistance at $0.60, negative news regarding the departure of a key co-founder, and weak activity in Polygon's zero-knowledge rollup subnet. <br>