25281
We have the best crypto news feed on Telegram ▶️ Bitcoin Updates ▶️ Trading Signals ▶️ Crypto News ▶️ upcoming ICOs ▪️Join Now: @CryptoNewsSource Admin: @Crypto_Marcus
🪙 Standard Chartered Predicts ETH To Teach $8,000 By 2026
Standard Chartered predicts ETH might soar to $8,000 by 2026. Geoffrey Kendrick, the lead on forex and crypto research at Standard Chartered, alongside his analytical squad at the bank, pinpointed Ethereum’s stronghold in smart contracts, gaming, and tokenization as the driving forces behind its projected price surge. After the financial behemoth’s prior forecast of bitcoin (BTC) potentially hitting $50K by year-end and surging to $120K in 2024, Geoffrey Kendrick and his team at Standard Chartered predicts ETH are back with a new report, this time spotlighting ethereum (ETH).
Kendrick underscores Ethereum’s “unrivaled command” across diverse realms of decentralized finance (defi), token genesis, and smart contract innovations. These dynamics could catapult ether to an impressive “$8,000 mark by 2026,” marking a quintuple jump from its present stance. Notably, this $8K projection is merely a precursor to the Standard Chartered predicts ETH’s ambitious long-term forecast of an ether valued between $26,000 and $35,000. Kendrick elaborated that this assessment contemplates emerging use cases and revenue streams yet to unfold. Current real-world implementations in gaming and tokenization are poised to accelerate this trajectory. Standard Chartered predicts ETH’s forex and crypto research lead further opined that U.S. regulations around spot exchange-traded fund (ETF) potentials will likely fortify both BTC and ETH.
Source
/channel/CryptoNewsSource
🆘 Certik Study: $332 Million Lost to Exploits, Hacks and Scams in September, More Than $1.3 Billion Lost in 2023
According to the cybersecurity firm Certik, digital assets worth approximately $332 million were stolen via code exploits, exit scams and flash attacks in the month of September alone. Exploits alone accounted for more than 98% of the thefts ($329.8 million) while the amount stolen through flash loan attacks and rug pulls was less than $2.4 million. As shown by the data, the biggest incident during the month was the $200 million exploit suffered by Mixin Network on Sept. 23.
A few weeks earlier, the cryptocurrency exchange platform Coinex Global suffered an exploit in which digital assets worth $54 million were stolen. According to reports, preliminary investigations hinted at a possible compromise of private keys which enabled the criminals to move funds from the platform’s hot wallets. For context, in August the total value of digital assets stolen through exploits only totaled $13.5 million. Meanwhile, unlike in the month of August when digital assets lost through exit scams topped $26 million (more than half of the nearly $46 million that was stolen), only $1.9 million was lost via this tactic in September. Likewise, the data indicates that the value of digital assets lost via the so-called flash loan attacks dropped significantly from $6.4 million in August to $0.4 million in September.
Source
/channel/CryptoNewsSource
📣 Immutable zkEVM Mainnet Will Start To Launch On December 2023
Immutable zkEVM Mainnet launch is scheduled for December – January, followed by dedicated app chains and zk-prover integration in 2024. With the recent launch of Immutable zkEVM Testnet, along with numerous games that have already begun building on it, Immutable zkEVM, powered by Polygon Labs, is on track to become the home of gaming on Ethereum. Recently, more than 50 games have committed to building on Immutable zkEVM. Additionally, Immutable zkEVM is set to undergo a series of technical upgrades leading up to the Mainnet launch
Additionally, Immutable zkEVM is set to undergo a series of technical upgrades leading up to the Mainnet launch. These upgrades are geared towards enhancing various aspects of the platform, including the player experience, revenue engine, and developer experience. Milestone 1 – Immutable zkEVM Testnet (August): Over 20,000 addresses have been active across more than 100,000 transactions on Immutable zkEVM’s Testnet, demonstrating strong developer interest. Milestone 2 – Immutable zkEVM Testnet Re-Genesis (November): A re-genesis of the Testnet is scheduled for November, involving a transition from Polygon Edge to Geth EVM client to ensure compatibility with Ethereum. Milestone 3 – Immutable zkEVM Mainnet (December – January): The highly anticipated Mainnet launch will follow, inviting developers in stages before opening to the public.
Source
/channel/CryptoNewsSource
🏦 Coinbase’s Attempt to End SEC Lawsuit Should Be Rejected, U.S. Regulator Argues
U.S. regulators argued Tuesday that Coinbase Inc.’s attempt to toss out the securities law violation it faces should be rejected, asserting the crypto exchange’s justification contains “fatal flaws.” The Securities and Exchange Commission (SEC) sued Coinbase (COIN) in June, saying the U.S.-based company failed to register as a securities exchange with the markets regulator. Coinbase has tried to get that case dismissed, asking the judge to make a pre-trial ruling that crypto changing hands isn't the same as an investment contract.
SEC said in a filing Tuesday. At stake is the court’s eventual interpretation of who is getting the so-called Howey test right: Coinbase, with its narrower view, or the SEC, which says Howey is meant to be flexible and widely interpreted when it defines a security that must be regulated by the SEC. “This case turns on whether Coinbase intermediated transactions in ‘investment contracts’ and whether customers on Coinbase’s trading platform therefore were entitled to the protections afforded by the federal securities laws that require intermediaries of securities transactions to register with the SEC,” the regulator said. Coinbase has argued that crypto trades don’t meet this definition of an investment contract, because no actual contract is established in a transaction.
Source
/channel/CryptoNewsSource
🪙 Ether Futures ETFs See Low Volume in First-Day Trading
It was a slow start for the first day of trading for futures-based ether exchange-traded funds (ETFs). A total of nine of the ETFs offering exposure to ether futures came to market on Monday. Five will hold only ether futures, while four will hold a mix of bitcoin and ether futures. One of those funds, Valkyrie’s Bitcoin Strategy ETF (BTF) – soon to be renamed – has been in existence for about two years as a bitcoin-only fund, but is changing its strategy to include ether.
The rest of the vehicles are new to market. “Pretty meh volume for the Ether Futures ETFs as a group,” said Bloomberg ETF analyst Eric Balchunas. Among the more popular of the new ETFs today, VanEck’s Ethereum Strategy ETF (EFUT) traded just shy of 25,000 shares at a price roughly averaging $17 per share for total dollar volume of just $425,000. As comparison, the ProShares Bitcoin Strategy ETF (BITO) – which launched in October 2021 amid a raging crypto bull market – traded more than $1 billion in in dollar volume on its first day. The crypto industry continues to await a decision from the U.S. Securities and Exchange Commission (SEC) over numerous recent and older applications for both spot bitcoin and spot ether ETFs.
Source
/channel/CryptoNewsSource
📉 OX Price Crash By Over 50% After The Arrest Of Zhu Su
OX price crashed by over 50% after Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital detained at Changi Airport while attempting to leave Singapore on September 29th. Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital, was reportedly detained at Changi Airport while attempting to leave Singapore on September 29th. His fellow co-founder, Kyle, received a similar order, compelling him to cooperate with the liquidator’s ongoing investigation.
The crypto market didn’t remain unaffected by this news. The Open Exchange Token, OX, witnessed a staggering 50% price crash as news of Zhu Su’s arrest spread. Additionally, Lookonchain reported that an individual who had been accumulating 304,599 OX tokens (valued at $7,000) over the past month hastily sold them off upon hearing of Zhu Su’s arrest. The question arises: Was this move a result of strategic foresight or mere luck? Wu said that the arrest stemmed from Zhu Su’s refusal to cooperate with liquidators and provide requested information, leading to contempt of court charges. Such a lengthy sentence for contempt is uncommon in legal proceedings.
Source
/channel/CryptoNewsSource
🟠 Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown
Binance and the U.S. Securities and Exchange Commission (SEC), a recent development has granted the cryptocurrency exchange some additional time to respond to court orders. The first court order instructed the defendants to provide an explanation for why specific documents pertaining to the SEC’s motion to compel discovery should remain sealed or redacted. The second order required the defendants to justify the sealing of documents connected to the SEC’s response supporting its motion to compel.
Now, BAM Trading and BAM Management have until September 27th to respond to these orders to show cause. Importantly, the SEC did not oppose their request for an extended deadline. In response, Binance, Binance.US, and Changpeng Zhao have sought to dismiss the SEC lawsuit, arguing that the regulator has not “plausibly alleged” various securities-related violations. They also contend that the SEC is attempting to assert authority over digital assets without clear legislative backing from Congress. This legal battle continues to unfold, with further developments expected in the near future. The Binance vs. SEC lawsuit, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc.
Source
/channel/CryptoNewsSource
💰 Skybridge Founder: Every Wall Street Firm Will Sell Bitcoin ETF to Clients — 'Next 10 to 20 Years Are Remarkably Bullish'
Skybridge Capital founder Anthony Scaramucci has explained why he is still bullish on bitcoin. Emphasizing that every Wall Street firm is going to have a bitcoin exchange-traded fund (ETF) in their arsenal that they will sell to their clients, he predicted: “The next 10 to 20 years are remarkably bullish.” He added: “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter.”He believes that young people “will be mainstreaming bitcoin” in the same way his generation “mainstreamed the internet.”
The Skybridge Capital founder cautioned that headwinds are still in the macro environment, including higher interest rates, an enforcement-centric Securities and Exchange Commission (SEC) chairman, and negative sentiment around crypto adoption. Nonetheless, he remains optimistic about BTC, stating: “As wealth is created in society, a portion of that wealth is going to get chipped off for digital assets, most likely bitcoin.” He also reiterated his long-standing view that “Bitcoin is better than gold.” Scaramucci further expects the approval of bitcoin exchange-trading funds (ETFs) to be a game changer. He anticipates massive and widespread adoption of BTC once bitcoin ETFs become commonplace. The Skybridge Capital founder opined:
Source
/channel/CryptoNewsSource
🪙 FTX Files Lawsuit Against Former Employees Of Salameda With $157 Million Lost
FTX, the crypto exchange that recently filed for bankruptcy, has filed a lawsuit against former employees of Salameda, an entity linked to the exchange, CoinDesk first discovered related court documents. FTX claims that the defendant, taking advantage of their positions and connections, orchestrated preferential transfers of assets, prioritizing their own interests over other customers. They controlled multiple firms with accounts on FTX.com and FTX US, allegedly making fraudulent withdrawals shortly before FTX suspended withdrawals on November 8, 2022.
The total sum involved in these questionable transfers amounted to over $123 million out of a total of $157.3 million (based on August 31, 2023, pricing), and a significant portion of these transfers occurred on or after November 7, just hours before the suspension of withdrawals. Meanwhile, Bankman-Fried‘s legal battles continue to mount. His request for release on bond was previously denied, with allegations of witness tampering. An appeals court has now rejected his latest attempt to secure his release. Bankman-Fried faces a potential sentence of over 100 years if found guilty on all charges. His trial is set to commence on October 3 and is expected to last approximately six weeks.
Source
/channel/CryptoNewsSource
🏴 Coinbase Pay added to Aptos Labs crypto wallet
Aptos Labs has integrated its Petra crypto wallet with Coinbase Pay in an effort to streamline functionality and boost use. In the hopes of reducing friction when onboarding new users, Aptos Labs has added a Coinbase Pay integration to the mobile and desktop versions of its crypto wallet called Petra, the companies announced in a statement. "With Coinbase Pay, Coinbase users can add APT to Petra seamlessly through their choice of bank, debit card, credit card, and even their Coinbase account balance," Aptos said in the statement.
The announced integration follows a flurry of similar announcements where companies are aiming to improve the onboarding of new customers by improving or adding to functionality, in some cases by partnering with traditional tech companies. Last month, Aptos said it is working with Microsoft to explore "innovative solutions" related to asset tokenization and digital payments. Coinbase has been working with payments giant PayPal since at least 2021. With the partnership Aptos, which was founded by former Meta employees, hopes to have a more direct line to Coinbase's millions of users.
Source
/channel/CryptoNewsSource
📣 DWF Labs Co-Founder Andrei Grachev Elevates friends.tech
Co-founder of DWF Labs, Andrei Grachev, took to Twitter to announce his groundbreaking partnership with friends.tech. His tweet, laden with anticipation, read, “Exciting times ahead! Just signed up to friends_tech. Whose Key should I buy?” This revelation sent shockwaves through the crypto community, igniting a frenzy around the Key token. As the news broke, the Key token’s price soared to an astonishing 1.26 ETH, marking a significant milestone in its value.
Grachev’s decision to join forces with friends.tech, a platform known for its innovative approach to blockchain technology, underscores the growing influence of the crypto community. With his wealth of experience in DWF Labs, he brings a new wave of excitement and possibility to the crypto landscape. The tweet also triggered a lively debate among crypto enthusiasts about which Key tokens Grachev might be eyeing. Some speculate he may have insider knowledge, while others believe his involvement alone is a ringing endorsement of the token’s potential. Friends.tech, an emerging player in the crypto industry, has been gaining traction for its unique approach to decentralized finance and blockchain technology. Grachev’s entry into their ecosystem adds significant credibility and raises expectations for what’s to come.
Source
/channel/CryptoNewsSource
📣 Convex Finance Community Votes On FXS Protocol Fee Adjustment To 20% Proposal
The Convex Finance community has initiated a critical proposal for the adjustment of the FXS Protocol fee structure, with voting now underway. This proposal seeks to increase the treasury fee from the existing 17% to a new rate of 20%. Voting commenced on September 15 and will conclude at 11:05 on September 19, 2023. As of the current status of the vote, an overwhelming majority, exceeding 99%, supports the proposed adjustment to the fee structure. This strong consensus reflects the community’s dedication to optimizing the FXS Protocol’s financial sustainability and functionality.
Reduction in vlCVX Share: The proposal suggests decreasing the vlCVX share from 7% to 5%, reflecting a strategic reallocation of resources within the Convex Finance ecosystem. Introduction of Treasury Fee based on veFXS Income: Another notable aspect of the proposal involves the addition of a 5% fee to the treasury, linked to veFXS fee income. This innovative approach ensures that the treasury continues to receive contributions based on its overall performance and income generation. The FXS Protocol plays a pivotal role in the broader Convex Finance ecosystem, facilitating stablecoin stability and maintaining the integrity of the DeFi landscape. These proposed adjustments to the fee structure and resource allocation are crucial steps in ensuring the long-term sustainability and growth of the protocol.
Source
/channel/CryptoNewsSource
🟠 Binance Futures Returns To Normal Operation After Technical Problem
Binance, a leading cryptocurrency exchange, recently grappled with a technical problem that temporarily disrupted its futures trading services. In an official statement, the exchange acknowledged the issue and informed users that USDT leveraged futures transactions were temporarily unavailable due to a technical glitch. Binance CEO Changpeng Zhao, popularly known as CZ, confirmed the technical problem and assured users that their team was actively working to rectify the situation.
In a positive development, the exchange also revealed plans to introduce copy trading on its web platform. This feature will enable users to automatically follow the real-time contract trading strategies of leading traders, enhancing accessibility and convenience for traders on the platform. Trading enthusiasts and professionals can look forward to an interesting and rewarding trading environment with the introduction of copy trading by Binance Futures. It’s crucial to remember that, depending on where you live, some things might not be as readily available. It is therefore advisable to rely on official sources for reliable and current information about the accessibility of products.
Source
/channel/CryptoNewsSource
🚀 Unleash the Power of
😇🥰😇🥰😇🥰🥰🥰
Safe and Transparent Betting 🚀
Experience the future of betting with Dexsport! The cutting-edge Web3 platform operates on BNB Chain, Ethereum, Polygon, OKC, Avalanche, Arbitrum blockchains, offering you a secure and transparent betting experience.
Discover the Dexsport difference:
✅ Lightning-fast transactions
✅ No intermediaries or registration hassle
✅Instant payouts and no player blocking
✅A safe and transparent betting system
Join Dexsport today and be part of the revolution. Betting has never been this safe, transparent, and exhilarating. Don't miss out on the future of betting – get started now!✅
👉 Try now:⚡️
https://go.dexsport.io/go/41285107 ✨🟥
🟠 Binance Executives for Russia and Eastern Europe Leave Top Exchange
Binance’s executives for regions including Russia, other former Soviet republics and Eastern Europe are leaving the world’s largest cryptocurrency exchange. The company has seen a wave of exits of top managers amid a crackdown by regulators in a number of markets. On Wednesday, the crypto firm’s Regional Head of Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia and New Zealand, Gleb Kostarev, took to Facebook and Linkedin to announce that this was his last day at the exchange.
“Kudos to the local teams for all the hard work and amazing campaigns at the local level. And of course, heartfelt thanks to all our partners and Binance users for your support,” said Kostarev who was previously overseeing the Asia-Pacific (APAC) region, too. He gave no specific reasons for quitting after his five years in executive roles at Binance. “Almost two years have passed in the blink of an eye, and as of tomorrow, I no longer work at Binance,” the exchange’s General Manager for Russia and the CIS countries, Vladimir Smerkis, also revealed in a Facebook post published the same day. He promised to share details about his decision and plans for the future after a needed vacation.
Source
/channel/CryptoNewsSource
🇬🇧 Coinbase, OKX and Binance partner with UK firms as regulations come into force
Two weeks after the crypto exchange Bybit officially exited the UK market, citing the impact of new crypto marketing rules, several rival overseas players have adapted to the regime by teaming up with local partners. Coinbase and OKX are working with Archax to get their financial promotions approved, according to spokespeople for the exchanges. Binance, meanwhile, said in a blog post published Oct. 8 that it had partnered with Rebuilding Society, a regulated peer-to-peer lending firm that has dished out just £35 million.
The expectation is that these arrangements will allow the exchanges to continue serving UK customers from overseas despite new marketing rules from the Financial Conduct Authority — which include a cooling-off period for first-time investors — that have just come into effect. “The approvers, when they enter into an arrangement with the exchange or whoever else it might be, they approve the promotions and effectively they take responsibility for those promotions,” said George Morris, a partner at the law firm Simmons & Simmons. “It’s very much a symbiotic thing.” The FCA also put out an announcement on Oct. 8 warning that 143 entities are operating in the UK without permission and naming them in a list. That list includes HTX and KuCoin, two major global exchanges.
Source
/channel/CryptoNewsSource
📣 FriendTech developers rake in nearly $20 million since August launch
The development team behind social protocol FriendTech has generated nearly $20 million in revenue in just a few months since going live. Launched in August, FriendTech is a platform that allows users to link their Twitter accounts and facilitates the purchase or sale of influencer profile tokens (named “keys”) with ETH on the Coinbase-backed Layer 2 network, Base. These keys grant users privileged communication access to the influencers.
The project holds the lead as the largest revenue-generating app on Base and the second-largest in all of crypto, according to DeFiLlama data. At the current rate, it's on track to generate an annualized revenue of $180 million. The platform has so far generated nearly $40 million in overall fees from users. These fees are generated by taxing approximately 10% of the trading volume of social tokens. Half of this total fee is allocated to the project's team as revenue, and the other half is distributed to users whose keys are traded. However, the number of unique users has dropped significantly since late September, according to data from The Block.
Source
/channel/CryptoNewsSource
🪙 Former Alameda Engineer Reveals Hidden Truth Before FTX Crisis
Former Alameda Research CEO Caroline Ellison’s confession, rather than internal warnings, led to the revelation that the trading firm was on the brink of collapse, according to a recent CoinDesk interview with a former Alameda engineer, Aditya Baradwaj. The former Alameda engineer stated that it appeared to be “business as usual” until the final days, which seemed like a flurry of trading activity. The shocking truth was only revealed on the last day when Caroline disclosed what had transpired behind closed doors.
In a surprising turn of events, as the trial against Bankman-Fried unfolds, he now has a final opportunity to present his side of the story. Prosecutors allege that Bankman-Fried allowed Alameda to borrow vast sums from FTX, diverting the funds into various projects. This includes making substantial loans to FTX executives using customer funds, which were then spent on political donations. Federal prosecutors argue that Bankman-Fried used FTX as a means to embezzle billions of dollars in customer funds. He purportedly indulged in speculative trading at Alameda Research, invested in real estate in Bahamas, and donated to the effective altruism movement that was believed to be the foundation of his business.
Source
/channel/CryptoNewsSource
🏦 Coinbase’s Attempt to End SEC Lawsuit Should Be Rejected, U.S. Regulator Argues
U.S. regulators argued Tuesday that Coinbase Inc.’s attempt to toss out the securities law violation it faces should be rejected, asserting the crypto exchange’s justification contains “fatal flaws.” The Securities and Exchange Commission (SEC) sued Coinbase (COIN) in June, saying the U.S.-based company failed to register as a securities exchange with the markets regulator. Coinbase has tried to get that case dismissed, asking the judge to make a pre-trial ruling that crypto changing hands isn't the same as an investment contract.
SEC said in a filing Tuesday. At stake is the court’s eventual interpretation of who is getting the so-called Howey test right: Coinbase, with its narrower view, or the SEC, which says Howey is meant to be flexible and widely interpreted when it defines a security that must be regulated by the SEC. “This case turns on whether Coinbase intermediated transactions in ‘investment contracts’ and whether customers on Coinbase’s trading platform therefore were entitled to the protections afforded by the federal securities laws that require intermediaries of securities transactions to register with the SEC,” the regulator said. Coinbase has argued that crypto trades don’t meet this definition of an investment contract, because no actual contract is established in a transaction.
Source
/channel/CryptoNewsSource
🇧🇷 Brazil rolls out blockchain-based digital ID
Over 214 million Brazilians will soon be using blockchain technology for digital identity, the government recently announced. Rio de Janeiro, Goiás and Paraná will be the first states to issue identification documents on-chain through a private blockchain developed by Serpro, Brazil’s national data processing service. The entire country should be able to issue identity documents through blockchain technology by Nov. 6, reads a decree on Sept. 25.
According to Alexandre Amorim, president of Serpro, the immutability and decentralization of blockchain made it an ideal technology for the country’s digital identification project. As per the local government, the national ID project is crucial in targeting organized crime, allowing government sectors to work together, offering a simpler way to access services and streamlining administrative records. The city of Buenos Aires, Argentina, recently disclosed a similar initiative, allowing residents to access identity documents via a digital wallet. The newly adopted technology will allow a more secure data exchange between the Federal Revenue and government departments, said the announcement.
Source
/channel/CryptoNewsSource
📣 Xiang Xiang Unicoin Arrested By Hong Kong Police In JPEX Case: Report
Two other people and Xiang Xiang Unicoin arrested by Hong Kong police in the Unicoin crypto case. Investigation ongoing; total funds involved reach HK$1.499 billion. According to Sing Tao Daily, the Hong Kong police have made significant strides in the ongoing JPEX case, with three more individuals taken into custody, bringing the total number of arrests to 15. One of the newly apprehended suspects is a 29-year-old Internet celebrity, “Xiang Xiang,” whose real name is Liang.
The other two individuals arrested are a 23-year-old named Zhong and a 28-year-old named Huang. Zhong Nan, the 23-year-old, holds the position of director at Lupin, another over-the-counter cryptocurrency exchange store. She is an employee of Unicoin, an over-the-counter cryptocurrency exchange shop, and is popularly referred to as the “Unicoin Resident Analyst” on social media. Her YouTube channel and Instagram account, where she shares investment insights and photos, have earned her the “Goddess of the Coin Industry” title among local netizens. The police have emphasized that their investigation is ongoing, and further arrests are not ruled out. The Commercial Crime Bureau’s officers are actively pursuing leads to provide crucial information to aid the investigation.
Source
/channel/CryptoNewsSource
🏦 MAV zkSync Integration Is Now Available On Binance
Binance, a leading cryptocurrency exchange, has successfully integrated the Maverick Protocol (MAV) onto the zkSync Era network, opening doors for deposits and withdrawals. However, it’s important to note that deposits on the zkSync Era network will take approximately 24 hours to be credited to users’ Binance accounts. This delay is attributed to zkSync Era’s Finality mechanics, which ensure the utmost security and reliability of transactions.
Maverick Protocol stands as a groundbreaking DeFi platform, aimed at bolstering liquidity and optimizing capital usage within the DeFi sector. Its innovative Dynamic Distribution AMM empowers liquidity providers by enabling them to stake a price range and dictate how that liquidity should respond to market price fluctuations. In the realm of blockchain technology, zkSync Era is a ZK rollup solution, characterized by its trustless protocol. It leverages cryptographic validity proofs to facilitate scalable and cost-effective transactions on the Ethereum network. Notably, zkSync Era performs computation off-chain while storing most data off-chain as well. This approach maintains Ethereum’s high security standards while significantly reducing transaction fees.
Source
/channel/CryptoNewsSource
🪙 JPMorgan says Ethereum's activity post-Shanghai upgrade has been 'disappointing'
Ethereum has fallen short of expectations in terms of network activity following the Shanghai upgrade implemented in April, according to JPMorgan. "While the shift from proof-of-work to proof-of-stake that resulted from the Merge upgrade meant that the energy consumption for the Ethereum network collapsed by more than 99%, the Ethereum supply is shrinking and staking rose sharply (with the amount of ether staked up by 50% since the Shanghai upgrade).
Ethereum's daily transactions, daily active addresses and total value locked (TVL) of decentralized finance (DeFi) protocols on the network have all experienced declines, the analysts noted. The fall in Ethereum activity suggests that various "bearish forces" of the last year, including the FTX and Terra collapses, U.S. regulatory uncertainty and crackdown, the fading of interest in crypto by institutional investors and the drying up of venture capital funding, may have outweighed the positive impact of the Shanghai upgrade on Ethereum's network activity, according to the analysts. The Shanghai upgrade allowed Ethereum validators to withdraw the staked ether that has been locked in the network.
Source
/channel/CryptoNewsSource
📊 Friend.Tech rival Post.Tech activity picks up with $1.8 million in daily volume
Activity on the social media site Post.Tech has started picking up, with the site recording more than $1.8 million in trading volume in a 24-hour period for the first time. The site is a clone of the novel app Friend.Tech, both in function and business model. Both offer token-gated channels where users can buy and sell access tokens — and pay a substantial 10% fee on transactions, half to the app and half to the channel’s owner.
As the original version of this style of app, Friend.Tech has recorded much greater volumes. It has witnessed days of $20 million in transaction volume daily, according to a Dune dashboard created by TK Research. Since its inception, it has recorded $250 million in volume. In contrast, Post.Tech is still at much lower volumes, having launched a month later. In the last few days, however, activity has started to pick up. On September 20, the app saw $875,000 in transaction volume, according to DappRadar, which also shows $1.8 million in volume over the last 24 hours. The number of daily transactions has risen from 2,000 on Sep. 16 to 87,000 now.
Source
/channel/CryptoNewsSource
📣 World App Surpasses 500K Transactions in 24 Hours!
The developers behind the Worldcoin project have recently unveiled a major update that promises to transform the World App wallet, making it more scalable and cost-effective than ever before. The update incorporates a series of cutting-edge technologies, with a primary focus on enhancing efficiency and reducing transaction expenses. Among the notable features included in this update are mixing and compression techniques designed to eliminate the majority of L1 Gas fees.
Moreover, the update also addresses the issue of network congestion and slow transaction processing by reducing the optimism load by two-thirds. This optimization not only accelerates transaction confirmations but also enhances the overall reliability of the World App wallet. Since the release of this game-changing update, World App has experienced an unprecedented surge in activity. The single-day transaction volume on the platform has soared to staggering heights, exceeding 500,000 transactions in a 24-hour period. This remarkable achievement underscores the profound impact of the recent update and the growing popularity of Worldcoin and its associated technologies.
Source
/channel/CryptoNewsSource
✖️ dYdX Founder: The DEX Will Lead The Next 100x Growth Of DeFi Derivatives
dYdX, a prominent player in the cryptocurrency derivatives market, is poised for a transformational journey aimed at bolstering token performance and ecosystem vitality. Antonio expressed his firm belief that the DEX is primed to lead a 100x surge in DeFi derivatives, with a steadfast commitment to stay focused solely on this sector, forgoing diversification into other products. Currently representing just 2% of cryptocurrency derivatives trading volume.
The launch of the dYdX Chain marks the inception of this transformative journey, with Antonio pledging substantial 10x improvements to its product offerings by 2024. These enhancements are poised to secure a robust product-market fit, paving the way for exponential expansion. Founded in 2018, the DEX has carved a niche as one of the crypto market’s largest derivatives exchanges, consistently favored by users. Despite their popularity, its tokens have traditionally been deemed less suitable for long-term holding. However, this perception is expected to shift with the forthcoming v4 update. September 4 as the community overwhelmingly supported a proposal initiated by Wintermute on the Snapshot platform.
Source
/channel/CryptoNewsSource
🪙 Vitalik Buterin Urges Caution Amid Uncertain Future of Hong Kong’s Crypto Support
Vitalik Buterin, co-founder of Ethereum, delivered crucial insights during a recent event in Singapore, shedding light on the evolving landscape of cryptocurrencies in Hong Kong. Vitalik Buterin emphasized the importance of understanding the stability of the Hong Kong government’s stance on cryptocurrencies for crypto projects seeking opportunities in the region. He noted that the government’s ongoing support for digital currencies is a pivotal variable that could significantly impact the success and sustainability of crypto-related endeavors in Hong Kong.
Hong Kong has long been considered a global financial hub, attracting a multitude of blockchain and cryptocurrency projects due to its favorable regulatory framework and strategic location. However, recent geopolitical and regulatory developments have cast a shadow of uncertainty over the future of cryptocurrencies in the region. Vitalik Buterin’s remarks come at a time when businesses operating in the cryptocurrency space are closely monitoring Hong Kong’s evolving regulatory landscape. The crypto industry values stability and regulatory clarity, making it crucial for enterprises to assess the long-term viability of conducting business in the city. Buterin’s insights carry considerable weight within the cryptocurrency community. His cautionary advice serves as a reminder that while Hong Kong has been a crypto-friendly destination.
Source
/channel/CryptoNewsSource
💰 Former Algorand CEO Steve Kokinos To Lead Acquisition Of Celsius Business
Steve Kokinos, former CEO of Algorand, is claimed to have served as CEO of the company that would take over the Celsius business. In a recent development, court documents filed on Friday have unveiled that former Algorand CEO Steve Kokinos will assume the role of CEO for the company set to take over Celsius’ operations. Celsius had previously filed for bankruptcy, and creditors are currently in the process of voting on whether to approve the sale of Celsius to Fahrenheit Holdings.
The critical decision regarding the sale plan must be reached by creditors before September 22, and Steve Kokinos holds a significant stake in Fahrenheit Holdings, making him a key player in the potential acquisition. The new company’s board of directors is set to feature executives with diverse backgrounds, including individuals from WeWork, Lehman Brothers, and notable figures from the Bitcoin mining sector. Furthermore, two members from Celsius’ committee of creditors will also join the board, ensuring a comprehensive representation of interests. The involvement of Steve Kokinos, an experienced leader in the blockchain and cryptocurrency space, signals potential positive developments for Celsius’ future.
Source
/channel/CryptoNewsSource
🪙 USDC Supply Plummets by $200M, Leaving Markets In Awe
Circle has executed a strategic move that has reduced the circulation of its USDC stablecoin by a substantial $200 million. This move reflects Circle’s commitment to maintaining the stability and integrity of USDC, a widely-used digital dollar. In the past seven days alone, Circle issued a total of 900 million USDC tokens and subsequently bought back a staggering 1.1 billion Circle. This repurchase initiative, aimed at reducing the circulating supply, has garnered attention in the cryptocurrency market.
As of September 7th, the total circulation of Circle stands at $25.9 billion. Impressively, Circle maintains substantial reserves totaling $26 billion to back the value of USDC. These reserves consist of $1.7 billion in cash and a substantial $24.3 billion held within the Circle Reserve. Circle’s strategic buyback not only reduces the supply of Circle but also enhances its backing with significant reserves, reinforcing the stability and trustworthiness of the stablecoin. It’s important to note that the backing of Circle with reserves is a crucial aspect of its appeal, as it ensures that each Circle token is fully redeemable for its face value in US dollars.
Source
/channel/CryptoNewsSource
🇰🇷 South Korea’s Neowiz Levels Up With Avalanche In Web3 Gaming Collaboration
Leading South Korean game publisher Neowiz is making waves in the world of blockchain gaming, as it announces its foray into the burgeoning Web3 gaming space through its division, IntellaX. Neowiz, a top-five game company in South Korea by market value, is set to join forces with the Web3 game education project, Avalanche Arcad3. The collaboration between Neowiz and Avalanche Arcad3 will be officially sealed at Avalanche House Seoul 2023, a one-day conference within Korea Blockchain Week.
IntellaX, Neowiz’s Web3 arm, will take center stage for a strategy chat with Ed Chang, Head of Gaming at Ava Labs, the organization behind the blockchain. This strategic alliance comes amid the network’s rising momentum in Asia, particularly in South Korea and the gaming sector. Neowiz becomes the fourth top-100 gaming company by market cap to align with Avalanche, joining East Asian giants like Alibaba, Tencent, and GREE. Avalanche Arcad3, a collaborative Web3 gaming education program, boasts an impressive first cohort, including TSM/Blitz, Shrapnel, Merit Circle, and Neowiz. This initiative offers in-depth content, technical support, networking, and more, positioning Neowiz to make a substantial entry into the exciting world of Web3 gaming.
Source
/channel/CryptoNewsSource