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📣 First Digital To Launch New Stablecoin Before Hong Kong’s Openness Policy
First Digital, Hong Kong’s foremost certified custodian and registered trust organization, has announced the launch of a new stablecoin, First Digital USD (FDUSD). FDUSD provides users with a trustworthy digital currency that aims to reduce volatility in the cryptocurrency market while also improving the efficiency of financial operations by cutting transaction fees and providing quicker, more secure transactions. According to First Digital, the stablecoin is programmable and capable of allowing the execution of financial transactions, escrow services.
The stablecoin, issued by FD121 Ltd (under the brand name First Digital Laboratories), is meant to be backed 1:1 by one US dollar or asset of similar fair value held in the accounts of authorized financial institutions in Asia. First Digital Labs will collaborate closely with local and international regulatory authorities to ensure full compliance with current and future applicable laws and regulations, and First Digital Labs will contribute to their evolution, including the shaping of any regulatory regimes that FDUSD and/or First Digital may fall under in the near future. The FDUSD will be issued by First Digital Trust and will be backed by “high-quality reserves”.
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📣 Ordinals Market And Bitcoin Miladys Launched New Standard BRC-721E
According to the official website, the Bitcoin NFT market Ordinals Market and Bitcoin Miladys jointly released the BRC-721E standard, allowing immutable, verifiable ERC-721 NFTs to be migrated to Ordinals without prior embedding of the entire NFT series. BRC-721 tokens are named after the Ethereum smart contract token standard for NFTs, ERC-721 tokens. Having a common file and metadata to source from will make it easy to build oracles that scan the Bitcoin blockchain.
BRC-721E encodes data directly into a burn transaction, which specifies a Bitcoin address to receive the inscription. Previously, Teleburn required to know the inscription ID before destroying the ETH NFT, but BRC-721E allows destruction before burning, which also means that the destruction transaction also acts as an inscription request on the chain, and users can also use this to receive airdrops. Ordinal Inscriptions, like NFTs, are digital assets inscribed on a satoshi, Bitcoin’s lowest denomination (BTC). Inscribing on satoshis, which are named after Bitcoin’s pseudonymous founder, Satoshi Nakamoto, is now feasible owing to the Taproot update, which was published on the Bitcoin network on November 14, 2021.
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📣 Stargate DAO voting to reduce exposure to Multichain-issued stablecoin
The Stargate DAO is voting on a proposal to lower its exposure to a stablecoin created by the Multichain protocol — in light of its ongoing situation — and to isolate pools containing the asset from its other pools. The Stargate DAO is the governance system for the Stargate bridge, a means of transferring assets from one blockchain to another using the LayerZero protocol. The bridge operates through pools of funds stored on each chain.
The Stargate bridge connects the Fantom blockchain to seven other blockchains. On each of these chains are pools of funds containing the anyUSDC stablecoin, which was issued by Multichain and is a commonly used stablecoin on Fantom. The proposal seeks to disconnect the Fantom pools from Stargate's other pools and lower exposure to the stablecoin. On Twitter, unverified rumors have surfaced that the team was arrested in China. In a group Telegram message with the Multichain team, Multichain's VP of Strategic Partnerships, who goes by Mog, replied that he didn't know whether the leadership team had been detained by Chinese authorities.
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📣 Scam Project SeaSwap Party Withdrew 30,000 SUI From The Contract
SeaSwap, described as a decentralized exchange (DEX) built on the Sui blockchain, allowing users to trade various cryptocurrencies in a fast and secure manner, has become the latest name to cause users to lose confidence in DeFi projects as it became a vanity project after only a short time of launch. According to CertiK Alert monitoring, the SeaSwap project is an exit scam. It has canceled its Twitter account and suspended its social channels. The project administrator urgently withdrew SUI from the token sale contract, totaling 32,787 SUI ($32,000).
Coincu has also investigated the information about SeaSwap, but currently, there is very little contact about this DEX, and the project’s social pages are currently inaccessible. SeaSwap promises to be a DEX based on the Sui blockchain, allowing users to exchange numerous cryptocurrencies quickly and securely. SeaSwap, as an automated market maker, employs a central limit order book to offer liquidity and enable users to buy and sell tokens at market rates in real-time. According to the project whitepaper, it provides additional chances for generating income via liquidity providing and staking, in addition to trading. But in reality, this is just a scam project.
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🔻 OP Stack Brings Optimism Closer To Superchain Dream
Refusing to stay in the Layer 2 array, Optimism is trying to “expand” its power to other blockchains when launching the OP Stack tool to help networks interact and combine into a chain of alliances. Desiring to position itself as a Superchain, OP Stack turns the Optimism mainnet into a modular blockchain, demonstrating diverse solutions. OP Stack is the code that powers Optimism’s next-generation architecture. It’s a series of modules that form tight.
Namely, a series of modules that work together to form unified and trusted blockchains. Each of these components implements a specific layer in the stack. Each layer of the OP Stack is described by a well-defined API and filled with a module for that layer. Users can easily modify existing modules or create completely new modules of their own to meet the needs of any application under construction. The solution does not “hit hard” on the future of multi-chain or blockchain alone. Instead, the project focuses on a group of highly interoperable and collaborative blockchains to form an emerging, robust structure of the collective, Superchain. OP Stack makes blockchain building more accessible than ever.
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📣 Crypto Trading Platform Hotbit Terminates CEX Operations
Cryptocurrency trading platform Hotbit said it ended all centralized exchange (CEX) operations, citing deteriorating operating conditions and changes in the broader crypto landscape. Hotbit, which says it has 5 million users, suspended trading deposits and withdrawals last August after law-enforcement authorities froze some of its funds during a criminal investigation into a former employee.
Users have until 04:00 UTC on June 21 to withdraw their assets from the platform, Hotbit said Monday. The wider crypto industry was then plunged into crisis mode after the collapse of exchange FTX in November, which resulted in "continuous outflows of funds from CEX users ... and deteriorating cash flow," Hotbit said. The crypto industry will pivot increasingly toward more decentralized business models in response to the sterner regulatory oversight of centralized firms following FTX's collapse, according to Hotbit. Decentralized businesses should in theory be able to avoid the risk of there being a single point of failure, as occurred with FTX.
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🔵 Chainlink VRF Is Now Live On Arbitrum One To Promote dApps Build
Chainlink, a decentralized blockchain oracle network and industry-standard Web3 services platform, and Ethereum Layer 2 scaling solution Arbitrum have announced the availability of Chainlink VRF (Verifiable Random Function) on Arbitrum One. Chainlink, a decentralized blockchain oracle network and industry-standard Web3 services platform, and Ethereum Layer 2 scaling solution Arbitrum have announced the availability of Chainlink VRF (Verifiable Random Function) on Arbitrum One.
According to the official press release, Chainlink VRF has joined the Arbitrum One platform. Arbitrum and Chainlink will gain from the launch since it will provide them access to new decentralized apps (dApps) and smart contracts created by developers. Chainlink VRF continues to be the most widely used RNG (random number generator) in the cryptocurrency sector. It enables smart contract developers to create scalable, fair, and secure applications like as gambling and NFT. Moreover, Arbitrum One allows developers to create dApps at a cheap cost and with great throughput. ohann Eid of Chainlink Labs remarked on Arbitrum’s merits in relieving Ethereum transaction congestion while maintaining security. He thinks that by improving VRF.
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🐸 BlackRock Fund Withdraws 1.27T PEPE From Binance After Gaining $2.39M Profit
Recently, Lookonchain discovered some exciting activity within the market that can shed light on the behavior of major players. In one case, BlackRock Fund withdrew 1.27T PEPE ($1.98M) from Binance to 4 newly-created addresses. The fund had previously bought 1T PEPE ($244K at that time) on April 21 and sold all 1T PEPE ($2.63M at that time) on May 5, making a profit of ~$2.39M (10x). This activity may indicate a change in investment strategy for the fund.
BlackRock Fund’s activity, a whale dormant for 2.4 years staked 4,032 ETH ($7.4M) after creating a contract 3 hours ago. This whale is an Ethereum ICO participant who received 60K ETH at Genesis, and this recent activity may indicate a shift in investment strategy. It’s essential to note that BlackRock Fund and the whale’s movements are subject to change and may not necessarily reflect the current state of affairs. As always, it’s essential to carefully consider all available information before making any investments or decisions in the cryptocurrency market. Furthermore, Lookonchain previously shared some interesting findings on SHIB and DOGE.
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💰 About 1.95 Million LDO Accumulated By 3 Whales In The Last Week
According to Lookonchain monitoring, the three giant whale addresses increased their holdings by around 1.95 million LDO in the past week before the Lido protocol completed a significant update. Among them, “0x9EA7” raised 724,822 LDO (about 1.52 million USD) from Binance with a unit price of 2.01 USD; “0x4E4e” raised 655,641 LDO (approximately 1.38 million USD) from Binance with a unit price of 1.83 USD and purchased 570,883 LDO for 974,000 USDC at a unit price of 1.71 USD.
At the end of May 15, Lido Finance successfully upgraded to version V2 – a significant change that allows users to withdraw staking Ethereum from the platform. Previously, the protocol opened voting on the implementation of V2 on May 12. The V2 upgrade is considered the most critical update on Lido Finance, following the hard fork of Shapella last month to unlock large amounts of ETH for investors. Since then, Lido V2 has been continuously tested and undergone 9 rigorous evaluations. With Lido V2, there will be 270,000 ETH available in the Withdrawals vault, so investors can make asset withdrawal requests without waiting too long. After this amount of ETH is drained, the vault will continue to be pumped more. In other words.
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💰 MakerDAO’s AI Governance Plan: A Game-Changer For Crypto Investors
MakerDAO announced its governance model which will be using artificial intelligence (AI) and new brand crypto tokens. This announcement was made by MakerDAO founder, Rune Christensen, through a forum post. The AI tools will be creating a “governance equilibrium” which will lead to development in the future. The new tokens will be linked to many of the planned features and will unite the Maker governance token (MKR) and the Dai stablecoin (DAI) under a new brand.
MakerDAO will be launching six SubDAOs in the next stage which will be responsible for certain tasks delegated from MakerDAO and will be able to use AI. While users will be able to farm tokens from SubDAOs, this will unfortunately not be available to U.S. users. The following stage will introduce new governance tools that allow users to summarize, verify, and generate governance proposals with the help of AI. These features will be gated and only those who hold Maker’s new tokens will have access. MakerDAO will launch governance participation incentives and a new blockchain that makes DAO’s core features immutable.
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🪙 Ethereum's beacon chain suffers brief finality issue, cause still unknown
The Ethereum network appears to have suffered a technical issue that, for a temporary period, meant that transaction finality wasn't occurring. The cause of the issue isn't clear as of press time and Ethereum developers say the situation is being investigated. For now, network data and statements from developers indicate that transaction finality -- referring to the state in which transactions can't be changed -- has returned.
Data sources for Ethereum network activity show that the issue was experienced by validators. Validators propose attestations as the network processes transactions. Data provider Beaconcha.in shows that Ethereum epochs 200,552 thru 200,554 saw a steep drop in the number of attestations received. The first problematic epoch was at 4:13 p.m. ET. The issue was resolved within a half hour, network data shows. In the wake of the incident, community members pointed to client diversity -- meaning a variety of software clients available for use by validators -- as a reason for why the issue wasn't more widespread or long-lasting.
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🟠 Binance To Boost Support For PEPE And FLOKI Amid The Big Boom In Memecoins
Binance, the world’s top cryptocurrency trading platform, has revealed additional features for the two newest integrated memecoins, PEPE and FLOKI. This news piques the interest of crypto aficionados who have been anticipating the exchange’s next move for these tokens after a volatile trading weekend. Binance has introduced PEPE and FLOKI as borrowable assets on Cross Margin, according to an official release made on May 9.
FLOKI/USDT and PEPE/USDT have been introduced as additional cross-margin pairings to the crypto exchange. The USDT pair has the most trading volume for both meme currencies. Binance has also introduced PEPE and FLOKI as additional loanable assets to its Binance Flexible Loan offering. Binance offers an isolated, overcollateralized, open-term loan product. Users may keep their PEPE and FLOKI positions open forever as long as the borrower and collateral digital assets do not exceed the necessary Loan-to-Value (LTV) ratios. FLOKI began as a meme currency project, but it has now extended its services to include games, NFT collections, and even a crypto debit card.
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🐸 6 Of The Top 10 PEPE Holding Addresses Are Exchange Wallet Addresses
PEPE’s market valuation surpassed $1 billion after its launch in Binance’s Innovation Zone and saw trading volume skyrocket. However, the majority of coins held by the top 10 wallet addresses come mainly from whales on exchanges. Etherscan data shows that among the top 10 holding addresses of memecoin PEPE, 6 are hot wallet addresses of cryptocurrency exchanges. Among them, Binance, OKX, Huobi, MEXC, KuCoin, and Gate ranked 1st, 3rd, 4th, 5th, 8th, and 9th, respectively, and the memecoin.
Pepecoin is a new coin meme created on the Ethereum network, inspired by the famous internet green frog meme of the same name. The memecoin also specifically states on its website that PEPE is a memecoin with no intrinsic value or expectation of financial return. There is no official team or roadmap. The coin is completely useless and is for entertainment purposes only. Yet after just four days, Pepecoin has increased more than 500 times, with over 25,000 transactions taking place for this unit. This memecoin was also highlighted as a top Twitter search term. From there, we can plainly understand the market’s FOMO with not just PEPE but also memecoin.
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📣 Blockchain Developer Platform Alchemy Launches Public Support for ZK Rollup Starknet
Alchemy, which provides tools for software developers to build apps for blockchains, released a public version of its platform for Starknet – seen as a project to watch because of the combination of two hot technologies, zero-knowledge cryptography and account abstraction. Although Alchemy's dapp store lists 39 blockchains, the company said that the Starknet integration is key because of its “fast-growing developer community”.
Starknet is a ZK rollup, which scales a main blockchain by bundling transactions and processing them for faster and cheaper on a separate one. ZK Rollups use some cryptography known as “zero-knowledge proofs,” to ensure that a transaction is valid by only showing a small amount of information about that transaction before posting it back to the main blockchain (in this case Ethereum.) “Developers can incorporate customizable account permissions, build in safeguards to run at the wallet level, and create simple transaction flows. This empowers developers to build for a world where end users and businesses are always represented by a smart-contract wallet.”
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📣 Massive Blockchain Game Illuvium Raises Another $10M From Framework Ventures
Leading DeFi investment firm Framework Ventures has poured another $10 million into the hit game Illuvium. It was on May 31 that the co-founder of the RPG series Illuvium, Kieran Warwick, released a statement in the Discord community that he had raised an additional $10 million in funding from Framework Ventures. This transaction is completed through a token, which will be locked for two years and will not be included in the commit, so it will not participate in the distribution of benefits.
Reportedly, Illuvium is an entirely decentralized collectible and role-playing game built on the Immutable X L2 network. Illuvium is about to launch a public beta with three interactive AAA games: Zero (city builder), Overworld (monster world), and Arena (arena). Founded last year by Kieran and Aaron Warwick, this RPG has created a game that rewards players with the chance to discover and capture NFT creatures, known as Illuvials, in combat. The game incentivizes players to have a stake in the project, as the Illuvium network allows in-game fees to be paid out to staked token holders as ongoing rewards. Illuvium successfully raised $5 million in a seed round led by one of the oldest venture capital funds in the decentralized finance.
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💰 Bitcoin Soars $28,000 After US Debt Ceiling Lift Ready To Vote
Bitcoin’s weekly situation update showed positive signs, with the price surpassing the $28,000 threshold after the agreement to raise the debt ceiling was announced and voted on. After seeing the positive news from the US debt ceiling lifting and, like the market comments from the previous article, BTC recovered when it touched the support area at $25,800 and retested the $27,000 and $28,200 areas. Currently, in the H4 time frame, the price is close to the strong resistance area combined.
On May 28, according to local time, US President Biden said in a speech that he had reached a final agreement with House Speaker McCarthy on raising the debt ceiling and called on Congress to approve the agreement as soon as possible. Biden said that reaching a debt ceiling agreement was an important step forward: “This agreement averted the worst of the crisis” and “eliminated the risk of catastrophic default.” He strongly urged the House of Representatives and the Senate to pass the agreement. The proposed deal has now been published on the House of Commons website. It projects that non-defense government spending will stay the same for two years and then increase by 1% by 2025.
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🟢 MakerDAO Proposes Increasing DAI Savings Rate To 3.33%
MakerDAO is making a proposal to increase the DAI Savings Rate (DSR) to 3.3%. If accepted, the proposal would constitute a significant increase from the current rate of just 0,6%. A core MakerDAO development team has proposed increasing DAI’s savings rate to 3.33% amid soaring interest rates as the US Federal Reserve seeks to combat persistent inflation. The proposal still needs to go through a formal voting process before it can be passed.
The Dai savings rate, known as the DSR, can be adjusted regularly in response to short-term changes in Dai market conditions. In addition, it says that interest is accrued in real-time from the system’s revenue. The proposal is currently receiving a lot of support from the community, as many believe the move will boost DAI traffic. One community member even stated that if it goes through, they “will find an alternative to DeFi borrowing”. MakerDAO said in February that increasing DSR by 1% last year pushed more than 35 million DAI into deposits in a month. Meanwhile, the 3-month US Treasury bond yield is currently around 5.29%.
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🪙 Tornado Cash Users Set Up A Lawsuit Against The US Treasury
Six persons battling the US Treasury to reverse Tornado Cash penalties stated in their most recent papers that the US lacks the jurisdiction to restrict the platform. The plaintiffs submitted their reply brief, requesting that the penalties be lifted. The lawsuit against the US Treasury is being funded by Coinbase. Individuals contend in a May 24 filing in support of an earlier petition for partial summary judgment that the issue is not about carving out specific rules for new technology.
Plaintiffs claimed that sanctioning Tornado Cash violated the First Amendment by impeding free expression. To preserve their privacy, the plaintiffs employed open-source software. According to the complaint, punishing the open-source platform violates the basic rights of American residents. The statute used to penalize the crypto mixer states that it can only prohibit property. The legal definition of property, however, is anything that may be owned. But, no one can own, manage, or alter the privacy-focused software. No one, even founders, developers, and users who happen to have TORN in their wallets, can modify or control the platform.
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📣 Crypto Hacks Are Down and Hackers Tend to Return Stolen Money: TRM Labs Report
Hacker stole around $400 million from crypto projects during 40 attacks in the first three months of 2023, blockchain intel firm TRM Labs said in a new report. The average hack size also got smaller, according to TRM, from $30 million in 2022 to $10.5 million for the same period in 2023. Hackers also increasingly return the money they steal, settling for a “white hat” reward from the exploited projects.
Hack victims got almost half of the stollen funds back in 2023, TRM Labs estimates. For example, an attacker who exploited the TenderFi protocol returned half of the $1.6 million he got out of the attack (TenderFi paid $850,000 bounty in return). Similarly, the hacker behind the Euler lending protocol exploit also agreed to return all the $200 million worth of crypto he ran away with. Both hacks happened in March. In April, the hacker who drained the Safemoon protocol returned $7.1 million of crypto, keeping the rest of his $9 million loot. A possible explanation might be increasing regulatory attention to the crypto hacks and a number of high-profile enforcement cases.
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📣 Bitboy Crypto, PSYOP Creator Encounters Class-Action Lawsuit
Ben.eth, a pseudonymous NFT collector turned famous meme currency inventor, has made over $7 million in ETH sales in the last seven days with a presale of his new memecoin, PSYOP. In a tweet on May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy and CEO of Jurat Blockchains, alleges that he will sue ben.eth if he does not repay PSYOP presale customers. As an NFT, a letter was sent to the address ben.eth. Ben.eth is facing class action lawsuits for deceiving investors and for wire fraud.
Ben.eth might face charges of deceiving investors, racketeering, fraud, and wire fraud, according to the letter. The PSYOP presale garnered more than $7 million, and the lawyer seeks $21 million in damages if the class action case is launched. In a settlement, Kanovitz has requested that investors get ETH. Ben.eth has identified media celebrity Andrew Tate as a prospective buyer for the PSYOP meme currency. Earlier, YouTuber Ben “Bitboy” Armstrong was connected to the BEN meme currency after purchasing and then selling all of his token holdings. Others are claiming to be suing Ben.eth and have shown interest in joining the current class action lawsuit.
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🧊 Litecoin Is Undervalued, Onchain Indicator Suggests
An onchain metric suggests that litecoin (LTC), the 12th largest cryptocurrency by market value, is trading at discounted prices. Litecoin's market value to realized value (MVRV) Z-score was negative at press time. A sub-zero score indicates the cryptocurrency is undervalued relative to its fair value, according to analytics firm Glassnode. The market capitalization is calculated by multiplying the total number of coins.
The Z-score shows by how many standard deviations the market value differs from the realized value. Historically, Z-scores above eight have signified overvaluation and bull market tops, while negative values have indicated undervaluation and market bottoms. If history is a guide, the path of least resistance appears to be on the higher side. That said, litecoin and the broader crypto market remain vulnerable to adverse macroeconomic developments like liquidity tightening and the state of the global economy. That's not new. The indicator has consolidated below zero several times in the past, eventually paving the way for meteoric bull runs.
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💰 Terra Co-founders’ $600 Million Luna Transaction Is Hard To Punish
According to the Daily Economic News, the 800 billion won (about $600 million) cross-trading relating to the “Luna and Terra” that precipitated the meltdown was taken out on the South Korean crypto exchanges Bithumb, Coinone, and Gopax. Among them, Bithumb’s cross-trading volume hit 300 billion won, Coinone’s cross-trading volume reached 400 billion won, and Gopax’s cross-trading volume reached 100 billion won. The process of offsetting purchase and sell orders for the same item without registering an exchange transaction is known as cross-trading.
The prosecution stated that the cross-trading concluded at the end of February 2022. At the time, the market and circles made numerous legislative demands for virtual assets, and the majority of virtual asset laws and associated legal modifications were presented, but the emphasis was not scholarly on cross-trading. According to the Capital Markets Act, only coins designated as securities may be penalized as an act of market manipulation. According to the article, punishing the 800 billion won Luna trade would be difficult unless the court recognized Luna as a security. Cross-trading only tokens ostensibly representing securities is punishable as market manipulation under the Capital Markets Act.
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🇯🇵 G-7 Finance Ministers Discuss Crypto Regulation Ahead of Japan Summit Next Week
The Group of Seven (G-7) intergovernmental political forum has signaled its commitment to implementing the Financial Stability Board's (FSB) forthcoming norms for regulating crypto assets and the International Monetary Fund's (IMF) recommendations on central bank digital currencies. The group's finance ministers and central bank governors announced they had discussed crypto asset supervision at a Saturday meeting in Niigata.
India, as the president of the G-20, has been pushing for globally coordinated crypto rules. In February, the group said forthcoming global crypto norms will be based on a new synthesis paper jointly produced by the IMF and the FSB. The G-7 has indicated it will follow the standards set by the FSB. The G-7 also supports the Financial Action Task Force's (FATF) efforts to accelerate the global implementation of its travel rule, which mandates the sharing of information on fund transfers between financial institutions, the finance ministers said. The global money-laundering watchdog is due to publish a progress report on travel rule implementation.
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💰 MakerDAO Founder Proposes Plan for Upgraded Versions of DAI Stablecoin, Governance Token
Decentralized finance (DeFi) lending platform MakerDAO’s founder, Rune Christensen, laid out plans to introduce a new stablecoin and governance token as part of the platform’s on-going revamp, according to a proposal posted on Maker’s governance forum on Thursday. The tokens will be upgraded versions of Maker’s stablecoin DAI and its governance token maker (MKR).
The proposal is part of Maker’s major restructuring called the “Endgame” that aims to revitalize the platform and boost development of applications for the protocol’s stablecoin. Maker’s governance has been embroiled in drama on several occasions, leaving community members divided, while demand for its DAI stablecoin has been steadily declining, dropping to $4.7 billion tokens in circulation from almost $10 billion in little over a year. The initiative, which was approved in October by the community, includes breaking up Maker’s decentralized autonomous organization (DAO) structure into smaller SubDAOs, which are self-governing and self-sustaining entities with their own tokens within the MakerDAO ecosystem.
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📣 Decentralized Wallet Developer Odsy Network Raises $7.5M at $250M Valuation
Odsy Network, a layer 1 blockchain, raised $7.5 million to fund development of decentralized crypto wallets. The funding round valued the firm at $250 million and was led by Blockchange Ventures with the participation of firms including Rubik Ventures, Node Capital and FalconX, according to an emailed announcement on Thursday.
Odsy Foundation, a Zug, Switzerland-based organization working to promote the network's adoption, said its goal is to "decentralize access control in Web3," to mitigate the requirement for users to have multiple wallets to access different networks and applications, thereby removing an obstacle to wider adoption. Odsy's decentralized wallets (dWallets) are designed to provide access to different Web3 protocols and platforms through "transferable signing mechanisms" on the Odsy Network with the ability to sign transactions on "practically any other blockchain."
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🏦 Coinbase Works to Fix Wallet Support for Ethereum Staking Withdrawals Stuck in Limbo
Many Ethereum validators opted to withdraw their cryptocurrency from the blockchain’s staking mechanism last month after the network’s Shapella upgrade went live, allowing redemptions for the first time. But some validators who withdrew to wallets hosted by the big U.S. crypto exchange Coinbase were treated to an unwelcome surprise: The proper tech support wasn’t in place to receive these deposits, so the funds were stuck.
A number of users have posted to Reddit their concerns – some 42 comments as of press time – about asset balances not reflecting ether staking withdrawals on Coinbase wallets. CoinDesk’s own Ethereum validator, Zelda, appears to be among those affected, even though blockchain records show that the staked ether became withdrawable on April 25. McKenna Otterstedt, a product communications senior associate for Coinbase, confirmed that there is a “technical issue” and that the company’s teams “are working on a solution.” She declined to detail how many users were affected or how much ETH was stuck in limbo.
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💰 Liechtenstein Plans to Accept Bitcoin for Payments to State, Prime Minister Says: Report Liechtenstein Plans to Accept Bitcoin for Payments to State, Prime Minister Says: Report
Liechtenstein is planning to add bitcoin (BTC) as a payment option for government services, German news outlet Handelsblatt reported on Sunday. Any crypto received as payment will likely be immediately exchanged for Swiss francs, Liechtenstein's national currency, Prime Minister Daniel Risch told the newspaper. The European Union is now finalizing its landmark licensing regime known as the Markets in Crypto Assets (MiCA) regulation.
Risch, who is also the country's finance minister, did not specify a timeline for adding the payment option, according to the report. Although crypto is too volatile to entrust portions of the country's multi-billion dollar annual savings, that could change, the Prime Minister reportedly signaled. “Crypto like bitcoin are currently still too risky. But this assessment can change," Risch told the newspaper. something that could draw to the region crypto firms seeking regulatory clarity. Although Liechtenstein is not a member of the bloc, it is part of the greater European Economic Area (EEA), to which the framework's relevance can be extended.
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📣 Voyager Now Moves To Liquidation Plan After Failed Deals With Binance.US
According to Voyager Digital’s lawyers, the insolvent crypto lender will self-liquidate its assets and cease operations after failing to reach an agreement on a sale to either FTX.US or Binance.US. According to the filing, a number of other major cryptocurrencies on the platform will not be liquidated but will instead be returned to customers in digital form, albeit at a recovery rate of around 36% – an appallingly low recovery rate compared to both estimates of their recovery rate of 72-73% if either of the acquisition plans were successful.
Creditors with any of the 67 supported tokens, including BTC and ETH, will be able to withdraw the maximum percentage of their crypto immediately. Voyager will sell any of the 38 unsupported tokens, including SOL and ALGO, and pay customers back in USDC, a stablecoin. The statement comes only ten days after Binance.US suddenly backed out of a $1 billion agreement to buy Voyager Digital’s assets when the US government intervened to prohibit a portion of it. Binance.US, the crypto exchange Binance’s sibling company that purports to be controlled separately, backed out of a $1.3 billion restructuring plan to purchase Voyager assets last week.
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⚡️ Arbitrum-Based Exchange Chronos Attracts $170M to Yield Pools in a Single Day
Arbitrum-based decentralized exchange (DEX) Chronos attracted over $170 million onto the platform in a single day as it introduced staking, a way of earning yield from digital assets without needing to sell them. Chronos, which launched on April 27, is a so-called (3,3) exchange, using staking as a primary resource for accruing value to its token to achieve store-of-value status. The (3,3) paradigm was made famous by Ethereum-based Olympus DAO.
Some liquidity pools on Chronos are paying as much as 2,300% to liquidity providers (LPs) in the form of chr (CHR) tokens, which can be used to vote on protocol changes. LPs are entities that provide two different tokens to a decentralized exchange’s smart contracts, netting a cut of the fees charged by the exchange on each trade. Holders can restake these tokens to earn additional fees, retain voting power and ensure a liquid marketplace for other projects that may look to borrow capital from Chronos. Such yields are rare in the crypto market, which may explain the sudden rush of capital to Chronos.
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