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📣 Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea
The arrested crypto fugitive and Terraform Labs founder Kwon Do-hyung, who faces fraud charges in the U.S. and South Korea, has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday. Kwon, who led the US$40 billion Terra-Luna crypto project that collapsed in May last year, was arrested in Montenegro on March 23 for allegedly traveling on forged passports along with Terraform’s chief financial officer Han Chang-jun. South Korean prosecutors say that nine former and current executives of Terraform Labs illegitimately amassed 414.5 billion Korean won (US$314.2 million) from the project, according to a report from national news broadcaster KBS, which Seoul Southern District Prosecutors confirmed with Forkast via text message. The local authorities have also recently requested Binance and other global exchanges to freeze cryptocurrencies that they allege belong to Shin, a prosecutors’ office spokesperson told Forkast in a text message. While the spokesperson declined to reveal the exact date of the request, she said Binance has not responded to their request.
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🪙 Avalanche’s New Subnet to Offer Blockchain Customization for Financial Institutions
Layer 1 protocol Avalanche (AVAX) is releasing “Evergreen Subnets” – a suite of blockchain deployments, tooling and customization services – for financial institutions. The firms will be able to launch their own Evergreen subnets for research and development, and for “production-ready use cases,” said Ava Labs, the builders behind the Avalanche blockchain, in a press release. A subnet is a sovereign network that defines its own rules for membership and tokenomics. They are composed of a group of validators – in this case, Avalanche validators – that work together to reach consensus on the state of one or more blockchains. Avalanche currently has several Ethereum Virtual Machine (EVM)-based subnets, including the Intain Subnet, which is a tokenized asset-backed security (ABS) application and the Deloitte Subnet, which is a platform for efficient Foreign Exchange Management Act (FEMA) fund disbursements.
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🪙 Ethereum's Shanghai Upgrade Will Help Layer 2 Networks, Crypto Investor Says
Ethereum-based layer 2 blockchains are likely to benefit from the network's upcoming Shanghai hard fork, also known as the “Shapella” upgrade, said Max Williams, chief operating officer at digital asset-management firm Runa Digital Assets. “There's a big benefit here coming to layer 2’s,” Williams told CoinDesk TV’s “First Mover” on Thursday about Ethereum's software upgrade that is scheduled for April 12. Max Williams, chief operating officer at Runa Digital Assets, noted the upgrade will allow developers to focus on improving users' experience. Williams wrote a report on the upgrade. It stated that the layer 2 sub-sector is “already trending well” and that the upgrade will give developers the time “to shift their attention to improving the user experience on layer 2s.”. Shapella is the final upgrade in Ethereum's migration to a proof-of-stake method of maintaining the network, It will allow withdrawals from staking ETH, Williams said. Other benefits will be to lower fees for users and to increase Ethereum's capacity to handle transactions.
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📣 Sentiment Hacker Returns 414 ETH Stolen Funds After Receiving The Offer
Sentiment stated that 90% of compromised cash had been restored as agreed upon following successful talks with the exploiter. Sentiment offered a $95,000 promise to negotiate the restitution of stolen assets on April 5, as Coincu reported. The incentive was first provided through an Arbitrum blockchain on-chain transaction. If the stolen monies are not returned by the deadline, the offer will be extended to anybody who assists in locating the assailant. Sentiment did not make the offer public. However, the hacker seems to have accepted and returned the stolen monies. According to Taylor Monahan, creator of MyCrypto and Metamask, the attacker returned 414 ETH at about 10:30 p.m. UTC. The refunded monies are managed by a two or three-multi-sig wallet, according to PeckShield. More intriguingly, the prize looks to be worth about $98,000 to Tornado Cash. On April 4, Sentiment was hacked. While early estimates put the amount taken at $500,000, subsequent estimates put it as high as $1 million.
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🇯🇵 Japan Approves Web3 White Paper to Promote Industry Growth in the Country
Japan's ruling Liberal Democratic Party's Web3 project team has published a white paper laying out recommendations for growing the country’s industry, which has become part of national strategy under Prime Minister Fumio Kishida's administration. Japan is forging ahead with a bid to create a friendlier environment for crypto after firms began leaving for other jurisdictions due to heavy tax burdens. The Web3 project team has been bypassing the usual bureaucratic processes to formulate regulatory proposals for everything from non-fungible tokens (NFT) to decentralized autonomous organizations (DAO). Shiozaki pointed out that major players in Japan have started to enter the market. Japanese mobile phone operator NTT Docomo pledged to invest up to 600 billion yen ($4 billion) into Web3 infrastructure and major financial institutions are looking to issue stablecoins. “The cryptocurrency industry has been driven by early adopters, but it will shift to mass adoption from now on,” said Secretary-General of the party's Web3 project team Akihisa Shiozaki.
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💰 PancakeSwap AMM V3 TVL Has Reached $125 Million Since The Uniswap Code Was Open Shared
PancakeSwap AMM V3 has attracted $125 million in Total Value Locked. Developers forked the decentralized trading network Uniswap after its business source code license (BSL) ended on April 1. Because the license is only good for two years, the Uniswap paper states that its code will be open-sourced on April 1 this year, as has been scheduled since the upgrade to the V3 edition in 2021. The latest TVL of PancakeSwap AMM V3 has hit 125 million US dollars. According to Coincu, PancakeSwap debuted Version 3 on the Ethereum and BNB Chain networks on April 3, with performance improvements and lower fees. Improved capital efficiency is a key feature of the upgrade, which includes a shift in how liquidity providers may spend money at specific price intervals. PancakeSwap V3 also contains capital productivity improvements to the platform. According to the makers, they include allowing liquidity suppliers to concentrate their money on smaller price categories, resulting in higher fee earnings from the same amount of donations.
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🪙 BNB Chain prepares for Planck hard fork to enhance cross-chain security
BNB Chain is set to undergo a hard fork upgrade called Planck at block height 27,281,024 — currently slated for April 12. This upgrade will introduce enhanced security and improved stability to the network, the core team said. The hard fork is designed to implement security enhancements proposed in BEP-171. This proposal aims to strengthen the cross-chain bridge between the two blockchains that form part of the BNB Chain network. BNB Chain fell victim to a major hack — which was traced back to a flaw in the IAVL proof verification mechanism. This security mechanism safeguards the cross-chain bridge, allowing users to transfer assets between BNB Smart Chain, BNB Beacon Chain and other networks. The upcoming Planck upgrade will involve a migration from the vulnerable IAVL proof verification to the more-secure bridge security mechanism, called ICS23 specification. Additionally, the upgrade will introduce a timer-lock mechanism for large cross-chain fund transfers, as well as the automatic pausing of cross-chain channels in the event of forged proof detection.
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🟠 Binance US Branch Shares Rise 24% Despite CFTC Targeting The Exchange
According to a recent estimate, Binance lost 16% of its market dominance in the first quarter of 2023. According to the story, the drop was caused by the CFTC lawsuit and the firm’s choice to discontinue its free trading program. While Coinbase’s shares have dropped nearly 49%, Binance US shares have increased 24%. The top cryptocurrency exchange has lost nearly 16% of its market share of transaction activity in the two weeks following the CFTC’s case against the exchange. The US Commodity Futures Trading Commission (CFTC) accused this platform and its CEO Changpeng Zhao of engaging in financial operations without appropriate registration since 2019. The platform also stated that, while Binance remains one of the biggest platforms in the world, with a 54% market share, it experienced a significant drop in market share in the first quarter of 2023. Chinese reporter Collin Wu posted a message on his official Twitter page Wu blockchain mentioning the exchange’s loss: According to Kaiko, after the CFTC launched a lawsuit and the firm discontinued most zero-fee operations, Binance lost 16% of its spot market share to 54%, but only lost about 2% of its perpetual contract market share.
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📣 Voyager-Binance.US Legal Fight Must Be Resolved by April 13, Court Documents Say
Voyager Digital and its creditors stand to lose $100 million if legal objections brought by the U.S. government aren't resolved by April 13, according to documents filed in court late Monday night. The bankrupt crypto lender is taking urgent legal action to let a $1 billion purchase by Binance.US go ahead, fearful that squabbles over the terms of the contract could prompt Binance.US to pull out. Consummation of the plan by April 13 is necessary to preserve massive creditor value,” a filing by Voyager’s creditors stated. “The evidence is uncontroverted that, if the deal is not completed, Voyager’s creditors will lose roughly $100 million in value. A parallel filing made by Voyager itself, also to the U.S. Court of Appeals for the Second Circuit in New York, said that delays could cost $10 million per month and that more than 1 million Voyager customers wouldn’t be able to access their savings. Under the terms of the deal, originally signed in December and approved by U.S. Bankruptcy Judge Michael Wiles in March.
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💰 PancakeSwap Launches Version 3 With Attractive Transaction Fees
PancakeSwap, a decentralized exchange (DEX) with over 1.5 million unique users, launched Version 3 on the Ethereum and BNB Chain networks, with speed enhancements and cheaper fees. PancakeSwap V3 also includes enhancements to the platform’s capital efficiency. They include enabling liquidity providers to focus their money on narrower price ranges, which results in larger fee profits from the same amount of deposits, according to the creators. The previous version of the DEX dispersed liquidity from providers (LPs) equally throughout the price curve of trading pairs, which the platform acknowledges was inefficient given that assets often move within certain ranges. V3 enables liquidity providers to offer liquidity by selecting a bespoke price range, giving particular control over capital investments to larger volume trading ranges. The update also highlights the addition of four new trading fee levels ranging from 0.01%, 0.05%, 0.25%, and 1%, a shift from V2’s normal 0.25%. PancakeSwap anticipates asset pairings to be pulled to levels where LP and trader incentives coincide.
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🪙 Ethereum MEV bots lose over $25 million in sophisticated attack
A sophisticated exploit led to a loss of over $25 million for a group of blockchain bots working to generate revenue through a process called maximal extractable value (MEV). MEV bots operate like blockchain-based high frequency traders. They focus on using speed and the technicalities of how blockchains work to capture arbitrage opportunities. But to do so, they often have to put large amounts of money at risk. Joseph Plaza, decentralized finance trader at Wintermute, explained that the exploiter likely set "bait" transactions to lure the MEV bots. The attacker then replaced the initial baiting transactions with new, malicious ones, allowing them to steal the funds. To prepare for the attack, the perpetrator deposited 32 ETH to become a validator 18 days before the incident. Smart contract developer "3155.eth" initially revealed the incident on Twitter, and PeckShield subsequently traced the stolen assets to three Ethereum addresses, consolidated from eight other addresses.
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🪙 Over 66,000 new validators joined Ethereum in Q1 2023
In Q1 2023, the Ethereum proof-of-stake network added 66,000 new validators, with the total count growing from 495,270 in early January to 562,236 by the end of March. Validators are critical in Ethereum, especially in network security and decentralization. They validate transactions, ensuring no invalid transactions are added to a block. The increasing number of validators signifies that more individuals and entities are willing to participate. Reports indicate that there are about 13,600 physical nodes across 81 countries. Many of them are run by home stakers, providing a high degree of resilience, decentralization, and diversity to the network. With the total value staked on the Ethereum network having surpassed 18m ETH, it becomes increasingly difficult and costly to attack the network. For a network reorganization to occur, attackers need 51% control over Ethereum’s processing power to take over and relay new information to all nodes. To become a validator, an individual or entity must deposit 32 ETH. Once the deposit is made, the validator earns staking rewards.
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🪙 Circle’s USDC Outflows Surpassed $10B Since SVB Collapse, Tether Dominance Rises
Tether (USDT) has emerged as the industry favorite amidst turmoil in USDC. Weeks after the failure of a series of US banks as well as the Credit Suisse chaos, the crypto market has considerably recovered but the same cannot be said for a prominent stablecoin that has served as a backbone for DeFi trades – USDC. The confidence in Circle-backed stablecoin remains severely battered as investors continue to flee to Tether (USDT). USDC’s market cap was down by over 42% to $33.2 billion from its all-time high of nearly $57 billion last June. The downturn was due to a $3.3 billion exposure to Silicon Valley Bank (SVb), which temporarily dragged the token to 88 cents instead of its usual one-dollar price. Circle, expanded its ties with BNY Mellon to assist with USDC redemption, which already provides custody services for its reserves. A few days later, the firm revealed transferring “substantially all” the cash portion to the custodian bank except for limited funds held at transaction banking partners. While these measures helped the token to regain its peg, the massive outflows continued.
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💰 More than 3,600 Bitcoin ATMs went offline to record largest monthly decline
With 3,627 crypto ATMs going down last month, March 2023 becomes the month with the largest monthly decline of crypto ATMs. Contradicting the growing global Bitcoin adoption rate, physical ATMs dedicated to fiat-crypto conversions are on the decline. In March alone, 3,627 crypto ATMs were removed from the network, bringing down the total ATMs to 33,727. In the decade since the first Bitcoin ATM was launched on Oct. 29, 2013, the net change of cryptocurrency machines installed and removed monthly remained positive most times — implying that total crypto ATMs worldwide were steadily increasing. However, the trend is reversing, according to data from Coin ATM Radar. The chart above shows the number of Bitcoin machines installed over time, revealing the sudden drop in the total crypto ATMs. The significance of this reduction seems enormous, considering that the highest number of ATMs installed in a month was 2,048 — back in January 2021.
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🔵 Arbitrum Foundation Will Obtain $1 Billion Once The AIP-1 Proposal Is Approval
Arbitrum has announced to launch the AIP-1 plan to launch ArbitrumDAO. The voting on a plan to establish a governing body for the newly created decentralized autonomous organization (DAO) has started days after Arbitrum‘s ARB governance token airdrop. The foundation would be located in the Cayman Islands and would cost $3.5 million, which would cover legal fees, management costs, and licensing fees. So far, approximately 3.5 billion $ARB tokens worth approximately $4.8 billion have been moved to an account known as “Arbitrum DAO Treasury1,” making it the biggest $ARB token holder. According to Lemma, the organization behind the plan, “the ArbitrumDAO will have direct on-chain governance powers over the DAO Treasury in accordance with the AIP process as delineated in the ArbitrumDAO Constitution.” Lemma is a service supplier to the Foundation, mainly concentrated on governance components of operations. So far, three initial trustees for the proposed charity have been named: Campbell Law, Edward Noyons, and Ani Banerjee.
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🪙 Staked Ethereum Withdrawals Could Take Weeks After Shanghai Upgrade: Analyst
Ethereum shifted to a more energy-efficient proof-of-stake model in September, but there’s still one upgrade that needs to be completed to let users unstake their ETH from the network. It's coming up next week—but the process could ultimately take weeks to complete, an analyst at crypto data platform Nansen told Decrypt. Ethereum's transition will conclude with the launch of the Shanghai upgrade on April 12.The upgrades are hotly anticipated by users who staked ETH in the network—either as individual validators or through platforms like Lido Finance and Rocket Pool—as they will soon be able to withdraw their assets and accumulated rewards. But Ethereum users may not be able to withdraw their funds immediately, or all at once. According to Andrew Thurman, a data analyst at Nansen, the length of the withdrawal queue could result in users having to wait several weeks to withdraw their funds. The Ethereum 2.0 upgrade process began in early December 2020 with the launch of the Beacon Chain, a parallel blockchain to Ethereum responsible for managing the staking process.
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🪙 Uniswap Topped Coinbase’s Trading Volume in March During USDC Depeg, U.S. Crackdown
Uniwap (UNI) topped Coinbase (COIN) in terms of market share last month as traders turned to decentralized exchanges (DEX) amid the U.S. regulatory clampdown and a banking crisis that caused key stablecoins to depeg from $1. Uniswap handled more than $70 billion of trading in March, exceeding centralized exchange (CEX) Coinbase’s $49.2 billion, according to CCData. Coinbase was told in March the U.S. Securities and Exchange Commission (SEC) was pursuing an enforcement action. Also, Silicon Valley Bank’s (SVB) collapse drove two key parts of decentralized finance (DeFi) – Circle Internet Financial’s USD coin (USDC) and MakerDAO’s DAI – down from their customary price of $1, prompting a flurry of DEX trading as scared investors shifted money around. Amid that crisis, Uniswap saw $13.3 billion of volume on March 11, whereas Coinbase had $1.7 billion. The surge coincided with overall DEX volume surging to a 10-month high.
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📣 Do Kwon's Millions Are Not in South Korea, Prosecutors Say: Report
Do Kwon, founder of collapsed crypto issuer Terraform Labs, has no discernible property in South Korea, prosecutors in the country have said, according to local broadcaster KBS. The South Korean national was arrested in Montenegro last month as he was attempting to travel with falsified documents. Both South Korea and the U.S. has requested his extradition. Prosecutors in South Korea – who confirmed the broadcaster's report to Forkast – estimate nine executives made a total of 414.5 billion won ($315 million) from the enterprise. Of that, prosecutors found "almost none" of the 91.4 billion won belonging to Kwon in South Korea, according to the report. Some 154 billion won are suspected to be in Terra co-founder Daniel Shin's possession. Prosecutors have twice tried and failed to obtain an arrest warrant for Shin. Korea Times reported earlier this week that prosecutors' inability to obtain an arrest warrant for Shin may complicate the country's chances.
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🪙 USDC Boasted Transparency but It Didn't Help When Silicon Valley Bank Got Into Trouble
The weekend of March 10, 2023, was a profound test of how well stablecoins hold up under pressure. Now that everything has settled, some odd lessons have been passed on, namely: Transparency doesn't seem to be a good thing. And forget about prudent management of reserves – it's just not worth it. Opacity and sloppy reserve management win the day. Or, at least, so it would appear. Leading up to Friday, March 10, the issuer of second-largest stablecoin USD coin (USDC), Circle, was probably the industry's most transparent issuer. It provided daily updates to investors through its BlackRock-managed money market fund, which backstops the stablecoin. On top of that, Circle had just adopted the New York Department of Financial Services’ guidance for stablecoin transparency, which required two attestation-of-reserves tests each month. Circle’s arch-competitor, Tether, which publishes attestation reports on a less-frequent quarterly basis, lagged far behind on transparency.
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🪙 Stablecoin Tether's Market Capitalization Nears Record High of $83B
Tether (USDT), the world's largest dollar-pegged stablecoin, is thriving, having survived the Terra-induced turmoil of mid-2022. The market value of the stablecoin continues to rise and is now within a whisker of its record high. Coingecko data show tether's market capitalization has increased by over 20% to $80 this year – with the valuation surging by 12% in the past four weeks alone. The rise means tether's market cap is now just $3 billion short. Markus Thielen, head of research and strategy at crypto services provider Matrixport, said tether's valuation had been driven higher by "aggressive minting and issuance" on Tron Network, which has a greater presence in mainland China compared to Ethereum and a greater focus on the movement on money. While tether's market capitalization has surged alongside bitcoin's price rally, the market capitalization of Circle's USDC stablecoin, the world's second-largest dollar-pegged coin, has dropped by 27% to $32.5 billion. Investors began fleeing USDC last month after Circle revealed holding $3.3 billion dollars.
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📣 Bitcoin marketplace Paxful to shut down, two months after LocalBitcoins closure as P2P market dwindles
Paxful, a peer-to-peer bitcoin marketplace, is shutting down its marketplace — and might not return at all. The platform is closing down following some "key staff departures" and challenging regulatory conditions for the industry. "While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere," Youssef said. Youssef also claimed during a Twitter Space event on Tuesday that a lawsuit filed by a Paxful co-founder "drove away all of the senior-level team.". Customer funds are all accounted for, according to the post, and Youssef encouraged users to withdraw them, recommending self-custody options. Paxful is also offering "easy migration" to other options for non-U.S. users, to platforms like Noones, a new peer-to-peer platform "dedicated to the global south." This is in contrast with more traditional crypto exchanges, which facilitate trading between buyers and sellers.
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💰 MicroStrategy adds to massive bitcoin bet, takes total to 140,000 BTC
MicroStrategy acquired an additional 1,045 bitcoin worth around $29.3 million, it revealed on Wednesday. MicroStrategy shares have risen 105% year-to-date, while bitcoin is up over 72%. Shares in the firm are viewed by some as a proxy for investing in bitcoin due to its large exposure to the digital asset. MicroStrategy was up 1.3% in pre-market, trading around $303. Founder and CEO Michael Saylor shared on Twitter that his firm acquired the new bitcoin at an average price of $28,016. The purchases were made between March 24 and April 4 while the crypto market was digesting further regulatory unease as the Commodity Futures Trading Commission (CFTC) brought a case against Binance and its CEO, Changpeng Zhao. Today's purchase comes hot on the heels of last week's $150 million buy when the firm also cleared its loan with Silvergate. MicroStrategy and its subsidiaries now hold approximately 140,000 bitcoins.
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🪙 Aave eyes expansion to BNB Chain, Starknet and Polygon zkEVM
DeFi lending leader Aave is rapidly looking to expand its reach to other blockchain ecosystems. The proposal details a two-stage integration process between Aave and Starknet. The first phase, which centered on establishing a cross-chain bridge between Ethereum and Starknet, has already received community approval. The proposal seeks to finalize the second phase by fully implementing the Aave protocol on Starknet. The accepted proposal advised restricting asset inflows and implementing conservative risk parameters, allowing development and risk service providers to analyze the zkEVM network comprehensively. To mitigate risk, the proposal recommends including only three collateral types — WETH, WMATIC, and USDC — and one lending asset, USDC. Polygon zkEVM and Starknet are zero-knowledge rollup networks, conducting off-chain computations on a secondary layer for swifter, more cost-effective transactions while focusing on security. This progress follows the community's prior endorsement to deploy the Aave V3 minimal viable version.
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🪙 Ether Rallies to 8-Month High, Gains Ground Against Bitcoin
Ether (ETH), the native token of Ethereum's blockchain, rose to an eight month high on Tuesday, outshining market leader bitcoin (BTC), as U.S. stock futures traded higher while the dollar index dipped. Ether rose nearly 3% to $1,873, the highest since August, according CoinDesk data. Bitcoin rose 1.7% to $28,300. The ether-bitcoin ratio rose over 1% to 0.066. Futures tied to Wall Street's tech-heavy index Nasdaq rose 0.35% to a fresh eight-month high, offering bullish cues to risk assets, including cryptocurrencies. Nasdaq futures have rallied over 20% this year, entering a bull market. Ether's outperformance comes as the highly anticipated Shanghai upgrade is now less than two weeks away. The Shanghai upgrade will open withdrawals of ether staked in the Beacon chain since December 2020 and has been widely hailed as a long-term bullish catalyst for ether and liquid staking tokens.
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🪙 Ethereum, 200 days after The Merge: $4 billion in ether not added to supply
Exactly 200 days after Ethereum switched from the energy-intensive proof-of-work consensus mechanism to proof of stake, the impact of the network's tokenomics change have been made clear. When The Merge took place it lowered the amount of rewards given to those running the network. Combined with the previously introduced burning mechanism. Since The Merge, the total supply of ether decreased by 75,000 ($134.5 million), representing an annual decrease of 0.114%. For comparison, were The Merge never to happen, the total supply of ether would have increased by 2.2 million — worth more than $4 billion at current prices. With The Merge, however, came the temporary inability to unstake staked ether — an action that will become available shortly when Ethereum's Shanghai upgrade is implemented on April 12. Shanghai will allow those who staked ether to withdraw their staked coins — but not all at once.
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🪙 Uniswap volume beats Coinbase and registers its best month since 2022
Trading volume on Coinbase came in below that of decentralized exchange Uniswap for the second month in a row. Spot market volume on Uniswap hit $71.6 billion in March — 45% higher than Coinbase's, according to data from The Block Research. March was the decentralized exchange's best month, in terms of volume, since January 2022. Coinbase volume was $49.4 billion last month — up from $40 billion in February. Coinbase noted in its weekly market commentary that the exchange's volume fell in the last week of March. Spot market volume on Coinbase was $49.4 billion last month — up 23% from about $40 billion in February. Coinbase noted that trends on the exchange mirror the broader market, with investors focused more on tokens with large market caps and stablecoins. "Bitcoin dominance rose even further this week as the recent regulatory headlines with the SEC and CFTC highlighted the uncertainty that still surrounds ether and other altcoins," the exchange explained.
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📣 Vitalik Buterin: zkEVM can solve verification problems in Ethereum
Ethereum, a smart contracting platform powering decentralized finance (DeFi), non-fungible tokens (NFTs) operations, and more, has a problem that cannot be solely solved by layer-2 scaling platforms, its co-founder Vitalik Buterin recently stated. Buterin said though the network is widely used and there are users, it is a challenge to verify mainnet transactions. Challenges arising from this mean not many people can run their nodes and instead rely on trusted third parties, including light clients. Although lightweight clients are essential, the co-founder notes that verifying whether a particular Ethereum validator follows established protocol rules is challenging. In the first option, he suggests constraining the mainnet and forcing activity to layer-2. This would require reducing the mainnet gas-per-block target from 15 million to 1 million, with the only function of layer-1 being to verify layer-2 protocols. While this solution could work, there can be flaws.
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🔵 Arbitrum Foundation Clarifies 50 Million Token Transfer, Allocates 40 Million As Loan
Arbitrum Foundation clarifies on-chain transfers of 50M $ARB tokens. 40M was allocated as a loan, and 10M was converted to fiat for operational costs. Arbitrum has recently gained significant attention from the crypto community. The Arbitrum Foundation has launched AIP-1, which aims to initiate decentralized governance on the platform. The goal of AIP-1 is to encourage community participation in decision-making and to ensure that token holders have a say in the future direction of the platform. However, as with any new initiative, there has been some confusion and uncertainty regarding the ratification process for AIP-1. The Arbitrum Foundation has provided a long-form response to address these concerns, offering additional context and clarification. One major challenge with launching a DAO is the chicken-egg problem. Before the broader launch, some decisions must be made, which can create a dilemma for the platform developers.
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📣 Bittrex Exchange In The US Was Shut Down After Trading Activity Dropped Below 1%
Bittrex has announced its intention to quit the United States, blaming regulation ambiguity. Due to the difficult legal and economic climate, cryptocurrency exchange Bittrex will shut its US platform on April 30 after 9 years of operation, according to information released on the company’s official website. Wake up in this room. Regulatory requirements are frequently ambiguous and enforced without adequate discussion. In recent months, multiple US authorities have scrutinized platforms such as Coinbase, Kraken, and Binance. On Thursday, Galaxy Digital CEO Michael Novogratz stated that the crypto business is “under attack” from US authorities. According to The Block’s head of research, Steven Zheng, while recent legislative problems may have influenced the exchange’s choice to exit the nation, they are likely not the only cause. .”Their volume in the US is so low that it’s not worth the effort to stay afloat,” he said, citing Bittrex’s 24-hour bitcoin traffic of $4.5 million. However, this poses serious concerns about the suitability and feasibility of the US legal structure for the crypto sector.
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💰 Nearly 1 Million Blockchain Addresses Now Hold Over 1 Bitcoin
Small Bitcoin holders have grown steadily over time at the expense of whales – especially after the collapse of FTX. Bitcoin’s long entrenchment under $24,000 provided ample opportunity for smaller holders to increase their position sizes, on-chain data shows. Nearly 1 million Bitcoin addresses now hold over 1 BTC, much of which was accumulated between 2021 and 2023. According to on-chain data provided by LookIntoBitcoin, there are 991,670 Bitcoin addresses holding over 1 BTC as of March 29 – a number that has risen consistently since Bitcoin’s inception as more BTC entered the network. However, that figure rose especially quickly after the collapse of crypto exchange giant FTX in November, from 915,110 on November 8th to 961,756 on December 8. The event pushed Bitcoin’s price back down to $15,500 for the first time since 2020, likely giving dedicated HODLers a better chance to stack sats. Blockchain intelligence firm Glassnode noted at the time that “shrimps".
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