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💰 Bitcoin Network Hits 75% Progress Towards Next Reward Halving
At 11:06 a.m. Eastern Time (ET) on April 29, 2023, at block height 787,500, the number of blocks left to discover until the next Bitcoin blockchain halving is now fewer than 52,500 blocks. This means the network has progressed 75% through the 210,000-block halving cycle, which will ultimately result in a reduction of the block reward from 6.25 bitcoins per block to 3.125 bitcoins per block. On Saturday morning (ET), the Bitcoin network progressed 75% of the way toward the next block reward halving, with fewer than 52,500 blocks left to discover until the event occurs. This milestone marks another step in the ongoing evolution of the Bitcoin network as it progresses toward its eventual maximum supply of 21 million bitcoins. The Bitcoin blockchain halves its block reward every 210,000 blocks, which occurs roughly every four years. Bitcoin has recorded three halvings so far, with the first taking place on Nov. 28, 2012. Prior to that date, Bitcoin miners received 50 BTC per block discovered, and after the first halving, it was cut to 25 BTC.
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💰 $1.5 Billion In Bitcoin Has Been Transferred To Binance In The Last 30 Days
Over the last 30 days, more than $1.5 billion in Bitcoin (BTC) has been deposited into Binance, the market’s largest cryptocurrency exchange. According to the data provided by Coinglass on the blockchain, Binance currently has 58,6549 BTC, of which 49968 Bitcoins have been deposited in the space of just the past 30 days. Another notable number that was mentioned by Coinglass was that 22590 BTC had been sent in the previous seven days, and that 5000 BTC had been sent in the previous twenty-four hours. Bifinex and Gate are two further cryptocurrency exchanges that have observed growth in their BTC holdings in the preceding 30 days. During that time period, 2767.6 and 1023 BTC, respectively, have streamed into the exchange. Furthermore, another notable metric released by Onchain analytics platform Glassnode reveals that mining Bitcoin blocks is becoming increasingly difficult, as well as the number of hash functions required to mine a single Bitcoin block has reached an all-time high. Meanwhile, Gemini, OKX, and Coinbase Pro are among the top exchanges reporting Bitcoin withdrawals, with a total of 17134, 4447, and 1273 BTC withdrawn, respectively, over the course of the previous thirty days.
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🇺🇸 U.S. House Will Have Crypto Bill in 2 Months: McHenry
The U.S. House Financial Services Committee and House Agriculture Committee will put together legislation to oversee the crypto sector in the "next two months" after holding joint public hearings starting May, said Rep. Patrick McHenry (R–N.C.), chair of the House Financial Services Committee. When asked whether such a bill could be signed by President Joe Biden in the next 12 months, McHenry told a crowd at CoinDesk's Consensus 2023 event. Sen. Cynthia Lummis (R-Wyo.), the other panellist during the session, said she looked forward to coordinating those efforts with McHenry, adding that the House had a better chance than the Senate at getting legislation through earlier. She said if the House moves first on crypto, it would "improve our chances" in the Senate. The U.S. Congress has so far been unable to get comprehensive legislation on crypto passed despite a number of bills making progress on Capitol Hill last year. But this month Republicans on the House Financial Services Committee took a swing at finding bipartisanship support for a second effort at stablecoin legislation, though bipartisan support remains uncertain.
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⬜️ OKX adds ZK-Starks to proof of reserves verification
Centralized crypto exchange OKX has integrated a type of zero-knowledge proof mechanism called ZK-Starks into its proof-of-reserves (PoR) verification, enabling users to independently verify its assets while keeping sensitive user data private. Leveraging ZK-Stark technology, OKX's Proof of Reserves (PoR) system claims to be a more privacy-focused verification of the exchange's reserves for 21 crypto assets. ZK-Stark (Zero-Knowledge Scalable Transparent Arguments of Knowledge) is a cryptographic mechanism that claims to let users to independently confirm the accuracy and authenticity of the exchange's reserves without exposing account balances to other parties. As detailed in the exchange's most recent PoR report, the combined value of bitcoin, ether and tether reserves has risen to $10.7 billion, an increase from the $8.9 billion reported in March. OKX has also expanded PoR support to include 18 new assets, in addition to the existing coverage of bitcoin, ether, and tether. However, the system does not provide insights into the exchange's potential liabilities.
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🇯🇵 FTX Japan Delays Resale To Restart Exchange
FTX Japan is said to be postponing a resale plan to launch its crypto exchange after reopening withdrawals for customers. FTX’s Japan branch plans to restart the Japanese exchange. Despite bidding interest, sales plans have been halted to maximize value. This seems possible because while most global companies associated with FTX were caught up in its debacle, only the Japanese branch was relatively unscathed and made it through a plan to reopen customer withdrawals. Besides reopening the exchange. FTX Japan recently allowed customers to withdraw money and electronic assets starting from February 21 local time. On February 16, the exchange sent an email asking affected users to check their balances in preparation for the transfer of assets. CEO Melamed is confident of meeting the schedule and will announce the resumption of withdrawals after receiving sufficient data and related approvals for the balance transfer. FTX Japan was originally a Japanese Liquid cryptocurrency exchange, and acquired by FTX in 2022. Following the bankruptcy of FTX, the Japanese branch said that Japanese customer assets will not be involved in bankruptcy proceedings in the United States.
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⚫️ SPACE ID To Launch Domain Name On The Layer 1 Sei Network
Protocol for decentralized identity SPACE ID has partnered with the Layer 1 public chain Sei Network, and SPACE ID will provide the “.sei” domain name to the Sei Network ecosystem. The combination of these two cutting-edge protocols is expected to provide significant advantages to users in the blockchain and web3 communities. Sei has already acquired notoriety as the most rapid L1 blockchain for exchanges. It is an excellent platform for traders and investors seeking quick and efficient transactions. Meanwhile, SPACE ID’s platform enables users to build, configure, and administer virtual environments for a number of reasons ranging from gaming and socializing to education and business. SPACE ID users will be able to access Sei’s cutting-edge exchange infrastructure and trading capabilities while immersed in the virtual world, thanks to the integration. Users of Sei will benefit from the cooperation as well, as they will be able to explore the virtual environments developed on the SPACE ID platform. This gives up new avenues for cooperation, networking, and socializing, all while benefiting from Sei’s quick and safe transactions.
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🟣 Kraken Asks Court To Deny IRS Request To Identify Its Crypto Customers
According to Bloomberg, in response to the Internal Revenue Service (IRS) requesting court approval in February to confirm the identity of Kraken crypto customers, the crypto exchange has applied to the federal court in San Francisco to refuse the request and has stated that it is investigating possible transactions. When discussions about reducing the scope of the government’s investigation broke down, Kraken is now seeking a federal judge in San Francisco to urge the IRS to back down. According to the government, it is looking into people underreporting their tax burden. In a court filing, Kraken said that the IRS’ request for information on cryptocurrency exchange customers amounted to an “unjustified treasure hunt,” far beyond what U.S. District Judge Jacqueline Scott Corley did with Coinbase almost six years ago. The boundary was drawn in a similar lawsuit in 2019; instead of adopting the basic rules of that case’s ruling, the IRS upped the ante, making greater requests and relying on weaker reasons. In the instance of Coinbase, the government reduced its original request, but the business refused to back down.
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🇭🇰 Hong Kong Regulators Announce Cryptocurrency License Guidelines
Crypto enthusiasts can look forward to a more comprehensive understanding of Hong Kong’s regulatory landscape in the near future. The Securities and Futures Commission (SFC) has announced its intention to release guidelines on its licensing regime for crypto exchanges in May, which would provide clarity for those operating within the industry. These guidelines were alluded to by Julia Leung, CEO of the SFC, during a recent event, as reported by Bloomberg. It appears that the SFC is taking a measured approach to crafting its regulatory framework. According to Leung, the SFC received more than 150 responses during the consultation process, which contributed to the upcoming guidelines. The SFC has emphasized that it is looking to balance investor protection and market development, indicating that it is taking a holistic view of the crypto landscape. This decision was accompanied by a warning that all trading platforms would need to be licensed by June 24 or cease operations. This signals Hong Kong’s increasing openness to the crypto industry, a move that has been lauded by many in the space.
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💰 Bitcoin Price May Reach $45,000 By Year-End, Says Matrixport Chief Researcher
Markus Thielen predicts Bitcoin to reach $45k by year-end due to US bond yield and inflation. He advises using a “fair value” roadmap for trading actions. Recently, Markus Thielen, chief researcher at Matrixport, made some bold predictions about the future of Bitcoin. According to Thielen, the price of Bitcoin may reach around $45,000 by the end of this year. Thielen explained that this is due to the US 10-year bond yield trading below 3.50%, which means that inflation will be a big tailwind for risk assets, notably Bitcoin. Despite recent volatility, Thielen believes that Bitcoin prices are exactly where they should be, based on his CPI/FOMC roadmap that he laid out in early February. He also stated that based on the January Effect, Bitcoin prices could finish the year around $45,000, which seems achievable. Thielen suggested using the predictable path as a roadmap and selling when prices are above the “fair value” level or buying when below. This means that trading actions should be taken every time Bitcoin’s price trades +10% above this level or -10% below it. Therefore, Thielen suggested selling at $30,350 and adding around $25,000. discipline are needed to stick to the data and analysis as the path to $45,000 continues.
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🔴 Avalanche Activated The Important Cortina Upgrade On The Mainnet
According to the official announcement, Avalanche’s Cortina upgrade went live on the mainnet yesterday around 16:00 UTC. According to previous reports, the Cortina upgrade includes migrating X-Chain to run the Snowman++ consensus, implying that the entire network has been migrated to a single consensus engine, reducing the size of the trusted computing base and increasing the leverage of existing R&D efforts. The Cortina upgrade also includes batch authorization rewards and a 1500 gas cap on the C-Chain. Protocol improvements in the Cortina update are incompatible with AvalancheGo v1.10.0 versions. Before activating a node on Fuji, verifiers’ software must be upgraded to AvalancheGo v1.10.0. The price of Avalanche, like the rest of the cryptocurrencies, has dropped in recent days, much to the chagrin of many investors ahead of the Cortina upgrade. Following a successful testnet launch earlier this month, the next upgrade went live on the mainnet on April 25, exceeding AVAX holders’ expectations.
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🔐 Visa Recruits Employees With Passionate About The Web3 Stack Of Technologies
Visa is looking for a software engineer who will use AI technologies to deal with blockchain smart contracts, according to a company official who tweeted on April 24. The world’s second-largest card payment firm stated in a job posting last week that it was searching for experienced software developers who are “passionate about the Web3 stack of technologies.”. Web3 refers to the next large-scale development of the internet. Last year, the company also filed fresh trademark applications that hinted at future ambitions for a crypto wallet and a metaverse product. The job listings came in the wake of industry layoffs, including those at MoonPay, Disney, GSR, and Coinbase. Visa looked to reduce its crypto activities following the collapse of the exchange and crypto brand FTX in November. The company had planned to launch crypto debit cards in 40 additional countries as part of a long-term worldwide relationship with FTX, but the project was halted when FTX went bankrupt. Employees can plan to be in the office two to three days per week for the London-based assignments.
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🏦 Cathie Wood Continues To Boost Coinbase Stock Holds Despite Over 20% Price Drop
Ark Invest, a US investment management business led by CEO Cathie Wood, increased its stake in Coinbase Global Inc. yesterday, the same day the US-based cryptocurrency exchange revealed it was suing the Securities and Exchange Commission. Cathie Wood’s Ark Invest upped its Coinbase shares holdings by roughly $8.6 million yesterday. The Ark Innovation ETF increased its holdings in Coinbase stock by 122,083 shares. Wood, the founder, chief investment officer, and CEO of ARK Investment Management in St. Petersburg, Florida, has created a reputation for herself by investing in “disruptive innovation” firms. ARK Investment aspires to invest in firms that may profit from cross-sector advances such as artificial intelligence, robots, energy storage, DNA sequencing, and blockchain technology using an iterative method that blends top-down and bottom-up research. According to the guru’s 13F filing for the three months ending March 31, she acquired six new holdings, sold out of 17 securities, and increased or decreased the number of other existing stakes.
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🪙 Ethereum’s Shanghai Brings New Potential With 1.3 Million ETHs Unstaked So Far
The much-anticipated Ethereum’s Shanghai blockchain upgrade, also known as “Shapella” by diehards, is expected to be one of those where-were-you-when moments that occur from time to time in the world of cryptocurrencies. Thus far, the total amount of unspent ETH has topped 1.3 million. Token Unlock data shows that since the completion of the upgrade of Ethereum Shanghai, about 1.37 million ETHs have been unstaked, about 950,000 ETHs have been newly deposited into pledges. Early indications indicate that Ethereum’s flawless Shanghai upgrade has piqued the curiosity of institutional investors in staking. At its core, the Shanghai Upgrade is designed to improve the performance and scalability of the Ethereum network. This upgrade will introduce a number of key changes, including new features such as a new gas model and support for stateless Ethereum clients. This is expected to help improve the overall speed and efficiency of the Ethereum blockchain, which could lead to faster transaction times and lower user fees. From April 12, Ethereum’s widely awaited technology update permitted withdrawals of about 18 million tokens worth $35 billion.
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💰 Wrapped Bitcoin Token Goes Live on Cardano Testnet
Wrapped bitcoin token cBTC has gone live on the Cardano testnet as the project’s developers seek to attract bitcoin (BTC) holders to the nascent Cardano decentralized-finance, or DeFi, network. Users can now mint cBTC tokens from the anetaBTC protocol and use the tokens to fund, trade or provide liquidity to Cardano's test network. These wrapped tokens are a 1:1 representation of bitcoin, but on the Cardano blockchain. Wrapped tokens make it easy to transfer value across blockchains, which otherwise lack interoperability, allowing users to access different DeFi protocols without the native tokens of that protocol. Various DeFi enhancements have aided the rise of such protocols on Cardano since the start of 2023, with the total value locked on Cardano-based platforms rising to over $150 million from less than $50 million. DeFi exchanges such as Minswap, Indigo and Wingriders hold most of the TVL on Cardano, with stablecoin project Djed attracting over $15 million since it went live in early March. The anetaBTC project aims to attract bitcoin liquidity to the Cardano ecosystem.
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🇨🇦 Canada’s Largest Pension Fund to Stay Away From Crypto After Writing off FTX Investment
Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX. The organization was among the prominent backers of the now-bankrupt exchange, investing $95 million. The dramatic crash, though, shrank that sum to virtually zero. Jo Taylor – Chief Executive Officer of the $190 billion pension plan .OTPP has previously shown support toward FTX, making two separate investments in 2021 and early 2022 for a total of $95 million. Back then, the exchange was among the leaders in its field while the crypto market was in a bull run. While the fund’s investment accounted for less than 0.05% of its total assets, OTPP faced criticism (like many others) for dealing with a company whose founder – Sam Bankman-Fried (SBF) – is accused of fraudulent activities. After spending a brief time in a Bahamian jail at the end of last year (shortly after the collapse), he was deported to the USA. However, the local authorities allowed him to live at his parents’ house under a whopping $250 million bond.
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🇺🇸 US Senator Ted Cruz: 'I Like BTC for the Same Reason the Chinese Communist Govt Doesn’t Like BTC'
United States Senator Ted Cruz has said he remains “incredibly bullish on bitcoin” which he described as the “alpha in the crypto sphere.” According to Cruz, people are attracted to bitcoin because they see it as a hedge against inflation and also as an “important check” against government spending. The remarks by Cruz, a Republican from Texas, came at a time when the Biden administration has upped the ante in its fight against the crypto industry. As has been reported by Bitcoin.com News since the start of 2023, U.S. officials and agencies have targeted crypto entities as part of the so-called Operation Chokepoint 2.0. The Securities and Exchange Commission (SEC) charges have ranged from illegally selling securities to American citizens to promoting these without the requisite permissions. Cruz added that the printing of trillions of dollars over the past two years had led to what he described as “significant inflation.” According to Cruz, since BTC is less “susceptible to government control” it can therefore act as an “important check” against wasting government spending.
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💰 Bitcoin transactions reach record high as Inscriptions surge
The daily number of transactions on the Bitcoin blockchain reached a new all-time high yesterday when tracked using a seven-day moving average. According to The Block's data, the on-chain metric reached a record high of over 408,000 transactions. The previous record was just over 406,000. Chinese reporter Colin Wu also noticed the record high, citing a seven-day average of 426,337.14 transactions from Glassnode data. The record-high daily average transaction count on Bitcoin may be related to Inscriptions — which have increased demand for block space on the leading blockchain. Inscriptions are the metadata added to satoshis, the smallest unit of bitcoin. They may include information as digital entries on Bitcoin's distributed public ledger. Daily Inscriptions reached a new all-time high yesterday of more than 223,000, according to data from Dune Analytics. According to Grayscale, the activity surrounding Ordinals and Inscriptions may be good for the OG blockchain. The crypto asset manager wrote that the "unexpected surge in popularity may indicate a shift in the broader perception of Bitcoin, despite its reputation as an ossified blockchain."
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🇺🇸 Bitcoin scam sees US court impose record $3.4 billion fine on South African businessman
A South African businessman was ordered to pay a record $3.4 billion penalty after a U.S. judge agreed with the Commodity Futures Trading Commission that it had engaged in multilevel marketing scam to solicit bitcoin from members of the public. Cornelius Johannes Steynberg, the founder and CEO of Mirror Trading International (MTI), was ordered to pay a $1.7 billion fine and $1.7 billion in restitution to defrauded victims — who included U.S. citizens. The sum is the highest-ever civil monetary penalty awarded for a case involving the CFTC. The order, entered by Judge Lee Yeakel of the U.S. District Court for the Western District of Texas, found that Steynberg committed fraud tied to retail foreign-currency transactions, among other violations. Steynberg, a fugitive from South African law enforcement, has been in custody in Brazil since December 2021 on an Interpol arrest warrant, the CFTC said. The regulator has permanently banned him from trading in any CFTC-regulated markets. MTI is currently in liquidation in South Africa. The pool allegedly engaged in off-exchange, retail forex trading using leverage.
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🟠 While Binance battles regulators, its $9 billion VC arm keeps growing
Now that Binance, the world’s biggest crypto exchange, and its CEO Changpeng Zhao are being sued by the Commodity Futures Trading Commission over unregistered trading activity in the United States, one might expect the business to steer clear of venture investments in the region. But Binance is nothing if not a risk-taker. “It doesn’t really touch Labs in any way that I can think of,” Yibo Ling, chief business officer at Binance, said of U.S. regulatory pressure. Binance Labs had amassed $9 billion in assets, up from $7.5 billion in August of last year, according to a spokesperson. Its money is invested in over 200 projects from more than 25 countries in six continents. Of those, 50 have been incubated by Binance Labs. On paper, the venture business has generated significant returns. Binance’s spokesperson said the outfit has delivered a theoretical return of more than 10 times what it has invested. Yet Binance seemingly has no plans to sell. “We’re buying and holding, that’s been the strategy over the past few years. With maybe a handful of exceptions, we haven’t exited,” Ling said.
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🪙 Crypto.com Announced To Partner With Samsung, CRO Price surged More Than 10%
The CRO price has increased significantly as Crypto.com recently announced a collaboration with the technological giant Samsung. The most current app update, version 3.158.1, will be made available on Samsung Galaxy Z Fold devices via the link. The app’s new capabilities will promote “increased productivity” and “multitasking,” according to the official release. Eventually, this will bring “advanced trading and analytics capabilities.” “Proud and excited to be partnering with Samsung to jointly drive digital assets adoption globally,”. As a result of this collaboration, Crypto.com becomes the first cryptocurrency platform to provide a “tailored experience” to Samsung’s Galaxy Z Fold devices. Users will get access to new tools and resources on a single screen right away. This means that customers will be able to compare many tokens at the same time more easily than any other mobile device. The platform’s native cryptocurrency CRO increased in value in the 24 hours following the announcement. CRO is currently trading in the green at $0.0753, up 2.4% in the last 24 hours. One of the ways Crypto.com is pushing hard is by forming partnerships with prominent corporations.
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🇭🇰 Hong Kong Opens New Opportunities By Allowing Crypto Firms Access to Banks
Hong Kong regulators are pressing banks to offer critical services to cryptocurrency firms as part of a multifaceted effort to promote the city as an industry powerhouse. With the pandemic gone, the Hong Kong economy is recovering speedily, and many newly created or abroad enterprises are eager to open bank accounts in Hong Kong to investigate commercial prospects. Banks are speeding up the processing of account opening applications in response to increased demand. In effect, there have been increasing complaints about how difficult it is to get an account, with some claiming that banks would reject applications owing to anti-money laundering (AML) concerns and perceived high risks. In a blog post signed by Arthur Yuen, the Hong Kong Monetary Authority’s deputy chief executive, the watchdog said it expected regulated virtual asset service providers (VASPs) to be able to successfully register for a bank account via a fair procedure. Hong Kong banks from offering banking services to virtual (VA) linked organizations.
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💰 Polygon Pos Bridge Is Now Available For Polygon zkEVM
Polygon PoS Bridge is now available for Polygon zkEVM, whose beta version was released last month. The bridge includes a number of UX changes based on community input, such as a more visible progress bar, transaction history, and recent transaction panel with color-coded completion status, time estimates for outstanding transactions, and the option to filter. The Polygon Bridge for Polygon zkEVM will provide the same user interface as the Polygon PoS mainnet. In the crypto sector, the notion of ‘Bridges’ is highly popular since it facilitates the movement of assets between multiple blockchain platforms. Bridges transmitted using zk-technology, on the other hand, are much superior to normal ones since they are totally managed by smart contracts, one on the Polygon zkEVM and the other on Ethereum. Polygon Bridge for Polygon zkEVM, users will be able to withdraw money from the Ethereum mainnet within 30-60 minutes after starting the withdrawal. The Polygon Bridge will handle some of the most popular assets among users, including as ERC-20 tokens and the enhanced functionality of ERC-777 tokens.
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💰 Baby Doge Has Announced To Integrate With Trust Wallet
The attention of cryptocurrency investors has been drawn to memes such as Dogecoin, the Shiba Inu, and Baby Doge. Although Dogecoin was instrumental in starting the crypto meme movement, subsequent meme initiatives have been responsible for the continuous expansion of the community and the raising of their status. During the bull market that began in 2021, Baby Doge Coin has amassed a significant amount of popularity. Baby Doge was just just added to KuCoin’s exchange, and the creator has announced that a virtual cryptocurrency card will be released on May 4. One of the most recent statements made by Baby Doge is that the company has been able to successfully connect with Trust Wallet. According to the information provided in the statement, the newly integrated functionality will make it possible for users to trade BabyDoge directly within Trust Wallet. The Trust Wallet is a cryptocurrency wallet that supports a wide variety of other cryptocurrencies. The wallet was made available to the public in 2017. It’s compatible with over 65 different blockchains and over 4.5 million assets.
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🔵 Circle CEO Blames The US Policy After USDC’s Massive Fall
According to Jeremy Allaire, CEO of Circle Internet Financial, the regulatory burden and regulators’ efforts to debunk the crypto market are causing the market value of USD Coin (USDC) stablecoin to continue falling. USD Coin is still one of the most trusted stablecoins in the crypto sector, but its close ties to the US have caused it to lose ground in key metrics recently. The majority of Circle’s stablecoin reserves are backed by US treasuries and cash deposits. The USDC briefly fell to as low as $0.88 before recovering a few days later. However, according to CoinMarketCap data, the token’s overall market capitalization has continued to fall and now stands at around $30.7 billion, down from a peak of more than $56 billion in 2022. Because USD Coin is OFAC-compliant, cryptocurrency exchanges, companies, and investors are abandoning it. Circle immediately froze USDC in blacklisted wallet addresses after the US Treasury Department’s OFAC-sanctioned crypto mixers like Tornado Cash. Following the Terra crisis and the FTX fallout, regulators have increased their scrutiny of stablecoins. As a result, several US-based cryptocurrency exchanges and companies are leaving the country.
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🪙 Uniswap Trading Volume Has Surpassed Coinbase, Reached $1.5 Trillion
The crypto market has seen several upheavals since 2022, but Uniswap has maintained its place in the defi field. It is remains the world’s largest decentralized exchange, with over $4 billion in total locked value (TVL) across all blockchains. Uniswap Labs claims Dune Analytics statistics indicating that the platform surpassed $1.5 trillion in trading volume in April. Due to the implementation of harsh laws in the United States, as well as the collapse of the centralized exchange FTX, investors have flocked to decentralized platforms. For the second month in a row, the platform trading volume has exceeded Coinbase’s. The recent Pepe meme trend is another reason that has contributed to Uniswap’s success. This issue has fueled interest in non-fungible tokens (NFTs), which are one-of-a-kind digital assets held on the blockchain. With many users flocking to the platform to buy and sell these assets, the platform has been at the forefront of the NFT boom. Uniswap‘s daily active users have risen to approximately 85,000, a significant increase from May 2021. This increase comes just a week after the site announced the release of a mobile wallet app to help push Defi use. This wallet solution allows customers to purchase cryptocurrencies with a 2.55% fiat on-ramp cost. It also enables users to exchange currencies on popular DeFi platforms like Polygon, Arbitrum, and Optimism.
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🪙 GMX Voted To Integrate Chainlink’s Low-latency Oracles For Fee Solution
To improve its derivatives and perpetual swap exchange, GMX will connect to Chainlink’s low-latency pricing oracles, which are meant to provide price data quicker than standard oracles. Following a community vote to integrate Chainlink’s solution to support perpetual, swaps, and liquidity in the upcoming GMX V2 protocol, the largest decentralized perpetual exchange operating on Arbitrum and Avalanche announced today that it would propose to become a launch partner for Chainlink’s low-latency oracles. Low-latency oracles are a new standard in ultra-fast oracle architecture, and they represent a significant step forward in strengthening the DeFi economy’s security, decentralization, and user experience. The proposal is available on the GMX snapshot page. At the time of publication, more than 96% of community votes have supported the integration, with 1.7 million GMX tokens being utilized to vote. A few days ago, user “Coinflipcanda” made an intriguing suggestion on the GMX Protocol Governance page. It is a collaboration with Chainlink to create low-latency oracles inside the V2 protocol to ensure traders get consistent and tamper-proof pricing feeds.
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📣 Terraform Labs co-founder Daniel Shin and nine others for multiple charges
South Korean prosecutors have indicted Terraform Labs co-founder Daniel Shin and nine others for multiple charges — including capital markets law violation, illegal trading, and breach of trust. This is a significant development in the ongoing Terra blockchain scandal, which has already seen the arrest of Shin’s counterpart, Do Kwon, in Montenegro. The indictment marks the first step in the prosecutor’s attempt to bring those involved in the Terra blockchain to trial. According to a report by Bloomberg, the Seoul Southern District Prosecutors’ Office has frozen assets worth 246.8 billion won ($184.7 million) from the indictees. This is a significant sum of money, and it remains to be seen how the defendants will respond to this development. The Terra blockchain scandal has been ongoing for some time and has already resulted in the seizure of houses, cars, and other assets from Shin and other unnamed employees of the failed crypto project. While Shin had earlier denied his involvement in the project, it is clear that the authorities view him as a key figure in the scandal. It is worth noting that previous attempts to arrest Shin in 2022 were frustrated after a South Korean court refused to grant the arrest warrant.
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💰 Bitcoin whale rouses after 12 years, moves nearly $11 million in latest awakening
A dormant bitcoin whale address, which hasn't been active for 12 years, transferred nearly $11 million in bitcoin The address in question sent 400 bitcoins in batches of 100 to another address with a cumulative U.S. dollar value of $10.9 million. The transfer transaction fee came to 19 satoshis, or $5.22, according to on-chain data. Today's awoken whale follows a recent trend of long-dormant wallets springing back to life. The wallet had been dormant since 2011, when it added 900 and then 100 bitcoin worth around $4,300 and $480 at the time, respectively, according to on-chain data via BitInfoCharts. On Thurday, a bitcoin whale address that had been dormant for over nine years transferred 2,071.5 BTC ($60.7 million) out. A day later, another whale awoke after a decade of inactivity, transferring 279 bitcoins — worth $7.8 million — to three fresh addresses. The wake-up isn't limited to Bitcoin, a long-dormant Ethereum address that participated in the blockchain's initial coin offering, or ICO, awoke after over seven years today. The wallet transferred one ether to a new address.
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📣 Terra's Do Kwon Wants SEC Charges Dismissed, Court Filings Show
Lawyers for Do Kwon, founder of collapsed crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the Securities and Exchange Commission partly because of the lack of jurisdiction, court filings from Friday show. Kwon, who has been on the run from regulators since the collapse of his multibillion-dollar crypto enterprise in May 2022, was arrested in Montenegro last month for attempting to travel with falsified documents. In its civil lawsuit against Kwon, the SEC failed to prove "personal jurisdiction" as products referenced by the regulator were "available to the world and not directed at U.S. persons," a 47-page supporting document for a motion to dismiss the charges said. It also says that a digital asset involved in the case, the stablecoin UST, doesn't fall under the purview of the SEC because it is a currency and not a security. The company also didn't conduct any public offerings of securities that warranted an SEC registration, according to Kwon's representatives. SEC Chairman Gary Gensler has been facing mounting criticism for regulating crypto through enforcement actions.
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🪙 The Cost Of Transaction Fees On BNB Chain Dropped To 3 Gwei
BNB Chain recently reported on Twitter that validators on the chain have cut the transaction fee from 5 Gwei to 3 Gwei based on the community suggestion. On March 29, the BNB Chain community released a new proposal to cut the cost of transaction fees on BSC in order to increase competitiveness, claiming that this would make BSC L1 more appealing than competing ecosystem L2 options. The proposal saiad that cutting gas prices on the layer-1 BNB Chain would make it more competitive and would also benefit future layer-2 BNB chain solutions. Apart from the large transaction volume on BNB Chain, which would provide a significant financial incentive for validators to participate, the strategy is projected to improve sustainability, attract new users, and maximize block consumption on the network. According to the proposal, by adopting this idea, both BNB L1 and L2 will gain from greater competitiveness and market flexibility, delivering a win-win solution for the whole ecosystem. Despite the huge increase, BNB Chain experienced serious difficulties in 2022.
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