News of cryptocurrencies of the 1th week of September 2024
Polygon is getting an update this Wednesday
This Wednesday, the Polygon blockchain will undergo an important update. After the upgrade, the network's native token will be POL. The crypto project first announced these plans last year. Then, in October, the developers launched an Ethereum contract for the POL token, which was subsequently deployed on the Goerli test network. The upgrade is primarily aimed at developing second-level (L2) solutions in the blockchain ecosystem based on zero-knowledge proof technology (ZKP or zero-knowledge proof).
However, the community did not react to the news very happily: on the day the update date was announced, user activity on the network fell to a multi-month minimum. Presumably, many users preferred to postpone any transactions until the token migration process was fully completed.
Fresh US unemployment data due out on Thursday
This Thursday, the US Department of Labor will release a report on the number of applications filed by US citizens for unemployment benefits. This data is collected and processed weekly and is therefore quite volatile.
It is worth noting that actual numbers that are higher than expected are considered negative/bearish for the US dollar. Lower than expected numbers, on the other hand, indicate positive/bullish sentiment for the USD.
Sonic launches this week
The Fantom blockchain team promisesto launch the Sonic testnet this week. The exact release date has not yet been announced.
- Fantom representatives announced their plans to launch a test network back in March. They raised $10 million to implement the idea. Before that, the team had been working on the blockchain for two years.
- The main purpose of the Sonic L1 blockchain is to quickly process a large number of transactions, be responsible for network governance, and manage the treasury. It functions as a layer-one network, but also includes a layer-two (L2) bridge function. The latter allows Sonic to connect with other blockchains, such as Ethereum (ETH).
