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Today’s Cryptocurrency Headline

Polygon plans to build a DAO to facilitate the development of DeFi platforms on its chain to allow more users to join the Polygon ecosystem. Polygon said the coordination mechanism in the DAO is still a work in progress. Since there are still few active DAO members, the project plans to select committee members either through MATIC token stakers or through DAO token holders. The project states that each committee member (individual or DApp) should support at least one proposal during the committee’s 3-month term.

Polygon roughly divided the DAO into three committees. The first committee is led by the Polygon Local Project to help implement small grants of less than $100,000. The second committee consists of QuickSwap, Sushi, AAVE and other projects to help regulate the process. The third Committee used ChainLink, TheGraph, UMA, Covalent, and others to bring in Web3 developers and build tools to support Polygon. Polygon’s blog says it welcomes an in-depth discussion on the topic, and the blog doesn’t talk about any plans to airdrop governance tokens.

Bingbon’s Bitcoin Chart

Source: TradingView& Bingbon

Cryptocurrency trading prices succeeded to be in the green on August 20. BTC is back above $46,500. It is likely to attempt to clear the $48,000 resistance. On the upside channel, we can see an immediate resistance near the $47,500 zone. The first key resistance is near the $48,000 level. If BTC wants to continue higher, the price must clear the $48,000 resistance zone. The next major stop for the bulls would be $50,000. Bears have little impact on the crypto market now as technical indicators point higher. If Bitcoin fails to climb above the $48,000 resistance level, it could cause a downside correction effect. An initial support on the downside is around the $46,500 level.