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🔵 Today marks Ethereum's eighth birthday
Today marks eight years since the Ethereum Foundation announced the rollout of its network. On July 30, 2015, former Ethereum Foundation CCO Stephen Taul wrote an official blog post, announcing that the network’s genesis block had been "loaded." "The Dev team joins me in thanking each and everyone of you for your support during the past year and half. It’s incredible to see the progress that has taken place since that humble first commit on Christmas Eve 2013," the blog said.
Since that day, Ethereum has grown to become the second-largest blockchain ecosystem, with its native asset, ether, boasting a market capitalization of $227 billion. Ethereum was co-founded by an array of prominent crypto figures, including Vitalik Buterin, who continues to actively contribute to the network. Other co-founders include Gavin Wood, Anthony Di Iorio, and Joseph Lubin. "The vision of a censorship-proof ‘world computer’ that anyone can program, paying exclusively for what they use and nothing more, is now a reality.". Vitalik Buterin published the introductory Ethereum white paper in 2014.
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💰 Ripple CEO Calls for Legislation To Protect Retail Investors In Crypto
Brad Garlinghouse, the CEO of Ripple, has raised a crucial concern about the protection of retail investors in the cryptocurrency market. In a recent statement, Garlinghouse criticized the U.S. Securities and Exchange Commission (SEC) for its approach to regulating cryptocurrencies and emphasized the need for legislation to provide clear rules and safeguards for retail participants. Garlinghouse pointed out that the SEC’s actions had created confusion and uncertainty in the crypto space.
The CEO stressed that the current method of “regulation by enforcement” employed by the SEC was inadequate and ineffective. Instead, he advocated for a legislative approach that would establish comprehensive and unambiguous guidelines for the industry. Such legislation would not only protect retail investors but also foster innovation and growth within the crypto sector. Garlinghouse’s call for legislation echoes the sentiments of many within the blockchain and cryptocurrency community who seek a more defined framework for compliance and accountability. With clear and reasonable regulations in place, legitimate projects and companies can operate with confidence, while bad actors can be more effectively identified and dealt with.
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💰 Craig Wright’s Copyright Battle Over Bitcoin File Format Raises Community’s Curiosity
In a much-anticipated ruling, a UK Court has granted Craig Wright, the self-proclaimed Bitcoin inventor, the opportunity to argue for copyright protection of the Bitcoin file format under UK law. The court’s decision now allows Wright to present his case on whether the Bitcoin file format deserves copyright protection in the United Kingdom. It is important to clarify that the court’s acceptance of the appeal does not imply a judgment on the matter or validate Wright’s claim as the true identity of Bitcoin’s mysterious creator, Satoshi Nakamoto.
The lawsuit initiated by Craig Wright involves 13 Bitcoin Core developers and several entities, including Blockstream, Coinbase, and Block. Wright claims that these parties violated his copyright to the Bitcoin white paper, as well as the file format and database rights associated with the Bitcoin blockchain. The pivotal question of whether Craig Wright is indeed the enigmatic Satoshi Nakamoto, the pseudonymous mastermind behind Bitcoin’s creation, remains a subject of debate and speculation. The authenticity of Wright’s claim will be the focal point of a trial scheduled to begin in January 2024. It is worth noting that in a separate case held in Oslo last year, witnesses presented forensic evidence that raised doubts about the documents provided by Wright to support his assertion of being Nakamoto.
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🇫🇷 Société Générale’s Crypto Division Granted First License For Crypto Services In France
Société Générale’s cryptocurrency division, SocGen Forge, has made history as it becomes the first company to receive a license from France’s financial regulator, Autorité des Marchés Financiers (AMF), to offer cryptocurrency services in the country. The license obtained by SocGen Forge allows the division to provide a range of digital asset services, including custody, buying and selling, exchange, and the receipt and transmission of third-party orders for digital assets. This regulatory approval gives SocGen Forge the necessary framework to operate within the French market.
In April, SocGen Forge launched its own stablecoin called EURCV (EUR CoinVertible) on the Ethereum blockchain. This stablecoin, backed by the euro, provides a reliable and transparent digital asset for on-chain transactions. The issuance of a stablecoin by a subsidiary of a global systemically important bank (G-SIB) on a public blockchain further demonstrates SocGen Forge’s commitment to innovation and its willingness to embrace the potential of blockchain technology. SocGen Forge has been at the forefront of blockchain adoption and has previously played a significant role in groundbreaking initiatives. It provided the infrastructure for the first blockchain bond issued by the European Investment Bank (EIB) on the Ethereum network.
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💰 Binance Restores Market Order Function For Spot and Margin Trading
Binance has announced the resumption of the “Market Order – Total” feature for impacted Spot and Margin trading pairs. This update brings good news to BNB users as they will now be able to utilize both the “Total” and “Slider for Amount Customization” features while placing market orders on any Spot or Margin trading pair. These features provide enhanced flexibility and customization options, enabling users to optimize their trading strategies. Starting from July 19, 2023, at 02:00 (UTC), users will once again have access to this important functionality.
For API users, Binance has provided a convenient way to check the status of the “Market Order – Total” feature for a specific trading pair. By querying the api/v3/exchangeInfo, API users can retrieve information regarding the availability of the feature. If the query returns “quoteOrderQtyMarketAllowed: true,” it signifies that the “Market Order – Total” feature is once again active for that particular trading pair. This update is expected to enhance the trading experience for Binance users, allowing them to execute market orders more efficiently and with greater control. By reinstating the “Market Order – Total” feature, Binance demonstrates its commitment to meeting the needs and preferences of its user base.
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🟠 Binance Has Fired Over 1,000 People In Recent Weeks: Report
According to the Wall Street Journal, citing a source, due to regulatory investigations by the US Securities and Exchange Commission (SEC) and other regulatory challenges, cryptocurrency exchange Binance has fired more than 1,000 people employees worldwide in recent weeks. According to sources, more than a third of Binance employees (about 8,000 people in total before layoffs) could eventually be affected by layoffs. A spokesperson for Binance confirmed the layoffs to The Wall Street Journal but did not disclose the number.
Additionally, CNBC quoted a current Binance employee familiar with the company’s plans as saying that the layoffs will eventually lay off 1,500 to 3,000 employees worldwide and that the layoffs will continue through the end of the year. Although CEO Changpeng Zhao previously shared that the company is still recruiting. CNBC attributed the layoffs to the US Department of Justice’s ongoing investigation into Binance, citing current employees saying the investigation could end with a consent order or an agreement on billions of dollars worth of deals. Binance CEO Changpeng Zhao tweeted, adding that the exchange is “still hiring.” Then, a lengthy Justice Department investigation into the company was also launched into its founder and chief executive officer.
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⬜️ OKX Introduces Smart Iceberg Trading Bot Strategy For Large Scale Trading
According to official news, in order to improve users’ trading experience, OKX intends to launch a new iceberg strategy at 4:30 pm (HKT) on July 13, 2023, adding a pending order option and number of pending orders, starting conditions and many other core upgrades. Added “Pending Order Option”: Support users to choose according to their needs: trade faster/trade faster with better price/queue. Added “starting condition”: user selection support: instant trigger/price trigger/RSI trigger.
Once online, the user opens the OKX app, selects the trade button at the bottom of the page, and clicks on the strategy to enter the strategy page, click on the large order split in the strategy creation section, and select the iceberg strategy to enter OKX’s new iceberg page. Or you can open the official OKX website, through the trade button in the navigation bar, select Create Strategy in Strategy Trading in the drop-down box, and then select an iceberg strategy. It is known that OKX Bingshan’s entrustment strategy is the strategy of breaking up large orders and placing orders in batches. It can help users customize their options when it comes to bulk transactions and complete splits of large orders.
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💰 Binance Will Terminate Redemption Service Of XRP Leveraged Tokens From From July 25
Leading cryptocurrency exchange, Binance, has revealed its decision to halt trading for XRP leveraged tokens. The discontinuation of trading for XRPUP and XRPDOWN tokens will take effect on July 25. As part of the delisting process, trading for XRPUP/USDT and XRPDOWN/USDT will be suspended on July 25 at 06:00 (UTC). Any active trade orders initiated by customers were automatically closed by the system. Binance urged users to trade their XRPUP and XRPDOWN tokens for other assets before the delisting.
To facilitate the transition, users are advised to redeem their leveraged tokens through the wallet function or the dedicated Leverage Tokens page before the delisting. For users still holding these tokens after the delisting deadline, Binance will convert them to USDT based on the net asset value (NAV) at the time of delisting. The USDT tokens will be distributed to users’ accounts within 24 hours, after which the leveraged token assets will be removed from the wallet. At present, the tokens are no longer available on the Binance platform. However, Binance has kept the redemption service open for customers who still hold these tokens, enabling them to redeem the leveraged tokens for USDT through the dedicated Leveraged Tokens page or the wallet function.
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💰 Over $1 billion inflows into Solana in a day
As the cryptocurrency market continues to trade sideways, the decentralized finance (DeFi) platform Solana (SOL) has emerged as one of the standout tokens. In this regard, SOL has experienced significant buying pressure in the last 24 hours. By press time, Solana controlled a market capitalization of $8.96 billion, reflecting an inflow of $1.02 billion within the last 24 hours. The buying pressure has also influenced the asset’s price trajectory, comfortably holding above the $20 support level.
Currently, SOL is valued at $22.17, with daily gains of nearly 12%. On the weekly chart, Solana has seen an increase of over 20%. While Solana has generally moved in tandem with the overall market, the recent surge in asset price lacks a specific identifiable catalyst. However, it is worth noting that the asset’s gains align with significant network partnerships. One notable instance is the announcement of collaboration between Coca-Cola (NYSE: KO) in Serbia and Solana NFT platform SolSea for a non-fungible token (NFT) offering during a music event. As part of this deal, the beverage company will distribute 100 limited edition hoodies accompanied by NFTs to select participants.
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🪙 Fantom Foundation: FTM Tokens Unaffected by Multichain’s Issues!
Fantom Foundation has provided reassurance to FTM token holders, addressing concerns related to Multichain’s issues. The foundation stated that FTM tokens, including those on wFTM, FTM ERC-20, and Opera, have never been released or managed by Multichain, ensuring their immunity from any potential impact. With the rise in popularity and adoption of cryptocurrencies, maintaining the integrity and security of digital assets has become paramount. The Fantom Foundation’s tweet aims to alleviate any apprehensions among FTM token holders.
By explicitly clarifying that FTM tokens are not affected, the Fantom Foundation seeks to provide confidence and stability within the Fantom ecosystem. This assurance is particularly significant given the foundation’s commitment to building a robust and decentralized infrastructure for FTM tokens. The Fantom Foundation’s statement emphasizes the distinction between FTM tokens and Multichain, highlighting that FTM tokens have never been under Multichain’s management. This clear delineation offers reassurance to investors and users, who can rest assured that their FTM tokens on various platforms will remain unaffected by the challenges faced by Multichain. As the Fantom blockchain ecosystem continues to evolve and expand.
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🇦🇺 Australian Regulators Attack Binance Offices In Ongoing Investigation
According to Bloomberg, The Australian Securities and Investments Commission (ASIC) is conducting an investigation into Binance, the world’s largest cryptocurrency exchange. According to unnamed sources, ASIC searched the company’s Australian offices as part of an ongoing inquiry into the exchange’s now-defunct local derivatives business. The categorization of retail and wholesale customers by Binance Australia is the subject of ASIC’s investigation.
Binance said in April that it would close its local futures exchange while continuing to operate its spot platform. Due to misclassification as wholesale investors, the business claimed to have terminated the derivatives holdings of some Australian customers. ASIC, who had previously suspended Binance Australia’s derivatives license, indicated that their investigation against the business is still continuing and declined to confirm or deny the search activities. The exchange replied by saying its collaboration with local authorities and commitment to achieving regulatory requirements in order to provide fully compliant service to Australian customers.
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🟠 Binance Extends Redemption Offer For XIRTAM Victims
Binance has revealed the reopening of the asset recovery application for users affected by the XIRTAM issue. Over the past month, BNB’s dedicated security team has diligently worked to address the concerns surrounding the XIRTAM project. This involved engaging in effective communication with users and continuously striving to find resolutions. Recently, the team successfully completed testing for the return of assets, marking a significant milestone in the recovery process.
With all the necessary preparations completed, BNB now invites its users impacted by the XIRTAM issue to submit their specific information through a designated form. To be eligible for asset recovery, users must submit their applications by 23:59 on August 2, 2023. Once the affected Binance account is verified, the security team will initiate the return of the respective ETH assets to eligible users through the smart contract address. This initiative highlights BNB’s commitment to maintaining a secure and trustworthy platform for its users. By actively investigating the XIRTAM issue and taking appropriate measures to safeguard user assets, Binance demonstrates its dedication to the integrity of the crypto community.
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🏦 Coinbase To Support Valkyrie And Bitwise Bitcoin Spot ETFs: Report
According to Bloomberg, Coinbase will also supply services for Valkyrie and Bitwise’s bitcoin spot ETF, according to individuals familiar with the situation. Coinbase’s partnership with the planned ETFs might result in an increase in income at a time when the crypto-exchange sector is experiencing low volumes. Coinbase’s revenue last year was less than half of what it was in 2021, when the sector was booming. The announcement also comes amid Coinbase’s legal fight with the SEC, which accused the company of operating an unlawful exchange.
Coinbase will become the custody-sharing agreement partner of Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Fidelity Wise Origin Bitcoin Trust, and ARK 21Shares Bitcoin ETF, according to recent reporting. Fidelity Investments led a flurry of corporations that submitted a second batch of applications for a spot Bitcoin exchange-traded fund on Friday afternoon to add additional information after the US Securities and Exchange Commission suggested that the earlier files were inadequate. The companies are among eight that are attempting to establish the first generation of US spot Bitcoin ETFs. In mid-June, BlackRock Inc. surprised the market by registering for such a fund.
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💰 Lido Community Boosts Protocol Fund With 20,000 ETH Investment
Lido community, a decentralized staking protocol for Ethereum 2.0, has put forth a proposal aimed at enhancing the platform’s operational sustainability. The proposal suggests allocating 20,000 ETH to the protocol fund, with the goal of generating additional revenue to offset ongoing costs. Currently, the project is in the main voting phase, set to conclude in the early hours of July 1, and has garnered a 100% approval rate. Following this vote, a second voting period will commence.
According to the proposal, the expected rate of return on the 20,000 ETH, estimated to be around 4% to 6% annually, could potentially yield an additional $2 million in revenue for the Lido protocol. This anticipated increase in earnings highlights the community’s proactive approach to securing the financial sustainability of the project. The move to allocate funds to the protocol fund aligns with Lido’s objective of creating useful assets that can generate revenue streams. By committing a portion of the ETH holdings, Lido aims to ensure ongoing operational viability while simultaneously exploring avenues to maximize returns for its participants.
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🇦🇪 Phoenix Technology Explores Prospects With Potential UAE IPO
Phoenix Technology, a leading cryptocurrency mining hardware retailer based in the United Arab Emirates, is reportedly in the early stages of considering an initial public offering (IPO) in its home country, according to Bloomberg. The firm is known for its ambitious project to create one of the largest mining facilities in the entire Middle East. While specific details of the IPO, such as the exact timing and size, are still fluid and subject to change, the potential move signals Phoenix Technology’s desire to capitalize on the growing interest in cryptocurrencies and the blockchain industry.
The United Arab Emirates, particularly Dubai, has been proactively positioning itself as a welcoming hub for the crypto sector, drawing in major players like Binance, OKX, and Bybit. This appeal has been boosted by the country’s friendly policies and supportive stance on cryptocurrencies. However, recent reports indicate that the UAE is now taking steps to tighten scrutiny of crypto license applicants to ensure proper oversight, especially in the wake of prominent scandals within the industry. Phoenix Technology’s establishment in 2015 has seen impressive growth, with operations spanning across the US, Canada, Europe, and the Middle East, totaling more than 700 megawatts. The company’s latest and most ambitious venture is the development of a massive $2 billion crypto-mining farm within the UAE, aiming to become the largest mining site in the region.
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🆘 Alphapo Hot Wallet Losses Surge to $60M, ZachXBT Reports
ZachXBT has recently tweeted about the Alphapo hot wallet heist, disclosing that an additional $37 million worth of TRON and BTC has been found to be stolen due to this cyberattack. The total amount pilfered from Alphapo has now surged to a staggering $60 million, making it a high-profile attack in the cryptocurrency world. The heist has raised concerns over security and highlighted potential vulnerabilities within the crypto ecosystem. ZachXBT’s monitoring, it was initially reported that the Alphapo hot wallet had been breached.
The investigation into the theft has unveiled an intricate web of transactions, revealing a sophisticated and well-coordinated operation. The stolen funds were first moved to the Ethereum network, presumably in an attempt to obfuscate the source and origin of the funds. Subsequently, they were cross-linked to the Avalanche network and Bitcoin (BTC), creating multiple layers of complexity to mask the hacker’s tracks. Attributing the hack to a group with potential links to Lazarus, a notorious cybercriminal organization known for conducting large-scale attacks, has further fueled concerns about the rising threats posed by such sophisticated hacking entities in the cryptocurrency space.
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🪙 Stellar Accompanying Ripple As XLM Gains Over 100% Over The Last Week
In the dynamic world of cryptocurrencies, Stellar’s native digital currency, XLM, has recently seen a remarkable surge in its price. Over the past few weeks, Stellar has been gaining widespread recognition for its efficiency and cost-effectiveness as a digital payment network, attracting an increasing number of users and businesses. This integration enables USDC remittances and cashouts in these countries, providing convenience and efficiency to everyday transactions and contributing to enhanced financial inclusion through swift and cost-effective cross-border transactions.
The recent weeks have witnessed an impressive price surge for XLM. On July 13, XLM experienced an astonishing increase of over 100%, peaking at $0.197. However, as is common in the cryptocurrency market, profit-taking by investors caused the price to retreat slightly. Nonetheless, XLM has been on an upward trajectory since July 18, with strong support near $0.128. It is noteworthy that XLM stands out as the best-performing cryptocurrency asset among the top 100, based on CoinMarketCap data. In comparison, even XRP, which is ranked fourth in terms of gainers, lags behind XLM’s performance. Traders and investors are closely observing XLM’s price movement, as a break past the $0.20 level could indicate the beginning of a fresh uptrend for Stellar’s XLM.
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🏦 Cathie Wood Stays Positive On Coinbase After Ripple’s Lawsuit
Cathie Wood, the founder, and CEO of ARK Investment Management, expressed her optimistic view on cryptocurrency exchange Coinbase following a court ruling in favor of Ripple Labs against the Securities and Exchange Commission (SEC) on July 13. ARK Invest recently sold off an additional $50 million worth of Coinbase stock on July 15 as the stock rallied. Wood attributed the selling activity to profit-taking and reallocating capital to other investment opportunities. Despite ARK Invest’s recent sales of Coinbase stock, Wood remains positive about the exchange.
In December 2020, the SEC filed a lawsuit against Ripple, alleging the crypto and blockchain solutions provider of marketing its XRP coin as unregistered securities. A court in the Southern District of New York determined on Thursday that XRP is a security when sold to institutions but not when sold to the general public. After the judgment, XRP surged almost 90% to $0.82. Wood’s sentiments align with other industry experts who believe that the Ripple ruling could set a positive precedent for Coinbase and other exchanges currently facing regulatory challenges. The ruling potentially influenced the ongoing legal battles of Coinbase and Binance with the SEC. Despite receiving a Wells Notice in March and facing a lawsuit from the SEC in June.
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🔵 Liquity Will Release V2 In 2024, Using Staked ETH To Back The Stablecoin Model
Liquity, the decentralized lending platform, has made an exciting announcement regarding the upcoming launch of Liquity V2. This new version of the platform is set to provide Ethereum (ETH) holders with attractive leverage and lending products, further expanding on the existing offerings of the protocol. The release of Liquity V2 is scheduled for public availability in 2024 and introduces a novel reserve-backed stablecoin model that utilizes staked ETH. As a borrowing protocol, Liquity enables users to participate in interest-free lending. Through the protocol.
Liquity operates on the concept of collateralized debt positions (CDPs) known as “Troves.” Each Trove is mandated to maintain a minimum collateral rate of 110%, ensuring the safety and stability of the protocol. In the event that the collateral ratio of certain assets falls below 100%, liquidation becomes necessary to cover the outstanding debt. A key aspect of Liquity’s strategy is to ensure platform stability and foster a collaborative ecosystem. Similar to the approach taken by Serum Dex, the platform allows other parties to host the Liquity Graphical User Interface (GUI). In return, these hosts receive incentives based on the number of user accounts they attract. This approach encourages partnerships and promotes wider adoption of the protocol.
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🟠 Binance.US Responds To Ripple’s Crazy With US Major Exchanges
In a significant turn of events, several prominent cryptocurrency exchanges have made the decision to reintroduce or consider relisting XRP, the digital asset associated with Ripple. Binance.US also followed the enthusiasm that came from the Ripple event. Binance.US, a prominent US cryptocurrency exchange, has announced the listing of XRP on its platform. Users can now make deposits of XRP, and trading for the XRP/USDT Advanced Trading pair will commence on July 14, 2023, at 6 a.m. PDT / 9 a.m. EDT. This development provides increased accessibility and trading options for XRP enthusiasts and investors on Binance.US.
Coinbase, Kraken, Crypto.com, and Bitstamp are among the platforms that have responded to a momentous ruling in the protracted legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The relisting decision follows the widely followed lawsuit initiated by the SEC in December 2020, alleging that Ripple’s XRP token constituted an unregistered security. In response, numerous exchanges took the precautionary step of delisting XRP to ensure compliance with regulatory requirements. However, Ripple chose to take a defiant stance and contested the lawsuit, allocating substantial resources to defend its case.
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📣 Starknet v0.12.0 Now Live on Mainnet
Starknet, the highly anticipated Layer 2 network built on Ethereum, has made a groundbreaking announcement. The network has officially rolled out its v0.12.0 version on the mainnet, introducing crucial upgrades to enhance scalability and reduce transaction latency. With the Ethereum network experiencing significant congestion and high transaction fees, Starknet aims to address these challenges by improving network throughput and optimizing transaction confirmation times.
The new Rust implementation of Sequencer brings several performance enhancements, including more efficient local storage and critical path logic. These improvements are specifically designed to minimize transaction confirmation wait times and resolve network congestion issues. By streamlining the transaction processing pipeline, Starknet v0.12.0 aims to deliver faster and more reliable transactions on the Ethereum network. The launch of SK’s latest version marks a significant milestone in the development of Layer 2 solutions for Ethereum. Layer 2 networks are considered crucial for scaling Ethereum and addressing its limitations in terms of transaction speed and scalability.
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🟠 Binance Strengthens Internal Team Amidst External Pressure and FUD
According to CZ, fostering a strong sense of camaraderie within the team involves various elements, including group-building activities, coaching sessions, motivational talks, and more. While these methods are helpful in creating cohesion, CZ acknowledges that their effectiveness can diminish over time in the face of external pressures and FUD (Fear, Uncertainty, and Doubt). However, by rallying the community together and fighting through challenges, Binance strengthens its mission of promoting financial freedom worldwide.
CZ believes that activities such as group-building dinners and outings play a crucial role in fostering a sense of unity among team members. Additionally, coaching sessions, mentors, and even psychotherapists help in personal and professional development, leading to stronger bonds within the team. Motivational talks also serve as a powerful tool to inspire and energize the workforce. While internal pressures have brought the Binance team closer, CZ recognizes the importance of collaboration and building trust with external stakeholders. By fostering transparency, open communication, and collaborative partnerships, Binance aims to gain the support and trust of the wider community.
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🟠 Binance marketshare at lowest point since beginning of the year
Binance, the largest global cryptocurrency exchange, faces a dwindling marketshare as executives from the firm depart, according to data from The Block's data dashboard. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.
The exits come amid a dip in Binance's marketshare among global exchanges. The firm saw its market share fall from 72% in January to just over 58% at present. The figures represent the marketshare of spot trade volumes for cryptocurrency exchanges with no USD support or USD pairs contributing insignificant volumes. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.
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📊 Pendle Opens Up New Growth Potential With TVL Up Nearly $150M
On July 5, total value locked (TVL) in Pendle, a DeFi protocol that divides yield-bearing tokens into principle and yield components, reached an all-time high of $171.25 million. This year’s growth of PENDLE has been spectacular. The token has risen from $0.044 at the start of the year to $1.75. The project’s token, which collects protocol fees while locked, is up roughly 4,000% this year, trading at levels last seen at the bull market’s peak two years ago. A spike of this size cannot be explained only by a recent listing.
Moreover, whales’ accumulation of PENDLE might be seen as a significant vote of confidence in the protocol’s long-term potential. Pendle’s novel approach to yield farming, which allows users to tokenize and exchange future produce, has grabbed the curiosity of forward-thinking investors. Inflows increased when Ethereum’s Shanghai upgrade went online in April, allowing for the first-time withdrawals of staked ETH. According to DeFiLlama data, approximately $40 million in stETH has been tokenized on the network since then. Pendle, in addition to yield-splitting, has an automated market maker (AMM) where traders may buy and sell either the primary token or its related yield independently.
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💰 Luminex Launches New Standard BRC-69, Over 90% Discount On Inscriptions
Launchpad Bitcoin Ordinals Luminex has launched a new Ordinals collection standard, BRC-69, with simplicity at heart. BRC-69 is a revolutionary standard for creating recursive Ordinals collections quickly. This standard will be the engine that launches recursive collections on Bitcoin. BRC-69 can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process.
The brilliance of BRC-69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions. Furthermore, the BRC-69 offers great flexibility and allows for more improvements and features. For instance, launching collections with a fully on-chain pre-disclosure process is now possible. The new standard will be tested with upcoming launches on Luminex. With this new standard, a perfectly rendered image.
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🇭🇰 Hong Kong establishes task force to advance Web3 development
According to a June 30 statement, the government of Hong Kong has formed a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on promoting its growth in an ethical manner. As part of Hong Kong’s ongoing commitment to embrace the “megatrend” of Web3 development, it has established a diverse group of industry and government officials to supervise the progress of Web3 in the region.
Hong Kong’s Financial Secretary Paul Chan said the task force would further enhance Hong Kong’s aim to be a frontrunner in the Web3 sector. “Hong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem,”. It was highlighted that the market has “responded favorably” to the Hong Kong government policy statement on the development of virtual assets, which was released in October 2022. On March 20, Cointelegraph reported that over 80 virtual asset-related companies had expressed interest in “establishing their presence in Hong Kong” since the release of this statement.
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💰 FTT Boom Over 65% In Just One Day, FTX Revival Effect Happened
FTT, once the token representing the FTX empire, seems to have caught up with the signal that FTX is planning to revive the exchange with extremely impressive gains in recent times. It seems like FTX, the revamped cryptocurrency exchange, is on the verge of relaunching with the goal of emerging as an altogether new platform. In response to the statement, FTX’s restructuring head, John Ray, said that the company had begun the process of interacting with interested parties in order to revitalize the FTX.com exchange.
After the favorable statement, the native token of the defunct FTX exchange, FTT, attracted purchasers, resulting in a large price rise of more than 65% in only one day. At the beginning of the week, FTT had a stunning increase in momentum, resulting in a large gain of over 95% for purchasers in only four trading days. As a consequence, according to CoinMarketCap statistics, the market capitalization has recovered to $560 million. The FTT price, which is now trading at $1.722, has risen by more than 35% in less than 12 hours, increasing the total gain from June 15 to more than 150%. It is apparent that this is a breakout in comparison to the current crypto market, but can this growth be sustained? The current price has also reacted to the Fib 50% level at $1.85.
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