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📣 Crypto Market Fluctuates Strongly Due To Fears Of FTX’s $3.4 Billion Liquidation
The digital asset market experienced heightened volatility as traders closely monitored the potential cryptocurrency disposals by the defunct FTX exchange through its ongoing bankruptcy proceedings. The exchange’s administrators have successfully recovered approximately $7 billion in assets, which includes a substantial $3.4 billion in cryptocurrencies. A pivotal court hearing scheduled for Wednesday aims to evaluate a proposal for initiating the sale of tokens to repay creditors, as per recent filings. Notably, FTX’s inventory reveals holdings of nearly $1.2 billion in SOL, the native token of the Solana network, alongside $560 million in Bitcoin and $192 million in Ether. According to Bloomberg, the exchange is actively pursuing the appointment of the asset management division of billionaire Michael Novogratz’s Galaxy Digital Holdings Ltd. to oversee this significant pool of tokens. The news surrounding the impending FTX creditor liquidation has led to a pronounced decline across the entire crypto market, with its total valuation currently standing at $1.03 trillion. Bitcoin, mirroring this trend, was trading at approximately $25,750 at the time of this report.
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🏦 Coinbase Now Shuts Doors In India Amid Regulatory Struggles
Coinbase, the popular cryptocurrency exchange, has announced its decision to halt trading services for Indian users, effective September 25. According to TechCrunch, the company informed its customers through email, advising them to promptly withdraw all funds from their accounts. Additionally, the exchange has suspended user registration for Indian residents. This move follows a challenging 18-month effort by Coinbase to reestablish its presence in the Indian market. Despite its attempts, the exchange failed to gain traction with local authorities, resulting in the departure of key executives, including Durgesh Kaushik, who had joined as Senior Director for Market Expansion just last year. Coinbase had previously initiated its India launch with support for the Unified Payments Interface (UPI), a popular local payment method. However, the UPI overseeing body declined to acknowledge its India launch, leading to the suspension of UPI support by the exchange. Reports suggest that Coinbase has already disabled new user registrations for its exchange in India and encouraged existing users to switch to the Coinbase Wallet. Indian customers have been advised to withdraw any funds held in their accounts.
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🇮🇳 India Will Establish Crypto Growth In Coming Months Following G20 Insights
Accoding to CoinDesk, India’s stance on cryptocurrencies will be established in the coming months, as revealed by a senior Finance Ministry official on Sunday. The nation, currently among the least crypto-friendly regions globally, is poised to use the insights gained from the G20‘s development of a crypto risk assessment framework to shape its own policies. Ajay Seth, Secretary of the Department of Economic Affairs, stated during the G20 leaders’ summit that “India’s position will be decided in the coming months.” India‘s approach to cryptocurrencies has faced scrutiny for years, marked by a series of challenges, including high taxes, a crypto market downturn, a “shadow ban,” anti-money laundering regulations, and enforcement actions against major crypto exchanges. This scrutiny intensified after India prioritized crafting global crypto regulations during its G20 presidency, a goal subsequently achieved through a “synthesis paper” from the International Monetary Fund (IMF) and Financial Stability Board (FSB). The endorsement of these recommendations sets the stage for the establishment of a comprehensive and globally coordinated regulatory framework, aimed at ensuring the stability and integrity of financial markets worldwide.
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💰 ‘I'm Bullish on Bitcoin’ — Ted Cruz Champions Bitcoin's Boon for Texas and Power Grid Boosts
Ted Cruz, the U.S. Republican senator from Texas, expressed his optimism on Friday, stating he’s “bullish on bitcoin,” after a recent interview with Forbes released on September 8. During the conversation, Cruz highlighted emerging reports indicating that bitcoin mining is positively impacting Texas’ power grid, commonly referred to as the Electric Reliability Council of Texas (ERCOT). Engaging with Koss, he shed light on the flourishing job market in the Lone Star State. “Texas is a hub for jobs, innovation, and freedom, and those things make it the natural oasis for the digital asset industry worldwide,” remarked the Texas senator. This isn’t the first instance of Cruz’s bitcoin endorsement. In May 2022, he revealed a “weekly buy” strategy for his investment portfolio. Moreover, this past April, Cruz professed his admiration for bitcoin, emphasizing that he favors bitcoin “for the same reason the Chinese Communist government doesn’t like BTC.” In February 2022, the public caught wind of Cruz’s BTC acquisitions when financial disclosures revealed a purchase approaching $50K.
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🪙 FTX Sues LayerZero For Illegal Withdrawal Of $21M Before Shutdown
FTX files a lawsuit against LayerZero for alleged illegal withdrawal of $21M before FTX’s shutdown. The exchange seeks to recover millions from the former COO and subsidiary. FTX has filed a recovery lawsuit against LayerZero for allegedly withdrawing $21 million illegally before FTX was shut down. The exchange also seeks to recover approximately $13.07 million and $6.65 million from Ari Litan, the former chief operating officer of LayerZero Labs, and its Skip & Goose subsidiary. FTX is scrutinizing payments made to high-profile celebrities and sports figures who endorsed the platform before its bankruptcy. Some of the celebrities on the list include Shaquille O’Neal, Naomi Osaka, and Stephen Curry. FTX aims to recover funds following the collapse of Sam Bankman-Fried’s crypto platform. FTX had $3.4 billion worth of crypto in April and reportedly plans to liquidate its assets. The exchange aims to sell up to $200 million worth of crypto every week. Although there is no confirmation of the start date yet, many are reporting that it will be on September 13th. LayerZero is accused of using internal information to withdraw the funds before FTX was shut down and withdrawals were prohibited.
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🪙 Grayscale Ethereum Trust Discount Drops to Lowest in a Year Amid Spot Ether ETF Push
The discount to net asset value (NAV) for the Grayscale Ethereum Trust (ETHE) has narrowed to its slimmest in a year following this week’s regulatory filing for what would be the first spot ether exchange-traded fund (ETF). As of the close of stock market trading Thursday afternoon, the discount had declined to 27% for the first time since last September, CryptoQuant data shows. The discount had ballooned to near 60% late last year alongside plunging crypto markets. The narrowing of the ETHE discount began in earnest in mid-June after BlackRock filed for a spot bitcoin ETF, and continued further last week after Grayscale’s court victory over the U.S. Securities and Exchange Commission (SEC) in its bid to convert its Bitcoin Trust (GBTC) into an ETF. The momentum continued this week after Cboe BZX filed to launch what would be the U.S.'s first spot ether ETFs with asset managers VanEck and Ark Invest. “The market is weighing higher odds that Grayscale will be able to convert its ETHE product into an ETF following the push from traditional finance giants into the space,” Lucas Outumuro, head of research at crypto analytics firm IntoTheBlock, noted in a report.
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⚪️ Worldcoin's Centralization Dilemma: 100 Wallets Still Dominate 93% of Total Supply
The brainchild of Openai CEO Sam Altman, worldcoin (WLD) burst onto centralized crypto exchanges in late July 2023. The cryptocurrency aims to verify users’ identities by scanning their irises. The project also plans to address financial inequality and online identity authentication through its World ID feature. On its July 24 debut, WLD struck its zenith of $3.30 per token. But since that apex, the price has nosedived. Now fluctuating between $1.20 and $1.38, worldcoin recently plunged to an all-time low of $1.02 per coin on September 5. From July 24 until August 18, new wallets mushroomed. But in the weeks since then, expansion has decelerated to a crawl, with addresses swelling just over 11% in that period. This slowdown suggests worldcoin’s initial burst of skyrocketing adoption has eased into a steadier, more modest climb. Moreover, while there are close to 600,000 WLD wallets, the top 100 control 93.82% of the entire supply of 176.89 million WLD. The 100 addresses commanding most of the supply hold 165.96 million worldcoin tokens. The Worldcoin contract address operated by the development team commands 95.87 million WLD or 54.2% of the supply. Worldcoin also owns the second largest wallet, holding 30.98 million tokens or 17.51%.
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🏦 Coinbase Ventures’ Base Ecosystem Fund Backs 6 Onchain Projects
Coinbase Ventures’ Base Ecosystem Fund invests in 6 innovative onchain projects, including Avantis, BSX, and Onboard, to increase economic freedom. Coinbase Ventures’ Base Ecosystem Fund has announced its first six investments in onchain projects building on Base. With over 800 applicants vying for funding, these six projects stood out for their innovative approaches to onchain finance and their potential to increase economic freedom around the world. Avantis and BSX are exciting projects that aim to provide users with new ways to trade crypto and real-world assets onchain. Onboard is an innovative project that provides a self-custodial path for users to onramp and offramp crypto in a peer-to-peer manner. Meanwhile, OpenCover is an important project that works with underwriters to protect DeFi users against onchain risks. Paragraph is a project that helps creators build a business around their content using onchain mechanisms. Truflation is a project that provides automated inflation reporting, which represents a much higher fidelity picture of inflation in contrast to the current methodology.
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🇹🇷 Crypto Exchange Thodex Founder Sentenced To 11,196 Years In Prison
Thodex founder was sentenced to 11,196 years for fraud and money laundering. Losses valued at up to $2.6B in cryptocurrency. Faruk Fatih Ozer, the founder of crypto exchange Thodex, has been sentenced to 11,196 years in prison by a Turkish court for crimes including fraud. Ozer, who founded Thodex in 2017, fled to Albania after Thodex went bust. He and his two siblings were found guilty of aggravated fraud, leading a criminal organization, and money laundering. The total amount of losses investors suffered when Thodex collapsed remains unclear. The prosecutor’s indictment estimates them at 356 million liras ($13 million), but Turkish media have reported figures as high as $2 billion. A study by Chainalysis put the value of cryptocurrency lost at Thodex at $2.6 billion. Meanwhile, Bankman-Fried, the former CEO of now-collapsed FTX has been accused of seven different charges, including securities fraud, wire fraud, commodities fraud and money laundering. If convicted of all of them, he could face a sentence of more than a century in jail. Bankman-Fried stepped down on Nov. 11 as CEO of FTX, replaced by court-appointed FTX CEO John Ray, who led energy trading firm Enron through bankruptcy proceedings years before.
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🪙 Ethereum Programming Language Vyper New Version Released v0.3.10
According to the documentation, v0.3.10 is a performance focused release. It adds a codesize optimization mode, adds new vyper-specific #pragma directives, uses Cancun’s MCOPY opcode for some compiler generated code, and generates selector tables which now feature O(1) performance. Previously, a vulnerability analysis report was released for the Vyper compiler, with the vulnerability fixed and tested in version v0.3.10. Vyper is a newer language for Ethereum development. It was released in 2018; Like Solidity, this is a statically typed language. It is written in the same syntax that the Python programming language uses, which is simpler than Solidity code. This language ensures a high level of security for smart contracts. Because this language has fewer features than Solidity, it makes it less vulnerable to security threats. Overall, this is a valuable tool for developers who want to build decentralized applications and write smart contracts on the Ethereum platform. Its simple syntax, security features, and performance make it an attractive choice for developers looking to create powerful, secure, and efficient smart contracts.
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🥇 Only 6 Billionaires Trade Bitcoin Out Of 200 Million People: Report
According to Henley & Partners’ Crypto Assets Report, around 425 million people use crypto globally, of which bitcoin makes up less than half of that number. Of the hundreds of millions of people who trade cryptocurrencies and bitcoin, only six have achieved billionaire status. The report shows that there are 88,200 crypto millionaires, 182 centi millionaires (worth $100 million or more), and 22 individuals have crypto assets worth $1 billion. The current decline in Bitcoin and other cryptocurrencies is caused by a variety of short- and long-term reasons, related to the context of traditional financial markets and the collapse of money empires. large electronics market and management policies are increasingly tightened. Many hoped that the non-dependent nature of cryptocurrencies would help them fight inflation and weather periods of crisis. Since Bitcoin is not under the control of any organization or authority, it is expected to retain its value even through economic downturns, wars, or policy changes. But reality has proven this is not true. The Federal Reserve raises interest rates at a historically rapid pace to fight inflation.
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🟠 Binance moves to delist privacy coins in Belgium
Roughly three months after delisting privacy coins in other European nations, Binance said it is also halting trading of the tokens in Belgium. "While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins," a Binance spokesperson told The Block by email in response to questions regarding an online post that showed a message sent from the exchange's customer service department to Belgian users. In the post, Binance said customers "that reside in Belgium will no longer be able to purchase, or trade certain privacy coins on our platform." The company referenced privacy coins including Monero (XMR), MobileCoin (MOB), Firo (FIRO) and Horizen (ZEN). In June, Binance delisted privacy coins in France, Italy, Poland and Spain. The Belgium move comes after Binance said last week it will serve Belgian users via its Poland entity, and due to this migration, Poland rules now also apply to Belgian users. Binance is moving to delist privacy coins in "every market that we are required to," a Binance spokesperson said. "We constantly monitor our regulatory obligations and will make further updates to our products and coin offerings as required."
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🔵 Native USDC Now Seamlessly Available On Base Network
Native USDC (USD Coin) is now effortlessly accessible on the Base network, eliminating the need for complex bridging processes. Circle, a trusted entity in the digital currency space, officially issues native USDC. This means that users can seamlessly exchange their native USD Coin for US dollars at a 1:1 ratio, underscoring its reliability and stability as a digital currency. This exciting integration, announced via the official Circle blog on September 5, extends the convenience and utility of USDC to developers and users within the Base network. To access this token on the Base network, developers and users can utilize Circle accounts and Circle API, both of which fully support Base USDC. This user-friendly integration streamlines the process of incorporating USDC into transactions, providing a smoother experience for participants in the Base network ecosystem. Base is also actively collaborating with its ecosystem partners to facilitate the seamless migration of liquidity from USDbC to USDC. This transition ensures that users can transition their assets smoothly and efficiently, enhancing their overall experience within the Base network. Coinbase enables users to conveniently deposit USDbC and withdraw USD Coin to a digital wallet, including Coinbase Wallet, providing a straightforward gateway for users to access native USD Coin.
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🦊MetaMask Users Should Be Careful With Scams Via Fake Websites
According to Cointelegraph, crypto scams targeting MetaMask users are using website URLs owned by governments of various countries to trick victims into accessing their crypto wallets. Once users click on any malicious link in the government website URL, they are redirected to the fake URL instead of the original URL “MetaMask.io”. Official government websites in India, Nigeria, Egypt, Colombia, Brazil, Vietnam, and other jurisdictions were allegedly found to redirect to fake MetaMask sites. Ethereum-based crypto wallet MetaMask has been a long-standing target for scammers, which involves redirecting unwary users to fabricated websites that request access to the wallets. Cointelegraph’s investigation on the matter found numerous government-owned websites being used to perpetrate this exact scam. In April, MetaMask denied allegations of a wallet vulnerability when a developer claimed that a large amount of ETH was stolen from the wallets in late 2022 because of this issue. The wallet provider said the 5,000 ETH were stolen from various addresses across 11 blockchains, reaffirming that the claim that funds were hacked from MetaMask is incorrect.
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🪙 USDC Is Now Accessible on OP Mainnet for Crypto Enthusiasts
Circle has officially launched its native USDC token on the OP mainnet. This significant move eliminates the need for cumbersome bridges, opening the doors for developers and users worldwide to seamlessly engage with the digital currency. Circle accounts and Circle APIs are now fully compatible with the OP mainnet USDC, marking a crucial step towards enhancing accessibility and convenience. One of the standout features of this integration is the native USDC issuance by Circle. This means that users can always exchange their OP mainnet USDC for US dollars at a 1:1 ratio, providing a stable and reliable value proposition within the crypto ecosystem. This assurance of parity with the US dollar makes OP mainnet USDC an attractive choice for users seeking both security and usability. Circle’s commitment to delivering a frictionless experience for the crypto community has been a driving force behind this initiative. By removing the need for bridges, Circle has effectively eliminated a significant barrier to entry for newcomers and reduced complexities for experienced users.
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📣 Sony And Startale Labs Join Forces To Shape The Future Of Web3 With Sony Chain
Sony Network Communications and Startale Labs are joining forces to establish a new joint venture named “Sony Network Communications Labs Pte. Ltd.” set to launch in mid-September. This collaboration will focus on pioneering developments in blockchain technology. The subsidiary of Sony and Startale Labs, known for their work on Astar Network, announced this partnership to further the advancement of Sony Chain, a prominent project in the blockchain arena. The new company will leverage the company’s wide-ranging involvement across diverse business segments, such as gaming, network services, entertainment, imaging, financial services, and more, to provide value-added services across various sectors. Jun Watanabe, President, and Representative Director of the company’s subsidiary, expressed excitement about this collaboration, emphasizing the combination of the company’s experience in communication, IoT, AI, and solution services with Startale Labs’ expertise in Web3 technology. By combining their expertise, skill sets, and extensive networks of partners, companies aspire to develop a blockchain that could serve as the backbone of the global Web3 infrastructure.
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🍣 Sushi Swims Beyond Ethereum To Layer 1 Aptos, Aims For Cross-Chain Glory
Leading decentralized exchange (DEX) platform Sushi is embarking on an expansion into the Aptos Network, marking a significant move as it ventures beyond the Ethereum Virtual Machine (EVM) ecosystem. The integration will see the DEX’s key components, including Sushi v2 AMM and SushiXswap, seamlessly integrated onto the Aptos Network. This pioneering collaboration with Aptos represents a crucial step in realizing its vision of achieving cross-chain and multi-chain prominence. While the DEX has been a prominent player in various EVM chains, such as Ethereum, Fantom, Polygon, Arbitrum, and BNB Chain, this expansion signifies its commitment to diversifying its presence and embracing innovation. Its governance has actively pursued strategies to enhance its protocol, recently passing a proposal to increase liquidity in one of its pools. DWF Labs, a global digital asset market maker, has proposed a collaboration to bolster liquidity and trading depth for SUSHI tokens within the V3 protocol. As the DEX’s integration with Aptos Network unfolds, it represents a promising step towards greater interoperability and a world-class user experience for both Sushi and Aptos users and developers.
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🔵 Arbitrum Community Launches Snapshot Voting For Short-term Incentive Program
The Arbitrum community has initiated snapshot voting for their groundbreaking “Short-term Incentive Program” proposal, denoted as AIP, and the voting period will culminate on September 18, 2023. This pioneering initiative seeks to allocate rewards amounting to an impressive 75 million ARB from the DAO treasury to bolster the active Arbitrum protocol, catering to the immediate requirements of the community. Currently, the ongoing voting process has generated notable interest and engagement, with several options vying for support. Notably, the option with the highest allocation of 25 million ARB has garnered substantial backing, amassing a substantial 1.5 million ARB votes, constituting a commanding 65.97% of the total vote share. Following closely behind is the option advocating for the full allocation of 75 million ARB, securing 453,000 ARB votes, making up 20.05% of the votes. The outcome of this vote will have profound implications for the short-term incentives and resource allocation within the ecosystem, ultimately influencing the trajectory of the Arbitrum network.
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🇺🇿 Uzbekistan’s President Legalizes and Taxes Cryptocurrency
The president of Uzbekistan has approved a series of legislative amendments, marking a new chapter in the country’s approach to cryptocurrencies. The legislative changes, as reported by Forklog, span various facets of the cryptocurrency industry, heralding a progressive shift in how Uzbekistan views and regulates digital assets. Notably, these amendments extend to cryptocurrency exchanges, mining pools, cryptocurrency storage services, and mining operations. The cornerstone of this regulatory framework is the requirement for cryptocurrency-related entities to obtain licenses to operate legally within the country. This proactive measure aims to establish a regulated environment that safeguards both investors and the broader financial system while promoting innovation and economic growth. One of the fundamental aspects of the new regulations is taxation. Once licensed, cryptocurrency entities are obligated to contribute to the country’s tax revenue. This signifies the recognition of cryptocurrencies as legitimate financial assets in Uzbekistan, subject to the same fiscal responsibilities as traditional businesses.
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🪙 BNB Maintains Momentum With 40% Increase In BNB Chain Users
In a noteworthy development, Binance’s BNB Chain has continued to demonstrate resilience and growth despite the challenging conditions of the cryptocurrency market. In the first quarter of the year, approximately 276.2 million users engaged with BNB Chain. However, over the course of Q2, this figure surged by an impressive 40%, reaching a total of 385.7 million users. In stark contrast, the number of unique Ethereum addresses increased by a mere 7.2% during the same period, totaling 243.1 million. Despite the increase in users, it’s important to note that the overall trading activity on BNB Chain has been influenced by broader market trends. While the network experienced periods where transaction volume exceeded 5 million, recent market conditions have led to a stabilization at around 3 million transactions. This data reflects the robustness of BNB Chain’s ecosystem and its ability to maintain user growth amid market volatility. The network’s performance is a testament to its value proposition, which has resonated with a diverse set of projects and users across various blockchain sectors. This substantial difference underscores the platform’s growing appeal and user engagement.
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🇺🇸 SEC snaps back against Ripple in push for an interlocutory appeal
The Securities and Exchange Commission snapped back against Ripple’s assertion that a New York court should not allow the agency to appeal part of a high profile ruling. The agency first filed a motion with the U.S. District Court in the Southern District of New York, asking it to certify for interlocutory appeal last month. The SEC argued on Friday that the interlocutory appeal would result in just one trial and wouldn't prolong the process. The SEC, like the Court, has an institutional interest in the most efficient ultimate resolution of this litigation," the agency said. "Defendants’ interest, by contrast, is to delay an ultimate resolution so that they may continue freely selling XRP into public markets without the disclosures that come with registration, to the tune of over $3 billion net ODL sales since 2020 alone. New York District Court Judge Analisa Torres ruled in July that some of Ripple's sales, called programmatic, of XRP did not violate securities laws because of a blind bid process in place for them. She also ruled that other direct sales of the token to institutional investors were securities, leaving a partial win for the SEC.
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🪙 Ethereum Foundation Issues 18 Grants for Account Abstraction Initiatives
The Ethereum Foundation, a nonprofit organization in charge of funding and expanding the Ethereum ecosystem, has announced that it will issue grants to 18 teams developing projects built around the ERC-4337 standard, also known as account abstraction. The initiative seeks to empower these projects to grow and become a significant part of the Ethereum ecosystem in the future. About the significance of these grants and the projects that received help from them, the Ethereum Foundation stated. The 18 projects are Zerodev Kernel, Etherspot’s Skandha Bundler, Mynawallet, Blocto, Silius, Schnorrkel.js, Ambire, Iotex, Sixdegreelab, Jam, Tokensight, ZK-Team, Rhinestone, AAA, Unpacking 4337, Hexlink, UniPass, and Clave. Each offers different functionalities like batching transactions, making educational articles and videos on the subject, designing decentralized finance transactions for other apps, and even bundling biometric authentication for already existing wallets. ERC-4337, or the account abstraction standard, aims to upgrade the feature set of externally owned accounts (regular wallets like Metamask) to become contract accounts, handled directly by smart contracts. These offer flexibility to implement user-oriented features.
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⬜️ OKX And Circle Introduce New Cross-Chain Transfer Protocol For Seamless USDC Trading
OKX and Circle announce new USDC features allowing feeless transactions, cross-chain utility, and seamless trading experiences. The USDC Zero Network Fee Campaign, which will run from September 7 to October 5, 2023, enables OKX Wallet’s Smart Account users to conduct USDC transactions without network fees. The feature is powered by account abstraction technology and enables seamless transactions across multiple blockchains using stablecoins like USDC. Users can also exchange USDC across various networks via the built-in swap feature. The integration of the OKX DEX aggregator with Circle’s CCTP enables USDC to move natively between blockchains, providing cross-chain USDC utility across Ethereum, Avalanche, Arbitrum, and the OP Mainnet ecosystems. As new CCTP routes become available, the OKX DEX aggregator is expected to support additional blockchains for USDC cross-chain functionality. According to OKX Chief Innovation Officer Jason Lau, he believes that the new features will provide an even better experience for users as they interact and transact using USDC. Chief Strategy Officer and Head of Global Policy of Circle Dante Disparte believes that the new features will improve access to DeFi with CCTP and innovative gas abstraction features built on USDC.
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🇭🇰 Hong Kong Web 3.0 Association Advocates for Digital Asset Development
The Hong Kong Web 3.0 Association is urging the government to take proactive measures in supporting the development of digital assets by proposing the establishment of an interdepartmental working group. The group’s purpose would be to study, formulate, and implement policies, laws, and measures that foster the growth of digital assets within the region. Chen Delin, the President of the Hong Kong Web 3.0 Association, presented this proposal as part of the association’s recommendations for the policy address. Creation of an Open Permissioned Blockchain Public Chain: The association calls for the development of an open, permissioned blockchain public chain that is both independently controllable and trusted by the public in this nation. Such a blockchain infrastructure would lay the foundation for secure and transparent digital asset transactions. Enhancement of Web 3.0 Professional and Technical Competence: Hong Kong’s technical capabilities in the realm of Web 3.0 should be bolstered, enabling the region to remain at the forefront of technological advancements in this space. Expedited Implementation of a Hong Kong Stablecoin: The proposal encourages the acceleration of efforts to introduce a stablecoin native to Hong Kong.
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🪙 Aave DAO Approves Proposal To Acquire 443,674 AURA From Olympus DAO
Aave DAO’s ARFC proposal for the acquisition of 443,674 AURA at a total cost of 420,159.28 DAI units was approved with an approval rating of 83.69%. Olympus DAO seeks payment in DAI, with an exchange rate of 0.9470 DAI per AURA unit (approximately the current market price). The number of AURAs is 443,674 with the total cost of Aave DAO being 420,159.28 DAI units. Aave DAO currently holds 2.873 million units of aDAI on Aave v2. According to the proposal, the initial commitment from the Aura Finance team is 400,000 vlAURA units for the first 3 months period. However, over the next few months, veBAL and vlAURA support for the GHO team is expected to decrease. Therefore, the proposal is to replace that lost support by buying AURA. Olympus DAO is in the process of consolidating its treasury and is looking to sell its AURA shares via OTC. AURA via the vlAURA governance token is also a more effective way to incentivize liquidity than purchasing BAL. GHO will be backed by a series of tokens chosen by users, and most importantly, owned and managed by the entire Aave community without belonging to a certain individual or organization.
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🟣 Kraken Empowers UK And European Users With PayPal Deposits For Instant Access
Cryptocurrency exchange Kraken has begun rolling out support for euro and pound deposits via PayPal for its users in the United Kingdom and Europe (excluding Hungary and Croatia). This development marks a strategic step forward in the exchange’s mission to provide seamless crypto trading experiences. As part of the rollout, the platform has introduced a PayPal top-up method, which was updated just two days ago. Notably, the expansion of PayPal deposit support aligns with Kraken’s ongoing platform enhancements. The exchange is in the process of revamping its primary interface, set to replace the traditional “Kraken Classic” trading platform, as indicated on the website’s login page. These updates aim to modernize the user experience and make trading on Kraken more intuitive and efficient. One of the standout benefits of depositing funds through PayPal is the near-instantaneous processing, ensuring that users have immediate access to their deposited funds for seamless transactions. This feature aligns with Kraken’s commitment to offering fast and reliable services to its diverse user base.
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🔵 Layer 2 Base Appears First Major Outage Since Launch
Coinbase’s Ethereum layer-2 network, Base, encountered its first major disruption since its public launch on August 9. The outage, which occurred on September 5, resulted in a temporary block production failure. For approximately 45 minutes, no new blocks were produced on the chain. The development team swiftly initiated an investigation and subsequently deployed a fix to address the issue. Block production has since resumed, with network operation and the RPC API returning to normal functionality. Base, launched to improve the efficiency of decentralized applications (dApps) on Ethereum, offers faster and cheaper transactions, full compatibility with the Ethereum Virtual Machine (EVM), and seamless integration with Coinbase products and services. It operates on the OP Stack, an open-source framework for optimistic rollups, in collaboration with Optimism, a leading developer of this technology. The network recently experienced a significant increase in total value locked (TVL), with over $400 million added to its TVL following the introduction of a new decentralized exchange known as Aerodrome. The development showcases the growing interest in Layer 2 solutions and their potential to enhance the Ethereum ecosystem.
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🏦 Huobi Will Launch PayPal’s PYUSD Stablecoin On Sep 7
Huobi, one of the leading cryptocurrency exchanges, has officially confirmed its plans to list the newly-launched PayPal (PYUSD) stablecoin on its platform, with trading set to commence by September 7. An official announcement will precede the launch of spot trading pairs, which will include PYUSD/USDT, BTC/PYUSD, and ETH/PYUSD. Withdrawals for PYUSD will be enabled starting at 11:00 (UTC) on September 12th. It boasts full backing from U.S. dollar deposits, short-term U.S. Treasury bonds, and similar cash equivalents. Currently, a total of 26.9 million PYUSD tokens are in circulation, further solidifying its reputation for stability and reliability. The introduction of PYUSD marks a significant development in the Web3 ecosystem, as it represents the first instance of a major fintech giant, PayPal, launching a dollar-backed stablecoin. Huobi’s proactive move to list PYUSD could prove to be a mutually beneficial venture in the long run. This news coincides with Huobi’s ongoing efforts to optimize its offerings. In June 2023, the exchange announced the discontinuation of trading for ten specific pairs, primarily those tied to the USDD stablecoin, issued by the TRON DAO Reserve, which enjoys substantial backing from Justin Sun.
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💰 Visa Utilizes Solana Blockchain For High-Speed Stablecoin Settlement With 400 TPS
Visa, a global leader in payments, has announced that it is expanding its stablecoin settlement capabilities to the Solana blockchain, working with merchant acquirers Worldpay and Nuvei. Through live pilots with issuers and acquirers, millions of USDC have already been moved between VisaNet partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments. Visa has been testing how USDC could be used inside its treasury operations, which led to a pilot with Crypto.com. Visa looked to expand this capability to additional clients, there has been significant demand to leverage newer, high-performance blockchains that can send and receive stablecoins with higher speed and lower costs. For these reasons, Visa chose to add support for Solana, making it one of the first major payments companies at scale to directly utilize Solana for live settlement payments between its clients. The Solana blockchain sees 400 millisecond block times, averages 400 transactions per second (TPS) and typically surges to more than 2K TPS across a variety of use cases during periods of peak demand.
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🆘 Genesis Global Trading Platform To Close On Sept 18 Amidst Clash With Gemini
Genesis Global Trading, a subsidiary of the troubled Genesis conglomerate, is set to shutter its spot crypto trading business by September 18, according to a report by CoinDesk. The decision was voluntary and made for business reasons. Genesis Global Trading narrowly escaped bankruptcy earlier this year, unlike some other Genesis-linked entities. GGC International Limited, another trading-focused wing, will continue to provide spot and derivative trading services. All trades must be settled by September 21, and any remaining open accounts will be closed by the end of the month. This development comes amid ongoing tensions between Genesis and Gemini. Gemini accused Genesis of manipulating votes related to a proposed settlement with FTX, raising concerns about the legitimacy of Genesis’ actions. Genesis had initiated bankruptcy proceedings in January with debts exceeding $3.4 billion. In February, a tentative restructuring plan was proposed, backed by DCG and major creditors, including Gemini. Gemini is leading an initiative to unite creditors to maximize returns from Digital Currency Group (DCG), the parent company of Genesis. However, Gemini contested the plan, citing a lack of necessary details and guarantees for some of the largest debtors.
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