Activist investor calls for Polygon to scrap 2% inflation and launch buybacks to rescue POL’s price and restore investor confidence. A new proposal to overhaul Polygon’s tokenomics is gaining momentum on the project’s governance forum and across social media, as investors voice frustration over POL’s steep underperformance compared to the broader crypto market. The proposal, authored by activist token investor Venturefounder, calls for major revisions to Poilygon’s (POL) supply model, including the elimination of its 2% annual inflation rate and the introduction of a treasury-funded buyback or burn program to reduce ongoing sell pressure. “These changes are intended to align the supply dynamics of POL with its current technological and strategic reality, reinforce investor confidence, and prevent further token devaluation and network stagnation,” Venturefounder wrote in the forum post. Read more
USDT dominance dropped as a key altcoin market capitalization metric rose to $1.18 trillion, hinting that a cautiously brewing altseason could be brewing. Key takeaways: TOTAL3 market cap hit a record $1.18 trillion, signaling accelerating momentum within the altcoin cohort of the crypto market. USDT dominance dropped sharply, hinting at capital rotation into risk assets. Read more
Switzerland’s gambling watchdog is reviewing FIFA’s “Right to Buy” NFTs, while noting no wrongdoing has been alleged. Switzerland's gambling regulator is looking into whether "right-to-buy" tokens sold by global soccer organizing body FIFA ahead of the 2026 World Cup tournament comply with rules that govern gambling, Bloomberg reported. No wrongdoing has been alleged. Gespa is assessing whether the tokens, which can be bought, sold and traded on FIFA’s non-fungible token (NFT) marketplace, are gambling-like or represent conditional purchase rights. FIFA stands for Fédération Internationale de Football Association. The authority has not alleged wrongdoing nor had it received any reports of wrongdoing, and is gathering facts to determine whether any action is warranted, director Manuel Richard told Bloomberg on Monday. Read more
The stablecoin issuer reportedly capitalized on its initial investments in February and April to weigh in on who should comprise the Italian football club's board. Stablecoin issuer Tether will reportedly pitch its own list of board candidates and “governance changes” for Juventus, a football club based in Italy in which the company has a 10.7% stake. According to a Monday Reuters report, Tether’s suggestions for the football club’s board will come ahead of a Nov. 7 shareholder meeting, and it will also contribute about $129 million as part of a capital increase in Juventus. The stablecoin issuer initially invested in Juventus in February, increasing its stake to more than 10% in April as part of a “commitment to innovation and long-term collaboration,” according to CEO Paolo Ardoino. The football club’s board has been no stranger to controversy in past years. Every member resigned in November 2022 amid allegations of financial fraud involving players’ salaries. Former Juventus board Chair Andrea Agnelli and ...