TON Applications Chain Partners with Polygon to Launch New Layer-2 Network

Daily Top Performer — Galxe (GAL)

The SPX index was barely moved as the Fed Chair Jerome Powell remained cautious of upcoming rate cuts. Key inflation data and earnings reports are expected this week. The broader cryptocurrency market was up, with Bitcoin and Ether rising by 2.42% and 2.44%, respectively in the past 24 hours.

Today's top performer is GAL, which surged 4.5% after Galxe announced seamless migration from GAL to Gravity (G) tokens across platforms.

Galxe (GAL), launched in May 2021, originally known as Project Galaxy, is a decentralized credential data network in the Web 3.0 space. It aims to replace centralized control of credential data by providing an open-source platform that allows any Web 3.0 developer to access and use this data globally. Galxe has initiated the migration of GAL tokens to a new token, Gravity (G). Users can convert their GAL to G at a 1:60 ratio through the official migration portal on the Galxe website. For self-custodial wallets on Ethereum or BNB Chain, tokens are burnt upon migration. Centralized exchanges (CEXs) will handle the migration automatically with specific instructions to follow. Staked GAL will also automatically convert to G on July 9th, 2024, requiring no action from the stakers.

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Talk of the Town:

The TON Applications Chain (TAC) is developing a new layer-2 network for the TON blockchain ecosystem, leveraging Polygon's technology. Announced at the Ethereum Community Conference in Brussels, this network will support Ethereum Virtual Machine (EVM)-compatible decentralized applications, enhancing the TON ecosystem's appeal to Ethereum developers. TAC aims to facilitate the development of DeFi applications, gaming, and decentralized identity solutions using Polygon’s Chain Development Kit (CDK) and AggLayer. The choice to use Polygon's tools was motivated by their EVM compatibility, robust community, and expertise in liquidity and deployment support. This move aligns with a broader trend of major blockchain platforms exploring layer-2 solutions on Ethereum.

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Spot Bitcoin ETF Flows:

Bitcoin's price stabilized at around $57,000, supported by significant inflows into Bitcoin Spot ETFs and influenced by Germany's ongoing sale of seized bitcoins. Investors are closely watching Federal Reserve Chair Jerome Powell's testimony for potential interest rate cuts, which could affect market dynamics.

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Airdrop to Watch:

Particle Network has launched a testnet event offering airdrops for participants. To join, users must connect an EVM-compatible wallet, use an invite code, and link their Twitter account through the provided website. Participants complete tasks to earn Particle points and USDG tokens by bridging test ETH and transferring USDG between chains. Daily check-ins increase point earnings. The network, which recently raised $23M, provides chain abstraction through Universal Accounts.