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02 сентября 2023 20:57

🔻 OP Labs hires former Google exec as chief operating officer

Prithvi Subburaj, previously a general manager at Google, has taken on the role of chief operating officer at OP Labs — a core developer of the Optimism Collective, which governs the Layer 2 network Optimism. The appointment of Subburaj follows Optimism co-founder Karl Floersch’s transition to the role of CEO at OP Labs earlier this year. According to the firm, Subburaj is its first executive hire following this change in leadership.

“Prithvi brings the expertise and leadership needed to scale our teams and processes to support this exponential growth and future potential,” said Karl Floersch, CEO of OP Labs. Subburaj’s background includes leading roles focused on software engineering at Google, where he most recently managed the tech giant's wireless subscription service Google Fi. He was at Google for over 15 years. He has joined OP Labs at a time when the firm is zeroing in on the development of key technological components such as the recent Bedrock upgrade and the upcoming Fault Proof system. The firm previously developed the OP Stack, a software package that has been utilized in the development of Layer 2 chains such as Coinbase-backed Base, Zora, and others.

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01 сентября 2023 20:49

🏦 Gemini Outrageously Opposes Genesis’ Chapter 11 Bankruptcy Plan

Gemini, along with two other creditor groups, has expressed opposition to the bankruptcy resolution proposal put forth by Genesis, a crypto lender currently undergoing Chapter 11 proceedings. In a recent filing, Gemini’s legal representatives underscored that the proposed resolution lacked substantial specifics despite being labeled an “agreement in principle” between Genesis, the Commission, and Digital Currency Group (DCG).

The ongoing commitment to address DCG claims through mediation extensions, hearing postponements, and bid deadline extensions has raised questions about the execution of these pledges. DCG had previously reached a preliminary agreement with the creditors of Genesis. Genesis had filed for Chapter 11 earlier this year following a liquidity crisis attributed to the downfall of crypto exchange FTX. The proposed in-principle deal envisions DCG orchestrating fresh debt facilities and a repayment arrangement, including a $328.8 million first-lien facility with a 2-year maturity and an $830 million second-lien facility with a 7-year maturity.

Source

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31 августа 2023 00:44

💰 The Graph’s Phase 3 L2 Scaling Surges with Cutting-Edge Transport Engine

The Graph has taken a significant stride forward by formally embarking on the conclusive phase of its Layer 2 (L2) expansion. The much-anticipated L2 migration has been set into motion, ushering in a new era of enhanced accessibility to Arbitrum Charts. This development brings forth an array of tools designed to simplify the process of transitioning to Layer 2. The core advantage of this L2 migration lies in the streamlined experience it offers to users.

With lower gas fees and accelerated transaction speeds, the transition to Arbitrum Charts becomes not only more cost-effective but also remarkably swift. This move strategically addresses the persistent challenges associated with scalability and efficiency in the blockchain ecosystem. One of the standout features is the ability for users to seamlessly convert Graph Token (GRT) or subgraphs to the Layer 2 infrastructure. This innovation introduces an unprecedented level of flexibility, enabling individuals to harness the potential of Layer 2 while retaining their existing assets and resources. This announcement resonates profoundly with the crypto community as it underscores The Graph’s commitment to continuous evolution and improvement.

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28 августа 2023 10:19

🇹🇭 Thailand’s Parliament Picked a Pro-Crypto Prime Minister

Srettha Thavisin’s former company purchased a stake in the crypto firm XSpring Capital in 2021 and issued its own token. The government of Thailand voted in favor of Srettha Thavisin (candidate of the Pheu Thai Party) to become the country’s next Prime Minister. The 61-year-old has interacted with the cryptocurrency industry since the company he was in charge of was an active investor in the digital asset investment management firm XSpring Capital. Thailand has been quite hesitant regarding how to approach the sector over the years.

Thavisin, who received 482 votes out of a possible 747, was elected as the 30th Prime Minister of Thailand earlier this week. He now needs the signature of King Maha Vajiralongkorn to officially step into office. It is worth mentioning that Thavisin does not have rich experience on the political scene. He comes from the business sector as the former CEO of the real estate giant Sansiri. He is familiar with the crypto field since his company participated in a $225 million fundraiser for the digital asset management firm XSpring Capital. Another interesting fact is that the Pheu Thai Party (the one which nominated Thavisin a Prime Minister) vowed to distribute 10,000 baht ($285) to each Thai citizen above 16 years if it wins the general election in May. The organization finished second, collecting 28% of the vote, while Move Forward was first with 38%.

Source

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25 августа 2023 20:30

🪙 MakerDAO Supercharges RWA Assets, Skyrockets to $2.537 Billion

MakerDAO’s latest transaction has propelled its Real World Assets (RWA) holdings by an impressive $50 million within a mere 24 hours. The move comes as part of MakerDAO’s strategic investment initiative, aimed at diversifying its portfolio and securing promising short-term Treasury bonds. The data from Makerburn, a popular analytics platform, revealed that the organization had acquired BlockTower Andromeda short-term Treasury bonds, boasting an alluring annual yield of 4.5%.

The RWA assets under MD’s purview now stand at a considerable approximate value of $2.537 billion. This figure underscores the organization’s steady progress in managing a diversified portfolio that spans a range of valuable assets. Among these holdings, the crown jewels are undoubtedly Monetalis Clydesdale and BlockTower Andromeda. The former commands a substantial worth of about $1.14 billion, while the latter, BlockTower Andromeda, contributes an impressive $652 million to the burgeoning RWA assets. The acquisition of the BlockTower Andromeda short-term Treasury bonds reflects MakerDAO’s commitment to securing assets with stable returns, further enhancing the organization’s financial stability.

Source

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23 августа 2023 20:43

💰 Shibarium Unveils Cutting-edge Surveillance for Reopening

Shibarium has taken a significant stride forward in its development. In a recent announcement, the Shibarium team revealed the culmination of two days of rigorous testing and parameter adjustments to achieve a state of readiness. The network’s upgrade and optimization procedures have been successfully executed, marking a crucial advancement in its beta phase. While Shibarium is still in its beta stage, the most noteworthy aspect of this update is the initiation of block production.

The recent surge in heavy traffic, which necessitated the shutdown of Shibarium for fund safety, underscored the imperative need for such measures. With the newly integrated safeguards, the network is primed to effectively handle variations in user activity while maintaining a seamless user experience. Shibarium is on the cusp of reopening its doors to the public. The network is scheduled to introduce additional validators tomorrow, enhancing user options for staking BONE and participating in reward sharing. This development marks the approaching end of the Beta version, paving the way for Shibarium’s resurgence as a platform that is both reliable and feature-rich for its users.

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22 августа 2023 08:03

🇰🇪 Worldcoin: Kenyan Government Launches Proactive Investigation Amid Regulatory Commitment

Kenya has established an investigative parliamentary committee to look into Worldcoin. In a significant move, the Kenyan government has formed a 15-member parliamentary committee, led by Narok West MP Gabriel Tongoyo, to conduct a thorough investigation into the encryption project Worldcoin. The committee has been granted a 42-day window to delve into this token’s activities and present their findings to a House committee. his decision, coupled with mounting regulatory concerns, has prompted a comprehensive review of the project’s operations.

Kenya’s regulatory stance is evident in the project’s uphill battle, with multiple regulatory bodies opposing Worldcoin’s presence within the country. Additionally, the judiciary has intervened, suspending the project’s operations based on a case initiated by the office of the data commissioner. The court’s order mandates the preservation of data collected by Worldcoin from April 2022 to August 2023, pending the lawsuit’s resolution. The Kenyan government’s commitment to transparent and compliant digital endeavors is underscored by the formation of the parliamentary committee. As the investigation unfolds, regulatory scrutiny and legal proceedings continue to shape the landscape for Worldcoin and its operations within Kenya.

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20 августа 2023 11:41

💰 Ethereum developers to debut new testnet 'Holesky' next month

Ethereum core developers are planning to roll out a new testnet called Holesky in September. In a bid to improve the testing environment and address supply challenges for ether on testnets, Ethereum core developers are planning to launch a new testnet called Holesky next month, as discussed in a meeting yesterday. The upcoming test network, initially referred to as Holli, aims to offer enhanced testing support for developers working on the Ethereum network.

Test networks, or testnets, serve as clone blockchains that allow developers to deploy applications and identify bugs before launching them on the mainnet. Currently, Ethereum’s ecosystem has two primary testnets: Goerli and Sepolia. However, Goerli is reportedly going to be deprecated soon, paving the way for the introduction of Holesky. Holesky may have a potential supply of over 1 billion testnet ETH. This substantial supply is designed to address challenges that developers face when acquiring testnet ETH on the primary test networks. The large amount of testnet ETH will enable easier access for testing Ethereum smart contracts.

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18 августа 2023 14:33

💰 Sui Builder House In Singapore Making Big Steps For Web3 Applications

The official announcement from the next Sui Builder House, taking place in Singapore on September 15 and 16, promises to bring a new step forward for future Web3 applications. Sui Builder Houses are the center of the in-person Sui universe. Our Builder Houses provide opportunities to meet and collaborate with Sui builders across the globe and learn the latest technologies and updates for building on the Sui platform. Scheduled between Token2049 and the Formula 1 Singapore Grand Prix,.

The event will be held at T:>Works, a performing arts theater at 72-13 Mohamed Sultan Road near the Singapore River. Sui Builder Houses offers educational content in a variety of formats. In Singapore, the main stage will feature a series of panels and chats where experts will discuss innovations such as zkLogin and other features of the Sui ecosystem. Participating builders can network with other developers, Sui Foundation team members, business leaders, and potential investors. Each day’s schedule, from 10 am to 5 pm, will include plenty of time to connect. The Builder House will host a special reception at Artemis on September 15, letting participants relax and chat.

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16 августа 2023 07:50

🪙 Stellar Invests in MoneyGram, Secures Board Seat for Blockchain Evolution

The Stellar Development Foundation (SDF) has announced a significant strategic investment in MoneyGram. Two years ago, MoneyGram and SDF entered into a commercial partnership, aiming to streamline cryptocurrency payments and introduce a cash-to-crypto service. This prior collaboration laid the groundwork for the current investment, showcasing the alignment of their visions in the ever-evolving financial landscape.

SDF’s involvement in MoneyGram’s trajectory intensified during MoneyGram’s go-private transaction with Madison Dearborn Partners (MDP). As a result of this transaction, SDF became a minority investor in MoneyGram (MGI). The investment was drawn from SDF’s own cash treasury, earmarked to support its operational endeavors. Notably, this investment diverged from the Enterprise Fund, which primarily focuses on startups and early-stage companies. Denelle Dixon, SDF CEO and Executive Director, emphasized that this move represented a novel use of SDF’s treasury resources. By delving into blockchain technology, MoneyGram aims to fortify its digital presence and explore novel avenues for growth.

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13 августа 2023 16:32

🟢 Justin Sun-linked wallet parks funds in MakerDAO after Dai yield hike: PeckShield

A crypto wallet linked to Tron founder Justin Sun conducted large crypto transactions through an intermediary address, ultimately depositing the funds into stablecoin issuer MakerDAO, with the aim of capitalizing on yield opportunities. On Thursday, the address, marked as belonging to Justin Sun, executed several transactions on Ethereum, according to security firm PeckShield. These included the transfer of 70,290 wstETH tokens ($147.4 million), $45 million in USDD stablecoin, and 5,008.9 ether (ETH) ($9 million) to the intermediate address 0xBCb7.

Following this, the address deposited 67,000 wstETH ($141 million) into MakerDAO, borrowed $59.8 million in Dai stablecoin and deposited the stablecoin back into MakerDAO in an apparent move to generate yield, PeckShield pointed out. Sun's move came in response to MakerDAO increasing the savings rate on Dai, the third-largest stablecoin, from 3% to 8%, making it one of the highest rates currently offered by a major stablecoin issuer. This yield is offered through MakerDAO’s lending platform, Spark, and has led to significant capital inflows on the platform. “[The intermediary wallet] borrowed 59.8M DAI from MakerDAO, and then supplied these DAI into MakerDAO to generate yield,” PeckShield said.

Source

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12 августа 2023 09:25

🏦 Coinbase’s Base Network Surpasses 100,000 Daily Users Milestone Shortly After Launch

Coinbase’s Base network, a Layer 2 (L2) solution, has made a remarkable entrance into the public sphere shortly after its official launch. After an initial period of being open exclusively for builders, the Base network, designed to enhance scalability, transitioned to an accessible stage. Coinciding with this, Chainlink, a prominent decentralized oracle network, introduced price feed integration into the network. This integration streamlines the adoption of DeFi protocols, including lending and borrowing platforms, as well as derivatives markets.

The journey to this achievement began when Base was introduced in beta on February 23. Anticipation was high within the crypto community, speculating that the platform could play a pivotal role in onboarding users to Web3 protocols, thanks to Coinbase’s extensive user base. Following a period catering solely to builders, the mainnet version of Base launched on July 13, with a cautionary note about its user-readiness. Impressively, several decentralized cryptocurrency exchanges (DEXs) have already announced their operations on the Base network, with Uniswap, a pioneer DEX on Ethereum, unveiling its Base version on August 7. Coinbase’s Base network rapidly gains traction and garners substantial user engagement.

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07 августа 2023 14:02

🏦 Bridged assets to Coinbase's Layer 2 top $100 million

Coinbase's Base has seen more than $100 million in value bridged over to the Layer2. As per L2beat, $111 million in crypto assets have bridged over to Base. Coinbase, which announced the launch of its own Layer 2 to scale out the Ethereum blockchain in February, said on August 3 that it would widen mainnet access next week in conjunction with the release of a bridge to Ethereum. Releasing an official bridge introduces a way for users to move tokens between the Base network and Ethereum.

Base's roll out is part of what Coinbase is describing as "Onchain Summer," which will see a number of brands--including Coca-Cola and OpenSea--collaborate with the crypto exchange on on-chain events. As reported by The Block's Vishal Chawla, Base’s developer-only mainnet went live on July 13 and was primarily accessible to developers. However, in the lead-up to the official launch, several users bridged assets to the network using a portal proxy contract and other unofficial bridges to trade new memecoins. That lead to a surge in activity on the network. It also led to a surge in profits generated by the Ethereum scaling solution. Profits generated from Base increased from around $13,000 on July 29 to over $430,000 on July 30.

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05 августа 2023 16:45

❕ The Sandbox Expands Offerings And Bolsters Security With KYC Verification

Hong Kong-based metaverse game, The Sandbox (SAND), has taken significant strides in fortifying its platform. As metaverses continue gaining traction, the key to their survival lies in continuously introducing fresh and engaging user experiences. The Sandbox has recognized this critical aspect and implemented various developments to enhance user security and compliance. One of the major updates introduced by The Sandbox is the implementation of Know Your Customer (KYC) verification for its staking process.

By enforcing KYC verification, the platform aims to ensure that users’ accounts are thoroughly verified before they can participate in staking or claim their earnings. While KYC has been a contentious topic in the crypto space, more prominent players are starting to adopt it as a means to combat bots and malicious actors. The Sandbox follows suit, prioritizing the safety and legitimacy of its user base. Verified users on The Sandbox can now deposit new SAND tokens and claim their weekly rewards securely. Although unverified users are still permitted to withdraw their SAND, the platform seeks to incentivize participation in the staking process through the added benefits for verified users.

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02 августа 2023 14:12

⚪️ The Position Of Curve Founder In Frax Finance Is Carrying Great Risks

In a recent Twitter update, Delphi Digital, a reputable crypto investment research institution, sounded the alarm over Curve Finance founder Michael Egorov’s significant exposure to Frax Finance. The report revealed that Egorov currently holds a staggering 59 million CRV collaterals and 15.8 million FRAX debt positions on the platform, overshadowing his holdings on Aave. While the position might seem smaller in size, the intricate dynamics of Fraxlend’s time-weighted variable rate pose substantial risks to the CRV ecosystem.

Delphi Digital’s analysis highlighted that at the current utilization rate of 100%, the interest rate on Fraxlend doubles every 12 hours, reaching a concerning 81.2% at press time, merely an hour ago. Alarmingly, this rate is projected to surge to an eye-watering 10,000% annual percentage yield (APY) within a short span of 3.5 days. Regardless of the fluctuations in the CRV price, such an astronomically high interest rate could eventually lead to the liquidation of Egorov’s position. With a position of such magnitude hanging in the balance, Delphi Digital expressed serious concerns about the impact on CRV prices, considering the limited liquidity in the ecosystem. An 8-figure liquidation of Egorov’s holdings could trigger a drastic depreciation of CRV value, potentially causing ripple effects throughout the DeFi ecosystem.

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01 сентября 2023 21:56

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31 августа 2023 05:51

🇯🇵 Japan’s Financial Services Agency Charts Bold Path Towards Digital Future With Web3 Embrace

Japan’s Financial Services Agency has unveiled its financial policy guidelines for the upcoming administrative year, spanning July 2023 to June 2024. Under the banner of “Constructing a Financial System Aligned with Societal Concerns and Economic Advancement,” the agency has put forth the ambitious objective of realizing a digital society. This encompassing goal encompasses plans for the implementation of digital currencies and encrypted assets in line with Web3 policies.

Among the proposed strategies is the facilitation of a registration review system, aimed at enabling seamless issuance and circulation of stablecoins. The encouragement of self-regulatory bodies is also highlighted in these policies. The country’s largest global Web3 conference, “WebX,” held in July, enjoyed sponsorship from Japan’s Financial Services Agency. The conference featured a video speech by the Prime Minister, reaffirming the government’s robust backing of the Web3 policy. The pursuit of sustainable economic growth is a cornerstone of Japan‘s financial management approach for this fiscal year. The agency is set to formulate pertinent financial legislation to support this objective, with plans to promptly submit relevant bills to Congress.

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29 августа 2023 21:48

💰 Shibarium Reopened Withdrawal For Cross-chain Bridge On Mainnet

The developers of layer 2 Shibarium said that withdrawals on its cross-banana bridge have resumed after a temporary shutdown due to overload. The move comes after the team temporarily suspended both the Shibarium mainnet and the bridge recently, citing scalability issues and locking down millions of dollars in user funds effectively. Shibarium has accumulated over 65,000 wallets and 350,000 transactions, Shiba Inu lead developer Shytoshi Kusama revealed in a blog.

Its mainnet was originally launched on August 16 but was quickly halted. The team attributed the halt to the “huge flow of transactions” and assured users they would regain full access to their funds once the mainnet was back up. Shibarium has accumulated over 65,000 wallets and 350,000 transactions, Shiba Inu lead developer Shytoshi Kusama revealed in a blog. Explorer Shibariumscan.io shows that the Shibarium mainnet has been producing blocks since August 24. By design, withdrawal of Shib, Leash, WEth across the bridge takes at least 2 Checkpoints (45 minutes to 3 hours), and BONE withdrawal will take up to 7 days. These are working assertions, as seen below. Shibarium is a layer 2 blockchain developed by the creators of the memecoin Shiba Inu to facilitate the transfer of tokens to Ethereum.

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26 августа 2023 09:27

🇭🇰 HashKey to start crypto retail trading service in Hong Kong next Monday

HashKey Exchange, an Asia-based cryptocurrency exchange, is set to start offering crypto trading services to retail clients starting from Aug. 28, its executive said. In an interview with The Block, Livio Weng, HashKey’s chief operating officer, said the exchange will commence its retail trading services for bitcoin and ether — the two largest cryptocurrencies in circulation — only. Weng said offering trading services for the two tokens can fulfill most retail investors’ needs.

The new operation comes after HashKey, earlier this month, became the first crypto outfit in Hong Kong to obtain a license under the city’s new licensing regime, which permits crypto trading platforms to offer retail services. Weng added that both the company and Hong Kong’s financial regulator hold a more prudent approach toward offering retail trading services. “We thought it’d be better to be more prudent,” Weng said. “In a bearish market environment, there could be higher risks trading the so-called altcoins, so we hope to offer tokens that come with relatively lower risks at first.”. “This could potentially bring in tens of millions of users who trade Hong Kong stocks on these platforms.”

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24 августа 2023 22:56

📣 3 Pendle Pools Affected By Balancer’s Emergency Measures, Money Is Safe

According to the official announcement from the DeFi Pendle Finance profit agreement, it was announced that 3 of the platform’s liquidity pools were affected by the Balancer’s emergency measures. The 3 Pendle pools, including ETHx-bbaWETH, swETH-bbaWETH, and swETH-bbaWETH (old) and others, will not be affected. Funds in the affected pools are safe, but the swaps in the Base Balance pool have been disabled. This means there will be no additional fees or benefits.

Balancer Labs has received reports of a critical vulnerability affecting several teams. The vulnerability report prompted immediate emergency measures. The most money on Balancer is safe. Only 1.4% of total TVLs are at risk, and only enhanced groups are affected. Some groups are paused to reduce risk. Emergency SubDAO has initialized proportional exit options for all affected pods in response to this situation. Additionally, groups that are still on hiatus have been temporarily suspended as a precautionary measure. Balancer has provided a personalized page on the user interface to determine if a connected wallet is an LP in any affected pool and a streamlined process to guide you through withdrawals.

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23 августа 2023 14:10

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21 августа 2023 12:05

📣 Zetachain Raises $27 Million to Develop a 'Chain to Manage Them All'

Zetachain, an interoperability-focused blockchain project, has raised $27 million in a Series A funding round. Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, and others participated in the round. Funds will be used to launch the mainnet of the chain and also to grow its decentralized app ecosystem. Zetachain wants to tackle the isolation problem that affects blockchains.

Zetachain’s solutions are still in testnet stages, there are already more than 27,000 decentralized application contracts used in several applications in various fields, including decentralized finance (defi), non-fungible tokens (NFTs), universal Web3 social, identity, and gaming protocols. Zetachain claims that 1.7 million users have participated on its testnet, with over 13 million transactions completed. With its design approach, the company expects that fees, slippage, and complexity will be reduced for the average user to reach global audiences and introduce them to crypto. For them, solving the fragmentation problem is “critical to enabling Web3 apps and services to reach a larger audience in the hundreds of millions.”

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19 августа 2023 14:53

💰 Celsius Nears Asset Sale To Fahrenheit Consortium Amidst Legal Turbulence

Crypto lending firm Celsius, which faced bankruptcy proceedings last year, has received the green light from a judge to proceed with a voting process concerning the sale of its assets to the Fahrenheit consortium. The proposed plan aims to offer creditors a restitution range spanning from 67% to 85% of their holdings, with a major portion of the reimbursements planned in Bitcoin and Ethereum. Scheduled between August 24 and September 22, the voting procedure will involve a consortium led by notable entities like Arrington Capital and U.S. Bitcoin Corp.

The firm’s ex-CEO, Alex Mashinsky, faced fraud charges that led to his arrest in July. However, the company itself remained unindicted. Moreover, Celsius asserts that its plans to reimburse its customers will not be hindered by the $4.7 billion fine imposed on it by the Federal Trade Commission. A legal case was brought forward by former director James in January, which foreshadowed an unveiled indictment last month. This indictment alleged that between 2018 and June 2022, Mashinsky masterminded a comprehensive scheme to mislead Celsius customers, artificially inflating the value of its proprietary token, CEL. Mashinsky, however, has categorically denied these charges. Earlier proposed plans by Celsius involved creating a new entity owned by the creditors.

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17 августа 2023 18:45

🆘 RocketSwap Exploiter Creates Liquidity With LoveRCKT Cause Its Price Crash 90%

After the recent RocketSwap incident, wherein the decentralized exchange on the Base Layer 2 network fell victim to a hack, new developments have come to light. According to security firm PeckShield, the perpetrator swiftly moved the stolen assets from the Base blockchain to Ethereum, promptly creating a memecoin named LoveRCKT. The exploiter behind the RocketSwap breach, whose labeled address was linked to the incident, efficiently launched LoveRCKT within an hour.

In an unexpected twist, LoveRCKT was paired with 400 ETH of liquidity on Uniswap, even though it was established by the hacker. Traders flocked in, causing the price of LoveRCKT to triple within a single day. RocketSwap’s team, meanwhile, has conducted a thorough investigation into the breach. They attribute the hack to a combination of oversights, including the use of offline signatures during launchpad deployment and the storage of private keys on the server. Shockingly, they have already removed a substantial amount of liquidity, comprising 57.83 trillion LoveRCKT and 35 ETH. This rapid sequence of events resulted in LoveRCKT’s value crashing by 90%. Despite social media speculation about a potential rug pull, the team maintains that a third-party hacker is the sole culprit.

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15 августа 2023 09:47

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13 августа 2023 16:31

🪙 Bitdeer’s Q2 Revenue Surges, Mining Successes, And Global Expansion In Focus

Bitdeer has released its unaudited financial results and operational updates for the second quarter of 2023, providing insights into its performance and growth strategies. According to the report, Bitdeer witnessed total revenue of $93.8 million during the second quarter, marking a 5% year-over-year increase. This uptick was attributed to amplified revenue from self-mining and hosting services, driven by an elevated self-mining hash rate and expanded hosting capacity.

Despite this revenue surge, the company reported a net loss of $40.4 million for the quarter, chiefly due to a substantial listing fee of $33.2 million linked to its transaction with Blue Safari Group Acquisition Corp., along with share-based payment expenditures amounting to $9.6 million. On a more positive note, Bitdeer managed to achieve an adjusted profit of $2.3 million, a figure that underscores the resilience of its distinctive business model. Adjusted EBITDA stood at $18.7 million, demonstrating the company’s ongoing commitment to optimizing its operations. Bitdeer’s operational endeavors also showcased promising developments. The company successfully produced 758 BTC during the second quarter, reflecting a noteworthy year-on-year growth of 45.5%.

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09 августа 2023 15:12

🪙 Binance’s Latest Reserve Proof Report Reveals Shift From USDC To BTC And ETH

In its recent Proof of Reserve (PoR) disclosure on August 8th, Binance unveiled a significant reduction in its USDC balance from $3.4 billion on March 1 to $23.9 million on May 1. According to analyst Aleksandar Djakovic, the decline in USDC holdings coincided with Binance’s strategic move to purchase approximately 100,000 BTC and 550,000 ETH, amounting to about $3.5 billion, between March 12 and May 1.

The revelation of Binance’s USDC reserves and subsequent asset reallocation has generated significant attention within the crypto community. Notably, the topic gained prominence after Brian Armstrong, CEO of Coinbase, mentioned during the company’s Q2 earnings call that Binance had converted USDC to another stablecoin. As the cryptocurrency landscape evolves, major exchanges are continuously reassessing their asset management strategies. The shift from a substantial USDC balance to acquiring significant amounts of BTC and ETH illustrates Binance’s proactive approach to aligning its reserves with the evolving market trends. This strategic move not only diversifies the firm’s holdings but also positions the exchange to leverage the potential benefits of BTC and ETH.

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06 августа 2023 11:13

🔴 Avalanche Blockchain Usage Grew in Second Quarter: Nansen

Usage of Avalanche, the seventh-largest smart contract platform, more than doubled in the second quarter, even as users committed less of their cash to the system. Daily transactions on Avalanche C-Chain, an implementation of the Ethereum Virtual Machine, grew to just under 500,000 from roughly 200,000, and the number of daily active addresses ranged between about 25,000 and 117,000, settling around 95,000 at the end of the quarter, blockchain analytics firm Nansen said in a research report.

At the same time, DefiLlama data show the total value locked on the layer-1 blockchain slid almost 20% to $695 million in the period, moving similarly to the price of Avalanche's native token AVAX. Interoperability protocol LayerZero and Stargate, a cross-chain bridge that leverages LayerZero’s technology, both played a role in Avalanche’s growth as two of the top entities by users and transactions on the C-Chain, “which could indicate a potential airdrop opportunity,” Nansen said. Despite the crypto bear market, “the steady increase of active addresses, coupled with the rise in daily transactions, is indicative of healthy growth within the ecosystem and showcases the flourishing community supporting Avalanche,” said the report.

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@TradeCryptoNow

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03 августа 2023 20:04

💰 FTX Creditors Frustrated With Exchange’s Exit Plan To Get Out Of Bankruptcy

According to Cointelegraph, FTX creditors said they were “deeply disappointed” by the exchange’s draft bankruptcy exit plan and claimed the plan was ignored by FTX’s restructuring team. In a July 31 court filing, the FTX’s Official Committee on Unsecured Creditors (UCC) said that despite repeated requests and promises from the group, they “did not call or meeting” with FTX to discuss its draft Chapter 11 plan. On August 1, FTX creditors tweeted that FTX had submitted a restructuring plan. Primary information includes.

The proposed FTX restructuring plan indicates that in addition to establishing a “foreign exchange company,” the current FTX team is also considering the creation of a new trust company called “FTX Ventures Trust”. The trust will hold FTX’s investments in private startups as well as digital tokens that FTX does not plan to sell shortly after exiting bankruptcy. The trust’s purpose is to manage these long-term investments and distribute cash from them over time. FTX has yet to decide whether the trust will be owned by FTX’s bankruptcy assets or be traded separately after the bankruptcy. The goal is to find a way to maximize the value of these illiquid investments that FTX administrators cannot easily sell after bankruptcy.

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@TradeCryptoNow

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01 августа 2023 15:24

🟠 Binance Founder CZ Hints At New Stablecoin Partners Amid FDUSD Trading Halt

Binance, one of the world’s leading cryptocurrency exchanges, is set to announce new stablecoin partners soon, according to Binance founder Changpeng Zhao (CZ). During a recent AMA session, CZ revealed that alongside First Digital USD (FDUSD), the platform has plans to collaborate with additional stablecoin projects. While specific details are being kept under wraps for now, CZ assured users that Binance remains committed to supporting multiple cryptocurrencies, further enhancing the platform’s robust and diverse offerings.

In light of recent technical issues, Binance temporarily suspended trading for FDUSD to ensure utmost protection for users and maintain the integrity of the trading process. The precautionary measure aims to rectify the technical issues promptly and diligently, safeguarding users’ assets and providing a seamless trading experience. All trading activity involving FDUSD were temporarily paused as of July 26, 2023 at 09:45 (UTC), and any pending orders on FDUSD pairings were automatically canceled during this period. The halt in trading activities took effect. Trading pairs BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT that are spot-based are among those that have been impacted. The platform remains committed to promptly resolving the technical issues and has set a timeline for the trading halt.

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