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💰 Helium Sets Solana Migration for March 27
Helium Network migration to Solana now has a proposed date as it is set to happen on March 27. According to the announcement from its Foundation. In a blog post detailing its plans for the migration, the foundation stated that it is currently constituting an Upgrade Readiness Working Group.
The group would consist of volunteers in the community to be responsible for monitoring the migration process. It will also choose the final date for the migration, as March 27 remains tentative. The group would consist of volunteers in the community to be responsible for monitoring the migration process. It will also choose the final date for the migration, as March 27 remains tentative. The upgrade “will encompass all wallets, Hotspots, and Helium Network state.” .
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⏺ $FLOKI Has Increased By 520% Since The Beginning Of The Year And Is Now Listed On Kucoin
FLOKI, Shiba Inu’s and Dogecoin’s potential rival continues to rise after being listed on a major exchange. FLOKI, a meme coin project that is considered a rival to Shiba Inu and Dogecoin, announced on February 15, 2023, that this token will be listed by Kucoin with trading pairs USDT and USDC.
Elon Musk drew attention again two days ago in a Twitter post when he uploaded a photo of a dog wearing a black shirt with the words CEO and joked that his dog is a great CEO. Twitter, and “better than some,” and prices for Dogecoin, Shiba Inu, and Floki all skyrocketed. Previously, at the end of January, after passing a proposal to burn more than 100 million dollars of this tokens on a cross-chain bridge to reduce transaction fees, the price of this meme coin increased by more than 100%.
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💸 Web3 tooling startup Nefta raises seed round at $32.5 million valuation
Nefta, a web3 infrastructure startup focused on gaming and entertainment sectors, raised $5 million in a seed funding round. Play Ventures led the round by injecting $2.5 million — the single largest investment from its Future Fund — Nefta said Wednesday.
Nefta is now valued at $32.5 million, founder and CEO Geeshan Willink told The Block. That's a 225% jump in its valuation in the last eight months. Nefta was valued at $10 million last June when it raised $1 million in pre-seed funding from Picus Capital, said Willink. That conversation went so well that we received a term sheet to follow in our seed round. Following this, we received the lead term sheet from Play Ventures," he said. Nefta then met more investors and closed the round in January.
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📣 Former Jump Trading developers raise $19 million to build Monad blockchain
Monad Labs, a Layer 1 blockchain project co-founded by former Jump Trading developers, raised $19 million in funding led by Dragonfly Capital. Other investors included Placeholder Capital, Lemniscap and Shima Capital, as well as angel investors, including Naval Ravikant, Cobie and Hasu, according to a Tuesday announcement.
The funding is a combination of two rounds — pre-seed worth $9 million raised in May 2022 and seed worth $10 million raised in December — Monad Labs co-founder and CEO Keone Hon told The Block in an interview. The funding effort was "really smooth" despite the bear market because investors are excited about Monad's vision of building an "extremely performant" blockchain, Hon said. Hon co-founded Monad Labs last year with his former Jump Trading colleague James Hunsaker as CTO.
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🪙 Tron Generated $48 Million in Revenue in Q4, 2022: Research
Messari revealed that Tron’s financial results in Q4 outperformed those from Q3, while user transactions were also on the rise.According to figures provided by Messari, the decentralized digital platform – Tron – made a revenue of $47.9 million in the last quarter of 2022, a 25% increase compared to Q3.
In its most recent research, Messari outlined that 2022 has been a “rollercoaster” year for the cryptocurrency sector. Unfavorable macroeconomic conditions took their toll during the first months, while the crash of Terra in the spring intensified the problems. The failure of the once-prominent FTX added to the drama, causing a market crash and undermining the reputation of the industry. The Justin Sun-spearheaded platform generated almost $48 million in revenue during that period, 25% more than in Q3.
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📉 Umami Finance token crashes by over 50% as CEO dumps holdings
Decentralized finance protocol Umami Finance is in disarray as community members are unsure of the project’s future.Several members of the Umami team resigned in a move designed to push the project “back towards decentralization and a DAO structure,”.
The messages alleged that the protocol’s CEO Alex O’Donnell dumped his tokens on retail holders — blockchain security firm Peckshield confirmed this. On-chain data shows that the address allegedly belonging to the CEO dumped over 10,000 UMAMI tokens in the last 24 hours for thousands of dollars in several transactions. The dumpings led to the UMAMI token crashing by over 50% in the last 24 hours to as low as $4.56 from a high of $22, according to CoinMarketCap data.The token has slightly rounded to $15.38 as of press time.
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💰 Chorus One brings MEV protocol to Solana
The Solana blockchain may see a new open-source approach to maximal extracted value (MEV), according to a white paper produced by blockchain protocol architect, Chorus One. The version of MEV for Solana by Chorus One is in the prototype stage, and the company doesn’t intend to deploy.
The Solana-MEV client is a public good. Chorus One will not explore the model commercially,” Chorus One research analyst Thalita Franklin told The Block. On the Ethereum network, the practice of MEV sees blocks of transactions rearranged in order to impart the greatest value to validators. This is facilitated by searchers who derive the most valuable order of transactions from Ethereum’s mempool, a sort of holding pool on the network where unconfirmed transactions await validator processing.
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💰 FTX Asks Politicians To Return About $93 Million SBF Donated At The End Of February
The FTX Group said on Sunday that it sent “secret letters” to politicians. Accordingly, FTX asks politicians to return the money received from Sam Bankman-Fried (SBF) contributions during political campaigns, according to Coindesk. After the collapse of FTX, celebrities tried to erase their relationship with the head of SBF.
In a press release, the debtors said they “have the right” to attempt to force repayment of the debt plus interest through court action. By creditors’ estimates, SBF’s political contributions amounted to $93 million to a wide range of DC lawmakers and causes across the political spectrum. One in three members of the current US congress has received a donation from the Bankman-Fried orbital. It was a massive influence campaign that crossed party lines. his companies were also required to return the money received from the SBF.
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🪙 FTM Soars 35% on the Week as Fantom Preps Stablecoin Relaunch
Over the past week, FTM has soared roughly 35%. Chatter around a new stablecoin for the project alongside a host of new updates have likely been the key motors behind the latest move. These developments also suggest that DeFi developer Andre Cronje’s return to crypto is much more than just a phase.
After saying goodbye to the game (again) last March, then returning in November, it now looks like the mind behind Yearn Finance and Keep3r (and numerous other high-profile projects) is rolling up his sleeves and getting back to work. He’s long been associated with the speedy layer-1 blockchain called Fantom, wearing the title of co-founder and architect of the Fantom Foundation, and now it appears he’s re-building the network’s native stablecoin, fUSD.
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🏦 Actual Owner Of Bithumb Arrested For Embezzlement Of Company Assets
On February 2, the Minister in charge of the arrest warrant of the Seoul Southern District Court, South Korea, arrested Kang Jong-hyun, who is believed to be the actual owner of Bithumb, the cryptocurrency exchange of Bithumb, citing suspicions of corruption.
The arrest warrant for another Mr. Jo, who was in charge of accounting-related affairs under Mr. Kang’s direction, has been rescinded. He is said to have confessed to all orders. Previously, on January 25, the Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office requested arrest warrants for 3 people, including Kang, on charges of breach of trust and embezzlement under the Severe Penalties Act for Specific Economic Crimes and fraudulent transactions.
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📣 Blockchain security firm Sec3 raises $10 million in seed funding
Sec3, a blockchain security firm that audits smart contracts among other services, raised $10 million in a seed funding round. Several angel investors, including Santiago Santos, a former ParaFi Capital partner, and Anatoly Yakovenko, co-founder of Solana, also joined the round.
As part of the deal, Multicoin Capital holds a board observer seat, Chris Wang, co-founder and president of Sec3, said in an interview. Sec3 began raising for the seed round in February last year and closed it in April but only decided to announce now as the firm was occupied building products, Wang said. Sec3, formerly Soteria, is also publicly launching its products today. Until now, the firm only served private clients. Sec3 offers four products —Launch Audits, X-Ray, CircuitBreaker and WatchTower — that work across project stages.
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📣 Secret Foundation And Secret Labs Engage In Open Conflict
The Secret Foundation’s and its founder Tor Bair’s previous business practices have been questioned by Guy Zyskind, the founder and CEO of Secret Labs. Both parties endorse the Secret Network, a blockchain in the Cosmos ecosystem that focuses on anonymity.
Zyskind made accusations regarding the foundation’s lack of openness, the alleged improper administration of an OTC transaction that resulted in a loss of around $250,000, and a probable open loan to the defunct trading company Alameda. The issues were brought up in a post on the governance forum for the Secret Network. Zyskind demanded that the foundation be reorganized as a non-profit, that all of its current money be returned to the community, and that it thereafter be obliged to submit grant applications in order to carry out activities that support the ecosystem.
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💰 Cardano-based exchanges confirm Djed listings ahead of stablecoin launch
Decentralized exchanges MinSwap and MuesliSwap, both based on the Cardano blockchain, have announced their support for the upcoming Djed stablecoin and its accompanying governance token, Shen. The stablecoin, which is planned to go live on the Cardano network.
MinSwap, the largest decentralized exchange on Cardano, revealed that Djed and Shen will be paired against the ADA cryptocurrency in a liquidity pool. With over $30 million in liquid tokens locked on the exchange, this presents a significant opportunity for Djed to gain traction in the Cardano ecosystem. MuesliSwap, another crypto exchange on Cardano, with roughly $6.6 million in value locked, also announced its support for the upcoming stablecoin.
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⚪️ Lido Team Provides Design For Staked Ether Withdrawals
The Lido team put up ideas for how the protocol should handle ether withdrawals when Ethereum’s forthcoming Shanghai upgrade has been turned on. The design paper also stated that Lido’s bunker mode tries to stop knowledgeable actors.
The Lido team put forward its designs to the Lido DAO, the project’s form of governance, via a post on the community’s forum. The feature will enable users to unstake their staked ether tokens once the Shanghai upgrade happens. The Lido team characterized the withdrawal feature’s creation as a challenging undertaking. Due to the way staked ether withdrawals will function after the Shanghai upgrade, this complexity exists. Withdrawals won’t occur for everyone participant at the same time because the procedure will be asynchronous.
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🪙 Ripple [XRP] Gains 20% As The Countdown To The SEC Decision Begins
According to CoinMarketCap statistics, Ripple’s [XRP] market value surpassed $20 billion for the first time since the FTX epidemic hit the market more than two months ago. The network expansion and velocity of the cryptocurrency have dropped.
This followed the global crypto market value recovering the $1 trillion level, indicating a reversal of FTX-induced losses. Interestingly, after Garlinghouse’s assertion on the settlement resolution date, XRP broke through the crucial resistance level of $0.39. The price was facing resistance around $0.4093 at the time of writing. This level has previously hindered XRP’s climb, so bulls will be trying to break through it to support the concept of an FTX turnaround. given the legislation and the circumstances on the ground, Ripple felt positive about its chances.
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🇦🇪 Arab World Crypto Adoption: Leading Bahrainian Hotel Accepts BTC Payments
Novotel Bahrain Al Dana Resort will supposedly become the first hotel in the Kingdom to embrace digital asset payments. Novotel Bahrain Al Dana Resort reportedly became the first hotel in the country to accept cryptocurrencies as a means of payment.
According to recent coverage, Novotel Bahrain Al Dana Resort partnered with Eazy Financial Services to allow guests to settle accommodation bills in cryptocurrencies. The hotel will place specially designed terminals at its outlets to enable the offering via the Binance app. The Central Bank of Bahrain approved the move, making Novotel Bahrain Al Dana Resort the first in the nation where such a payment option is available. General Manager Amid Yazji commented.
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📣 MultiversX Teams Up With Tencent To Bring Strong Technological Support For Web3
On Thursday, MultiversX announced a partnership with Tencent Cloud to support the growth of the latter’s Web3 products. Tencent will make use of the network to roll out a range of blockchain-based goods. Tencent has already engaged in industries like gaming and audiovisual tech.
Tencent has created this new infrastructure layer at MultiversX. The first comprehensive solution capable of managing demand on a global scale at costs and scale similar to the internet while adding special features that bring about a major change in UX. MultiversX’s announcement of three important Metaverse products—xPortal, xFabric, and xWorlds—as well as Tencent Cloud’s dedication to the Web3.0 era and the Metaverse market have strengthened the already-existing synergies between the two companies.
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🆘 Render Network Will Regularly Unlock 12.6M RNDR In The First Half Of This Year
According to the official blog, the Render Network Foundation has announced the distribution and unlocking of the RNDR token. Of the 42 million tokens in the distribution plan, 12.6 million RNDR will be unlocked regularly in the first six months of 2023.
Render Network said that when the RNP-001 proposal was proposed last year, the balance in the treasury wallet was RNDR 257 million, of which 107 million will be allocated to partners. About 42 million are still being held for storage and subsequent distribution. This 107M “By Partners” project note is entirely separate from the proposed 107M Emissions schedule to be managed by the Foundation. There is some confusion as these balances are similar, but this is just that moment and is random. 68 million has been distributed since the Release schedule waste was published.
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💰 1inch Network: Introduced The Parser Incentive Program And Distributed 1.5 million INCH
According to a project data update from DEX aggregator 1inch Network, 1,507,992 INCH tokens have been granted to the parser incentive plan, which is worth more than 800,000 USD at the current pricing. 1inch Network, a DEX aggregator, provided a project data update on February 12.
To date, 1inch Network reported that 1,507,992 INCH tokens have been granted to the parser incentive plan, amounting to more than $800,000 USD at the current pricing. The resolver incentive plan token distribution was initiated by 1inch Network at the end of January, with a total of 10 million INCH. Previously, the Network unveiled Fusion, a big upgrade centered on the 1inch Swap Engine. Combination is a unique fusion of current and emerging technology designed to improve the profitability and security of swaps done over the network.
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💰 Uniswap DAO Supports Deploying Uniswap V3 On BNB Chain
The final vote for the planned deployment of Uniswap v3 on the BNB Chain has been completed by Uniswap DAO. Andreessen Horowitz (a16z) voted against the proposal, deploying 15 million votes in the process. The deployment is expected to be executed after 14:08 UTC on February 12.voted in favor of the proposal.
The proposal to install Uniswap V3 on the BNB Chain was authorized by the Uniswap DAO through a vote. About 66% of the voting power voted in favor of the plan. Robert Leshner, the creator of Compound Finance, and ConsenSys, an Ethereum software company, both had significant voting influence and supported the motion. While this was going on, the titan of venture capital, Andreessen Horowitz (a16z), cast 15 million votes against the proposition. They promoted a bridge-neutral approach in its place. a16z, for its part, preferred LayerZero over Wormhole as the winner.
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⚡️ Bitkraft, Fabric Ventures lead $6.5 million round into web3 loyalty platform
Venture capital firms Bitkraft and Fabric Ventures led a $6.5 million round into Cub3 (pronounced Cube), a customer loyalty platform that aims to automate web3 rewards based on participants' real-world activities. CMT Digital, Red Beard Ventures and Geometry Labs among others.
Currently supporting the Ethereum and Polygon chains, the Cub3 platform enables brands to create loyalty programs that reward users in tokens for completing certain actions. These could be tweets about a specific brand or uploading a video of themselves dancing to TikTok. These can be traded for perks such as exclusive content or discounted merchandise. "Our clients are anyone who wants to improve the way they engage their users, customers, or fans," said CEO Linc Gasking in a written interview with The Block.
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🥇 Bitcoin miners Hut 8 and US Bitcoin merge to form new US-based entity
Bitcoin miners Hut 8 and US Bitcoin (USBTC) are merging to form a new company called Hut 8 Corp, which will be based in the United States. Hut will have a total self-mining capacity of 5.6 EH/s, according to a press release. The new company will have access to 825 megawatts across six sites with self-mining, hosting and managed infrastructure operations.
The merger is pending court and regulatory approvals, and will be put to the vote in a special meeting of Hut 8 shareholders — also requiring consent from USBTC stockholders. This is expected to happen in the second quarter. Meanwhile, Hut 8 will give USBTC a bridge loan ranging from $6.0 to $6.5 million. a combination of selling the Bitcoin we mine, selling from our stack and/or exploring various debt options, as agreed under the terms of the Business Combination Agreement," Leverton also said.
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📣 a16z “Dominates” The Vote To Install Uniswap On BNB Chain With 15 Million UNIs
A Uniswap community poll to validate and select a cross-chain solution for this exchange on BNB Chain initially favored Wormhole. However, the final outcome will be quite uncertain and stated that a16z uses 15 million UNIs to “dominate” the vote.
Because a16z was unable to gather enough votes to support LayerZero at the Temperature Check stage, he made a fresh move in the official Uniswap voting. According to statistics from the on-chain voting platform Tally, a16z voted “opposed” to the request to implement Uniswap V3 on BNB Chain. This quantity of votes accounts for 15 million UNI tokens (the most votes currently cast), and the balance swiftly becomes skewed. Invest in the project in line with the decentralized governance criteria of Uniswap.
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🇦🇺 Australia Strengthens Crypto Watchdogs In “Multi-Stage” Scam-Fighting Strategy
The Australian Securities & Investments Commission’s (ASIC) digital assets unit will grow in size, and “upping enforcement measures” will be one of the major improvements. As part of a “multi-stage approach” to cracking down on cryptocurrency and ensuring proper risk disclosures from crypto businesses.
The new regulations are meant to safeguard consumers interacting with cryptocurrencies, according to a joint statement released on February 2 by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones. The multi-stage strategy, according to the treasurers, would include three components: improved enforcement, improved consumer protection, and the creation of a framework for token mapping reform. The Australian Securities & Investments Commission’s (ASIC) digital assets unit will grow in size.
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📣 MicroStrategy expected to report profit despite down quarter for crypto: Preview
MicroStrategy reports fourth quarter results Thursday with the company expected to turn a profit after several down quarters even as revenue comes in slightly lower than a year earlier. The software firm, better known in recent years for its bet on bitcoin, is expected to report revenue.
Net income is estimated at $10.7 million, which would be the first time MicroStrategy has posted a profit since the fourth quarter of 2020. MicroStrategy, which ended the third quarter with 130,000 bitcoin, sold the cryptocurrency for the first time last month, liquidating 704 bitcoin worth $11.8 million at the time of sale. But it turned around and bought 810 BTC two days later, adding to the 2,395 BTC acquired between Nov. 1 and Dec. 24. FTX collapse and bitcoin drop to around $17,000 compared to its November 2021 high of $69,000.
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🐶 Floki Inu DAO Approves Plan To Burn Tokens Worth More Than $100 Million
A recent governance proposal that aimed to burn 4.2 trillion FLOKI tokens on a cross-chain bridge and lower transactional tax was approved by the Floki Inu community. Floki subsequently moved to the quicker and less expensive BNB Chain in 2021 in response to community requests.
According to developers, the proposal was approved by a 99.97% majority in support of burning the bridge tokens and 0.03% against it. The 4.2 trillion tokens will be permanently burned at 8 PM UTC on February 9, 2023, and the Floki Inu transaction tax will be reduced to 0.3% as at 8 PM UTC on February 3. With a 10 trillion token supply initially on Ethereum, Floki Inu subsequently moved to the quicker and less expensive BNB Chain in 2021 in response to community requests. FLOKI from Ethereum to BNB Chain and vice versa, this required a cross-chain bridge.
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📉 Crypto tax unicorn CoinTracker cuts 20% of staff citing industry gloom, over-hiring
Crypto tax unicorn CoinTracker laid off about a fifth of its staff due to market conditions. A total of 19 employees were let go from the San Francisco-headquartered crypto tax company as its leadership cited headwinds from crypto winter alongside bringing on too many people.
A company spokesperson confirmed the layoffs in an email and said that 15 of the 19 who were let go were in the customer support team. CoinTracker offered affected employees 12 weeks of pay, three months healthcare coverage for U.S.-based employees and a removal of the equity cliff meaning that anyone departing can remain a shareholder. They'll also be allowed to keep their laptops. "While we tried our best to get this just right, in this case it is now clear to me that we over-hired," wrote Armstrong.
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🖼 Proof Founder Kevin Rose Just Had Over $1M Worth of NFTs Stolen From His Wallet
The crypto world still feels like the Wild West at times, especially when even seasoned Web3 creators and NFT collectors fall victim to exploits that typically claim less-experienced traders. That happened again Wednesday afternoon as Kevin Rose.
A total of 40 NFTs were apparently taken from his krovault.eth wallet early Wednesday afternoon, including about 25 Chromie Squiggles from the Art Blocks project, as well as a valuable Autoglyphs NFT from original CryptoPunks creator Larva Labs. Rose confirmed the event via a tweet soon after speculation began circulating on Twitter. Public wallet data displayed via the OpenSea marketplace shows that Rose apparently began transferring some of his most valuable NFTs out of the krovault.eth wallet.
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⚡️ SEC Commissioner Stresses “The Point Of Crypto” As The Market Seeks To Recover
After a disastrous year, Hester Peirce, a commissioner on the Securities and Exchange Commission (SEC), advises industry participants to keep in mind what cryptocurrency is actually all about. Peirce said that it is up to those working in the sector to increase the value of cryptocurrencies.
Peirce brought out some lessons to be learnt from the problems that the crypto business had to deal with last year in a keynote at the Digital Assets at Duke conference. The commissioner claimed that 2022 was a “awful, dreadful, no good, very poor year” for authorities and the cryptocurrency industry. Peirce thought there were some important lessons to be learned from the myriad issues that cropped up last year, though. Peirce said that it is up to those working in the sector to increase the value of cryptocurrencies.
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🪙 Uniswap Detected Bug Doesn’t Refund Unspent ETH In Partial Swaps
A developer found a bug in the Uniswap core contract SwapRouter, and the unspent ETH in the transaction will remain in the SwapRouter contract and will not be refunded. The developer said the vulnerability was discovered in December last year but was rejected by Uniswap security.
The developer said the vulnerability was discovered but was rejected by Uniswap security researchers after submitting a bug report. The bug allows users to lose funds while interacting with the contract in the standard way. Additionally, SwapRouter allows anyone to withdraw ETH from the contract; it could be an MEV bot or anyone calling for refunds after the transaction. This bug was established due to Uniswap’s decision to introduce the Universal Router, which combines NFTs and ERC-20 tokens into a single swap router.
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