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🐴 Uniswap Considers New Proposal To Distribute 4.4 Million ARBs
According to the governance page, Erin Koen, one of the Uniswap Foundation’s administrators, asked for recommendations from the Uniswap community on how to divide around 4.4 million ARBs. The proposal process will span two weeks, ending on June 7. Proposals that have received community response should be integrated into new temperature check proposals at that time, in accordance with the authorized governance procedure. Delegates with sufficient voting power are also urged to contact out. The Arbitrum DAO has reportedly given a part of its governance token protocols that have built on and contributed to the success of the Arbitrum ecosystem. Uniswap will get 4.4 million ARB tokens as part of this distribution. Earlier, three important Uniswap participants started talks about a prospective deployment on Coinbase’s Layer 2 blockchain Base. If the request is granted, it will help Coinbase’s initiative. v3 is currently available on a variety of EVM-compatible chains, including Ethereum, Celo, BNB Chain, and other Layer 2 networks such as Arbitrum. Contributors are currently focused on Base as a potential future launch network. Despite Base being in the test phase.
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🏦 Coinbase takes lobbying effort to DC airwaves with new TV ad
Coinbase, the crypto exchange in a long-running dispute with U.S. regulators, is taking its public outreach to airwaves in the nation's capital, running a new TV this week to confront what it says is a "naive view" of digital assets. "Fundamentally, crypto is not a financial product," Armstrong said. "It's a technology that can update all kinds of financial products. It can improve settlement times. It can make it cheaper to send money to your family overseas in another country." Coinbase has been embroiled in a lengthy fight with the Securities and Exchange Commission and has been pushing for new rules for the industry. SEC chairman Gary Gensler has accused crypto markets of being “generally non-compliant” and doesn't believe new rules are needed. The crypto exchange has been active both inside the courtroom and out, earlier this month creating a Global Advisory Council that includes former U.S. Senator Patrick Toomey, in addition to former U.S. Congressmen Tim Ryan and Sean Patrick Maloney. The company has warned that an unfavorable regulatory climate in the U.S. could push development overseas. U.S. could face a national security issue like it saw after many advancements in 5G technology.
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🪙 Number of Ether Staked Has Surged By 4.4 Million Since Shapella Upgrade
Interest in staking ether (ETH), or locking coins in the Ethereum network to earn passive yield, has surged since Ethereum implemented the Shapella or Shanghai upgrade on April 12. Data tracked by Glassnode show more than 4.4 million coins have been deposited into the staking contract since April 12, taking the tally to 22.58 million. "The surge in demand for staking probably originates from large Ether holders. The staking demand has surged despite a waiting time of over one month, as previously reported. As of Tuesday, ether holders looking to become a validator on the network would have to wait for 36 days, according to data source wenmerge.com. Currently, more than 50,000 perspective validators are in the queue. At press time, staking ether offers an annualized yield of 4% to 5%. Validators are entities tasked with processing transactions and storing data on the blockchain and need to deposit at least 32 ETH. Ether owners continue to establish themselves as network validators, enticed by an annual yield of around 4-5 percent through token staking.
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💰 Bitcoin's Trading Range Narrows to Tightest in Months
The crypto market has become boring, with bitcoin (BTC), the world's biggest digital asset by market value, settling into the tightest price range for months despite lingering concerns about the stability of U.S. regional banks and the country's debt ceiling. The range, or the difference between the high and the low reached in the seven days to May 21, was 3.4%. That's one of the narrowest in the past three years. Narrow trading ranges indicate that neither bullish nor bearish perspectives dominate the price action. That typically happens when markets face competing influences and narratives. While lingering U.S. banking sector issues favor the upside in perceived haven assets like bitcoin, the unresolved deadlock in debt ceiling negotiations and the recovery in the dollar index suggest otherwise. Eventually, some influences take a back seat, leading to a sharp widening of the trading range or a strong move in either direction. Traders typically set up price-agnostic strategies like straddle and strangles when anticipating an exit from tighter trading ranges.
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🦊 ConsenSys Clarifies MetaMask No Tax On Cryptocurrency Transactions
According to an official announcement yesterday, ConsenSys, the MetaMask wallet application’s parent company, does not collect taxes from crypto users. The largest cryptocurrency wallet platform on the market clearly states that the tax portion of the “tax and payment” scope is only related to products and paid plans offered by ConsenSys – such as Ethereum API Infura subscriptions paid via credit. People may have misunderstood some legal terms, but it should be emphasized that this does not apply to MetaMask and other products that do not collect sales tax. Previously, the crypto community had been whispering about the terms of service updated by MetaMask and ConsenSys in April 2023. In it, section 4.3 notices that the company will withhold taxes and other fees, penalties, interest, and fees to the government. The above statement quickly appeared on Reddit and received mixed opinions, most of which were critical. Rumors even went as far as to think MetaMask would freeze user funds because of tax issues. However, nothing in the platform terms of service reflects or in any code that allows the project to do this. Although MetaMask users do not need to pay consumption tax, crypto investors are still required to report and pay tax on profits in most jurisdictions worldwide. MetaMask, once admitted, users should still pay taxes in full.
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🔐 Former Ledger CEO Says New Function Is A PR Failure
The crypto community reacted angrily to the debut of Ledger Recover, a service that lets users of the hardware wallet back up their secret recovery phrases. Ledger co-founder and former CEO Éric Larchevêque, who worked at the company from 2014 to 2019, saw the criticism directed at the wallet as a pure PR failure, not a technological one. In addition, the problematic feature gave the firm access to client seed phrases and required Verification credentials. According to him, the FUD and controversy that erupted in the aftermath of the update did not help things. The security model is the same as it was before customers were aware of Ledger Recover. Trusting Ledger by sharding the seed phrase is analogous to trusting the wallet with transaction signing, according to Larchevêque. In response to a user’s suggestion to have two distinct firmware versions to eliminate backdoor issues, he said that it wouldn’t alter anything and would be disappointing for him personally. It’s not the first time Ledger has been involved in a contentious public relations debacle. That is also not the first time that corporate leaders have defended their products at the cost of their consumers.
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🪙 Tornado Cash DAO Suffers Major Setback As Fraudulent Votes Lead to 40% Token Drop
Over the weekend, an unidentified attacker or group of attackers have taken over The DAO that handles all operations, funds, and future plans of Tornado Cash, a privacy-focused crypto mixer. Decentralized autonomous organizations (DAOs) allow token holders to lock up their holdings as votes to propose changes to a project. These changes can range from deploying treasury funds to purposes that benefit the project to expansion on other networks. The attacker floated a malicious proposal that hid a code function to grant them fake votes that can now be used to handle some aspects of Tornado Cash, such as torn (TORN) tokens held in the main governance contract or withdrawal of locked torn tokens. This was done by putting forth a proposal that imitated an earlier version, except with some malicious code that allowed for the update of logic, giving the attacker access to all governance votes. As a result, the attacker now has all votes, which means that they have complete control over the DAO. Security researcher @samczsun tweeted on Sunday that “Now that they have all the votes, they can do whatever they want
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🪙 Aave Is Proposing ENS And 1INCH Support On Aave V3 Ethereum
The Aave community is conducting ARFC voting on the two proposals of adding 1INCH and ENS to the V3 market on Ethereum. If a consensus is reached and the proposals are refined, ARFC will be submitted for snapshot voting for final approval. Both ballots will close on May 20. In addition, the Aave community is conducting a temperature check vote on the proposal of adding ARB to the V3 market on Arbitrum. If the vote is passed, it will enter the ARFC stage. Voting on the proposal will close on May 23. Since the ENS and 1INCH in the migration plan have a low market cap and trading volume, Chaos Labs, the team driving the effort, has set borrow limitations to account for no more than 1% of the average daily trading activity. The supply cap was calculated using the supply cap approach and V2 data. They have also updated the IR Slope1 to reflect changes in interest rates over the last few months, as well as the liquidation bonus levels to match current liquidity levels in DEXs. By allowing borrowing, it enables users and institutions to take a distinct stance on this Governance token as the network evolves and a decentralized community emerges.
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💰 Bitcoin Payments App Strike Expands to More Than 65 Countries From Three
The Bitcoin-focused payments firm Strike is expanding its app to more than 65 countries from the current base of the U.S. and El Salvador. The Strike app uses Bitcoin and Lightning – a secondary network for cheaper and faster bitcoin transactions – to offer global payment and cross-border money transfer services. The app now sports a brand new user interface and also gives users the ability to hold funds in bitcoin (BTC) and tether (USDT). Strike says the expansion will increase its total addressable market to almost 3 billion people. “Our end goal is to address the 7 to 8 billion people in every single country,” said Manuela Rios, Strike’s vice president of product, in an interview with CoinDesk. Rios says the app’s new user interface will feature a seamless onboarding experience, something she said the company has been working on for years. Strike, led by Jack Mallers, currently operates in the U.S. and El Salvador. “If you are in the United States the apps are gorgeous; there's a really high bar for design,” Rios explained. “Unfortunately that's not the case when you download apps abroad.”
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💰 Lido Gives Users Withdraw stETH A Transferable NFT Like A Receipt Web3
According to Nansen, Lido Finance will send users an NFT as a Web3 receipt when the recipient submits a request to withdraw their staked ETH. Nansen, a blockchain analytics company, has released a document stating that after Lido Finance submits a request to withdraw stETH, users will receive NFTs. Once the withdrawal request is accepted, the NFT image will be updated, and the withdrawal will be notified. Subscribers, and users can use this NFT as a Web3 withdrawal receipt. According to information revealed by Twitter @lido_intern, the ETH withdrawal NFT offered by Lido Finance is transferable, meaning users can send it to any ETH wallet they wish to receive without being stolen. Besides, these NFTs can be traded on the secondary market, as the next NFTs in the queue will be traded at a higher rate as some investors will pay more for faster withdrawals. At the end of May 15, Lido Finance successfully upgraded to version V2 – a significant change that allows users to withdraw staking Ethereum from the platform. Previously, the protocol opened voting on the implementation of V2 on May 12. Lido V2 has been continuously tested and undergone 9 rigorous evaluations.
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🏦 Coinbase Praises Canada’s Crypto Approach as U.S. Regulatory Pressure Intensifies
Crypto exchange giant Coinbase (COIN) says it loves Canada, where the rules have been set out and companies are able to engage with the regulators, compared with the U.S.’s lack of clarity and regulation by enforcement for the industry. Coinbase is currently at loggerheads with the Securities and Exchange Commission (SEC), which has warned the exchange that its going to be targeted with an enforcement action for violating securities laws. The recent U.S. regulatory crackdown has also spooked many companies and investors, who are already looking to relocate to other jurisdictions. Meanwhile, Canada is also putting pressure on the industry through its Pre-Registration Undertaking (PRU) regime for crypto exchanges, which saw several large players depart from the country, most notably Binance, the largest exchange group by volume. However, when asked about how Canada’s PRU compared with the situation in the U.S., Nana Murugesan VP international and business development at Coinbase, said that he prefers Canada’s approach. Coinbase, which signed Canada’s enhanced PRU in March of this year.
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💰 Lido Community Created New Proposal To Redirect 25% Of Revenue To LDO Stakers
The Lido community has recently added a new modification request after upgrading to V2. This proposal addresses the project’s financial aspects, especially income reallocation. A Lido community member known as “lidomaxi” presented a governance proposal on Wednesday to boost the usefulness of its native governance token LDO by implementing staking and a token buyback scheme. The proposal contains a Lido DAO insurance fund and a revenue-sharing feature. All reward tokens will be vested and progressively unlocked over the course of six months. Token redemption will be based on VWAP and TWAMM price averaging, with a 14-day wait in withdrawing tokens from staking. According to data analytics companies Nansen and Arkham Intelligence, the suggestion came before Jump Trading moved over 3 million LDO tokens worth $7.5 million to a different address in two transactions. The problem of keeping a discrepancy insurance fund is another essential feature of this approach. In particular, if the quantity of stETH in the insurance fund goes below the required level (because of the need to compensate for slashing), some of the income for LDO stakeholder.
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💰 US Bitcoin Corp Secures Hosting Contracts With 150,000 Bitcoin Mining Machines
US Data Mining Group or US Bitcoin Corp (USBTC), a major industrial-scale operator of Bitcoin mining websites for both self-mining and hosted machines, announced that it has finalized web hosting contracts for a total of approximately 150,000 machines with major mining companies such as Marathon Digital, Foundry USA, Sphere 3D, Decimal Group, and TeslaWatt. USBTC will host these machines in its Charlie, Delta, and Echo facilities, which are managed by the company’s subsidiary US Mining Infrastructure Operations (USMIO). USMIO offers site owners a first-of-its-kind, comprehensive site management system that covers all areas of site operations, including as accounting, curtailment, and customer interactions. The transactions highlight the apparent recovery in the mining sector, which is attempting to recover after a difficult 2022. During last year’s cryptocurrency slump, several significant miners went bankrupt, including Compute North, which was previously hosting the three USBTC sites. The three Bitcoin mines are located in Kearney, Nebraska, Granbury, Texas, and Upton County, Texas. Generate Capital purchased Compute North’s share in two of the locations, one in Nebraska and one in Texas, while the Upton County plant is owned and run in a 50-50 partnership with NextEra Energy (NEE).
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👑 WazirX: Binance Controls 580.78 Million WRX Tokens
WazirX reignited its “war of words” with Binance by revealing that the world’s largest crypto exchange is in charge of WRX token burning and allocation. In August 2022, the “controversy” between the two exchanges began. The Federal Enforcement Administration (ED) of India confiscated WazirX’s assets on August 5, 2022, for allegedly assisting “money laundering” for 16 fintech companies. On August 5, 2022, Binance CEO Changpeng Zhao (CZ) claims that “Binance has never acquired WazirX,” despite Binance’s blog announcing the acquisition since the end of 2019. At 12:00 on August 6, 2022, the platform creator Nischal Shetty rejected Changpeng Zhao’s claims. Binance’s CEO tweets that “Binance does not own any stake in Zanmai Labs, which operates WazirX.” Since Binance acquired this exchange in 2019, Zanmai Labs reports that 90% of user assets are in their wallets. Trading fees are Binance’s main source of revenue. On February 3, 2023, Binance formally discontinued WazirX wallet services and requested that the Indian partner withdraw currency from its platform. Since then, Binance has distanced itself from WazirX and changed the preceding purchase blog to indicate Binance “only buys certain intellectual property” from WazirX.
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🪙 Tether Uses 15% Of Its Net Realized Operating Profits To Purchase Bitcoin
Tether, the stablecoin issuer, has announced that it would acquire Bitcoin using 15% of its monthly earnings from investing in US government bonds. This is said to be part of an effort to lessen reliance on US government bonds. The stablecoin issuer said in a May 17 corporate statement that it would self-custody the bought BTC, adding that its acquisition would concentrate only on realized profits from its investing strategy, ignoring unrealized capital gains earned by price rises. The news comes only a week after the stablecoin issuer declared $1.5 billion in net earnings in its quarterly financial report. It has $1.5 billion in Bitcoin on hand at the end of the first quarter of 2023, accounting for around 2% of its total reserves. Cash, cash equivalents, and other short-term deposits accounted for 85% of the assets, with Treasury bills ranking first. If the net profit remains constant, the company will purchase around $74 million, or approximately 2775 BTC, each month in the future. The issuer, on the other hand, anticipates that the existing and future BTC holdings in its reserves will not exceed the Shareholder Capital Cushion, therefore strengthening and diversifying the reserves.
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⬜️ OKX Web3 Wallet Officially Launched The Oridinals Market
According to OKX’s official announcement, the OKX Web3 wallet has been officially launched the Oridinals market. It is reported that the OKX Web3 Wallet currently supports the viewing and transfer of Ordinals NFT, token analysis transactions, and BTC cross-chain transactions, and has functions such as transaction reminders for abandoned inscriptions for BRC-20, phishing risk reminders, etc. It will soon support NFT transactions, Lightning Network and BRC-20 Staking. OKX has recently gained recognition for its devotion to Bitcoin Ordinals and BRC-20 tokens. The Seychelles-based business, which is the world’s second-largest crypto exchange by trading volume, has recently announced the launch of a key BRC-20 cryptocurrency, which has sparked widespread enthusiasm among the Bitcoin community. OKX believes that listing the ORDI token is a significant milestone for the Bitcoin community, as trading on a centralized platform – especially one as prominent as this – allows investors to avoid issues associated with decentralized exchanges (DEXs) such as high network fees, slow transaction speed, slippage, and so on.
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🔵 Aave V2 Users Temporarily Unable to Access $120M on Polygon After Governance Bug
Some Aave version 2 (V2) users are temporarily unable to access their funds stuck on the decentralized exchange's deployment on the Polygon blockchain after a strategy containing a faulty bug went live last week. Decentralized finance (DeFi) protocol Aave allows users to lend and borrow tokens on several blockchains, such as Ethereum, Polygon and Avalanche. The extent of this sometimes causes compatibility bugs to arise, temporarily rendering parts of the platform inaccessible to users and leave funds stuck. An upgrade last week to the “ReserveInterestRateStrategy” caused the issue, security firm BlockSec tweeted. Affected tokens include tether (USDT), bitcoin (BTC), ether (ETH) and polygon (MATIC). “The root of the problem is that, for legacy reasons, the v2 version used on Aave v2 Polygon (and Avalanche) is slightly different from Aave v2 Ethereum, in regards to the interface used by the LendingPool to call the rate strategy of an asset,” Aave community member BDGLabs explained.
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🇲🇾 Malaysia Says Crypto Exchange Huobi Global Isn't Registered, Must Cease Operations
The Securities Commission Malaysia (SC) ordered Huobi Global to stop operations in the country, including disabling its website and mobile applications, because it is operating a digital asset exchange without registration. Operating a digital asset exchange without obtaining registration from the SC as a Recognised Market Operator is a offence under the Capital Markets and Services Act. The regulator told the company to cease circulating, publishing or sending advertisements to Malaysian investors, according to an Monday announcement. Operating a digital asset exchange without obtaining registration from the SC as a Recognised Market Operator is a offence under the Capital Markets and Services Act. The regulator ordered CEO Leon Li to ensure the directives are carried out, and urged Malaysian investors using Huobi Global to stop trading on its platform, withdraw their funds and close their accounts. Huobi has been contacted for comment.
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🪙 Vitalik: Ethereum Consensus Overload Will Bring High Risk To Ecosystem
Vitalik Buterin, Co-Founder of Ethereum, published an article, “Don’t Overload Ethereum’s Consensus” and argued that the ultimate oracle technologies, Stake Reset, and L1-driven recovery of the technologies L2 projects, etc., will bring high systemic risk to the ecosystem. The Ethereum founder said in the article that over the years, developers/projects have had many ideas to use Ethereum’s consensus for other purposes (usually in the beta phase). The report concludes that the social consensus of the blockchain community is fragile and should be used with caution in mature communities. Some developers try to extend the core of the blockchain with more and more functionality, but each such extension makes the core more vulnerable. We should be wary of actions taken by application layer projects that could increase the “scope” of blockchain consensus rather than validate Ethereum’s core protocol rules. The purpose of this post will be to explain in detail the argument why a specific subset of these techniques brings high systemic risks to the ecosystem and should be discouraged and resisted.
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🇮🇩 Indonesian Governor Plans Bitcoin Exchange, Envisions Future “Bitcoin Heaven” In Country
The Indonesia Bitcoin Mining Campaign,” Governor Ridwan Kamil of the Indonesian Province of West Java shared his enthusiasm for Bitcoin adoption in the country. Governor Kamil expressed a bullish outlook on the flagship cryptocurrency while emphasizing Indonesia’s efforts to embrace this digital asset. Notably, preparations are underway to establish a trading exchange dedicated to Bitcoin within the country. Governor Kamil revealed that Indonesia has already made significant strides toward cryptocurrency adoption, with over 12 million crypto investors in the country. Remarkably, 70% of these investors have chosen Bitcoin as their preferred digital asset, and this number continues to grow by half a million annually. Recognizing the potential of Bitcoin, the Indonesian governor highlighted its ability to bring financial technology to the unbanked population in Indonesia, which currently represents 40% of the society. By leveraging Bitcoin, he believes that blockchain technology can bridge the gap and provide financial inclusion for previously unreachable communities.
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⬜️OKX Now Starts To Support ORDI Trading
Ordinals (ORDI), a meme token on the BRC-20 network, has been added to OKX‘s spot trading platforms. Ordinals is a system that enables users to generate records using text, photos, audio, and video on Bitcoin’s smallest unit, the satoshi. In the Bitcoin network, these data may be utilized to generate NFTs and tokens. According to the OKX statement, ORDI deposits will be available on May 20, 2023 at 7:00 a.m. UTC. Spot trading for the ORDI/USDT. OKX CEO Star also tweeted on the ORDI listing, stating that the OKX exchange would soon list ORDI and start deposits and withdrawals. He also said that the BRC-20 token wallet and marketplace would be available on the web3 wallet starting next week. Ordinals is a meme token in the BRC-20 network, a layer-2 Bitcoin solution that allows smart contracts and decentralized apps. Many BTC advocates, however, say that they choke the BTC network and are worthless. BRC-20 tokens have been created, many of which are meme tokens. Also, the Dogecoin network has a similar arrangement dubbed DRC-20, which has helped the DOGE network to shatter records in terms of transaction volume.
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📣 MIAX completes acquisition of options exchange LedgerX
MIAX said it has acquired LedgerX from Ledger Holdings Inc. as part of the bankruptcy proceedings of cryptocurrency exchange FTX. FTX US bought LedgerX in 2021 as part of a push into derivatives push in the United States. Through LedgerX, FTX US sought approvals to launch a wide range of crypto derivatives which they could then offer directly to users. LedgerX is registered with the Commodity Futures Trading Commission. "The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry," Thomas Gallagher, chairman and CEO of MIAX's parent company Miami International Holdings, Inc. said in a statement. "We are pleased to complete this acquisition ... as we continue to execute on our strategy of operating regulated financial markets both in the U.S. and internationally." Founded in 2014, LedgerX was an early entrant to the cryptocurrency options market. The firm, however, struggled to trade higher volumes. The company is led by CEO Zach Dexter.
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🔵 Chainlink VRF Is Now Live On Arbitrum One To Promote dApps Build
Chainlink, a decentralized blockchain oracle network and industry-standard Web3 services platform, and Ethereum Layer 2 scaling solution Arbitrum have announced the availability of Chainlink VRF (Verifiable Random Function) on Arbitrum One. Chainlink, a decentralized blockchain oracle network and industry-standard Web3 services platform, and Ethereum Layer 2 scaling solution Arbitrum have announced the availability of Chainlink VRF (Verifiable Random Function) on Arbitrum One. According to the official press release, Chainlink VRF has joined the Arbitrum One platform. Arbitrum and Chainlink will gain from the launch since it will provide them access to new decentralized apps (dApps) and smart contracts created by developers. Chainlink VRF continues to be the most widely used RNG (random number generator) in the cryptocurrency sector. It enables smart contract developers to create scalable, fair, and secure applications like as gambling and NFT. Moreover, Arbitrum One allows developers to create dApps at a cheap cost and with great throughput. ohann Eid of Chainlink Labs remarked on Arbitrum’s merits in relieving Ethereum transaction congestion while maintaining security. He thinks that by improving VRF.
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🏦 Coinbase One, A Subscription Service, Is Now Available In 35 European Countries
Coinbase has announced the availability of Coinbase One in Europe. Coinbase, a cryptocurrency exchange, is launching Coinbase One, a subscription service, in 35 countries/regions to retain users and increase recurring revenue streams while the crypto sector struggles through the bear market. Coinbase One debuted in beta in the fall of 2021 and is now available for purchase in the United States, United Kingdom, Germany, and Ireland. In the next months, the business plans to expand the service to 31 other European countries. There are no transaction fees, increased staking incentives, 24/7 customer assistance, and pre-filed tax returns among the numerous perks of the subscription service. Historically, trading fees accounted for a large portion of Coinbase’s revenue, particularly during the bull market, but as the crypto winter continues, the company is looking to new methods to generate development and diversify its revenue sources. According to Coinbase’s senior director of product management, the company wants to create a longer, deeper relationship with its clients and make it a win-win situation.
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🧊 Litecoin Is Undervalued, Onchain Indicator Suggests
An onchain metric suggests that litecoin (LTC), the 12th largest cryptocurrency by market value, is trading at discounted prices. Litecoin's market value to realized value (MVRV) Z-score was negative at press time. A sub-zero score indicates the cryptocurrency is undervalued relative to its fair value, according to analytics firm Glassnode. The market capitalization is calculated by multiplying the total number of coins. The Z-score shows by how many standard deviations the market value differs from the realized value. Historically, Z-scores above eight have signified overvaluation and bull market tops, while negative values have indicated undervaluation and market bottoms. If history is a guide, the path of least resistance appears to be on the higher side. That said, litecoin and the broader crypto market remain vulnerable to adverse macroeconomic developments like liquidity tightening and the state of the global economy. That's not new. The indicator has consolidated below zero several times in the past, eventually paving the way for meteoric bull runs.
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📣 dYdX To Launch More SubDAOs Ahead Of Its V4 Upgrade
According to a post by Fox Labs Digital, an Australian marketing company, duties for monitoring should be divided among multiple smaller decentralized autonomous organizations (DAOs). According to a blog post, the objective is to build the protocol, a completely decentralized version of the protocol. In the near future, the dYdX DAO will most likely be composed of multiple autonomous subDAOs, each of which will focus on essential functional areas of the protocol and will eventually be answerable to the community. The protocol has now opened two SubDAOs, one for its reward program and one for its operational activity. The SubDAO utilized for operations will expire on June 19, according to a governance post published by the dYdX Foundation. The notion of expanding beyond the existing two subDAOS (one for dYdX’s awards program and the other for its operational operations) comes as the protocol’s community prepares to upgrade to the fourth edition (v4) of the Cosmos blockchain. Each SubDAO is said to operate in the fundamental functional areas of the dYdX protocol and is ultimately accountable to the community. Running any SubDAO will need soliciting community feedback and adhering to a proposal lifecycle.
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⚪️ Gala Games Burns About 600 Million USD GALA V1 Tokens After Launching New Token
The GameFi Gala Games project said that it had destroyed 21 billion GALA v1 tokens after the “makeover” that involved the release of new tokens. Accordingly, the undertaking has carried out three separate destructions in the year 2023: the first time with a cost of 2 billion GALA, the second time with a cost of 3.96 billion GALA, and the most recent addition at a cost of 15 billion USD. The Gala Games’ token GALA treasury was also “virtually exhausted,” according to the project’s description of the aftermath of the fires. GALA holders at a ratio of 1:1. GALA v2 was formally released into circulation on May 15. After the v2 instance has been established, this indicates that the v1 instance will no longer be operational. After the upgrading of smart contracts was finished, the CEO of the company, Jason Brink, stated on May 17 that almost 160,000 distinct wallets were given GALA v2 after the project was finished. Otherwise, in order to guarantee the reception of new tokens. Coinbase could not provide a clear explanation for their decision to make this change. GALA in order to allay the concerns of GALA holders. The reason for this decision was given by the GameFi team.
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💰 Bitcoin Lightning Network Developer Unveils Game-Changing Taproot Upgrade
Lightning Labs, a Bitcoin Lightning Network (LN) developer, has recently announced an upgrade to their Taproot Assets Protocol to provide a more efficient method of minting assets on the blockchain. The upgrade, known as Taproot Assets v0.2, follows the recent mayhem that occurred on the BRC-20 network. he release of Taproot Assets v0.2 offers the core set of features for developers to issue, send, receive, and discover assets on the Bitcoin blockchain. The protocol was also designed to operate maximally off-chain to avoid the blockchain congestion. The developers acknowledged that the current form of the BTC network is not scalable. They stated, “While the excitement around building on Bitcoin is encouraging, the fee market’s response has indicated that these protocols are not designed for scale.” However, the latest release enables the minting or moving of an unbounded number of assets in a single on-chain transaction. Users will soon be able to integrate their assets into the Lightning Network for faster and cheaper transactions. This upgrade leverages existing network effects and negates the need to “bootstrap a new ecosystem from scratch.” The announcement also concluded that, as adoption grows, it should alleviate the blockchain congestion problems.
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💰 Binance Will Support For Terra Classic And Kava 13 Upgrade
Binance, the world’s biggest cryptocurrency exchange, said on Wednesday that it would support the Terra Classic v2.0.1 network update as well as the Kava 13 mainnet upgrade. The exchange will support the Terra Classic (LUNC) network update, which is slated for May 17 at 16:45 at block height 12,815,210. The blockchain will be stopped at the block until the update is finished. Binance will halt LUNC and USTC deposits and withdrawals on the Terra Classic (LUNC) network on May 17 at 13:30 UTC. The Terra Classic blockchain will be upgraded with various improvements, including a minimum starting deposit for governance proposals, an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and necessary security upgrades. Proposal 11511 by the Joint L1 Task Force was formally approved with 99.5% of the vote. Moreover, the proposal has received support from significant validators including as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote. Moreover, Binance will support the Protocol 13 network update, which is planned to occur at block height 4,832,500 on May 17 at 15:00 UTC. From May 17, the exchange will halt KAVA deposits and withdrawals.
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🔻 Chainlink Automation Is Now Live On Layer-2 Optimism
Chainlink, an Oracle service provider, introduced Chainlink Automation on Layer-2 Optimism. Chainlink Automation allows developers to grow by offering them the capacity to do DevOps maintenance activities, similar to how Optimism lets DeFi developers smoothly scale their applications. As a result, developers will be able to create more powerful dApps, bringing more consumers to the Optimist ecosystem. dApp developers can integrate Chainlink Automation into their projects, monitor smart contracts using the decentralized node network, and then use Chainlink’s transaction management Execution of functions by the controller to achieve the reliability and high-performance automation required to build advanced dApps. BarnBridge, DeFiEdge, Lyra, and Pickle Finance are among the projects that have already integrated Chainlink Automation to activate crucial smart contract processes on Premise. Chainlink Automation to safely and cost-effectively monitor automation logic off-chain and then launch an on-chain transaction to perform the smart contract function when predetermined criteria are satisfied.
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