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🇧🇾 Belarus Extends The Tax Exemption For Cryptocurrency Enterprises Until 2025
Belarus has stated that it would continue to provide crypto firms with a tax exemption until the year 2025. The tax exemption for miners and token creators in Belarus has been extended until 2025, allowing the country to continue to attract cryptocurrency enterprises. A directive exempting miners and operators of cryptocurrency businesses from paying value-added tax, income tax, and income tax was reportedly signed by Belarusian President Aleksandr Lukashenko this week. Previously, the law of this nation stated that crypto firms and the people working for them are exempt from paying taxes until the year 2023 has passed. The Belarusian government began providing assistance to crypto enterprises for the first time in 2017, the year in which they initially began providing assistance to crypto companies. developed an exclusive neighborhood in Minsk known as the Hi-Tech Park. The extension of the tax exemption for cryptocurrency enterprises until 2025 is a positive development for both the cryptocurrency industry and the Belarusian economy. It demonstrates the government’s commitment to supporting and promoting the industry.
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🟠 New Binance Smart Chain Proposal Seeks to Lower Transaction Fees: Report
The proposal is expected to make BSC more attactive then layer 2s. Layer 2 scaling solutions have revolutionized the space with faster and cheaper transactions, as well as increased scalability and improved privacy and security. In a bid to increase its competitiveness against rival blockchain networks, a proposal has been submitted that aims to adopt a lower transaction fee cost on Binance Smart Chain (BSC). The proposal, submitted on March 28th, highlighted the need for a more adaptive transaction cost distribution on the BSC network with a more flexible transaction fee structure in a bid to ensure efficient block utilization and attract new users. It further stated that such an approach would help sustain the BNB economy while enhancing BSC’s position in the market, especially in the multichain strategy laid down in its roadmap. According to the proposal, BSC’s high gas fees have impeded the network activity and claimed that the utilization of around 15-20% could aggravate if the gas fee is left unchecked.
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🏦 Gemini Want To Launch Overseas Crypto Derivatives Exchange
The Information reported Wednesday that the US-based cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, is aiming to start an international cryptocurrency derivatives exchange, citing two individuals familiar with the situation. The exchange would particularly provide perpetual futures, a sort of derivative that is prohibited in the United States for regular traders since it would not have an expiry date. Nevertheless, international crypto derivatives exchanges have gotten a lot of attention in the days after the Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance, the world’s biggest crypto exchange, by trading volume. Binance was accused of violating US futures trading regulations and operating unlawfully in the US, according to the regulator. Gemini’s move follows the demise of the multinational crypto exchange FTX, which created greater opportunities for other trading platforms to gain market share in derivatives trading. Coinbase, a cryptocurrency exchange located in the United States, is allegedly considering a similar deployment.
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⚫️ Fetch.ai announces fresh funding at a $250 million valuation
Fetch.ai, a blockchain platform that uses artificial intelligence to help people automate tasks, said it has raised $40 million in new funding from DWF Labs. Almost half of that amount has already been invested by DWF, Fetch.ai founder and CEO Humayun Sheikh told The Block in an interview. The rest will be invested in the next month, Sheikh said, adding that initial talks with DWF began in late January. The funding is a mix of equity and Fetch.ai (FET) tokens at a combined valuation of around $250 million, Sheikh said. He declined to comment on DWF's vesting period for the token part of the investment but said the web3 investment firm, which is also a market maker, is not and will not be a market maker for FET as part of the deal. Given the rise of AI tools, such as OpenAI's chatbot ChatGPT, Sheikh expects a brighter future for the Fetch.ai ecosystem. Current AI tools don't help perform routine tasks, Sheikh said, adding that Fetch.ai will be a "game changer.". UK-based Fetch.ai is looking to grow its ecosystem, especially in Asia.
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🪙 USDC Launches On Cosmos For Seamless Crypto Management
Circle’s USDC, the second-largest stablecoin on the market, is set to launch on Cosmos. This is a big step for Circle, which first announced its intent to launch on Cosmos in September 2022. Circle has teamed up with Noble, an issuance chain built on Cosmos. As Circle’s issuance partner, Noble will help to ensure that over 50 IBC-enabled blockchains on the network have access to native USDC. The launch of USDC on Cosmos was propelled by dYdX’s announcement that it would also be launching on Cosmos. This popular decentralized exchange has announced plans to build a proprietary IBC-enabled app chain, which will open up its service to millions of Cosmos users. This is a significant development for the Cosmos network, as it will help to increase the adoption and usage of the platform. With the launch of USDC and other stablecoins on Cosmos, it is clear that the platform is becoming an increasingly important player in the world of decentralized finance. With this launch, Circle hopes to fill that gap and provide users with a stablecoin that is reliable and easy to use.
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🪙 FTX Notes To Creditors That Claims Term Has Not Been Determined
FTX has emailed creditors on a large scale, including customer codes and claim assets to emphasize that the deadline for claims has yet to be determined by the court. The body of the email emphasizes that the court has not set a deadline for filing a lawsuit or proof of interest against the debtor. When the court sets the deadline, all known creditors will be notified of the deadline and instructed on how to file a claim or statement of interest of evidence. Meanwhile, on March 28, according to US federal officials, the accounts of suspected hedge fund Alameda Research – owned by Mr. Bankman-Fried – were ordered to be frozen by Chinese police around November 2021. The US Department of Justice alleges that Bankman-Fried and several other individuals transferred at least $40 million in cryptocurrency to at least one Chinese official to “influence and persuade” them to stop freezing several accounts. Bankman-Fried and his associates are suspected of using “multiple methods” to reopen accounts containing a total of about $1 billion in cryptocurrencies. However, these measures could have been more successful.
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🇪🇺 Crypto anti-money laundering rules passed by MEPs
Members of the European Parliament's economic affairs and home affairs committees have voted in favor of the anti-money laundering regulation, with 99 for, eight against and six abstentions. After weeks of back-and-forth negotiations between policymakers and stakeholders, the committees’ members agreed on their version of the text. The vote allows the files to enter the next stage of negotiations where the Parliament. For crypto, there are multiple implications. For one, decentralized autonomous organizations, NFT platforms and DeFi platforms will be subject to the AML rules. They will be obliged to comply as long as they are “controlled directly or indirectly, including through smart contracts or voting protocols, by identifiable natural and legal persons,” according to a draft obtained by The Block. Unlike the EU’s soon-to-be-enforced Markets in Crypto-Assets regulation, the anti-money laundering bill does include decentralized platforms as obliged entities. The aim of the AML file is to close the regulatory gap.
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📣 Bitdeer Will Be Listed On Nasdaq With A Valuation Of $1.18 Billion
The U.S. Securities and Exchange Commission (SEC) has announced that the F-4 registration statement of Bitdeer Technologies Group (BTG) has come into effect. This form is the same as that previously announced by Bitdeer and Blue Safari related to the proposed business combination. Blue Safari will hold an extraordinary general meeting of shareholders on April 11 to approve business mergers and other matters. The business combination is expected to close shortly after approval by Blue Safari stockholders and the satisfaction of other customary closing conditions described in the proxy statement and registration statement. Blue Safari’s board of directors advises that its shareholders vote “for” all proposals in advance of the EGM over the internet or by signing, dating, and returning the proxy card upon receipt, as directed on the proxy card. Blue Safari Group Acquisition previously announced a possible merger with cryptocurrency mining business Bitdeer in 2021. The $4 billion transaction was initially scheduled to conclude in the first quarter of 2023.
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🏦 Coinbase Wants To Create New Flatcoin On Its Layer 2 Network
Coinbase announced that flatcoins, or inflation-pegged stablecoins, will be required for the Base network to function. This strategy helps to stabilize the value of flatcoins and is a fantastic choice for individuals who do not wish to retain volatile cryptocurrencies. The Base Network provides a more stable alternative to standard cryptocurrencies by tying flatcoins to inflation rates. On its Base network, Coinbase is experimenting with “flatcoins.” Coinbase recently stated that “flatcoins,” or inflation-pegged stablecoins, will be required for the Base network to be established. This is one of four essential advancements that will be developed on the exchange’s layer-2 network. Since most stablecoins are tied to the US dollar or a fiat currency, this might be a dangerous move for an exchange. Coinbase’s flatcoins will be backed by the price of living. This will be accomplished by following the consumer price index and inflation statistics. The Base network’s introduction sparked curiosity.
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💰 Bitcoin To Make Explosive Impact On Africa’s Banking System
Bitcoin is increasingly recognized as a transformative alternative to Africa’s financial system. It has the potential to bring financial power to people who would otherwise have none, as per CNBC. In countries where most people don’t have bank accounts, national currencies are no longer reliable for storing value. Remittances, which make up a large part of GDP, are crucial for survival. Moving money on the bitcoin blockchain at its base layer. Bitcoin’s Lightning Network helps alleviate the challenges of moving money on the bitcoin blockchain at its base layer. It slashes the cost of transactions to virtually zero and enables nearly instantaneous payments around the world. This technology has the potential to reduce the cost of transactions and enable people to send digital payments directly to one another without relying on credit and without incurring multiple settlement fees along the way. In Africa, companies like Western Union and MoneyGram have an extensive physical network of storefronts catering to unbanked people.
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🇮🇳 India to Have Over 150 Million Crypto Users by the End of 2023
India’s crypto adoption rate could surpass that of the US and the UK by the year’s end. According to a recent Statista report, India’s crypto community could surge to more than 156 million members by the end of the year. Most people expected to jump on the bandwagon are educated younger individuals with middle-income status who seek alternatives to the shaking banking system. The survey estimated that over 11% of India’s population will have dived into the cryptocurrency sector by the end of 2023. The country’s crypto adoption rate is expected to surpass that of the United States, the United Kingdom, Japan, and Russia. Statista determined that most Indians who deal with digital assets are well-educated and aged between 18-40. Previous studies show that youngsters are most likely to interact with the industry in other countries, too. India’s cryptocurrency market could offer profits worth approximately $3.3 billion this year, while revenues could explode to nearly $6 billion by 2027.
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🇻🇪 Venezuela shuts down crypto mining facilities, exchanges amid corruption probe
According to Venezuela’s attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department. Venezuela’s energy supplier has shut down crypto mining facilities throughout the country as part of a reorganization of the national crypto department and ongoing corruption investigations involving the country’s oil company. According to local media reports, crypto mining companies, and tweets from Venezuela’s National Association of Cryptocurrencies, mining facilities were shut down in the past days in the states of Lara, Carabobo and Bolívar. It is unclear how many crypto firms were affected. Some crypto exchanges were also ordered to cease operations. The closure of crypto mining facilities is believed to be part of an ongoing investigation of corruption involving Venezuela’s oil company PDVSA and the country’s crypto department. Venezuela’s attorney general, Tarek William Saab, disclosed on March 25 that government officials were allegedly running parallel oil operations with the assistance of the national crypto department.
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🔵 Xapo Bank Partners With Circle to Integrate USDC Payment Rails
Bitcoin custodian and licensed private bank Xapo announced partnering with the fintech firm Circle to integrate USDC payment rails. Xapo has become the first licensed bank in the world to add outrails to its existing USDC on-ramps. The new feature is expected to allow members to bypass costly and time-consuming SWIFT payments and instead deposit and withdraw via the stablecoin. The bank will not charge any fees for the service. According to the official press release, Xapo will be offering a 1:1 conversion rate from USDC to US Dollar. With all the stablecoin deposits automatically converted to USD, the depositors of the bank will be able to rake in benefits from a 4.1% annual interest rate return. The announcement stated that Xapo is a fully licensed and regulated bank and a member of the Gibraltar Deposit Guarantee Scheme (GDGS), which protects depositors’ dollar deposits up to $100,000. The bank further clarified that it is not involved in staking activities of any crypto deposits, nor does it have any exposure to the crypto markets since all deposits are automatically converted to USD held by the bank.
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📣 Nasdaq to Offer Crypto Custody Services by Mid 2023
The stock exchange will seek to complete all regulatory requirements and roll out the service by the end of Q2. The leading stock exchange – Nasdaq Inc. – could make another push toward the cryptocurrency sector by launching custody services by the end of the second quarter of this year. Fidelity and Bank of New York Mellon are other financial behemoths that offer such options. Ira Auerbach – Senior Vice President and Head of Nasdaq Digital Assets – said in a recent interview that the global exchange group will aim to obtain all necessary approvals and form the technical infrastructure for the platform in the following months. It has also applied to the New York Department of Financial Services for a limited-purpose trust company charter, which is supposed to monitor the new business. Other well-known names in the financial field who already act as crypto custodians include America’s oldest bank – BNY Mellon – and the brokerage giant – Fidelity Investments.
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🦊 MetaMask adds EIP-4361 so users can securely log into websites with its crypto wallet
MetaMask now supports "Sign In with Ethereum," a feature that enables people to securely use its crypto wallet to authenticate web services. The popular web3 wallet has implemented the EIP-4361 standard, which aims to provide a more standardized way for Ethereum account holders to authenticate themselves on off-chain services. The wallet project partnered with digital identity and data provider Spruce on this integration. With EIP-4361 implementation, users of wallet projects like MetaMask can sign a standard message format to log in to websites. Supported websites will present users with a pop-up to review details, including the website name, session details and security mechanisms — such as a nonce — and verify the correct domain name to protect against unauthorized access from malicious sites. This offers a self-custodial alternative to centralized identity providers such as email or phone numbers. Developers first introduced Ethereum Improvement Proposal (EIP) 4361, or Sign In with Ethereum, in 2021 as a mechanism for wallet providers.
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💰 Bitcoin miners report best monthly revenues in 10 months
Bitcoin miners are on track to hit their best month in terms of revenue since May 2022, when Terra collapsed and crypto winter really started chilling the industry. Hashrate refers to the total computing power from mining machines plugged into the network, and it has gone up by about 20% since the start of the month. Miners brought in at least $718 million in March so far, according to data from The Block Research. "With the bitcoin price run, we saw another month of meaningful increase in hashrate, which in turn accelerated block times and resulted in more value being generated for the mining industry as a whole both in terms of BTC and USD," said Charles Chong, Foundry's senior manager of business development. Revenue for miners had been on a decline since March 2022, at the same time bitcoin traded lower. That, combined with a spike in energy prices, drastically thinned margins for companies in the space. At the same time, transaction volume on the Bitcoin blockchain also jumped from $499.34 in February to $689.68 in March as of Thursday.
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🔐 Ledger Taps $1.4 Billion Valuation After Securing $109 Million Funding
The hardware wallet manufacturer, Ledger, has secured a $109 Million funding round and is expected to conduct two more this year. On March 30th, Ledger, the firm behind hardware wallets like the Nano S and Nano X, announced the successful closure of its Series C extension fundraising round, raising a total of $109 million to optimize and expand wallet production. Thanks to the funding, Ledger has attained a valuation of €1.3 billion – nearly $1.418 billion). According to Bloomberg, the french hardware company plans to have a second and third closing in April, owing to high investor interest. In an official statement, Pascal Gauthier, Chairman & CEO of Ledger, expressed his gratitude to investors who have supported the company’s growth, welcoming new ones who will help the firm lead the “undeniable revolution of value and hardware.”. According to Gauthier, the funds raised will expedite the firm’s mission to distribute its devices to hundreds of millions of people in the crypto ecosystem. These funds will catalyze a new generation of devices built with safety in mind when managing digital assets and other products using blockchain technology.
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⬜️ OKX Returns $157 Million In Frozen Assets In Response FTX Bankruptcy Process
OKX said that it would release over $157 million in frozen assets connected to FTX and Alameda Research to creditors. In the days of FTX’s demise in November 2022, OKX said it undertook investigations to uncover any FTX-related transactions on its exchange. After uncovering assets and accounts related to FTX and Alameda Research, the exchange protected the assets and froze the associated accounts. OKX examined if there had been any FTX-related transactions on its platform in the days leading up to FTX’s demise in November 2022. When these assets and accounts were identified to be related to FTX and Alameda Research, OKX took quick measures to freeze the relevant accounts and secure the assets. The exchange said that it would continue to work with FTX debtors and law enforcement authorities in the expectation that these assets would be restored to FTX users via the bankruptcy process. OKX is now one of the exchanges that are increasing its operations. OKX said its plans to create a new office in Australia in the coming months.
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💰 Bitcoin profits are taxable, Denmark's Supreme Court says
The Supreme Court of Denmark ruled that profits from the sale of bitcoin constitute a taxable event, upholding a previous ruling by the Danish High Court. The Supreme Court considered two instances of profiting from bitcoin. The first involved an entity that acquired bitcoin from a third party and the second involved miners who earn bitcoin as a reward for securing the network. For people in the first instance, the court ruled that their bitcoin purchase was speculative in nature. As such, any sales by them should not be tax-free according to Denmark’s State Tax Act. As for miners, the Supreme Court ruled that their bitcoin acquisitions via mining constituted revenue and should attract taxes if they sell. In 2018, Danish tax authorities identified 2,700 individuals owing taxes on bitcoin profits. At the time, it was reported that these individuals sold $8 million worth of bitcoin via a Finland-based exchange. The Court ruled that both entities would have a tax liability if they sold their coins.
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🦊 MetaMask Warns Users About Fake Airdrops On March 31
MetaMask refuted the rumor that it would perform a snapshot for airdrop users on March 31, which has been making the rounds on social media. Metamask said that no information on the timing of the Airdrop/Snapshot or other associated activity has been disclosed. The community should exercise caution with current information that has been extensively disseminated. The majority of the material given about Airdrop is bogus information used by crooks for evil reasons or scams. On the evening of March 26, the Telegram group “eezzy’s diary” published an article on the disclosed inside knowledge. As a result, Metamask has stated that the “snapshot” list for an airdrop will be closed on March 31, and the company plans to launch the MASK token in Q1 of 2024. This information was shared by an investor using the Twitter handle “serp1337.eth,” and it soon spread to over 768,000 individuals, attracting the attention of the financial community. Afterward, he revealed that they planned to introduce a token.
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⚪️ Lido Issuing NFT Attached To User’s ETH Withdrawal Request
Lido, a staking liquidity protocol, has announced its NFT issuance plan, and each NFT represents a user’s ETH withdrawal request. The most significant decentralized finance (DeFi) platform by total value locked revealed intentions to create a non-fungible token (NFT) to reflect a user’s withdrawal ETH request amount as part of the process of unstaking their ether during its Node Operator Community Call. Lido was the first to provide liquidity access to ETH holders looking to stake their tokens by issuing a derivative token, stETH. Mariya Muzyko, product manager of Lido, said that users could quit staking stETH on this protocol and receive ETH at a 1:1 ratio. After a user requests a withdrawal, they will receive an NFT issued by Lido representing their withdrawal request. Users can then use NFT to receive their ETH rewards. After the user redeems their ETH, the NFT will be destroyed. Each NFT is transferable, meaning a user can transfer the NFT to another address, making the new address the corresponding ETH reward.Lido says that if users decide to sell their NFTs on the secondary market, they will not collect royalties.
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⬜️ OKX Applied For Virtual Asset Licenses To Launch Its Hong Kong Entity
OKX, the world’s second-largest crypto exchange by trading volume, announced the formation of a Hong Kong corporation for the purpose of establishing virtual asset services in Hong Kong and the intention to apply for a virtual asset service provider (VASP) license. OKX has spent more than a year preparing to meet expected regulatory requirements in terms. The VASP license is issued under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance 2022, which goes into force on 1 June 2023, while the Type 1 and 7 licenses are issued under the Securities and Futures Ordinance. OKX has lately extended not just to Asian markets but also to other prospective markets. Earlier, the exchange introduced Turkish Lira (TRY) deposits and withdrawals for Android, iOS, and the web, simplifying trading for Turkish users. The new report, which is accessible on its website, provides on-chain and off-chain asset balances, as well as a comprehensive list of wallet addresses. The sixth monthly Proof of Reserves report shows the exchange holding $8.9 billion in Bitcoin.
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🇭🇰 Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks
According to Bloomberg, regulators in Hong Kong, China, are calling for meetings between crypto firms and bankers to create financial conditions for the industry to make the region a crypto hub. The roundtable will be held at the Hong Kong Monetary Authority on April 28 “to facilitate face-to-face dialogue” and “share experiences and practical views on opening and maintaining bank accounts.” goods,” according to event details obtained by the news agency. The conference will be co-hosted by the Hong Kong Monetary Authority and the Securities and Futures Commission, two regulatory bodies that oversee stablecoin and cryptocurrency exchanges. As mentioned earlier, last year, Hong Kong revealed plans to turn itself into a hub for digital assets and thrive on Web3 technology. At the same time, China still has its tightening policies on digital assets. The company also provides virtual asset services and mining operations. The idea was also tacitly endorsed by the Beijing government as the Hong Kong branches of the Bank of Communications of China, Bank of China, and Shanghai Pudong Development Bank.
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💰 Celsius Customers’ New Bar Date Is Scheduled For April 28
After the Customer Contract Decision, Celsius just stated that it is changing its scheduling after months of litigation. This change allows you to provide proof of claim within the specified time range. The new deadline, dubbed the Bar Date, is scheduled for April 28, 2023. According to the Celsius Unsecured Creditors Committee (UCC), Judge Glenn said in the recent customer claim ruling. The court has issued a Bar Date Order, which establishes deadlines for filing proofs of claim, accepting procedures and notifications, and providing relevant remedies. Another court order has extended the Bar Dates, and the Debtors have updated their Schedules and Statements to reflect that only Celsius Network LLC is responsible for contract claims related to the Earn, Custody, and Withhold programs, and only Celsius Lending is responsible for contract claims related to the Borrow program. Celsius previously disclosed that it had struck an agreement with the Custody Ad Hoc Committee and the UCC on a Settlement that would restore most digital assets.
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💰 Burger King in Paris now accepts Bitcoin and crypto payments
The international fast food giant Burger King has introduced Instpower power bank rental machines that accept cryptocurrency payments at its Paris locations. The machines are connected to crypto payment services Alchemy Pay and Binance Pay. Binance Pay and Alchemy Pay, Instpower, the industry-leading power bank charging service, now accepts cryptocurrency payments in assets such as Bitcoin from its customers at over 14,000 sites across the globe. The latest news of Parisian Burger King is a major milestone for both the global fast food giant and the widespread use of cryptocurrencies as a means of payment for goods and services. Because of its borderless nature, crypto is a suitable payment option for Instpower’s shared power banks, which travelers often use to charge their gadgets while on the road. To facilitate the acceptance of cryptocurrency payments by brick-and-mortar and virtual storefronts alike, Alchemy Pay introduced the first hybrid merchant payment acceptance solution in 2019. Almost two million businesses in seventy or more countries participated in the fiat-crypto payment acceptance system in 2021.
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💰 Ripple (XRP) Social Mentions Surge as Price Reaches 4-Month High
Ripple (XRP) is the best-performing top 10 crypto assets of the last seven days after it gained more than 21% during the period, according to BeInCrypto data. According to Lunar Crash data, the positive price performance is corroborated by its soaring social metrics. The data aggregator noted that when the market and social performance are combined. Per Lunar Crash, XRP’s social volume reached 5,967, while its social engagements were 14.9 million over the last 24 hours. Its weekly performance showed that its social engagement rose 105.9% to 245.57 million, and its mentions grew 26.4% to 80,720. During the period, XRP had up to 3,440 unique social contributors per hour for the token. Many within the XRP community actively pushed the token on social media as they believed that its parent company Ripple would win its case against the U.S. SEC. Ripple recently submitted a new filing for its fair notice defense. The filing referenced the decision of Judge Michael Wiles of the U.S. Bankruptcy Court.
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🔵 Circle USDC Circulation Fell By $2.1 Billion In The Last Week
According to official data, from March 17 to March 24, Circle issued a total of USD 500 million USDC, redeemed USD 2.6 billion, and circulation declined by approximately USD 2.1 billion. As of March 17, the entire circulation of USDC was 34.6 billion US dollars, while the reserve was 34.6 billion US dollars, including 5.6 billion US dollars in cash and 29 billion US dollars in short-term US government bonds. Circle’s problems began with the closure of SVB, where the stablecoin issuer stored US$3.3 billion of its assets. The money is designed to back USDC 1:1 with the dollar. USDC depegged for almost 36 hours, falling as low as 85 cents. This decline in circulation might be attributable to a variety of things, including a shift in market trends or a shift in customer tastes. Additionally, it may be worthwhile to investigate alternative solutions to this problem, such as expanded marketing efforts or collaborations with other firms, in order to drive up demand and enhance circulation.
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📈 DeFi TVL Reaches 2023 Highs as Lido Liquid Staking Expands Its Lead
Total value locked (TVL) in the decentralized finance (DeFi) sector has surpassed $63 billion, with Lido Liquid Staking expanding its TVL beyond $10 billion. Based on data by DefiLlama, this is a record high in 2023 when including the staking market in the DeFi TVL. However, without staking, this is the second time this month that the TVL. The largest liquid staking protocol, Lido, has expanded its TVL on five chains. It has gained close to 3.6% in the past day, with a dominance of 16.9% in the DeFi market. The TVL of the Decentralized Autonomous Organization (DAO) includes staked tokens on various chains. Lido has the highest presence on Ethereum, with a value breakdown of $10.75 billion. The rest of the liquidity is distributed on Solana, Moonbeam, Moonriver, and Terra Classic. Notably, Lido increased its TVL from $1 billion in April 2021 to $10 billion for the first time in November of the same year.
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🪙 Ethereum Shapella Upgrade: Bug Bounty Doubled to $500k
After deployment on Ethereum’s mainnet, Shapella will enable staked ETH withdrawals for the first time. With the much-anticipated Shapella upgrade just around the corner, the Ethereum Foundation has increased the bug bounty. In the 105th All Core Developers Consensus (ACDC) call, Security Researcher at the Ethereum Foundation – Fredrik Svantes. The bug bounty program offers financial compensation to individuals or groups who find security flaws or vulnerabilities in an organization’s systems. In the case of Ethereum, the rewards depend on severity which is calculated according to the OWASP risk rating model based on impact on the network as well as likelihood. Its bug bounty program includes soundness of protocols (the blockchain consensus model, the wire and peer-to-peer protocols, proof of stake, etc.) and protocol/implementation compliance to network security and consensus integrity. It further includes classical client security and security of cryptographic primitives.
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📣 zkSync Releases Important Update Execution Delay For Security Mechanism
According to the official Twitter, the Ethereum Layer 2 network based on ZK Rollup zkSync has released an essential update of the security mechanism: the introduction of Execution Delay. Because security comes first, the network has completed robust testing, multiple level 1 security checks, public contests, and bug bounties. It has a system running on the test network implemented carefully and gradually over a 12-month period. Execution latency means every block of L2 committed to L1 will have a time lock until it is executed and finalized. Initially, this delay will be 24 hours, and as the system matures, this delay will gradually decrease until it is eliminated. The execution delay ensures that there is enough time to validate transactions in a block before the block becomes final. It will be able to prevent rapid exhaustion of the protocol if critical bugs are discovered and exploited. With the update, the zkSync team will monitor each block and can investigate any anomalies and warning signs, such as rapid outflows or substantial withdrawals.
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