David Schwartz, chief technology officer at Ripple, has argued in favour of validators for the XRP Ledger (XRPL) supporting an automated market maker (AMM) feature, but only if there is community agreement. Schwartz mentioned the XRPL’s AMM feature on X (previously Twitter). Schwartz described AMMs as an intriguing aspect of decentralised finance in his initial
The founder of Ethereum, Vitalik Buterin, recently suggested a number of modifications to the network’s staking architecture. Decentralisation will be strengthened, and the computational load on the consensus layer will be decreased. The proposal comes as Ethereum encounters difficulties linked to the dangers of centralization and the enormous number of signatures needed for consensus. The
The gaming-focused Mythos Chain, with its rising NFT trade volume, has surpassed Polygon and Solana to overtake them as the second-largest blockchain in terms of NFT sales volume during the previous 30 days.Mythos Chain has sold $33.5 million worth of NFT in the last 30 days, according to data from CryptoSlam, representing a growth of 20.31%.Comparatively, Polygon and Solana reported $30.9 million and $27.9 million, respectively, representing reductions of 45.50% and 16.7%. DMarket, an NFT marketplace that contains NFTs from a number of games connected to Mythical Games, the company that created the Mythos Chain, provides almost all of the trade volume for the Mythos Chain.Nitro Nation World Tour, a Web3 mobile street racing game that went live in October, is one title that might be to blame for the spike in NFT sales.The well-known DJ Deadmau5 is supporting the game.
The NFT finance-focused cryptocurrency group FloorDAO “forked” into two distinct entities this week in a bid to oust activist investors who had collected a sizable holding in the project’s governance tokens.Recently, FloorDAO, which aims to develop goods for “NFT-Fi,” transferred more than $2.5 million of its cash to a FloorkDAO breakaway organization that was governed by the activist investors.Within a short period of time, the investors divided that money among themselves in a redemption, raising the value of each FLOOR token from $1.89 at the beginning of the year to almost $5.The value for investors who choose to hold onto their FLOOR tokens and not opt to sell them out of FloorDAO is demonstrated by the fact that they are currently trading at roughly $3.88. The incident is the most recent instance of activist cryptocurrency investors launching campaigns against so-called decentralized autonomous organizations, or DAOs, which have begun to resemble what may be a very early stage of blockchain-based businesses.The benefit is that these DAOs frequently have substantial treasuries full of money raised from token sales and other sources. Activist investors try to buy up governance tokens at prices below the estimated value of the DAO’s holdings and then pressure the target project to essentially buy them out at a lower cost. This is feasible as a result of the way many DAOs interpret the tokens they have issued as “governance chips,” where the more chips a user holds, the more influence they have over the DAO’s decisions.The activists can more readily amass a significant share because many long-term holders don’t participate in project governance.The most ardent supporters of FloorDAO believed that it was becoming impossible to make any significant progress because of their growing stake in the project. “FloorDAO has now successfully forked to allow members who are not aligned with the long-term vision of the DAO to exit,” a blog post from earlier this week said.
Dash, a fintech business based in Ghana that aims to link bank accounts and mobile money wallets all throughout Africa, has announced that it will cease operations. WeeTracker broke the news that the startup has closed. . Prince Boakye Boampong launched the startup Dash in 2019. When investors heard about the issue the company hoped
The CMCC Global-managed Titan Fund recently closed it’s initial investment round, raising $100 million from more than 30 investors. Block.one, a blockchain firm, the Pacific Century Group, run by Hong Kong business tycoon Richard Li, Winklevoss Capital, Jebsen Capital, and Yat Siu, the man behind Animoca Brands, are just a few of the notable investors.
According to a new study report from JPMorgan (JPM), the increase in ether (ETH) staking following the Merge and Shanghai upgrades has cost Ethereum because the network has become more centralised and the overall staking reward has decreased. “Many in the crypto community had seen Lido, a decentralised liquid staking platform, as a better alternative
According to a press release, Blockticity, a firm that focuses on using blockchain to issue certificates of authenticity for belongings, has created certifications for $275 million in products on layer 1 Avalanche.Hemp, hallucinogenic mushrooms, and kratom are all used in the first stage of minting. As a non-fungible token (NFT) verification system, the minting is carried out using its Certificate of Analysis (COA).For the U.S. hemp and cannabis lab, ACS Laboratory, the initial minting included hemp, hallucinogenic mushrooms, and kratom.According to the company’s website, there are difficulties with supply chain transparency in the hemp, cannabis, mushroom, and Kratom industries.ACS conducts potency tests and verifies that the goods are free of chemicals and pesticides. The certifications’ goal is to prevent fraudsters from using the COAs by altering with the QR code or data, access the product’s test findings, and trace the COAs back to the original laboratory, according to the news release.In an earlier interview, Sundie Seefried, the CEO and president of Safe Harbor Financial, stated that a regulator had told her that cryptocurrency and cannabis would go well together since blockchain technology offers a decent level of traceability for money earned from cannabis plants. The procedure involves printing a QR code by Blockticity on the goods, which links to a COA issued as an Avalanche NFT.Over 35,000 COAs worth approximately $275 million have already been issued by ACS Labratory using Blockticty.Blockticity authenticates the lab report by minting a COA from the lab into the blockchain.According to a prior statement, businesses can then seek up a COA and use the QR code to locate the report that is owned by the company that paid for the test to be conducted.According to a press release, cannabis will be the subject of ACS Laboratory’s next 120,000 COAs. “We’re pleased to join forces with Blockticity once again, harnessing this avant-garde technology for our esteemed clients,” said Roger Brown, president of ACS Laboratory. “This technological leap allows any COA viewer to trace its origins and detect any discrepancies.” ACS Laboratory and Blockticity previously worked together to introduce the nation’s first hemp COA as an NFT on the Moonwalk NFT platform in November 2021.
Jaynti Kanani, the co-founder of Ethereum layer 2 Polygon, has announced that he is taking a break “from the day-to-day grind” of maintaining the network.In a post on X (formerly Twitter) on Wednesday, Kanani, who co-founded Polygon with Sandeep Nailwal and Anurag Arjun in 2017, detailed his plans. He said he “decided to step back” about six months ago and that he would be “focusing on new adventures while still cheering and contributing to Polygon from the sidelines.” Co-founder Sandeep Nailwal responded to the post by saying, “I wish we could’ve done more for longer together in this crazy journey that is Polygon. But hey, you got to do what you got to do.” The network’s creator, Polygon Labs, reorganized its executive team in July, with president Ryan Wyatt stepping down to take on an advising position and chief legal officer Marc Boiron appointed to CEO.The native token of the network, MATIC, is now unaffected by the news and is still trading in the same band of $0.55 and $0.58 that it has been in since the beginning of the month.Its price is $0.58 at the moment of writing, an increase of 3.5% over the previous day.
A new fund with investments in Hong Kong-based Web3 startups has been established by blockchain-focused venture capital firm CMCC Global with $100 million in funding.The Titan Fund, as it is known, will invest in startups in Web3 industries like gaming, the metaverse, and non-fungible tokens (NFTs), according to a Wednesday email statement.The fund will be overseen by State Street, with EY acting as its auditor. Block.one (B1), Richard Li’s Pacific Century Group, Winklevoss Capital (the company run by Tyler and Cameron Winklevoss), and Yat Siu, the creator of Animoca Brands, all contributed $50 million as the fund’s primary investors.B1 will also take a minority ownership position in the holding company of CMCC Global. Following the development of a new legislative framework that took effect in June, Hong Kong has reestablished itself as a crypto hub, making it an appealing location for investment from the big VC players in the broader blockchain business.
Unified orderbook exchangeAccording to a press statement issued by the business on Tuesday, the improved version of Bluefin, known as “v2,” is now operational on the Sui network.The platform’s most recent version now includes features including sub-second, optimistic trades, spot and cross-margin capabilities, and a privacy feature that allow trading without a crypto wallet. The company announced that the platform’s initial release, Bluefin v1, which allows users to trade perpetual swaps on Ethereum scaling network Arbitrum, will continue to be in use. “Over the course of this year, we’ve rewritten our codebase and rebuilt the exchange on a new underlying technology,” Bluefin said in the press release. “With the next version of the exchange, we want to build a decentralized platform that can match the features and trading experience of centralized exchanges.” The launch of Bluefin coincides with a sharp decline in cryptocurrency trading volumes as the long-lasting bear market continues.According to DefiLlama data, DEX volumes lately averaged roughly $10 billion per week, down from over $60 billion in November. Decentralized exchanges (DEXs) gained popularity last year as a result of the dramatic failure of a few centralized platforms, like Sam Bankman-Fried’s FTX.Still, because centralized platforms typically offer cheaper transactions and faster execution, the majority of trade volume is still concentrated there.With so-called “optimistic trade confirmations,” which settle the trade on the platform’s user interface before finalizing it on the blockchain, Bluefin’s v2 claims to increase speed.According to a news release, the platform’s newly developed off-chain orderbook layer may begin communicating optimistic confirmations of trades to customers in around 30 milliseconds and then guarantee the trade with the on-chain smart contracts in about 480 milliseconds. “With
The application to convert the Grayscale Ethereum Trust (ETHE) into a spot exchange-traded fund (ETF) has been submitted by Grayscale Investments and NYSE Arca to the U.S. Securities and Exchange Commission (SEC). With approximately $5 billion in assets under management, Grayscale’s Ethereum trust is the largest ether investment product ever created. Michael Sonnenshein, CEO of
Ten exciting African startups are among the 24 companies that make up the excellent 2023 summer cohort of Techstars Toronto, a renowned accelerator programme. This edition is meant to commemorate the accelerator’s 100th direct investment, marking a critical turning point in its history and highlighting the accelerator’s crucial contribution to the advancement of the digital
The co-founder of Ethereum suggests a remedy that would reduce the possibility that any particular liquid staking provider will develop to the point where it poses a systemic concern. Co-founder of Ethereum Vitalik Buterin has highlighted concerns about decentralised autonomous organisations (DAOs) having exclusive control over the choice of node operators in liquidity staking pools.
Blockchain technology will be used by Brazil to establish its new national identity programme. As the first states to issue identification documents on-chain, Rio de Janeiro, Goiás, and Paraná will do so. The government recently said that over 214 million Brazilians will soon use blockchain technology for digital identity. As part of a private blockchain
The Perimeter Protocol smart contract codebase, released on Friday by stablecoin issuer Circle Internet Financial, aims to act as an open-source framework for tokenized credit markets.Invoice factoring, payroll advances, quick settlement for merchants, and credit trading for institutional investors are just a few of the credit use cases that Perimeter can serve, according to the business in a blog post.Developers are free to replicate the codebase and create new products using it, and its white paper is openly accessible. The protocol also serves as the launch of Circle Research, the company’s new open-source development section.The announcement coincided with the growing momentum behind tokenizing real-world assets (RWA), which is the process of integrating conventional financial instruments like credit into blockchain-based applications.According to a Bank of America (BAC) research, tokenization might upend the current financial infrastructure by establishing a more effective and open system.According to Bernstein, the market for tokenized assets might reach $5 trillion over the following five years. Stablecoins are a crucial component of the settlement infrastructure for blockchain-based lending markets.Circle’s $26 billion USDC and EURC tokens could become more useful if it supports tokenization initiatives and the creation of decentralized finance (DeFi) credit networks. “We’ve seen the great utility stablecoins and USDC have brought to developers, corporations, end-users and more across an array of use cases, including for global lending markets within DeFi,” the company said in a blog post. “However, for new entrants to participate in these markets, the ability to securely unlock credit on-chain
The first public IOTA Smart Contracts (ISC) and a linked token will go live on Thursday, according to creators of the IOTA blockchain network. The action follows several months of testing. On ShimmerEVM, a blockchain that complies with Ethereum, these contracts will be made available. ShimmerEVM is a component of Shimmer, a blockchain in the
After an initial attempt earlier this month failed, Ethereum engineers launched the Holesky test network on Thursday. In place of the Goerli testnet, which is already in widespread usage, the new Holesky network is intended to assist engineers in testing some ambitious scaling plans for the primary Ethereum blockchain. The new testnet was created to
As competition for the ether (ETH) futures fund heats up, VanEck, the $77.8 billion asset management company, is getting ready to launch its Ethereum futures exchange-traded fund (ETF). According to a statement released by the company on Thursday, the VanEck Ethereum Strategy ETF (EFUT) will invest in standardised, cash-settled ETH futures contracts traded on commodity
Bitcoin exchangeAccording to Kraken, the central bank of Spain granted it authorization to operate as a virtual asset service provider there.The exchange will soon be able to provide Spanish citizens with exchange and custody wallet services.According to a press statement issued on Tuesday, Kraken’s Irish subsidiary also received an e-money institution (EMI) license from the central bank of Ireland, allowing it to expand its “EUR fiat services in partnership with banks” throughout the nation and throughout Europe. Since the European Union made its regulatory policy regarding cryptocurrencies more clear, exchanges have been eager to expand throughout the continent. Coinbase recently opened a Spanish account.The markets in crypto assets regulation (MiCa), which was developed by the EU, is scheduled to go into force in 2024. “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence,” said Curtis Ting, Kraken’s vice president of global operations. “We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain.
An Ethereum wallet connected to Jimenez Castro, a Mexican man with connections to the Sinaloa cartel, has been sanctioned by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury.According to a list posted on OFAC’s website, Castro is one of 10 people named on its sanctions list as part of a counter-narcotics campaign. According to data from Arkham, the wallet in issue received almost $740,000 in deposits to Binance over a two-month period after becoming active for the first time in January of this year. A U.S. Treasury press release states that Jimenez Castro “operates money laundering organization that uses virtual currency and wire transfers, among other methods, to transfer proceeds from illicit fentanyl sales in the United States to Sinaloa Cartel leaders in Mexico.” Earlier this year, OFAC imposed sanctions on a collection of cryptocurrency wallets connected to the North Korean government.
There is a chance that non-fungible tokens (NFTs) will survive.Some popular collections are just moving outside of digital markets in search of a new audience, despite the fact that some of them have rock-bottom prices.According to an email from a spokesman, Pudgy Penguins, one of the most well-known and valuable NFT collections, will launch its Pudgy Toys line today in 2,000 Walmart locations across the United States.Since May, you can purchase these toys online. Each toy would include a special birth certificate that, when scanned with a QR code in Pudgy environment, an online virtual environment built on the zkSync Era blockchain, would enable users to claim special abilities for their digital “Forever Pudgy” characters. “Pudgy Penguins is bridging the gap between our physical and digital worlds of play for kids in a really engaging way,” said Brittany Smith, vice president of merchandising – toys, Walmart U.S. The largest retailer in the United States, Walmart, was also the largest firm in the world in terms of sales in 2022.In order to increase the collection’s appeal outside of the cryptocurrency industry, the Pudgy Toys plush toys and collectibles will now be sold alongside traditional consumer brands.Users could roam Pudgy World’s rich multiplayer digital world, play games, and completely personalize their Forever Pudgy character.Since its 2021 debut, Pudgy Penguins has generated $400 million in sales.Contrary to most collections, the company has made considerable use of experiential marketing and social media to build a following where most NFT companies failed. Because of their poor price performance and little demand in a cutthroat retail sector, NFTs are being progressively dismissed by mainstream media.But one way that NFT collections can engage with real-world customers and, ideally, strengthen their brand is by selling physical goods on well-known platforms. “Walmart’s inclusion of Pudgy Toys in their stores is a testament to the evolution of how consumers engage with
The Philippine Blockchain Week (PBW) event earlier this month featured the Miss Universe Coin initiative, which the Miss Universe Organisation has categorically denied any connection to. According to PBW, it is in touch with all parties concerned and will shortly give an update. A project named Miss Universe Coin was unveiled at PBW earlier this
In the industry that produces batteries for electric vehicles (EVs), Morocco aspires to take the lead on a global scale. The nation’s most recent action is the result of a recently announced collaboration between the Chinese battery component maker CNGR Advanced Material Co. and the Moroccan investment firm Al Mada. For the purpose of establishing
In the midst of declining Ethereum activity, Ether (ETH) has turned inflationary, analysts claim, which could have an impact on the token’s price.According to statistics from blockchain analytics company IntoTheBlock, network fees, a proxy for usage, fell more than 9% this week to $22.1 million, the lowest level in nine months. Data from Ultrasound.money indicates that as a result, the supply of ETH, Ethereum’s native token, has been growing since fewer tokens were burned to confirm transactions than were created. According to Lucas Outumuro, research head at IntoTheBlock, the adoption of layer 2 networks is one of the factors contributing to the drop in network fees, which is expected to continue in the near future. “[This trend] may be putting some pressure on the second largest crypto-asset, as its supply has been growing over the past month, reverting its deflationary trend,” IntoTheBlock wrote in a report. After last year’s Merge, a significant network update in which Ethereum switched from a proof-of-work to a proof-of-stake consensus mechanism, the deflationary narrative about Ether first surfaced. This change fundamentally altered the supply dynamics of the cryptocurrency. When the network is active, it creates fewer tokens than it burns, which reduces the supply and is generally positive for the price.The dynamic, however, changes when network demand is minimal.IntoTheBlock joined a long list of other cryptocurrency watchers in highlighting ETH bearish events.In a research released earlier this week, JPMorgan analysts claimed that Ethereum’s eagerly awaited Shanghai upgrade has failed to increase network activity because transaction counts, active addresses, and the total value of assets held on the blockchain have all decreased since April. In a market report on Friday, cryptocurrency services provider Matrixport repeated its unfavorable assessment of the cryptocurrency asset in comparison to BTC, noting “shockingly low revenues” and “lack of buzz” surrounding the upcoming protocol change.The company predicted earlier this month that if the trend persists, ETH may drop as low as $1,000.Recently, ETH was traded at $1,591 and has since fallen to a 14-month low against BTC.
An announcement on the Optimism governance website states that the foundation that powers layer2 blockchain Optimism has sold 116 million OP tokens ($157 million) to seven different purchasers. The OP Token treasury’s unallocated fraction of the tokens used in the sale were described as the source of the tokens as it was a “private” and
The popular blockchain’s liquidity providers may benefit from the decentralised trading tool GammaSwap’s introduction on the Arbitrum network today, according to the move’s developers. GammaSwap enables users of decentralised finance (DeFi) to “short” liquidity provider (LP) tokens by borrowing them from automated market makers (AMMs) and hedging against provided collateral or developing low-risk trading methods.
A new internet safety rule that covers the metaverse was just approved by British parliamentarians. The Online Safety Bill, which was presented last March, stipulates that businesses must determine the possibility that customers will encounter illegal information and that minors will encounter stuff that could be detrimental to them. According to a government press release,
, Binance’s staked ether token, BETH, had a spike in deposits earlier this month that increased the total value locked (TVL) by more than fourfold to $731 million. The liquid staking token was introduced by the exchange in April, after the Ethereum blockchain switched to a proof-of-stake network. Up until an influx of $165 million
Layer-2 network for Coinbase Data from blockchain explorer BaseScan shows that Base has broken its previous record for daily transactions since its introduction in August. The layer-2 blockchain reached 1.88 million transactions on September 14, breaking its previous high of 1.41 million transactions set on August 21,the day the network was established. The layer-2 network
