In order to boost innovation, science, and technology between the two countries, the Federal Government of Nigeria and the Republic of Cuba have signed a Memorandum of Understanding. The MoU was signed by the Nigerian delegation to the G77+China Summit in Havana, which was led by Vice President Sen. Kashim Shettima, according to a statement
Magic Eden, a prominent player in the NFT market, has announced the incorporation of cNFTs, a cutting-edge NFT type that is unique to the Solana blockchain. The abbreviation “cNFT” stands for “compressed NFTs,” highlighting their special capacity to be produced at a fraction of the cost of their conventional counterparts. The Magic Eden announcement went
Data from IntoTheBlock shows that Coinbase’s layer 2 blockchain, Base, which debuted in early August, has experienced an all-time high in daily transactions. On Thursday, Base processed 1.88 million transactions, outpacing layer 2 competitors Arbitrum and Optimism combined, who processed 780,000 and 370,000 transactions, respectively. “Interestingly, neither non-fungible token (NFT) marketplaces nor decentralised finance (DeFi)
A deal has been made between Core Scientific, Inc. (OTC: CORZQ), a well-known provider of blockchain computing data centres and software solutions, and Celsius Mining LLC, a Bitcoin mining division of Celsius Network. Deal included selling “Cedarvale,” a Bitcoin mining data centre located in Ward County, Texas, to Celsius. The two businesses have also agreed
The Merge, an important upgrade that Ethereum implemented on September 15 of last year, changed the largest smart contract blockchain from a proof-of-work (PoW) configuration to a proof-of-stake (PoS) one.According to the ethereum analytics dashboard ultrasound.money, Ethereum has since produced 680,455.31 ETH and burned 980,377.87 ETH, resulting in a net supply drop of 299,922.50 ETH.The supply has shrunk by 0.249% when expressed as an annualized percentage. Had Ethereum operated as a blockchain with proof-of-work, the net supply would have increased by more than 3.8 million, or 3%.In order to validate transactions and get rewards, players in the market must hold a certain minimum amount of ether.When the PoW system was in place, miners would record transactions by solving computational challenges in exchange for rewards.A sizable portion of the market’s miner supply was removed when the PoS system was implemented.A percentage of the transaction fees that customers pay are burned by the PoS method, which is more significant.In order to encourage validators to give precedence to certain transactions, users add a top fee or priority fee to the base.Etherum is removed from circulation while the base fee is burned. As anticipated, the upgrade has turned Ether into a deflationary currency while also making Ethereum more environmentally friendly.However, since the Merge, the price of ether has remained fairly steady at $1,630, indicating that the upgrade was ineffective in raising ether’s market valuations.Bitcoin, meanwhile, has increased by around 30% over the last 12 months. “In August 2022, the Ethereum Foundation warned users that the upcoming Paris upgrade would not reduce gas fees. Subsequently, prices fell, and ether was doomed to underperform bitcoin. But this also hinted towards the next potential catalyst for Ether investors—lower gas fees,” Markus Thielen, head of research and strategy at Matrixport, said
In order to test Web3 consumer experiences in Singapore, Circle Internet Financial (Circle), a major global fintech company, is partnering with Grab, the top super app in Southeast Asia. This partnership will see the direct integration of Circle’s new Web 3 Services platform into the Grab app, representing a significant advancement in the regional use
The Pix system of the Brazilian Central Bank has been introduced as a payment option by Ramp Network, a business that provides payment infrastructure to link cryptocurrency and traditional finance. In July, Ramp created a local entity in the South American nation as part of its effort to expand farther throughout Latin America. Adding Pix
Lido, the industry leader in ether staking, will collaborate with two Cosmos blockchain ecosystem projects to connect its staked ether (stETH) tokens to the Cosmos network. This move might result in the exchange of millions of dollars’ worth of liquidity between the two blockchains. According to data from DefiLlama, liquid staking has grown in popularity
According to a recent announcement, Thailand-based Kasikornbank (KBank) has launched a $100 million fund that will target global entrepreneurs in artificial intelligence (AI), Web3, and fintech. One of the largest banks in South East Asia, KBank also offers online services. The bank has operations in Vietnam, China, and Thailand. The Bank of Thailand, Thailand’s central
After months of testing during which no significant flaws were found, BNB Chain developers today announced that the opBNB network, a layer 2 built on OP Stack, is now online. Any off-chain system, network, or technology constructed above a foundational, or layer 1 blockchain is referred to as a layer 2. Developers can utilise the
A joint report titled “Project Sela – An Accessible and Secure Retail CBDC Ecosystem” has been published by the Hong Kong Monetary Authority (HKMA), the Bank of Israel (BOI), and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre. The report was released on September 12 during a meeting in Tel Aviv. The
Consensys, one of the largest Ethereum blockchain developers and the maker of the well-known MetaMask cryptocurrency wallet, announced the launch of a significant new feature dubbed “MetaMask Snaps,” which will let users choose from a variety of app-like or add-on customizations for their browser extension. Snaps, as defined by the business, are “new features and
In the recent past, a mysterious but significant NFT brand has appeared on the Web3. Young Ryoshi in Space is a limited edition collectible that was unveiled by HEEL and SHIBACALS. Only 45 of these unique artworks will be available on the market thanks to this collaboration between the two well-known organisations. The NFT collectable
The Terra Classic community is voting on several recommendations as worries are voiced about an increase in spam as a result of a drop in the price of Luna Classic (LUNC). The minimum deposit requirement would be increased from 1 million LUNC to 5 million LUNC under a new proposal, which anticipates a possible price
NounsDAO is on track to undergo a treasury split in a week after a significant number of the charming, colourful digital collectibles’ owners decided to engage in cryptocurrency’s most recent “rage quit.” Holders who own 25% of all Nouns NFTs are dismissive of the project. They are scrambling to get a higher price directly from
The Mina Protocol is about to undergo a significant upgrade with the goal of bringing Zero-Knowledge (ZK) smart contracts to its mainnet. On the Mina platform, it is envisaged that this breakthrough will increase community involvement and product development. Three main characteristics of the upcoming improvement include: Enhanced zkApp Programmability: The upgrade’s incorporation of o1js
Wemade, a blockchain developer located in South Korea, has announced the release of WEMIX Scan, a new block explorer created for the WEMIX3.0 Mainnet and testnet. The company’s broader initiatives in the blockchain realm include this development. Wemade and Etherscan, a company renowned for its proficiency in blockchain data services, worked together to create the
The cryptocurrency firm LBRY announced its intention to appeal a New Hampshire court’s finding that it had neglected to register with the SEC.The blockchain-based file-sharing network sold native LBRY credits (LBC), which the company insisted were not securities, in violation of federal securities laws, according to the SEC’s lawsuit, which was filed in 2022.The SEC was awarded a victory by a New Hampshire judge in November, and the final judgment was submitted on July 11.After the decision, LBRY said that it will close. LBRY is subject to a $111,614 fine as a result of the decision.This was reduced from $22 million in May by the regulator who cited the company’s “near-defunct status.”The corporation was also “permanently restrained and enjoined from” directly or indirectly taking part in any unregistered crypto securities offering or in violating federal securities laws.Over the sale of $1.3 billion in XRP coins, blockchain platform Ripple Labs is dealing with identical SEC claims.Legal professionals have told CoinDesk that a federal judge’s partial ruling in favor of Ripple in July – that programmatic sales of XRP to retail investors through exchanges did not violate securities law, but direct sales of XRP to institutional investors did – may give hope to other businesses involved in related cases. On Thursday, LBRY announced on its X (previously Twitter) account that it intended to appeal the decision.According to CoinGecko data, LBC has decreased by around 6% to $0.013 over the last day.
One of the biggest cryptocurrency exchanges in the world, Binance, revealed today that it has integrated Ethereum (ETH) on the zkSync Era network successfully. Users can now deposit and withdraw Ethereum (ETH) tokens via the zkSync Era network as of the announcement. A layer 2 protocol called zkSync Era uses zero-knowledge cryptography to increase the
A new advocacy group for tokenization was unveiled on Wednesday, and its goal is to persuade more organizations to tokenize their traditional financial assets.According to a press release, the Tokenized Asset Coalition seeks to promote institutional decentralized finance (DeFi), asset tokenization, and public blockchain adoption in the broader financial sector. It also intends to bring the “next trillion dollars of assets” on-chain through education and advocacy. The organization was founded by the cryptocurrency exchange Coinbase, the stablecoin issuer Circle, the layer 2 network Base, the DeFi loan platforms Aave Companies, Centrifuge, Credix, Goldfinch, and RWA.xyz.The launch of this new group coincides with the rise of asset tokenization as a trend in the cryptocurrency world.The phrase refers to the conversion of traditional financial assets, also known as real estate, bonds, and private credit, into tokens on a blockchain. According to Bank of America (BAC), tokenized assets have the ability to upend the current financial system and establish a more effective one.A research from the Boston Consulting Group predicts that by 2030, the market for tokenized assets might swell to $16 trillion. “The Tokenized Asset Coalition believes that public crypto rails offer superior efficiency, cost savings and transparency compared to legacy systems,” the press release said. “By fostering collaboration, education and the development of on-chain infrastructure, the Coalition aims to address the inefficiencies, lack of transparency and fragmentation inherent in traditional financial systems.”
The SEOUL-based KOREA BLOCKCHAIN WEEK Anoma Foundation, a blockchain non-profit, today announced its ambitions to build an independent blockchain for the privacy-focused Namada protocol, extending its private transactions features to any applications developed on that network. At the Korea Blockchain Week (KBW) in Seoul, co-founder of Namada Awa Sun Yin disclosed the ambitions. Namada would
Together with Polygon (MATIC), Alchemy Pay will roll out its payment solutions on the latter’s brand-new zkEVM chain. Alchemy Pay will be one of the zkEVM ecosystem’s first fiat-to-crypto on-ramp providers, enabling customers to quickly change their local fiat currency into cryptocurrencies. Using Ethereum Virtual Machine (EVM) and Ethereum L1 security, Polygon zkEVM is a
Rune Christensen, a co-founder of MakerDAO, stated on Friday that the future native blockchain of the platform should be developed with the software that powers the Solana (SOL) network, which is a network engineered to deliver high-speed performance. In a governance forum post, he said the codebase’s “technical quality,” its “resilience by having gone through the FTX blowup” and already functioning examples make Solana “the most promising codebase to explore further.” He also mentioned Cosmos as the other “main contender.” The $5 billion DAI stablecoin was released by MakerDAO, the largest decentralized financial lender.The project is presently going through a significant, multi-year overhaul termed Endgame, which includes dissolving it into smaller, independent companies (SubDAOs) with their own tokens and redesigning its governance token MKR and stablecoin DAI. The deployment of a custom blockchain, for now known only by the codename NewChain, would be the plan’s final step. It would connect all SubDAOs and theoretically strengthen the ecosystem’s resistance to attacks from the government and technical glitches, according to Christensen. The NewChain is a “major long term project, and will
The partnership intends to collectively protect against actors who wish to abuse AI for their purposes, whether or not they are linked with the state. A number of prominent British MPs have urged the government to work with democratic allies to address the possible misuse of artificial intelligence (AI), highlighting London’s desire to play a
The American Department of Commerce refuted claims that it was preventing shipments of AI chips to the Middle East and kept mum on the question of whether the demands applied to all nations equally. According to recent statements from the US Department of Commerce, the Biden administration “has not blocked chip sales to the Middle
Just one day after being live, a platform that, among other advantages, allows users to swap tokens for rewards and cheap fees attracted $150 million, increasing the overall value of the DeFi ecosystem on the Base blockchain by 80%.Developed in partnership with Base developers, Aerodrome is a product by Velodrome that aims to serve as a “business development protocol” for the Base ecosystem by assisting with project launch, onboarding new projects and tokens, and producing liquidity for the ecosystem. Its developers want to replicate the success of Velodrome, one of the most popular platforms on the Optimism network, which has over $288 million in locked value.Similar to Velodrome, Aerodrome pays out its AERO tokens to platform users that make swaps, offer liquidity, or take part in governance. According to developer papers, there are 500 million AERO tokens overall, of which 450 million are locked for four years.The 50 million tokens set out for voter rewards and initial liquidity are the only AERO that are liquid at launch. How it works The fact that awards emitted are linked to overall liquidity rather than trading volume, which produces fees for the protocol, is a major issue for decentralized exchanges.To counter this, services like Aerodrome enable owners of its native AERO token to lock their holdings for a period of time ranging from one week to four years, resulting in veAERO, a vested AERO token. The user’s veAERO, which gives them more voting power on governance issues, increases with the length of the lock.The Velodrome has a similar technology.These locked veAERO are represented as NFTs, and these NFTs can be sold on various NFT exchanges.In place of purchasing tokens, locking them up, and managing that position, other users can then buy these NFTs to acquire direct exposure to the ecosystem. The veAERO tokens allow users to participate in platform governance and, more crucially, to influence the incentive structures of the trading pools the platform offers.In exchange, these voters get 100% of all fees and kickbacks collected by the particular pools they choose. By attracting users to prizes, encouraging them to buy more AERO, and allowing them to vote on which projects’ tokens to promote, add, and further reward, these features provide a flywheel of liquidity that keeps the network functioning. And so far, the strategy appears to be effective.According to data, the Optimism project Velodrome generated over $3 million in platform profits in the last month, of which $1.3 million was distributed as fees to VELO holders and users.
The social media site X, owned by Elon Musk and formerly known as Twitter, has just been granted payments licenses by a number of American states, including a currency transmitter license in Rhode Island earlier this week.The licenses allow for broader payment services to be provided, even though Musk has hinted at accepting cryptocurrencies on the network, briefly replacing Twitter’s bird emblem with dogecoin’s dog before its rebranding to X last month. The money transmitter licenses obtained since June from Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire indicate the tech billionaire may have plans to support nationwide payment processing similar to Venmo or PayPal, a company he co-founded. Musk has stated that he plans for X to expand beyond social media posts and become a “everything app.”While required for approving payments, the Rhode Island license is also necessary for providing crypto services. “I think a new social media company is needed that is based on a blockchain and includes payments,” Musk said in a text message just days before the bombshell offer to buy Twitter for $43 billion back in April 2022. The Department of Business Regulation (DBR) of Rhode Island states in a frequently asked questions document that businesses needing clearance “include those transmitting money for its customers, including traditional wire transfers (like Western Union) and electronic transfers (like PayPal).” The state’s currency transmission license is also necessary for operating a cryptocurrency exchange and custody service, but fintechs are exempt in “very rare cases” where the company “is registered as a true ‘agent’ of the Rhode Island licensed currency transmitter… and money transmission is not the core profit-making business of the fintech.” Although they undoubtedly pave the way for accepting cryptocurrency payments, state permits are not exclusive nor exclusive to that business.“Money transmission” in New Hampshire refers to the activity of buying, selling, or issuing stored value, as well as obtaining cash or money for the purpose of sending it to another area.” The state also says “an administrator or exchanger that accepts
Impact Theory, LLC, a Los Angeles-based media and entertainment company, has been accused by the Securities and Exchange Commission (SEC) with making an unregistered sale of crypto asset securities under the pretence of non-fungible tokens (NFTs). The organisation is currently being investigated for its operations between October and December 2021, after raising an estimated $30
The Balancer ($BAL) platform’s initial loss projections have been significantly off, according to blockchain security company PeckShield Inc. In a subsequent tweet, PeckShield stated that the loss, which also affects Beethoven X, is now estimated to be more than $2.1 million. Multiple pools on many platforms, including Ethereum, the Fantom Foundation, and the Optimism Foundation,
Mukesh Ambani, the chairman of Reliance Industries Ltd. and the richest man in Asia, declared on Monday that the company will be participating in the blockchain and central bank digital currency (CBDCs) industries. Jio Financial Services (JFS), a new financial services company formed by Ambani’s Reliance earlier this month, made a financial sector entry. After
