OVERVIEW

MATIC's Last Dance

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

Most bullish/bearish symbols on Stocktwits at the close: 📈 $AAVE, $HNT, $INJ, $WIF, $UNI, 📉 $MATIC, $RUNE, $BIT, $ATOM, and $TRX

*If you’re a business and want to access this data via our API, email us.

POLYGON
MATIC's Last Dance: Polygon Upgrades to POL 🔼 

The wait is over. 💥

As of today, September 4th, Polygon’s upgrade from $MATIC to $POL has officially gone live. Starting now, POL takes over as the native gas and staking token for Polygon’s PoS chain.

For most users, the transition is automatic—if you hold MATIC on Polygon PoS, you’ve already got POL in your wallet, no need to lift a finger. ☝️ 

For everyone else? If you’ve been sitting on MATIC in Ethereum, zkEVM, or a centralized exchange, today’s the day to take action. Hit up the Polygon Portal Interface to migrate your MATIC to POL.

Failure to do so means... well, nothing horrible. There’s no deadline for the swap. Ethereum stakers, you're in luck—your MATIC automatically converts to POL, so you’ll keep earning rewards without doing a thing.

Beyond today’s upgrade, POL will secure the AggLayer, which handles zero-knowledge proof generation and other critical blockchain services. In short, POL is the key to Polygon’s future. 🔑

Let’s break it down:

• Polygon PoS users: Automatic upgrade to POL. Sit back and enjoy.

• Ethereum/zkEVM holders: Manual migration needed through the Polygon Portal.

• CEX holders: Follow instructions from your exchange to migrate.

• Stakers on Ethereum: No action needed, but your rewards are now in POL.

And for the tech-savvy folks, please avoid trying to call the migration contract directly unless you enjoy the thrill of losing funds. Just use the portal or a DEX aggregator—it’s not worth the headache. 🔥

On our end at Stocktwits, the MATIC stream will be up until after this week; then, it’s just POL!

Today marks the beginning of the POL era. Every transaction on Polygon PoS now runs on POL, and soon, it’ll be securing the entire Polygon ecosystem. 🚀

You can always check out Polygon’s official blog for more details.

News In Three Sentences
Bitcoin, Ethereum, And Solana News 🪙 

🔻 Peter Brandt Sounds Alarm on Bitcoin’s Bearish Signals

Commodity trader Peter Brandt warned $BTC bulls, citing three major reasons for concern. He pointed out that Bitcoin is forming lower highs and lower lows, a bearish pattern signaling weakening market optimism. Brandt also highlighted that this post-halving period is the longest it’s taken for Bitcoin to hit a new all-time high, adding to the bearish sentiment. X.

💸 WazirX Speeds Up Fiat Withdrawals Amid Its Restructuring Drama 

WazirX ($WRX) just started early withdrawals, letting users pull up to 66% of their INR deposits as it tries to clean up after a $230 million breach. They’re rushing to get ahead of the chaos, but legal experts say customers will probably only get back about 55%-57% of their lost funds. Ouch. CryptoSlate.

📉 Ethereum ETFs Flop in Month One with $476M in Outflows 

Ethereum ETFs just had a brutal first month, bleeding out $476M as investors gave them the cold shoulder. Analysts say Bitcoin’s first-mover advantage and the lack of staking options are to blame. There were some signs of life by month’s end, but for now, these ETFs aren’t exactly winning any popularity contests. CryptoSlate.

🟡 21.co Launches Wrapped Bitcoin Token on Ethereum 

21.co just dropped its own wrapped Bitcoin token, 21BTC, bridging Bitcoin liquidity over to Ethereum. Wrapped tokens like 21BTC let Bitcoin holders get in on DeFi action without dumping their BTC. It’s yet another example of how cross-chain functionality is driving the DeFi space forward. CoinTag.

A MODERN INVESTOR CONFERENCE
Unlock The Latest Trends In Investing & Alternative Data 🔓

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Network with industry thought leaders like Howard Lindzon, Michael Batnick, Brian Shannon, Michael Parekh, and many more during the 2-day palooza.

Less than 40 tickets remain, so grab your seat now, and we'll see you in beautiful Coronado, CA! 😎

News In Three Sentences
Altcoin News 🗞️

😬 Uniswap Played Nice, CFTC Gives Them A Discount On Their Fine

Uniswap Labs just got slapped with a $175K fine by the CFTC for letting non-eligible traders mess around with leveraged tokens between March 2021 and September 2023. They didn’t bother with the proper oversight, so now they’re paying up without admitting they screwed up—classic. The CFTC gave them a break on the fine, though, because Uniswap played nice and promised to clean up their act. Protos.

🛠️ Ripple Rolls Out Ethereum-Compatible Smart Contracts on XRP Ledger 

Ripple just took a huge leap, launching a sidechain that enables Ethereum-compatible smart contracts on the XRP Ledger. This new sidechain lets developers port Ethereum dApps to XRP, boosting cross-chain DeFi potential. Ripple is throwing its hat into the smart contract ring, taking on Ethereum head-to-head. BitcoinWorld.

🔄 Hoskinson To Take A Back Seat? Cardano Enters the Conway Era 

Is Charles Hoskinson stepping into the background after Cardano's Chang hard fork? It’s unclear, but the Chaing upgrade gives $ADA holders the power to shape the network’s future through a new governance structure. While some folks still want Hoskinson in the driver’s seat, others are betting $ADA can run just fine without a central figure. ZyCrypto.

🔗 Ripple CTO Says XRP and Stellar Are Moving Together—No Idea Why 

Even Ripple CTO David Schwartz doesn’t know why $XRP moves, but XRP and Stellar ($XLM) seem to be moving in sync. He admitted the two tokens have an unexpected correlation, which could be useful for traders if anyone figures out what’s driving it. For now, it’s one big guessing game, but hey, at least it’s interesting. coinpaper.

🚀 Polymarket and Pump.fun Killing It—Ethervista Wants In 

Polymarket and Pump.fun have been crushing it, but Ethervista just rolled in like it owns the place. This $ETH-based project mixes an AMM (automated market maker) with a token launcher and locks liquidity for five days to keep the rug pullers at bay. The native token VISTA is already getting some attention, so yeah, it’s gunning for that top spot. Bankless.

🔥 SunPump Goes Full Buyback and Burn in the Memecoin Showdown 

Tron’s ($TRX) SunPump has gone full 100% buyback and burn to stay alive in the cutthroat memecoin wars. Justin Sun says this move was a community-driven decision to boost liquidity and transparency. But with $SOL’s Pump.fun still in the game, this battle’s far from over. BeInCrypto.

News In Three Sentences
Crypto News 📰 

🍫 Toblerone-Wielding Robbers Swipe Bitcoin in Scotland—No, Really 

Yes, the following is a real thing that happened: Scottish prosecutors have seized 23.5 $BTC after a man was threatened with a machete and a Toblerone chocolate bar by housebreaking robbers. The Bitcoin was later converted into cash, marking a legal first in Scotland. The UK struggles with rising knife crime, and there's no word yet on whether tasty Swiss chocolates with little nuts will also be added to a list of weapons (like butter knives) the public is no longer allowed to own. Bitcoinist.

🔄 Matter Labs Axes 16% of Its Staff as ZKsync Restructures 

Matter Labs is cutting 16% of its workforce as it pivots ZKsync towards more specialized Layer 2 solutions. Despite launching its Elastic Chain in June, ZKsync’s token has taken a nosedive, down 64% since its debut. The layoffs are part of a strategy to focus on gaming and DeFi applications. CryptoNewsLand.

⚒️ Riot Platforms Comes for Bitfarms’ Throat in Boardroom Power Struggle 

Riot Platforms isn’t giving up on trying to take over Bitfarms after the co-founders bailed, blaming "broken governance." They’re aiming to replace Bitfarms’ board with their own picks, all while questioning the company’s latest acquisition of Stronghold Digital. Riot might have gotten shot down on their acquisition offer, but now they’re coming for the board. CoinTag

⚖️ SEC Slaps Galois Capital with $225K Fine for Custody Fails 

The SEC just dropped a $225K fine on Galois Capital for violating the Custody Rule, leaving investors exposed by storing their crypto on platforms like FTX. Oh, and they also lied to investors about when they could pull their money out. The fine’s being handed back to the investors who got burned. SEC.

Links That Don’t Suck 🔗

🕵️ Inside the Trump crypto project linked to a $2m DeFi hack and former pick-up artist

🛰️ Starlink confirms it will block access to X in Brazil

📖 A guide to handling crypto during a divorce

🏧 Bitcoin ATM scams surge: $110 million lost in 2023, older hit hardest

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Author Disclosure: The author of this newsletter holds positions in USDC, USDT, MATIC, SHIB, COIN, SOL, and APT. 📋