https://thenewscrypto.com/breaking-crypto-exchange-coinex-hacked-54m-in-loss/

• CoinEx suffered a hack on September 12, with losses estimated at nearly $54 million.
• Approximately $5.98M in BTC and $18M in ETH were drained from CoinEx’s hot wallet.
• The exchange detected these anomalous withdrawals through its Risk Control System.

CoinEx, a prominent cryptocurrency exchange, found itself in the spotlight on September 12 amidst suspicions of a security breach that potentially cost them close to a staggering $53.9 million. The incident sent shockwaves through the crypto community, as large withdrawals to an unfamiliar address raised red flags.

On Tuesday, at 1:21 PM UTC, around 4,947 ETH, worth $7.9 million, were swiftly transferred from a well-known CoinEx hot wallet to an Ethereum (ETH) account. What raised eyebrows even further was the recipient account’s complete absence of any prior transaction history. Following this mysterious transfer, a massive volume of tokens embarked on a one-way journey from CoinEx’s hot wallet to the same enigmatic address. This flurry of activity was sufficient to catch the attention of numerous blockchain security companies that promptly labeled the withdrawals as “suspicious.”

Blockchain security platform Slow Mist estimated a loss of nearly $53.96 million worth of cryptocurrencies. The exploit included Bitcoin (BTC), Ethereum (ETH), XRP, Polygon (MATIC), Solana (SOL), TRON (TRX), Binance Coin (BNB), Bitcoin Cash (BCH) and others on the stolen list.

Notably, CryptoQuant’s director of research, Julio Moreno, expressed his concerns about the unusual behavior of CoinEx’s wallet. He highlighted that the wallet’s Ether reserves had dwindled to nearly zero ETH, a startling revelation.

CoinEx Confirms Its Stance

In response to the brewing crisis, CoinEx took to Twitter at 5:25 PM UTC on Tuesday to address the issue. They revealed that their Risk Control System had detected “anomalous withdrawals” from multiple hot wallet addresses that are responsible for safeguarding the exchange’s assets. 

To tackle this critical situation head-on, CoinEx assembled a “special investigative team” to investigate the matter and ascertain the extent of the breach.

To reassure concerned users, CoinEx emphasized that the withdrawn cryptocurrency represents only a fraction of their overall reserves. They pledged to compensate users for any losses incurred due to this breach, promising a full 100% reimbursement.

https://thenewscrypto.com/tencent-cloud-launches-blockchain-rpc-with-ankr-for-web3/

• Tencent Cloud enters the Web3 arena with Tencent Cloud Blockchain RPC.
• In partnership with Ankr, this innovative service streamlines Web3 infrastructure for developers.

Tencent Cloud, the global tech giant’s cloud arm, has made a significant stride into the Web3 space with the launch of Tencent Cloud Blockchain RPC. Developed in collaboration with blockchain service provider Ankr, this offering is set to redefine Web3 infrastructure and support Web3 developers in their quest for reliability and speed.

Tencent Cloud Blockchain RPC introduces a convenient way for developers to query data and execute transactions across various blockchains. Designed with stability, this service allows developers to interact with blockchain networks with astonishingly low latency, enabling them to focus their energies on decentralized application development.

Overcoming Node Challenges

One of the standout features of Tencent Cloud Blockchain RPC is its ability to help enterprises and Web3 projects overcome the formidable challenges of managing their nodes. These challenges include the high operational costs, manpower requirements, and resources needed to deploy, maintain, and upgrade nodes at short notice.

Additionally, the service tackles issues related to weak stability, hardware failures, network interruptions, and malicious attacks that can adversely affect application performance. It also addresses the problem of elastic scaling, ensuring flexibility during high-concurrency periods.

Poshu Yeung, Senior Vice President of Tencent Cloud International, expressed their commitment to the global Web3 community through this launch. Highlighting Tencent Cloud’s readiness to evolve and meet market demands effectively.

Stanley Wu, Co-Founder and CTO of Ankr, emphasized the significance of this partnership, noting that it marks a pivotal moment in integrating the decentralized internet with the broader web ecosystem, fostering accelerated blockchain application development.

Versatile Offerings

Tencent Cloud Blockchain RPC comes in three versions: public, premium, and an enterprise-exclusive option on the horizon. The public version offers free blockchain interaction with set features and rate limits. In contrast, the premium version caters to Pay-as-you-Go blockchain interaction, providing enhanced request throughput and rate limits.

Further, Tencent Cloud Blockchain RPC boasts high concurrency performance. That supporting up to 1,800 requests per second per chain. Leveraging Tencent Cloud’s cloud service expertise spanning over a decade. The offering guarantees high disaster tolerance, availability, and ultra-low latency RPC services.

Moreover, Tencent Cloud’s debut Web3 product is now live in Hong Kong and Singapore, serving a global clientele. It currently supports Ethereum Mainnet, BNB Smart Chain, and Polygon PoS. With plans to include more Layer-1 and Layer-2 roll-up blockchains.

https://thenewscrypto.com/banana-guns-banana-token-faces-crisis-amid-contract-bug/

• Banana Gun revealed a major flaw in its smart contract post-launch.
• ChatGPT, OpenAI’s chatbot, is credited for identifying the contract flaw in seconds, sparking debate on its capabilities.
• The token BANANA crashed after the flaw’s discovery, leading to “rug pull” speculations..

Banana Gun, a crypto project, recently disclosed a critical flaw in its smart contract. Despite undergoing two audits, the team only discovered the bug after the project’s launch. The glitch enabled users to sell their assets while still holding tax tokens, causing a flash crash in the value of its native token, BANANA.

 Following the revelation, the price of Banana Gun’s native token, BANANA, took a nosedive, as per DEXTools data. After reaching a high of approximately $8.7, its worth plummeted to near insignificance. This drastic price shift led to a wave of speculation. Many in the crypto community labeled the incident a “rug pull,” casting doubts over the project’s legitimacy.

However, the Banana Gun team was quick to respond. They outlined a recovery strategy, starting with selling their Treasury wallet. The aim is to tap into the locked liquidity, which will find its way into a new contract. A subsequent relaunch is on the horizon, with an airdrop in the pipeline to compensate users.

OpenAI’s ChatGPT Enters the Scene

In an intriguing twist, a coder by the pseudonym ‘Mister Choc’ shed light on the contract’s vulnerability. He credited OpenAI’s chatbot, ChatGPT, for pinpointing the flaw in seconds. This revelation sparked a debate on the chatbot’s prowess. Matthew Zaborowski, Co-Founder of Proof of Play, weighed in on the matter. He acknowledged ChatGPT’s ability to scrutinize contracts for potential exploits but emphasized its supplementary role to seasoned developers and thorough audits.

The Banana Gun team remains committed to rectifying the situation. They have assured stakeholders of a rigorous audit for the new contract. Only once all elements align perfectly will the project see another launch. In a gesture of goodwill, the team is also reviewing the Profit and Loss statements of all traders. Those who invested more in BANANA than they withdrew will receive full compensation in ETH.

https://thenewscrypto.com/bitgerts-brise-token-soars-25-32-bullish-trend-to-likely-continue/

• Bitgert’s native token, BRISE, has seen a remarkable 25.32% price increase in the last 60 days.
• Recent 24-hour trading data shows a bullish sentiment for BRISE, with a 0.19% price uptick and a 1.53% rise in trading volume.
• The RSI line’s current reading is 42.10, and it’s moving above its Simple Moving Average, indicating sustained bullish momentum.

Bitgert has been making buzz in cryptocurrency market in the past few days. According to a recent Twitter (X) post by Bitgert to its 553.3K followers, BRISE, the native token of Bitgert, has recorded a price increase of 25.32% in the past 60 days.

In the last 24 hours, BRISE is currently trading in a bullish sentiment where the bulls have led the price to increase by 0.19% and is currently being traded at $0.0000001868 with intraday highs of $0.0000001893 and intraday lows of $0.0000001842. The trading volume has also increased by 1.53%, suggesting that the current bullish trend might continue in the hours ahead.

BRISE/USD 24-hour price chart (source: CoinMarketCap)

BRISE Technical Analysis

In the last 24-hour technical analysis of BRISE, the Relative Strength Index (RSI) exhibits a bullish sentiment in the hours ahead. This is indicated as the RSI line is moving above its Simple Moving Average (SMA) suggesting that the bullish trend might continue in the hours ahead. The current reading of the RSI line is 42.10. 

The Moving Average Convergence Divergence (MACD) line is currently trending above its signal line, signaling a bullish market trend. This upward movement suggests that buying pressure is rising, making it an opportune time to consider going long. Adding to this bullish outlook, the trajectory histogram has positioned itself in the positive zone, further reinforcing market optimism.

BRISE/USD 24-hour price chart (source: TradingView)

Bitgert’s native token, BRISE, is showing strong bullish indicators in terms of price movement and technical analysis. The MACD line and RSI suggest that the bullish trend will likely continue, supported by a slight increase in trading volume.

https://thenewscrypto.com/nasdaq-and-valkyrie-join-blackrock-in-bitcoin-etf-refiling-surge/

• Nasdaq resubmits requests for spot Bitcoin ETF, including surveillance-sharing agreement.
• Valkyrie persists in seeking SEC approval for spot BTC ETF.
• Transitioning to spot ETFs could legitimize cryptocurrencies for institutional investors.

Nasdaq, the renowned stock exchange, has resubmitted its request for a rule change to the U.S. Securities and Exchange Commission (SEC) to allow the listing of a spot Bitcoin exchange-traded fund (ETF) for the Valkyrie Bitcoin Fund.

This recent filing on July 3 included a notable addition—a “surveillance-sharing agreement” with Coinbase, the prominent cryptocurrency exchange. The agreement aims to grant Nasdaq supplementary access to data regarding spot Bitcoin trades, which may enhance the chances of regulatory approval.

In the past week, other asset managers, namely BlackRock and Fidelity, have followed suit and included surveillance-sharing agreements in their ETF refilings. On June 30, the SEC expressed concern that previous crypto ETF filings with Nasdaq and Cboe needed more clarity and comprehensiveness. This hint from the regulatory body suggests that surveillance arrangements could prove beneficial in securing approval for the applications.

Valkyrie’s Persistence in Pursuing a Bitcoin ETF

Valkyrie, a cryptocurrency fund manager, has persistently sought approval for its spot BTC ETF from the SEC. While their most recent attempt was made in June, the company has applied for such an investment vehicle since 2021. Despite successfully launching an ETF tied to Bitcoin futures in October 2021, Valkyrie has yet to gain approval for a spot ETF linked directly to cryptocurrency.

Numerous firms have sought SEC approval for crypto investment vehicles over the past few years, albeit failing to succeed. Following the denial of Grayscale Investments’ spot Bitcoin ETF in June 2022, the investment firm filed a lawsuit accusing the regulator of inconsistent treatment towards similar investment vehicles.

However, the inclusion of surveillance-sharing agreements in recent ETF filings suggests that market participants adapt their strategies to appease regulatory concerns. Significantly, this shift may impact the prospects of approving Bitcoin ETFs, potentially paving the way for increased institutional participation in the crypto market. Consequently, if the SEC deems the surveillance arrangements satisfactory, it could mark a significant turning point for the industry.

With Nasdaq resubmitting its request for a Valkyrie Bitcoin ETF and including a surveillance-sharing agreement with Coinbase, the path toward approving a spot is evolving.

The recent inclusion of similar agreements by BlackRock and Fidelity underscores the industry’s commitment to addressing regulatory concerns. Moreover, crypto awaits a breakthrough as the SEC aims for clarity and comprehensive information in these filings. Transitioning from futures-based ETFs to spot ETFs could further legitimize cryptocurrencies in the eyes of institutional investors, potentially driving significant growth in the market.

Highlighted Crypto News Today:

Denmark Regulators Force Saxo Bank To Sell Crypto Asset Holdings

https://thenewscrypto.com/litecoin-news-surprise-transfer-of-16m-in-ltc-sparks-speculation-and-excitement/

• Significant Litecoin transfer triggers speculation and discussion in the crypto community.
• The transfer of $16 million worth of LTC from Binance raises eyebrows.
• Litecoin’s price surges amidst the unexpected transfer of funds.

Surprisingly, the popular cryptocurrency exchange Binance has witnessed a substantial transfer of 144,396 Litecoin (LTC), amounting to a staggering $16,053,446. This unexpected transaction has raised eyebrows in the crypto community, triggering speculation about its motive and destination.

The transfer occurred recently, leaving experts and enthusiasts eager to uncover the purpose behind this significant movement of funds. Consequently, a wave of speculation and discussion has engulfed the cryptocurrency space. Moreover, the timing of this transfer adds to its intrigue as the Litecoin community prepares for the highly anticipated Litecoin halving, an event expected to trigger a bullish rally in LTC prices.

Litecoin’s Price Surges Amidst Transfer

It is worth noting that Canadian authorities recently approved the free trading of Litecoin (LTC), further amplifying interest in the cryptocurrency. However, despite this noteworthy transfer, LTC’s native token has experienced a 6.47% price increase within the last 24 hours, currently trading at $111.56, according to CoinMarketCap data.

Nonetheless, there are projections of bearish sentiment for LTC due to a significant decrease in trading volume. In the coming hours, the trading volume is expected to decline by 35.66%, plummeting to $2 billion. Hence, market participants are closely monitoring these developments to ascertain the potential impact on Litecoin’s performance.

As the crypto community continues to digest this surprising transfer, speculation abounds regarding its motive and the identity of the unknown wallet receiving the funds. The substantial nature of the transaction raises questions and fuels curiosity, compelling stakeholders to seek answers.

The recent transfer of Litecoin from Binance to an unknown wallet has captivated the cryptocurrency community. With the impending Litecoin halving and the approval for free trading of LTC in Canada, this transaction’s implications have captured market participants’ attention. As the price of LTC remains relatively strong despite the transfer, the future trading volume will likely determine the short-term outlook for the cryptocurrency.

Highlighted Crypto News Today:

Canadian Government Removes Cap Limit on Litecoin (LTC) Trading

https://thenewscrypto.com/verasity-vra-gets-listed-on-top-indian-crypto-exchange-koinbx/

• KoinBX announces Verasity (VRA) listing, enhancing credibility and expanding reach.
• VRA trading pairs on KoinBX offer a seamless experience and convenience for users.
• KoinBX’s reputation as a reliable and secure platform strengthens Verasity’s credibility.

KoinBX, India’s leading cryptocurrency exchange, made an exciting announcement regarding its platform’s upcoming Verasity (VRA) listing on its official Twitter account. Starting July 6, 2023, at 11:30 AM (UTC), users can easily deposit, withdraw, and trade VRA.

To cater to Verasity enthusiasts, KoinBX has introduced two trading pairs, namely VRA/USDT and VRA/INR, providing traders the convenience of engaging with VRA using the USDT (Tether) and the INR (Indian Rupee).

The partnership between KoinBX and Verasity carries immense promise for both platforms. Verasity, a rapidly growing blockchain-based video platform, aims to revolutionize the digital media landscape with its innovative video content and monetization approach. Consequently, being listed on KoinBX, a renowned exchange, will significantly enhance Verasity’s visibility and accessibility to a broader range of potential investors.

KoinBX has made remarkable strides in cryptocurrency, further solidifying its position as a leading exchange. In addition to the Verasity listing, the platform recently announced the inclusion of LeverFi (LEVER) and secured a trademark in Europe, strengthening its position in the global crypto market.

The availability of the VRA/USDT and VRA/INR trading pairs on KoinBX brings seamless trading experiences to Verasity users. USDT, a stablecoin pegged to the US dollar, offers stability and a haven during market volatility. Furthermore, the VRA/INR pair eliminates the need for multiple conversions, enabling Indian users to participate in VRA trading easily and conveniently.

Verasity (VRA) To Expand in the Indian Market

KoinBX’s reputation as a reliable and secure exchange platform significantly enhances Verasity’s credibility. Traders and investors can rest assured about the safety of their assets, as KoinBX employs robust security measures to safeguard user funds. Additionally, the platform’s user-friendly interface and seamless trading experience make it an ideal choice for both seasoned traders and newcomers in the crypto space.

Therefore, the Verasity (VRA) listing on KoinBX represents a significant milestone for both platforms. Verasity gains a valuable listing on a reputable exchange, expanding its reach and attracting potential investors. Concurrently, KoinBX diversifies its portfolio by adding a good digital asset. It also provides its users with enhanced trading opportunities and access to the innovative Verasity ecosystem.

In the past 24 hours, the VRA token has demonstrated bullish sentiment in the cryptocurrency market, witnessing a notable price increase of 1.53%. As of now, it is being traded at $0.005285. The bulls have successfully established a support level at $0.004985, indicating a strong foundation for the token’s value.

Moreover, a resistance level has been set at $0.005459, representing the point at which the upward movement may encounter some selling pressure. This recent price action highlights the positive momentum and investor confidence surrounding VRA.

Highlighted Crypto News Today:

BTC Experiencing a Downtrend: Examining the Catalysts Behind Bitcoin’s Current Drop

https://thenewscrypto.com/bobabnb-smashes-transaction-records-in-may-with-rovi-network-surge/

• BobaBNB achieves record-breaking transaction volume, fueled by the growth of ROVI Network.
• ROVI Network simplifies crypto adoption, attracting a wide user base on BobaBNB.
• MegaWorld integration amplifies BobaBNB’s transaction numbers.

BobaBNB, the leading multichain Layer 2 (L2) solution on BNB Chain, reached a remarkable milestone by breaking a new transaction record last month. With a staggering 3,073,042 transactions in May, BobaBNB experienced a significant surge compared to the previous months. April witnessed 2,863,240 transactions, while March recorded 585,818. These numbers clearly demonstrate the platform’s exponential growth and popularity among users.

Powering this surge in transaction volume is the rising prominence of the ROVI Network, a Web3 infrastructure protocol that aims to bring the crypto economy to the masses. In just six weeks, ROVI has garnered over 50,000 wallets and facilitates more than 3 million transactions every month on BobaBNB. This trend was anticipated, given ROVI Network’s mission to simplify crypto adoption through innovative products.

One of ROVI’s offerings is the M91 Crypto Super App, which provides a seamless peer-to-peer crypto payment experience akin to WeChat Pay. ROVI’s AI Smart Keyboard software also rewards users with cryptocurrency for typing messages, while Gaming91 offers a smart contract-powered fantasy, skills, and prediction game. These user-friendly applications have played a significant role in attracting a wide user base.

ROVI Network has also invested in crucial infrastructure to onboard billions of users to Web3. This includes secure, keyless wallets based on Multi-Party Computation, gas-less transactions, and simplified on-and-off ramps between crypto and fiat currencies. BobaBNB’s efficiency in processing transactions in real-time and reducing gas costs by 80% makes it the perfect fit for ROVI Network and other adoption-driven dApps.

Another contributing factor to BobaBNB’s increasing transaction volume is MegaWorld, a Web3 city construction game that leverages smart contracts to enable actual economic interactions. Its integration with BobaBNB has further amplified the platform’s transaction numbers.

BobaBNB Attracts Web3 Developers

Excitement abounds among Boba Network’s core contributors, who are delighted by the impressive traction witnessed on BobaBNB. Being the first L2 solution outside of Ethereum to achieve substantial transaction volumes, BobaBNB is attracting a wave of Web3 developers eager to enhance the BNB Chain’s capabilities and create more complex dApps and games.

TheNewsCrypto recently reported on another significant development for BobaBNB, building on its previous achievements. In the month of April, the BobaBNB platform impressively handled a staggering number of transactions, reaching a total of 2,863,240. This was the first occurrence of a substantial L2 transaction volume outside the Ethereum ecosystem.

The remarkable growth of BobaBNB and its partnership with the ROVI Network and MegaWorld demonstrate the increasing demand for scalable and efficient solutions in the crypto space. BobaBNB’s unique features and ability to cater to the needs of both developers and users have firmly established its position as a key player in the evolving Web3 landscape.

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

https://thenewscrypto.com/shiba-inu-goes-mainstream-in-japan-as-sbi-group-enables-shib-trading/

• SBI Group enters crypto trading and adds Shiba Inu (SHIB) to offerings.
• SHIB market faces bearish sentiment, but trading volume shows promise.
• SBI Group’s move strengthens SHIB’s position as a recognized digital asset.

SBI Group, a prominent financial service giant in Japan, has taken a major step into cryptocurrency trading. Through its subsidiary, SBI VC Trade, the company has announced plans to offer trading services for Shiba Inu (SHIB), a digital currency inspired by Dogecoin.

Starting June 28, customers can buy, accumulate, and lend SHIB and other supported digital assets like Dai (DAI) and Cosmos (ATOM).

The decision to include SHIB on its trading platform indicates SBI Group’s recognition of digital assets’ growing prominence and potential. By expanding its offerings to cater to the changing demands of customers, SBI VC Trade aims to provide a seamless and efficient trading experience.

A month ago, XDC network also achieved this significant milestone by partnering with SBI in Japan, marking a major development for the financial group. This collaboration strengthened their position and showcased their commitment to progress in the Japanese market.

SBI Group Embraces Shiba Inu Trading

It’s worth noting that BitPoint, another leading exchange in Japan, became the first major platform to list SHIB back in November 2022. In a recent tweet, BitPoint reaffirmed its support for Shiba Inu and highlighted the 18 crypto assets it handles, including SHIB.

As for the current state of the SHIB market, the native token of Shiba Inu is experiencing a bearish sentiment. Over the past 24 hours, the SHIB price has decreased by 3.77%, reaching lows of $0.00000726 and highs of $0.00000762. However, there is a glimmer of hope as the trading volume of SHIB has seen a surge of 1.14%.

SBI Group’s move to embrace SHIB trading demonstrates its commitment to meeting the increasing demand for cryptocurrencies. And also, catering to the evolving needs of its customers. With the addition of Shiba Inu on its platform, alongside other digital assets. SBI VC Trade aims to provide a comprehensive range of services to enhance customer satisfaction.

SBI Group’s entry into SHIB trading marks a significant development in the cryptocurrency market. As the industry continues to evolve, financial institutions like SBI are taking notice and adapting their services accordingly. The inclusion of Shiba Inu on SBI VC Trade’s platform opens up new possibilities for investors. And further solidifies the position of SHIB as a globally recognized crypto asset.

Highlighted Crypto News Today:

Shiba Inu & XRP Featured in Hong Kong’s Virtual Asset Index

https://thenewscrypto.com/unlocking-the-potential-understanding-erc-20-tokens-on-ethereum/

• ERC-20 tokens provide a standardized framework for creating and implementing smart contracts on Ethereum.
• ERC-20 tokens inherit the security features of the Ethereum blockchain, ensuring immutability.

ERC20 tokens are a standardized framework for creating and implementing smart contracts on the Ethereum blockchain. These tokens, exclusive to Ethereum, embody a set of guidelines that cryptocurrencies can adhere to, facilitating seamless interaction within the Ethereum ecosystem.

The principal objective of ERC20 tokens revolves around their compatibility with smart contracts, establishing a universal set of regulations that govern all tokens operating on the Ethereum blockchain. While Ether (ETH) functions as the native cryptocurrency of the Ethereum network, ERC20 tokens embody a different standard—defining a rulebook—enabling developers to fashion tokens based on Ethereum. Consequently, they assume the role of the quintessential benchmark for the entire Ethereum network.

Moreover, ERC20 tokens provide a consistent set of rules for developers and foster interoperability among various tokens and applications built on the Ethereum platform. By adhering to these shared standards, ERC20 tokens streamline integrating and exchanging different tokens, enabling a more interconnected and efficient ecosystem.

ERC-20 Standard Features and Functions

The ERC-20 standard serves as a guideline for creating smart contracts that enable the implementation of tokens on the Ethereum blockchain. It outlines a set of mandatory and optional functions that should be incorporated into an ERC-20 token smart contract.

The standard specifies six essential functions that must be included. Firstly, the “total supply” function returns the total number of existing tokens. Secondly, the “balance” function allows users to check the token balance in a specific account. Thirdly, the “transfer” function facilitates the transfer of tokens from one account to another.

Additionally, the “allowance” function enables users to query the number of tokens approved for spending by another account. The “approve” function permits an account owner to authorize another account to spend tokens on their behalf. Lastly, the “transfer From” function allows the approved account to transfer tokens on behalf of the token owner.

Developers are not limited to only these required features when making tokens; they may include any optional features. ERC-20 tokens offer a consistent set of rules that foster interoperability and streamline integration among various tokens and applications on Ethereum. Developers can customize their tokens using optional functions such as “name,” “symbol,” and “decimals.”

By adhering to the ERC-20 standard and incorporating these core functions, developers ensure compatibility with Ethereum-based applications, wallets, and exchanges. This promotes a vibrant token ecosystem on the Ethereum blockchain.

Benefits and Advantages of ERC-20 Tokens

Interoperability and Compatibility: ERC-20 tokens adhere to a common standard, making them compatible and easily tradable on Ethereum-based decentralized exchanges (DEXs) like Uniswap and Sushiswap. This interoperability enhances their versatility and usability.

Security and immutability: As ERC-20 tokens are built on the Ethereum Blockchain, they benefit from the same immutability, transparency, and decentralization the blockchain provides. They are very difficult to hack or manipulate because of their solid security.

Customizability and Tailored Tokens: Developers can create ERC-20 tokens tailored to their needs, defining parameters such as total supply, decimal places, and additional functionality. This flexibility allows for token customization to suit various use cases.

Transparency and Verifiability: All ERC-20 token transactions are recorded on the Ethereum Blockchain, providing a transparent transaction history. This transparency enables easy verification of token movements, ensuring authenticity and accountability.

Liquidity and Trading Potential: ERC-20 tokens possess high liquidity due to their listing on numerous cryptocurrency exchanges. This liquidity makes them attractive to investors and traders seeking to leverage the cryptocurrency market’s volatility.

Accessibility and User-Friendly Tools: ERC-20 tokens can be easily created and managed using tools and platforms such as MyEtherWallet, MetaMask, and Remix. This accessibility encourages developer innovation and facilitates user engagement.

Limitations and Concerns of ERC-20 Tokens

Lack of Flexibility: While the ERC-20 standard provides stability and ease of use, it limits the functionality and complexity of token designs. Advanced use cases requiring more complex smart contract conditions or automated processes may require alternative token standards.

Security Vulnerabilities: ERC-20 tokens inherit the security vulnerabilities of the Ethereum network, including potential hacking, smart contract bugs, and network congestion risks. Mitigation measures such as audits and security protocols are essential, but cannot eliminate all potential risks.

Gas Fees and Expenses: Each transaction involving ERC-20 tokens on the Ethereum network incurs gas fees. The fluctuating cost of gas and potential high fees can pose challenges in accurately predicting transaction costs, potentially limiting participation for smaller investors.

Exchange Support and Liquidity: While ERC-20 tokens widely accepted, not all cryptocurrency exchanges support them. This limitation can affect token liquidity and hinder trading opportunities. Thorough research is necessary to ensure compatibility with desired exchanges.

Governance and Transparency Concerns: Poor governance and transparency within ERC-20 token projects can lead to issues such as token dumping, insider trading, and conflicts of interest. Transparent practices and robust governance frameworks are crucial to maintaining investor trust.

Conclusion

ERC-20 tokens form the fundamental building blocks of Ethereum’s token economy, offering a standardized framework to develop digital assets. These tokens possess valuable characteristics contributing to their wide-ranging applications within the blockchain ecosystem, including interoperability, security, customizability, and liquidity.

One of the key advantages of ERC-20 tokens is their interoperability, enabling seamless integration with various decentralized applications (DApps) and exchanges. This compatibility fosters a vibrant token economy by facilitating the efficient transfer and exchange of tokens across different platforms.

However, certain considerations must addressed to ensure optimal utilization of ERC-20 tokens. Flexibility is a crucial aspect, as developers must carefully design token contracts to meet the specific requirements of their projects. Additionally, security vulnerabilities must carefully mitigated to protect token holders from potential exploits or attacks.

Gas fees, which associated with Ethereum transactions, can pose a challenge for users, particularly during periods of network congestion. High fees may limit the accessibility and affordability of token transactions, prompting the need for scalability solutions and layer-two protocols.

Another critical factor for ERC-20 tokens is exchange support. Widespread availability on reputable exchanges enhances liquidity and market access, enabling efficient trading and price discovery. Token governance also plays a role, with well-defined mechanisms ensuring transparent decision-making and enabling token holders to participate in project governance.

As the blockchain industry evolves, ERC-20 tokens continue to drive innovation, attract investment, and fuel the expansion of decentralized finance (DeFi) applications. Their versatile nature and established ecosystem make them a significant force in shaping the future of blockchain technology.

https://thenewscrypto.com/top-indian-crypto-exchange-koinbx-lists-leverfi-lever/

• LeverFi (LEVER) debuts on KoinBX, revolutionizing decentralized leverage trading.
• KoinBX recognizes the value of decentralized leverage trading with LEVER tokens.
• LeverFi and KoinBX collaboration enhances user-friendly trading opportunities.

LeverFi (LEVER) is set to debut on the KoinBX exchange, marking a significant milestone for the decentralized leverage trading platform. Starting from June 28, 2023, at 11:30 AM (UTC), users can deposit, withdraw, and trade the LEVER token on KoinBX, opening up exciting opportunities for crypto enthusiasts.

LeverFi, built on the Ethereum blockchain, offers a unique value proposition to traders seeking leverage trading options. By leveraging a cross-margin model, users can deposit yield-bearing collateral and engage in crypto asset trading with leverage of up to 10x. This innovative approach allows traders to profit from the fluctuations in cryptocurrency prices, potentially amplifying their gains.

With the listing on KoinBX, LeverFi aims to reach a wider audience, providing them with seamless access to its powerful leverage trading capabilities. Traders can engage in LEVER/USDT and LEVER/INR trading pairs, expanding their trading options and facilitating greater liquidity for the LEVER token.

The inclusion of LeverFi on KoinBX signifies the growing prominence of decentralized finance (DeFi) in the crypto space. LeverFi empowers traders to explore new horizons and make the most of market movements by enabling leveraged trading with yield-bearing collateral. Consequently, this listing on KoinBX is expected to attract more traders to the LeverFi ecosystem, contributing to its overall growth and adoption.

LeverFi Listing Boosts Decentralized Finance

Moreover, the integration of LeverFi with KoinBX reinforces the exchange’s commitment to providing its users with diverse and innovative trading opportunities. KoinBX acknowledges the potential value and demand for decentralized leverage trading by adding the LEVER token to its platform.

LeverFi’s listing on KoinBX is a significant development for both platforms, offering traders a user-friendly experience and a range of trading options. As LeverFi continues to enhance its leverage trading capabilities, its collaboration with KoinBX will undoubtedly contribute to the growth and evolution of decentralized finance, providing a bridge for crypto traders to explore new opportunities and maximize their potential profits.

Highlighted Crypto News Today:

KoinBX Makes Global Waves: Top Indian Exchange Secures Trademark in Europe

https://thenewscrypto.com/crypto-news-sap-streamlines-cross-border-payments-with-usdc/

• SAP tests Circle’s USDC stablecoin to simplify cross-border payments.
• The partnership with Circle enables companies to experience faster and transparent payments.

SAP, the renowned German software company, is embarking on a transformative journey to tackle the challenges associated with cross-border payments by conducting tests of Circle’s USDC stablecoin.

This innovative initiative aims to alleviate businesses’ complexities when moving money abroad. By leveraging blockchain technology and digital currencies, SAP envisions a future where cross-border payments become faster, more affordable, and more transparent.

Significant progress is underway as SAP utilizes Circle’s USDC stablecoin and the Euro-pegged variant, EUROC, to simplify cross-border payments for companies. By eliminating the hurdles that often accompany international financial transactions, SAP aims to ease the burden experienced by small and medium-sized enterprises. Cumbersome processes involving high transaction costs and lengthy waiting periods will be a thing of the past.

Harnessing Digital Money and Blockchain Technology

According to SAP’s product expert, Sissi Ruthe, cross-border payments pose considerable challenges for many businesses with international partners. High transaction costs of up to $50, protracted waiting times of up to seven days, and a lack of transparency have been ongoing pain points.

Ruthe emphasizes that digital money, combined with blockchain technology, presents an ideal solution to address these issues. By embracing this innovative approach, companies can experience seamless settlements and enhanced operational efficiency.

Unveiling the Future of Cross-Border Payments

SAP’s commitment to revolutionizing cross-border payments is demonstrated through its offer of free test drives for clients. Participating businesses will receive the USDC stablecoin and EUROC as “play money” in self-custody wallets, eliminating the need for intermediaries.

Companies can make sample invoice payments using these digital currencies, gaining firsthand experience of digital assets’ speed, affordability, and reliability. It is important to note that these simulations are exclusive to the test network and cannot be utilized in real-world transactions.

Moreover, SAP’s collaboration with Circle ensures a secure and transparent environment by leveraging the Ethereum-based USDC stablecoin. This strategic partnership marks a significant milestone in achieving efficient cross-border payments.

SAP’s ongoing tests of Circle’s USDC stablecoin represent a significant step towards streamlining cross-border payments. By embracing digital money and the underlying blockchain technology, SAP aims to alleviate businesses’ global challenges.

The adoption of USDC and EUROC stablecoins, combined with self-custody wallets, empowers companies to experience fast, affordable, and transparent international transactions. SAP’s commitment to simplifying cross-border payments reflects its dedication to driving innovation and efficiency in global commerce.

Highlighted Crypto News Today:

USDC Stablecoin Issuer Circle Introduces Support For Apple Pay

https://thenewscrypto.com/breaking-barriers-polygon-2-0-unifies-megachains-and-multichains/

• Polygon 2.0 aims to establish the Value Layer of the Internet and expand Ethereum to the Internet scale.
• Megachains increase node requirements but face state bloat and contention issues.
• Polygon Supernets achieve scalability through multiple independent chains with higher aggregate throughput.

Polygon 2.0, a groundbreaking initiative aiming to establish the Value Layer of the Internet and expand Ethereum (ETH) to the Internet scale, presents a concrete vision for the future. In the pursuit of increasing blockspace, two distinct approaches have emerged: Megachains and multichain environments.

Megachains, such as Polygon PoS, opt to elevate node requirements to process more transactions per block. While this design proves effective, it comes with certain limitations. Over time, state bloat becomes a performance concern as data accumulates, causing network lag.

Moreover, even megachains face the challenge of “contention,” whereby there is a limit to the number of transactions that can affect the same state. Consequently, users encounter strict throughput constraints when utilizing popular applications.

Deep Liquidity, Expanded Blockspace

Enter Polygon Supernets, an alternative solution that achieves scalability through numerous independent operating chains. Although each network may possess a lower throughput than a megachain, the aggregate throughput surpasses that of a single chain. However, this approach comes at the cost of fragmented liquidity and value. In multichain ecosystems where blockspace is increased, unity is compromised.

As users continually seek plentiful blockspace and deep liquidity, the chains with the most liquidity naturally attract the most activity. This imbalance arises because of multichain ecosystems trade-off unity for increased blockspace. Recognizing the strengths of both megachains and multichain, Polygon 2.0 endeavors to combine them in a harmonious manner.

By leveraging the advantages of megachains, such as access to deep and unified liquidity, and the benefits of multichain, including expanded blockspace, Polygon 2.0 presents a groundbreaking solution. The integration of these features not only addresses the limitations of previous designs, but also sets the stage for unparalleled growth and innovation.

Polygon 2.0 sets forth a user-friendly approach to building the Value Layer of the Internet. With a comprehensive vision incorporating deep liquidity and expanded blockspace, this initiative paves the way for Internet-scale Ethereum while fostering unity and maximizing throughput.

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Polygon Labs Ushers in a Blockchain Revolution with Polygon 2.0

https://thenewscrypto.com/xai-and-offchain-labs-join-forces-to-transform-gamings-landscape/

• Offchain Labs supports Xai with scalability, security, and user-friendliness.
• Xai reduces transaction costs, allowing players to focus on gameplay.
• Xai’s platform offers robust security and hack resistance.

Xai Foundation, a layer3 blockchain powered by Arbitrum (ARB) technology, is set to revolutionize the world of gaming. The Xai Foundation, in collaboration with Offchain Labs, will provide dedicated support to cater to the specific needs of game developers. By leveraging Offchain’s expertise, Xai ensures a solid scalability, security, and user-friendliness foundation.

One of the key features of Xai is its focus on account and wallet abstraction, making it exceptionally easy for gamers to get on board. Simplifying the management of accounts and wallets eliminates barriers and encourages more players to embrace the crypto gaming ecosystem.

Moreover, Xai’s infrastructure, overseen by the Xai Foundation and game developers, ensures a frictionless experience for gamers. The game developer significantly reduces and handles transaction costs, allowing players to immerse themselves in gameplay and derive maximum enjoyment. This approach shifts the attention away from financial constraints, enabling players to focus solely on having fun.

Xai Sets New Gaming Standards

Additionally, Xai offers higher contract limits, granting game developers the freedom to create immersive and captivating experiences. By removing limitations, Xai empowers developers to push the boundaries of innovation within the gaming industry. This newfound flexibility promises to deliver groundbreaking games that captivate audiences around the globe.

Inspired by the success of Axie Infinity’s use of Ronin to scale, Xai addresses the critical need for scalability right from the start. Built on the secure Ethereum network, Xai offers a robust and resilient platform that surpasses other chains in hack resistance. Meanwhile, gamers can trust that their assets and transactions are safeguarded. Also, this is providing peace of mind and fosters a trustworthy gaming environment.

Consequently, the collaboration between the Xai Foundation, Offchain Labs, and game developers marks a significant leap forward for the gaming industry. With Xai’s innovative features, seamless user experience, and enhanced scalability, the stage is set for a new era of gaming where players can indulge in thrilling adventures without limitations. However, the future of gaming has arrived, and Xai is leading the way.

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Graph Goes L2: Arbitrum Integration Supercharges Scalability

https://thenewscrypto.com/chainlink-vrf-amplifies-world-challenge-games-nft-experience/

• World Challenge Game integrates Chainlink VRF for tamper-proof randomness in NFTs.
• Fusion of digital and physical gameplay in World Challenge Game’s hybrid experience.
• Chainlink VRF was chosen for secure and verifiable random number generation.

In a momentous stride, World Challenge Game has seamlessly integrated Chainlink Verifiable Random Function (VRF) on the Polygon mainnet. By harnessing the prowess of this industry-leading decentralized oracle network, they have unlocked an unparalleled source of tamper-proof and auditable randomness. Consequently, a thrilling and transparent user experience unfolds, where participants possess cryptographically verifiable guarantees surrounding the NFT minting process’s inherent randomness.

Fusing strategic gameplay and general knowledge trivia, the World Challenge Game offers an exceptional blend of digital and physical engagement. The game’s physical board version can be procured online or from retail outlets. Moreover, it caters to enthusiasts who relish traditional tabletop experiences. Simultaneously, a mobile app hosts the digital iteration, immersing players in riveting matches against global adversaries.

To infuse the “genetics” of their inaugural NFT collection with randomness, a secure random number generator (RNG) accessible for independent scrutiny was imperative for the World Challenge Game.

However, ensuring the integrity of RNG solutions for smart contracts mandates accurate security measures. Blockchain-derived RNG solutions like block hash fall prey to manipulation by miners, while off-chain alternatives from external APIs need more transparency and furnish users with definitive proof.

In light of an exhaustive evaluation, World Challenge Game’s discerning eye settled upon Chainlink VRF, lauding its foundation in pioneering academic research backed by a time-tested oracle network. Crucially, the generation and on-chain verification of cryptographic proofs substantiates the integrity of each random number injected into smart contracts.

CEO Bogdan Tapu Praises Chainlink VRF’s Provably Fair Randomness

The mechanics of Chainlink VRF reveal a captivating process. Unbeknownst at the time of the request, block data merges ingeniously with the pre-committed private key of the oracle node, ushering forth both a random number and a cryptographic proof. Consequently, the World Challenge Game smart contract only validates random number inputs accompanied by valid cryptographic proofs, thus affirming the tamper-proof nature of the VRF process.

This revolutionary implementation empowers users with automated and on-chain verifiable guarantees, instilling unwavering confidence in the fairness of the genetic randomness encapsulated within each NFT. Importantly, this bolsters trust by mitigating any suspicion of tampering, be it by the oracle, external entities, or the World Challenge Game team.

Bogdan Tapu, the visionary CEO of World Challenge Game, extols the virtues of Chainlink VRF, recognizing its provision of a cryptographically secure and provable mechanism to embed tamper-proof randomness within their NFTs. This pivotal selection bolsters their adherence to the Web3 ethos, bolstering user trust in their remarkable collection.

The integration of Chainlink VRF heralds a landmark moment for World Challenge Game, catapulting them to the vanguard of innovation in the hybrid board game landscape. Empowered by this state-of-the-art technology, they have unfurled a new epoch of fairness and transparency within NFT character genetics.

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Chainlink (LINK) Price Prediction 2023 — Will LINK Hit $20 Soon?

https://thenewscrypto.com/layerzero-launches-on-scroll_zkp-pioneering-privacy-solutions/

• LayerZero achieves a significant industry milestone by launching on Scroll_ZKP testnet.
• The integration of LayerZero with Scroll_ZKP sparks enthusiasm, transforming blockchain transactions.
• The successful launch of Scroll_ZKP testnet marks a pivotal step towards real-world implementation for LayerZero.

LayerZero, the cutting-edge blockchain project, has achieved a monumental milestone in the industry by successfully launching on the Scroll_ZKP testnet. This groundbreaking development signifies a significant leap forward for privacy and security in the blockchain world.

Integrating LayerZero with Scroll_ZKP, a state-of-the-art zero-knowledge proof protocol, has ignited a wave of excitement among blockchain enthusiasts and experts alike. By leveraging the advanced privacy features of Scroll_ZKP and the innovative technology of LayerZero, this collaboration has the potential to transform the landscape of blockchain transactions completely.

LayerZero’s primary objective is to tackle the critical scalability, privacy, and usability challenges that have hindered widespread blockchain adoption. By harnessing the power of Scroll_ZKP’s zero-knowledge-proof capabilities, LayerZero offers a unique and decentralized approach to upholding privacy.

This groundbreaking feature allows users to validate transaction authenticity and accuracy without compromising sensitive information, ensuring privacy even in a transparent environment. As a result, LayerZero’s integration with Scroll_ZKP lays the groundwork for secure and private blockchain transactions on a large scale.

The launch of LayerZero on the Scroll_ZKP testnet is a pivotal step toward real-world implementation. The platform is now available for developers and enthusiasts to explore and provide valuable feedback for further refinement. This collaborative approach aims to optimize LayerZero’s architecture, ensuring a robust and reliable solution that caters to the broader blockchain ecosystem.

LayerZero Boosts Adoption with Ultra-Low Costs

Consequently, LayerZero’s privacy-centric approach is set to instill trust among users, enterprises, and governments, unlocking numerous potential applications for blockchain technology.

Whether facilitating financial transactions, streamlining supply chain management, or enabling secure data sharing, LayerZero’s integration with Scroll_ZKP opens doors to a future where privacy and scalability coexist on the blockchain.

This follows after LayerZero announced the integration of LayerZero Labs on the Arbitrum Nova mainnet, enabling ultra-low transaction costs. This integration actively promotes the adoption of Arbitrum Nova, especially within the gaming space, where it has the potential to increase usage significantly.

As LayerZero’s ecosystem continues to evolve and gain traction, the team remains dedicated to ongoing enhancements, including mainnet deployment and strategic partnerships. The successful integration with Scroll_ZKP marks the beginning of an exciting new chapter for LayerZero, propelling the project toward a future where privacy and scalability take center stage in the blockchain realm.

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LayerZero Labs Bridges Projects to Arbitrum Nova; Empowers Gaming Adoption

https://thenewscrypto.com/u-s-house-committee-pushes-for-clear-rules-on-digital-assets/

• House Financial Services Committee urges Congress for a clear regulatory framework on digital assets.
• Jurisdictional challenges between SEC and CFTC complicate digital asset classification.
• The lack of consistent standards leads to uncertainty for market participants and investors.

In an ongoing motion, the House Financial Services Committee has called upon Congress to establish a consistent and clear regulatory framework for digital assets, emphasizing the need for regulatory certainty in the ever-evolving landscape.

The motion highlights the jurisdictional challenges between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and the difficulty in determining whether a digital asset should be classified as a security or a commodity.

Under the Securities Act of 1933 and the Securities Exchange Act of 1934, the SEC holds full authority over the offer, sale, and trading of securities, with the requirement that all securities must be registered with the SEC or qualify for an exemption.

On the other hand, the Commodity Exchange Act (CEA) and CFTC regulations govern the comprehensive regulatory regime for commodity derivatives trading but lack a similar framework for spot trading.

The central question is whether a digital asset falls within the definition of security and, therefore, under the SEC’s jurisdiction. The purpose of security includes an “investment contract,” as defined by the Supreme Court in SEC v. W.J.

Howey Co. encompasses arrangements involving an investment of money in a joint enterprise, with an expectation of profits derived from the efforts of others. Notably, all four factors must be present for an arrangement for classification as an investment contract.

Market participants, consumers, and investors seek regulatory clarity as a digital asset’s classification dictates its requirements and obligations. However, consistent and transparent standards have yet to be established, leading to ongoing uncertainties. Furthermore, enforcement actions by the SEC and the CFTC have revealed divergent views on whether certain digital assets should be classified as securities or commodities.

Stablecoin Regulations Lacking: Congress Called to Act

For instance, the CFTC recently initiated an enforcement action against Binance, declaring Binance’s BUSD stablecoin, bitcoin, ether, and Litecoin commodities. Conversely, SEC Chair Gensler has expressed that all digital assets, except Bitcoin, should be considered securities.

In a recent case against Binance and its Founder Changpeng Zhao, the SEC, they were alleged that Solana’s (SOL), Cardano’s ADA, Polygon’s MATIC, and several other tokens were offered and sold as securities. These inconsistent positions underscore the urgent need for congressional action.

Moreover, stablecoins have gained prominence as a class of digital assets designed to provide price stability by being pegged to the value of other assets, most commonly the U.S. dollar. Stablecoins aim to offer reduced volatility, allowing them to function similarly to traditional currencies. However, without a clear regulatory framework, potential risks and implications associated with stablecoins remain uncertain.

Given these challenges, the House Financial Services Committee urges Congress to act promptly. By establishing a comprehensive regulatory framework, Congress can provide the much-needed clarity for market participants, consumers, and investors, fostering innovation and safeguarding against potential risks. The ongoing motion signifies the urgency and necessity of regulatory action to address the complexities surrounding digital assets in today’s financial landscape.

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U.S House Committee Proposes Draft Stablecoin Law

https://thenewscrypto.com/balancer-protocol-revolutionizes-defi-on-polygons-zkevm-network/

• Balancer protocol deploys on Polygon’s zkEVM, optimizing Ethereum scaling and driving liquidity growth in the zkDeFi ecosystem.
• Integration of Balancer strengthens the DeFi experience on Polygon, creating a seamless and interconnected user environment.
• Balancer’s unique positioning facilitates network-wide liquidity growth on Polygon zkEVM, leveraging the 8020 Initiative and Boosted Pools.

In a significant stride towards optimizing Ethereum scaling and driving liquidity growth in the zkDeFi ecosystem, the Balancer protocol has announced its deployment on Polygon’s zkEVM. This move strengthens the DeFi experience on Polygon, creating a seamless and interconnected user environment.

Balancer’s unique positioning allows it to play a crucial role in facilitating network-wide liquidity growth on Polygon zkEVM. By harnessing innovative technologies like the 8020 Initiative, Balancer offers deep liquidity, efficient incentive programs, and reduced volatility, leading to the next stage in DeFi governance.

The power of Layer2 solutions lies in their ability to enhance Ethereum’s scalability, efficiency, and cost-effectiveness. Hence, Balancer’s integration on Polygon zkEVM amplifies these benefits, opening doors for accelerated development and progress throughout the ecosystem.

One of Balancer’s essential features, Boosted Pools, is designed to wrap and route idle liquidity to external yield-generating protocols. This approach ensures optimal resource utilization and provides users with additional sustainable Liquidity Mining incentives.

Consequently, this mechanism is primed to turbocharge the growth of DeFi on Polygon zkEVM, offering participants an enhanced and rewarding experience. Significantly, the presence of Balancer on this network expands the possibilities and potential for the entire ecosystem.

Besides its commitment to seamless interoperability, Balancer’s collaboration with it strengthens the overall liquidity landscape and enhances platform connectivity. This alliance is a testament to the continuous efforts to build a robust and thriving DeFi ecosystem.

Moreover, the deployment of Balancer on Polygon zkEVM signifies a forward-looking approach toward Ethereum’s scalability and liquidity challenges. By leveraging the strengths of both platforms, users can expect improved efficiency, connectivity, and growth in the DeFi space.

Long-Term Implications of Balancer-Polygon Collaboration

However, it’s worth noting that integrating Balancer on Polygon zkEVM is more comprehensive than its immediate benefits. The long-term implications are far-reaching, as this collaboration paves the way for future innovations and advancements in DeFi.

Additionally, this strategic move reinforces the importance of Layer2 solutions in addressing scalability concerns and unlocking the full potential of Ethereum. Balancer’s presence on Polygon zkEVM is a testament to the continuous evolution of DeFi and its ability to adapt to the changing needs of users.

Balancer’s deployment on Polygon zkEVM marks a significant milestone toward an optimized DeFi experience. By harnessing the power of technologies like the 8020 Initiative and Boosted Pools, Balancer strengthens liquidity growth, governance, and overall development on Polygon zkEVM. This collaboration sets the stage for a seamless, interconnected, and enhanced future of decentralized finance in its ecosystem.

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Polygon’s zkEVM Beta Hits 100K Wallets, Setting New Adoption Record

https://thenewscrypto.com/excitement-builds-as-blur-token-unlock-unveils-massive-allocations/

• Significant BLUR token allocations for past and future core contributors, investors, and advisors.
• Whale investor “0x06cD” actively withdrawing and holding substantial BLUR tokens.
• Strategic moves by “oilysirs.eth” yield impressive gains in BLUR trading.

In recent developments surrounding BLUR, the highly anticipated token unlock has shed light on the distribution plans for various stakeholders. According to data from Token Unlock, a significant number of tokens are set to be released, including allocations for past and future core contributors, investors, and advisors.

A staggering 115.68 million BLUR tokens, valued at $36.8 million, will be unlocked for past and future core contributors. This allocation aims to reward those who have contributed to the project’s development and success thus far. Additionally, 75.4 million BLUR tokens, equivalent to $24 million, will be made available to investors, acknowledging their support and participation in the project.

Furthermore, 4.9 million BLUR tokens, totaling $1.56 million, will be unlocked for advisors, recognizing their valuable guidance and expertise throughout the project’s journey.

Meanwhile, an influential whale investor with the address “0x06cD” has been actively withdrawing BLUR tokens from OKX since April 4th. Amounting to 10.5 million tokens, valued at $3.36 million. Notably, this whale currently holds 13.5 million $BLUR tokens, worth $4.3 million, positioning them as the 8th largest holder of $BLUR tokens.

In another important transaction, an individual with the Ethereum address “oilysirs.eth” strategically purchased $100,000 BLUR tokens for $0.35. Investing 20 ETH (approximately $35,000) just two days ago. Impressively, this individual generated substantial gains of 455 ETH (around $792,000) from BLUR.

Token Unlock Unleashes BLUR Potential

While, examining the market activity, “oilysirs.eth” made a significant investment on February 15, purchasing 1 million $BLUR tokens at $0.46, amounting to 302 ETH (approximately $470,000). Subsequently, they sold these tokens for 757 ETH (equivalent to $1.26 million). When the price reached $1.23 on February 16 and 19, reaping considerable profits.

Additionally, address “0xfcef” recently removed 1.9 million $BLUR tokens from liquidity and promptly sold them all for $0.31. The decision to liquidate their $BLUR holdings suggests a particular strategy or motive behind their actions.

These recent developments in the BLUR ecosystem showcase the dynamic nature of the token market. With the upcoming token unlock and strategic moves by whales and individual investors, the distribution and trading of BLUR tokens significantly impact the project’s overall landscape. These ongoing activities will undoubtedly influence the future trajectory of BLUR. Presenting opportunities and challenges for stakeholders in this vibrant digital ecosystem.

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DeFi Giant Blur’s Total Value Locked Hits an All-Time High

https://thenewscrypto.com/uniswap-surpasses-250-million-swaps-solidifying-defi-dominance/

• Uniswap achieves 250 million swaps, solidifying DeFi leadership.
• Bearish sentiment persists for Uniswap despite recent positive news.
• UNI token experiences a 1.64% price dip, and trading volume decreases by 18.31%.

Uniswap, the leading decentralized exchange (DEX) powered by the Ethereum blockchain, has achieved a major milestone by surpassing 250 million swaps on its platform. This significant achievement solidifies Uniswap’s position as the worldwide go-to protocol for decentralized finance (DeFi) enthusiasts.

Uniswap announced this remarkable accomplishment through a tweet from its official Uniswap Protocol Twitter account. The platform celebrated its ability to facilitate seamless and efficient token swaps while upholding decentralization principles. Uniswap has demonstrated its prowess in the DeFi space by surpassing a quarter-billion swaps.

Having launched in November 2018, Uniswap has emerged as a groundbreaking DEX operating on an automated liquidity protocol. This innovative approach empowers users to trade tokens directly from their wallets, bypassing centralized exchanges. Not only does it provide individuals with control over their assets, but it also ensures enhanced privacy and security.

Additionally, in April, Uniswap Labs reported that the trading volume had exceeded $1.5 trillion, marking another significant milestone. This achievement further cements Uniswap’s dominance in the decentralized finance landscape.

Uniswap’s success can be linked to its user-friendly interface, attracting novice and experienced traders. By leveraging the power of smart contracts on the Ethereum blockchain, Uniswap has eliminated the need for intermediaries and offers a trustless trading experience.

Uniswap’s Growing Popularity Drives DeFi Revolution

Significantly, the increased popularity of decentralized finance has fueled the protocol’s growth as users seek alternatives to traditional financial systems. Uniswap’s ability to provide liquidity and enable seamless token swaps has made it the go-to platform for DeFi enthusiasts globally.

https://thenewscrypto.com/ripples-xrp-stands-strong-amid-sec-lawsuit-surpasses-0-50/

• Ripple demonstrates remarkable resilience, holding above $0.50 despite SEC actions against exchanges.
• XRP stands out among altcoins, defying market trends and showcasing strength in the face of regulatory challenges.
• Investors closely monitor XRP’s performance amidst the legal battle, seeking regulatory clarity and future direction.

In a surprising twist, Ripple (XRP) stands firm above the $0.50 mark even after the Securities and Exchange Commission (SEC) took legal action against prominent exchanges Binance and Coinbase. While most alternative coins experienced a dip in value, XRP’s resilience in the face of adversity is notable.

This apparent strength displayed by Ripple may initially appear positive; however, it hasn’t gone unnoticed by the crowd. Social media platforms have witnessed a surge in mentions relating to this development. Unfortunately, this heightened awareness among the masses might hurt the price of XRP.

Despite the SEC’s lawsuit, XRP continues to defy expectations, defying gravity in the volatile cryptocurrency market. Such stability amidst regulatory challenges sets Ripple apart from its counterparts. Moreover, investors have closely monitored XRP’s performance, especially in light of its embroiled legal battle.

While other altcoins experienced a downward trend, XRP’s ability to hold steady above $0.50 showcases its inherent strength and resilience. This provides a glimmer of hope for Ripple enthusiasts who remain optimistic about the future of the digital asset.

XRP’s Resilience Tested Amid Lawsuit

However, the surge in social media mentions surrounding the SEC’s lawsuit is a double-edged sword. On one hand, it signifies a heightened awareness and engagement within the community. On the other hand, an influx of discussions can lead to increased skepticism and doubt regarding XRP’s prospects, potentially influencing its price negatively.

As Ripple navigates through this challenging period, all eyes are on the company’s response and the lawsuit’s outcome. Investors and analysts eagerly anticipate further developments and regulatory clarity, as they will undoubtedly shape the trajectory of XRP and Ripple’s future.

In conclusion, despite the legal turmoil created by the SEC’s lawsuit against Binance and Coinbase, XRP’s ability to maintain its value above $0.50 is a testament to its resilience. Nonetheless, the surge in social media attention surrounding the lawsuit poses a potential obstacle to XRP’s price growth. The cryptocurrency community eagerly awaits the resolution of this legal battle and the subsequent impact on Ripple’s digital assets.

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Ripple (XRP) Price Prediction 2023 — Will XRP Hit $2 Soon?

https://thenewscrypto.com/sushiswap-v3-launches-on-avalanche-redefining-liquidity-provision/

• SushiSwap V3 launches on Avalanche, revolutionizing DeFi with concentrated liquidity pools.
• LPs gain greater control and earn enhanced rewards with SushiSwap V3 on Avalanche.
• SushiSwap introduces SushiXSwap, enabling seamless cross-chain swaps with a user-friendly interface.

SushiSwap V3 has made its grand entrance on the Avalanche (AVAX) blockchain, marking a significant milestone for traders and liquidity providers. With this latest release, users can seamlessly navigate the familiar UI of SushiSwap, combined with the newfound advantages of concentrated liquidity pools.

Concentrated liquidity pools are the standout feature of SushiSwap V3 on Avalanche. Moreover, these pools revolutionize liquidity provision by empowering LPs to specify their liquidity across a designated price range. By doing so, they unlock the potential for enhanced rewards and greater control over their positions.

Users can optimize fees and allocate capital more efficiently through total liquidity, resulting in a more profitable and customizable experience. This innovation caters to liquidity providers’ diverse needs and strategies, enabling them to maximize their earning potential.

Furthermore, SushiSwap introduces SushiXSwap, a cross-chain messaging protocol built on LayerZero’s Stargate technology. This cutting-edge protocol facilitates smooth and hassle-free cross-chain swaps, bridging the gap between blockchain networks. With a user-friendly interface, SushiXSwap streamlines the process of executing cross-chain transactions, enhancing accessibility and convenience for traders.

SushiSwap V3 Revolutionizes DeFi

Integrating SushiSwap V3 on Avalanche signifies a significant step forward for decentralized finance (DeFi) enthusiasts and participants. It expands the reach of SushiSwap, a prominent decentralized exchange protocol, to the Avalanche ecosystem, fostering cross-chain liquidity and interconnectivity.

By leveraging Avalanche’s high-performance infrastructure, SushiSwap V3 aims to offer traders an optimized trading experience with faster transaction times and lower fees. However, this integration allows users to explore various asset and investment options across blockchains.

As SushiSwap continues to evolve and push the boundaries of DeFi innovation, the launch of V3 of Avalanche demonstrates its commitment to delivering user-centric solutions. Traders and liquidity providers can now tap into the power of concentrated liquidity pools while leveraging the seamless cross-chain capabilities of SushiXSwap.

With SushiSwap V3 now live on Avalanche, users can embark on a journey of enhanced liquidity provision, efficient fee optimization, and amplified earning potential. The convergence of SushiSwap and Avalanche marks a significant milestone in the ever-expanding DeFi landscape, further bridging the gap between different blockchain ecosystems and propelling the industry toward a more interconnected future.

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DEX SushiSwap Releases V3 Liquidity Pools on Multiple Networks

https://thenewscrypto.com/bulls-reign-in-stella-market-alpha-token-reflects-strong-momentum/

• Stella’s ALPHA market started bullish, with key support at $0.1133 and resistance at $0.1443.
• ALPHA’s price saw a 13.74% increase, trading at $0.1327.
• ALPHA’s trading volume surged, hinting at sustained bullish momentum.

Today, the Stella (ALPHA) market kicked off bullish. Soon, the bulls set support levels at $0.1133 and resistance levels at $0.1443.

Presently, ALPHA, Stella’s native token, trades at $0.1327. This represents a solid 13.74% increase over the last 24 hours. Bullish momentum carries on as we head further into the day. This is evident by the notable surge in ALPHA’s trading volume. Moreover, Stella’s market capitalization has witnessed a 13.91% hike. Now, it stands at an impressive $106 million.

ALPHA Technical Analysis

The 24-hour technical analysis indicates continued bullish sentiment for the ALPHA token. The Relative Strength Index (RSI) is on an upward journey. This movement suggests an ongoing bullish wave in the Stella market.

Furthermore, the RSI indicator currently stands at 64.14. This indicates equal selling and buying pressure in the ALPHA market. So, we can expect this bullish trend to hold its ground in the coming hours.

Further confirmation of the bullish trend comes from the Moving Average Convergence Divergence (MACD) indicator. In the Stella market, the MACD line is above its signal line. Moreover, it’s heading toward the positive side.

Such behavior suggests that ALPHA market bulls could remain in control of Stella’s market in the short term. The trajectory histogram’s formation on the positive side only amplifies this bullish optimism.

In the ALPHA/USD market, the Bull Bear Power (BBP) indicator adds to the bullish trend. It’s advancing into positive territory, currently standing at 0.0256. This upward move suggests that buyers reign in the market. Their dominance could further push prices up.

In conclusion, today’s trading paints a bright picture for Stella’s ALPHA token. We’ve seen a robust increase in its price and trading volume. Indicators like RSI, MACD, and BBP point to a bullish trend.

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Stellar (XLM) Price Prediction 2023 – Will XLM Hit $0.5 Soon?

https://thenewscrypto.com/zksync-era-resolves-withdrawal-delays-ensures-system-stability/

• The temporary withdrawal delay was resolved promptly by the zkSync Era engineering team.
• Surge in network activity propels zkSync Era to top positions in TVL and Layer 2 usage.
• zkSync Era emphasizes continuous improvement and learning from incidents.

In a recent development, the engineering team behind zkSync Era, the groundbreaking Ethereum scaling solution, has acknowledged a temporary withdrawal delay experienced by a small subset of users on their network. The delay, which lasted for up to six hours, has since been rectified. Then, all pending withdrawals have either been successfully processed or are currently being finalized.

To ensure the stability and reliability of the system, zkSync Era has taken additional precautions. Moreover, these precautions assign a dedicated team to monitor withdrawals for the next 48 hours closely. This proactive measure aims to swiftly address any potential issues and prevent similar incidents from occurring in the future.

Surge in Usage Propels zkSync Era

Transparency has always been a key principle for zkSync Era, and they remain committed to open communication with their community. The team attributes the recent incident to the remarkable surge in network activity witnessed since the opening of Alpha Mainnet 75 days ago. This surge in usage has propelled zkSync Era to become the third-highest Total Value Locked (TVL) and the second-most utilized Layer 2 solution within an exceptionally short period.

Recognizing the importance of such incidents during the Alpha phase, the zkSync Era team emphasizes the valuable insights gained through identifying and resolving issues. This continuous improvement enhances the protocol, aligning with its overarching mission of advancing personal freedom. 

While zkSync Era strives to push the boundaries of Ethereum scalability, it remains vigilant in maintaining the highest performance and security standards. By diligently addressing challenges and leveraging the lessons learned, zkSync Era aims to fortify its position as a robust and reliable solution for the Ethereum ecosystem.

As the crypto space continues to evolve, zkSync Era’s commitment to transparency, resilience, and community collaboration. However, this sets a precedent for the industry, fostering trust and encouraging further innovation in pursuing decentralized financial solutions.

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https://thenewscrypto.com/coinbase-ceo-challenging-sec-by-defending-crypto-industry/

• Coinbase takes a stand for the crypto industry, challenging the SEC’s complaints in court.
• CEO Brian Armstrong aims to bring regulatory clarity by fighting the SEC in a landmark Coinbase lawsuit.
• SEC’s complaint against Coinbase revolves around classifying cryptocurrencies as securities.

Coinbase, one of the world’s leading cryptocurrency exchanges, has declared its determination to fight the recent lawsuit. The Securities and Exchange Commission (SEC) raised a complaint in a bold move to represent the entire cryptocurrency industry. The company’s CEO, Brian Armstrong, expressed pride in taking on the legal battle. However, he is aiming to bring much-needed clarity to the digital assets’ regulatory landscape.

Armstrong highlighted several key points in a tweet addressing the situation. Firstly, he pointed out that Coinbase underwent a thorough review by the SEC, which allowed the company to go public in 2021. This approval served as a testament to Coinbase’s current compliance with existing regulations.

The CEO also emphasized that Coinbase had made numerous attempts to “come in and register” but lacked clear guidance from the SEC. As a result, the exchange chose not to list securities and instead focused on rejecting the majority of assets that did not meet their stringent review process.

Armstrong further raised concerns about the conflicting statements from the SEC and the Commodities Futures Trading Commission (CFTC), illustrating the need for more consensus on distinguishing securities from commodities within the crypto space. This regulatory ambiguity has prompted the U.S. Congress to introduce new legislation to address the issue. At the same time, other countries have taken steps to establish clear rules to support the rapidly evolving technology.

Armstrong Criticizes SEC, Backs Legal Resolution

Criticizing the SEC’s regulation approach through enforcement actions, Armstrong argued that this method has been detrimental to the United States. He underscored the importance of obtaining clarity through the courts, demonstrating Coinbase’s commitment to seeking legal resolution and establishing comprehensive guidelines for the industry.

Reinforcing the company’s confidence, Armstrong emphasized that the SEC’s complaint specifically revolves around classifying cryptocurrencies as securities. Coinbase is resolute in its belief that it operates within the bounds of the law and possesses accurate information to support its stance.

With this unprecedented legal battle underway, Coinbase intends to safeguard its interests and pave the way for the broader crypto industry. The exchange remains steadfast in its commitment to progress and advancement, trusting that America will eventually find the right regulatory path for this transformative technology.

As the lawsuit unfolds, the outcome of Coinbase’s fight against the SEC will undoubtedly have far-reaching implications, shaping the future of cryptocurrencies within the United States and potentially influencing global regulations in the long run.

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https://thenewscrypto.com/metabets-virtual-casino-takes-center-stage-in-shibarium/

• The highly anticipated launch of Metabet draws excitement from its passionate community.
• The seamless integration of Metabet into Shibarium will elevate the metaverse experience.

In a testament to the unwavering dedication of its formidable investors, Metabet, the pioneering platform in the gaming and metaverse industries, continues to chart an upward trajectory, steadily inching higher every day.

Despite encountering occasional selling pressure, these resolute supporters have adeptly thwarted any attempts at market manipulation, ensuring the platform’s integrity remains intact.

Also, with the game’s beta testing phase in full swing, the highly anticipated launch of Metabet looms ever closer, igniting a sense of excitement among its passionate community. Enthusiasts eagerly await the advent of Shibarium, a revolutionary addition set to revolutionize the gaming and metaverse industries. This forthcoming integration promises to offer unparalleled opportunities for gamers and enthusiasts alike.

Further, the seamless integration of Metabet into Shibarium will serve as a pivotal turning point. Augmenting the metaverse experience and propelling the platform to new heights. Building upon the foundations of Shibarium, Metabet will extend its immersive gaming prowess to create an unparalleled virtual casino experience within the SHIB-powered Metaverse.

Amidst the enthusiasm, a recent update has been rolled out for the MetaBET_ casino, ushering in a thrilling testing phase. Players are cordially invited to partake in this exciting venture as the casino invites them to explore its virtual halls. That showcasing cutting-edge advancements and engaging gameplay that will soon captivate audiences on a larger scale.

Metabet’s Meteoric Rise Redefines Gaming

The Metabet team is steadfast in delivering an exceptional gaming and metaverse experience. By leveraging the power of blockchain technology and the intrinsic potential of SHIB, they are poised to redefine the boundaries of the metaverse and shape the future of gaming.

As the platform continues its steady ascent, bolstered by the unwavering support of its dedicated investor base. The anticipation surrounding Metabet’s imminent launch is palpable. The fusion of gaming, blockchain, and metaverse technologies promises to unveil new possibilities, captivating gamers, and metaverse enthusiasts worldwide.

However, in a world hungry for innovative and immersive experiences, Metabet’s meteoric rise stands. As a testament to its visionary leadership, robust community, and unwavering determination. As the countdown to the grand launch nears its end, the gaming and metaverse industries brace themselves for the dawn of a new era, where Metabet and Shibarium converge to redefine the essence of virtual reality and gaming engagement.

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Shibarium Beta Sets Another Significant Milestone

https://thenewscrypto.com/regulatory-challenges-banks-grapple-with-crypto-integration/

• Cryptocurrencies pose challenges for banks due to the need for a clear regulatory framework.
• The US has implemented regulations such as the Bank Secrecy Act and the Anti-Money Laundering Act of 2020.

Banks grapple with integrating these digital assets into their financial systems as cryptocurrencies continue to captivate consumers, investors, and financial institutions with their decentralized nature and the promise of greater economic freedom. While the allure of lower-cost transaction processing and increased efficiency is undeniable, compliance and regulation concerns have surfaced, leaving banks to be more specific.

The need for a clear regulatory framework for cryptocurrencies has posed significant challenges for banks. Also, the absence of guidelines has made it difficult for financial institutions to establish protocols for incorporating cryptocurrencies into their operations. However, in the United States, regulatory agencies have addressed these concerns.

The US Bank Secrecy Act and the Anti-Money Laundering Act of 2020 now regulate crypto transactions to prevent illicit funds from entering the banking system and avoid inadvertently supporting criminal activities.

In the ongoing discussion around cryptocurrencies, government agencies are deliberating whether to classify them as commodities or securities. This classification will determine the regulatory body overseeing these digital assets, ultimately impacting the banking costs associated with cryptocurrencies. Additionally, the price volatility of cryptocurrencies poses financial risks, influencing liquidity markets and potentially causing contagion effects.

One of the critical pillars of a bank’s risk management infrastructure is the protection of clients’ assets and preventing involvement in criminal activities. To achieve this, financial institutions rely on a combination of financial market infrastructure controls, regulatory reporting requirements, and internal compliance programs. These measures have facilitated the development of a trusted transaction processing system. That capable of handling trillions of dollars in daily transactions.

Banks Reinvent Risk Management with Blockchain

However, the challenges extend beyond regulatory uncertainty. Non-bank institutions that hold cryptocurrencies on behalf of clients are not mandated to adhere to the same rigorous risk management frameworks as banks. This disparity introduces additional risks into the crypto market, compounded by the sometimes-questionable financial statements of such organizations.

A deep understanding of blockchain concepts is crucial to addressing these complex issues. Blockchain, a distributed ledger system, records digital assets at unique addresses and facilitates secure communication, reflecting debits and credits. By leveraging the potential of blockchain technology, banks can enhance their risk management practices. Also, establish more robust frameworks for handling cryptocurrencies.

As cryptocurrencies evolve, the banking sector must navigate the regulatory landscape, adapt to changing market dynamics, and embrace innovative solutions. Striking the right balance between harnessing the benefits of decentralized finance and ensuring compliance with regulatory requirements will be vital for banks to thrive in the rapidly evolving world of digital assets.

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Russia Opts for Crypto Regulations Over National Crypto Exchange Setup

https://thenewscrypto.com/china-embraces-innovation-with-ambitious-web3-white-paper/

• China unveils the Web 3.0 Innovation and Development White Paper (2023).
• Beijing aims to shape itself as a global innovation hub for the digital economy, with Zhongguancun as the focal point.

In an audacious move this morning, China’s capital, Beijing, spotlighted its commitment to the evolution of the internet by unveiling an ambitious blueprint known as the “Web 3.0 Innovation and Development White Paper (2023)”.

This seminal document, touted by a local media outlet, The Paper, points to web3 technology as the “unavoidable pathway” for the forthcoming expansion of the internet industry.

The announcement was made at the high-profile Zhongguancun Forum by the Beijing Municipal Science & Technology Commission, also celebrated as the Administrative Commission of Zhongguancun Science Park.

In a creative act, the commission expressed its goal to shape Beijing into a global crucible of innovation for the burgeoning digital economy. To facilitate this, the city’s Chaoyang district will earmark a special fund of at least 100 million yuan (approximately $14 million) annually until 2025.

The bustling district of Zhongguancun, often called the Silicon Valley of China, is set to be the staging ground for this ambitious undertaking. The white paper reportedly underlines Beijing’s intent to fortify policy support and expedite technological innovations in the field of web3.

Hong Kong Crypto Rules Collide with Beijing’s Web3 Vision

This announcement is particularly interesting, as stated by Binance CEO Changpeng Zhao, given its proximity to Hong Kong’s new cryptocurrency regulations launch on June 1.

The city’s Securities and Futures Commission (SFC) delineated the regulatory shift in Hong Kong in a new rulebook released last week, greenlighting retail investors to engage in cryptocurrency trading from June 1st when the novel licensing regime for crypto platforms starts.

As the web3 landscape evolves, Beijing’s white paper signals China’s commitment to nurturing a vibrant digital innovation and development ecosystem. As the countdown to implementing Hong Kong’s new crypto regulations begins, the world will be watching to see how these bold steps toward a web3 future will unfold.

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https://thenewscrypto.com/makerdaos-dsr-proposal-reshaping-defi-with-3-33-rates/

• The MakerDAO community is preparing to vote on a proposal to raise the Dai Savings Rate (DSR) from 1% to 3.33%.
• DSR is the interest rate earned by individuals who lock their DAI into MakerDAO’s DSR smart contracts.

In a move set to shake up the decentralized finance (DeFi) landscape, the MakerDAO community is poised to vote on a groundbreaking proposal that could significantly impact interest rates across the sector. The proposal seeks to raise the Dai Savings Rate (DSR) from its current 1% to an enticing 3.33%, which could attract substantial capital and reshape the DeFi space.

Following the previous rate hike, which saw a remarkable influx of 35 million DAI stablecoins deposited within a month, MakerDAO is now poised to take a bold step forward. In a recent tweet, the Maker team announced an upcoming executive vote on the new proposal, submitted by Block Analitica via the latest Stability Scope Parameter Changes.

The DSR represents the interest rate earned by individuals who lock their DAI into MakerDAO’s DSR smart contracts. Funded by stability fees paid by users borrowing DAI against collateralized assets such as Wrapped BTC (WBTC) and Ethereum (ETH), the DSR is a vital monetary tool in balancing DAI’s demand and supply. As market conditions of the Dai economy continually fluctuate, the DSR is a globally adjusted parameter to manage short-term changes effectively.

Primoz Kordez, the founder of Block Analitica, highlighted the proposal’s potential impact: 

“The new proposal at MakerDAO will increase DAI DSR to 3.33%, which will set rates higher across the DeFi landscape. Remember that DAI in DSR is the benchmark for the safest DeFi stablecoin yield.”

With DAI holders previously earning less than stablecoin suppliers on platforms like Aave and Compound, this proposed increase could attract a significant capital inflow towards DAI DSR, consequently driving up supply rates.

DeFi Landscape Set for Transformation

Should the MakerDAO proposal pass, it has the potential to revolutionize the DeFi ecosystem by challenging the prevailing interest rate norms. The increased DSR could incentivize users to direct their funds toward DAI DSR rather than alternative platforms by offering an attractive return on investment.

As a result, the broader implications of this proposal could extend far beyond MakerDAO, introducing a new era of competition and innovation within the DeFi space.

The MakerDAO community awaits the outcome of the upcoming executive vote, as the fate of the proposed DSR increase hangs in the balance. If approved, the DeFi landscape could witness a significant shift, heralding a new era of opportunities for DAI holders and potential investors seeking safe and attractive stablecoin yields.

https://thenewscrypto.com/dash-network-in-turmoil-blockchain-glitch-sparks-stagnation/

• Dash experienced a turbulent episode in transaction processing and block production, causing a temporary stagnation in the chain’s momentum.
• The issue was revealed by Dash Core Group CTO, Samuel Westrich, through a dramatic Twitter announcement.
• The release of Dash Core v19 led to an unforeseen hiccup, resulting in the chain’s downtime.

In the wee hours of Monday morning, Dash encountered a turbulent episode in its transaction processing and block production, as revealed by the esteemed Dash Core Group CTO, Samuel Westrich. With a flair for technological drama, Westrich took to the virtual realm of Twitter to unveil a gripping tale of activation gone awry.

The unveiling of Dash Core v19 proved to be a double-edged sword, as an unforeseen hiccup seized the chain’s momentum, plunging it into an unexpected state of stagnation.

Amidst the short downtime of the Dash network, the vigilant developers issued a solemn reminder that carried a profound message. Echoing through the digital corridors, their words resounded with caution and wisdom.

“Behold,” they warned, “the blocks and transactions within the Dash realm, lacking the steadfast embrace of ChainLocks and the protective shield of InstantSend, must not be naively perceived as bearing the mark of absolute finality.”

Binance Halts Dash Mining Rewards Amid Blockchain Glitch

The recent technical glitch on the Dash blockchain had a ripple effect on Dash holdings across various exchanges. Adding to the explosive situation, the renowned global cryptocurrency exchange, Binance, took decisive action by suspending the distribution of Dash mining rewards during the blockchain’s momentary lapse.

On September 13, 2022, the Dash network implemented the v18 update, which underwent further upgrades in January following an attempted hack that led to the temporary offline status of certain master nodes. The interruption of the chain occurred due to the release and subsequent withdrawal of Dash Core v18.2.0.

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