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📣 Worldcoin Distributed 90 Million WLD Token To 10 New Addresses
Worldcoin’s team and investor address 0x0D4…CcE7 distributed 90 million WLD token to 10 new addresses today. In the past 5 days, this address has distributed about 248m WLDs to 26 investor addresses, including 75m WLDs to 3AC address (0xC7…3741) on August 6. Today, the Worldcoin team and investor address, identified as 0x0D4…CcE7, has distributed a total of more than 90 million WLD tokens to ten newly-created addresses.
In the past five days, this particular address has distributed a grand total of around 248 million WLDs to a total of 26 investor addresses. A particular investor address, 0xC7…3741, was the recipient of a substantial sum of 75 million WLDs on August 6. Currently, the aforementioned address 0x0D4…CcE7 still retains an impressive total of 1.252 billion WLDs. On 8 August, CoinCu reported that Bavaria’s Data Protection Authority is still conducting its privacy and security assessment of Worldcoin, the innovative digital identity project founded by Sam Altman, co-founder of ChatGPT. Worldcoin has until September to respond to authorities’ inquiries.
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🇰🇪 Worldcoin Confirms Kenya ID Verification Pause
Alex Blania, the co-founder and CEO of Worldcoin’s founding entity Tools for Humanity (TFH), announced on Aug. 2 that his organization had “paused World ID verifications in Kenya.” According to Blania, this move gives his organization time to address some of the concerns raised by Kenyan regulators. The remarks by Blania follow reports that the Kenyan government has suspended Worldcoin activities over public safety concerns. Before the government decided to suspend Worldcoin’s activities.
Despite facing heat from regulators and government officials, TFH’s crypto project appears to have won the backing of the country’s ICT minister, Eliud Owalo. In remarks made on the day Worldcoin’s activities were suspended, Owalo insisted that Blania’s organization was “acting within the law.” The ICT minister also pointed to the fact that most Kenyan participants were not being forced to share their details. Meanwhile, in an apparent response to concerns raised by the Kenyan government when it announced the suspension of Worldcoin’s activities, Blania suggested that his organization is pro-privacy. “World ID is built for privacy. We look forward to resuming operations while continuing global rollout,” Blania said in a tweet.
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🏦 Coinbase Plans To Seek Full Dismissal Of SEC Lawsuit From Court This Friday
Coinbase is set to take action against the U.S. Securities and Exchange Commission (SEC) by filing an order seeking dismissal of the lawsuit on August 4. The company’s Chief Legal Officer, Paul Grewal, conveyed confidence in their defense during the second-quarter earnings call held on August 3. Additionally, he highlighted that the SEC lacks regulatory authority over cryptocurrency exchanges and had not indicated any requirement for registration when Coinbase’s registration statement was deemed effective in April 2021.
The company’s Chief Executive, Brian Armstrong, also spoke out against the SEC’s approach, criticizing its regulation by enforcement tactic instead of participating in rulemaking. Despite the ongoing legal battle, the exchange reported impressive second-quarter earnings on Thursday, exceeding analysts’ expectations with a revenue of $708 million. However, the company did report a loss of $0.42 per share for the same period. The legal battle between Coinbase and the SEC ensued in June when the regulator accused the exchange of trading at least 13 crypto assets without proper registration as securities. Along with its rival Binance, Coinbase allegedly operated as an unregistered securities exchange, leading to the SEC’s legal action.
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🇺🇸 IRS Issues Cryptocurrency Tax Ruling: Staking Rewards Now Taxable Income
The Internal Revenue Service (IRS) has issued a ruling stating that cryptocurrency investors who receive rewards for participating in validation activities on proof-of-stake (PoS) networks should count those rewards as income in the year they gain control of the tokens. According to CoinDesk, this latest tax guidance clarifies the taxation of cryptocurrency staking rewards and applies not only to individual investors but also to those staking tokens through cryptocurrency exchanges.
The IRS emphasizes that the fair market value of the validation rewards must be included in the taxpayer’s gross income in the taxable year when they gain dominion and control over the rewards. The valuation should be based on the moment the U.S. taxpayer acquires control of the tokens. This means that the taxable event occurs when the investor can freely use, transfer, or sell the rewarded tokens. Furthermore, the IRS asserts that the rule applies equally to investors who stake tokens through cryptocurrency exchanges if they receive additional units of cryptocurrency as rewards for their participation in validation. This clarifies the tax treatment for investors using staking services provided by exchanges.
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🔵 Today marks Ethereum's eighth birthday
Today marks eight years since the Ethereum Foundation announced the rollout of its network. On July 30, 2015, former Ethereum Foundation CCO Stephen Taul wrote an official blog post, announcing that the network’s genesis block had been "loaded." "The Dev team joins me in thanking each and everyone of you for your support during the past year and half. It’s incredible to see the progress that has taken place since that humble first commit on Christmas Eve 2013," the blog said.
Since that day, Ethereum has grown to become the second-largest blockchain ecosystem, with its native asset, ether, boasting a market capitalization of $227 billion. Ethereum was co-founded by an array of prominent crypto figures, including Vitalik Buterin, who continues to actively contribute to the network. Other co-founders include Gavin Wood, Anthony Di Iorio, and Joseph Lubin. "The vision of a censorship-proof ‘world computer’ that anyone can program, paying exclusively for what they use and nothing more, is now a reality.". Vitalik Buterin published the introductory Ethereum white paper in 2014.
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💰 Ripple CEO Calls for Legislation To Protect Retail Investors In Crypto
Brad Garlinghouse, the CEO of Ripple, has raised a crucial concern about the protection of retail investors in the cryptocurrency market. In a recent statement, Garlinghouse criticized the U.S. Securities and Exchange Commission (SEC) for its approach to regulating cryptocurrencies and emphasized the need for legislation to provide clear rules and safeguards for retail participants. Garlinghouse pointed out that the SEC’s actions had created confusion and uncertainty in the crypto space.
The CEO stressed that the current method of “regulation by enforcement” employed by the SEC was inadequate and ineffective. Instead, he advocated for a legislative approach that would establish comprehensive and unambiguous guidelines for the industry. Such legislation would not only protect retail investors but also foster innovation and growth within the crypto sector. Garlinghouse’s call for legislation echoes the sentiments of many within the blockchain and cryptocurrency community who seek a more defined framework for compliance and accountability. With clear and reasonable regulations in place, legitimate projects and companies can operate with confidence, while bad actors can be more effectively identified and dealt with.
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💰 Craig Wright’s Copyright Battle Over Bitcoin File Format Raises Community’s Curiosity
In a much-anticipated ruling, a UK Court has granted Craig Wright, the self-proclaimed Bitcoin inventor, the opportunity to argue for copyright protection of the Bitcoin file format under UK law. The court’s decision now allows Wright to present his case on whether the Bitcoin file format deserves copyright protection in the United Kingdom. It is important to clarify that the court’s acceptance of the appeal does not imply a judgment on the matter or validate Wright’s claim as the true identity of Bitcoin’s mysterious creator, Satoshi Nakamoto.
The lawsuit initiated by Craig Wright involves 13 Bitcoin Core developers and several entities, including Blockstream, Coinbase, and Block. Wright claims that these parties violated his copyright to the Bitcoin white paper, as well as the file format and database rights associated with the Bitcoin blockchain. The pivotal question of whether Craig Wright is indeed the enigmatic Satoshi Nakamoto, the pseudonymous mastermind behind Bitcoin’s creation, remains a subject of debate and speculation. The authenticity of Wright’s claim will be the focal point of a trial scheduled to begin in January 2024. It is worth noting that in a separate case held in Oslo last year, witnesses presented forensic evidence that raised doubts about the documents provided by Wright to support his assertion of being Nakamoto.
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🇫🇷 Société Générale’s Crypto Division Granted First License For Crypto Services In France
Société Générale’s cryptocurrency division, SocGen Forge, has made history as it becomes the first company to receive a license from France’s financial regulator, Autorité des Marchés Financiers (AMF), to offer cryptocurrency services in the country. The license obtained by SocGen Forge allows the division to provide a range of digital asset services, including custody, buying and selling, exchange, and the receipt and transmission of third-party orders for digital assets. This regulatory approval gives SocGen Forge the necessary framework to operate within the French market.
In April, SocGen Forge launched its own stablecoin called EURCV (EUR CoinVertible) on the Ethereum blockchain. This stablecoin, backed by the euro, provides a reliable and transparent digital asset for on-chain transactions. The issuance of a stablecoin by a subsidiary of a global systemically important bank (G-SIB) on a public blockchain further demonstrates SocGen Forge’s commitment to innovation and its willingness to embrace the potential of blockchain technology. SocGen Forge has been at the forefront of blockchain adoption and has previously played a significant role in groundbreaking initiatives. It provided the infrastructure for the first blockchain bond issued by the European Investment Bank (EIB) on the Ethereum network.
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💰 Binance Restores Market Order Function For Spot and Margin Trading
Binance has announced the resumption of the “Market Order – Total” feature for impacted Spot and Margin trading pairs. This update brings good news to BNB users as they will now be able to utilize both the “Total” and “Slider for Amount Customization” features while placing market orders on any Spot or Margin trading pair. These features provide enhanced flexibility and customization options, enabling users to optimize their trading strategies. Starting from July 19, 2023, at 02:00 (UTC), users will once again have access to this important functionality.
For API users, Binance has provided a convenient way to check the status of the “Market Order – Total” feature for a specific trading pair. By querying the api/v3/exchangeInfo, API users can retrieve information regarding the availability of the feature. If the query returns “quoteOrderQtyMarketAllowed: true,” it signifies that the “Market Order – Total” feature is once again active for that particular trading pair. This update is expected to enhance the trading experience for Binance users, allowing them to execute market orders more efficiently and with greater control. By reinstating the “Market Order – Total” feature, Binance demonstrates its commitment to meeting the needs and preferences of its user base.
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🟠 Binance Has Fired Over 1,000 People In Recent Weeks: Report
According to the Wall Street Journal, citing a source, due to regulatory investigations by the US Securities and Exchange Commission (SEC) and other regulatory challenges, cryptocurrency exchange Binance has fired more than 1,000 people employees worldwide in recent weeks. According to sources, more than a third of Binance employees (about 8,000 people in total before layoffs) could eventually be affected by layoffs. A spokesperson for Binance confirmed the layoffs to The Wall Street Journal but did not disclose the number.
Additionally, CNBC quoted a current Binance employee familiar with the company’s plans as saying that the layoffs will eventually lay off 1,500 to 3,000 employees worldwide and that the layoffs will continue through the end of the year. Although CEO Changpeng Zhao previously shared that the company is still recruiting. CNBC attributed the layoffs to the US Department of Justice’s ongoing investigation into Binance, citing current employees saying the investigation could end with a consent order or an agreement on billions of dollars worth of deals. Binance CEO Changpeng Zhao tweeted, adding that the exchange is “still hiring.” Then, a lengthy Justice Department investigation into the company was also launched into its founder and chief executive officer.
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⬜️ OKX Introduces Smart Iceberg Trading Bot Strategy For Large Scale Trading
According to official news, in order to improve users’ trading experience, OKX intends to launch a new iceberg strategy at 4:30 pm (HKT) on July 13, 2023, adding a pending order option and number of pending orders, starting conditions and many other core upgrades. Added “Pending Order Option”: Support users to choose according to their needs: trade faster/trade faster with better price/queue. Added “starting condition”: user selection support: instant trigger/price trigger/RSI trigger.
Once online, the user opens the OKX app, selects the trade button at the bottom of the page, and clicks on the strategy to enter the strategy page, click on the large order split in the strategy creation section, and select the iceberg strategy to enter OKX’s new iceberg page. Or you can open the official OKX website, through the trade button in the navigation bar, select Create Strategy in Strategy Trading in the drop-down box, and then select an iceberg strategy. It is known that OKX Bingshan’s entrustment strategy is the strategy of breaking up large orders and placing orders in batches. It can help users customize their options when it comes to bulk transactions and complete splits of large orders.
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💰 Binance Will Terminate Redemption Service Of XRP Leveraged Tokens From From July 25
Leading cryptocurrency exchange, Binance, has revealed its decision to halt trading for XRP leveraged tokens. The discontinuation of trading for XRPUP and XRPDOWN tokens will take effect on July 25. As part of the delisting process, trading for XRPUP/USDT and XRPDOWN/USDT will be suspended on July 25 at 06:00 (UTC). Any active trade orders initiated by customers were automatically closed by the system. Binance urged users to trade their XRPUP and XRPDOWN tokens for other assets before the delisting.
To facilitate the transition, users are advised to redeem their leveraged tokens through the wallet function or the dedicated Leverage Tokens page before the delisting. For users still holding these tokens after the delisting deadline, Binance will convert them to USDT based on the net asset value (NAV) at the time of delisting. The USDT tokens will be distributed to users’ accounts within 24 hours, after which the leveraged token assets will be removed from the wallet. At present, the tokens are no longer available on the Binance platform. However, Binance has kept the redemption service open for customers who still hold these tokens, enabling them to redeem the leveraged tokens for USDT through the dedicated Leveraged Tokens page or the wallet function.
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💰 Over $1 billion inflows into Solana in a day
As the cryptocurrency market continues to trade sideways, the decentralized finance (DeFi) platform Solana (SOL) has emerged as one of the standout tokens. In this regard, SOL has experienced significant buying pressure in the last 24 hours. By press time, Solana controlled a market capitalization of $8.96 billion, reflecting an inflow of $1.02 billion within the last 24 hours. The buying pressure has also influenced the asset’s price trajectory, comfortably holding above the $20 support level.
Currently, SOL is valued at $22.17, with daily gains of nearly 12%. On the weekly chart, Solana has seen an increase of over 20%. While Solana has generally moved in tandem with the overall market, the recent surge in asset price lacks a specific identifiable catalyst. However, it is worth noting that the asset’s gains align with significant network partnerships. One notable instance is the announcement of collaboration between Coca-Cola (NYSE: KO) in Serbia and Solana NFT platform SolSea for a non-fungible token (NFT) offering during a music event. As part of this deal, the beverage company will distribute 100 limited edition hoodies accompanied by NFTs to select participants.
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🪙 Fantom Foundation: FTM Tokens Unaffected by Multichain’s Issues!
Fantom Foundation has provided reassurance to FTM token holders, addressing concerns related to Multichain’s issues. The foundation stated that FTM tokens, including those on wFTM, FTM ERC-20, and Opera, have never been released or managed by Multichain, ensuring their immunity from any potential impact. With the rise in popularity and adoption of cryptocurrencies, maintaining the integrity and security of digital assets has become paramount. The Fantom Foundation’s tweet aims to alleviate any apprehensions among FTM token holders.
By explicitly clarifying that FTM tokens are not affected, the Fantom Foundation seeks to provide confidence and stability within the Fantom ecosystem. This assurance is particularly significant given the foundation’s commitment to building a robust and decentralized infrastructure for FTM tokens. The Fantom Foundation’s statement emphasizes the distinction between FTM tokens and Multichain, highlighting that FTM tokens have never been under Multichain’s management. This clear delineation offers reassurance to investors and users, who can rest assured that their FTM tokens on various platforms will remain unaffected by the challenges faced by Multichain. As the Fantom blockchain ecosystem continues to evolve and expand.
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🇸🇬 Blockchain.com Secures Singapore License, Empowering Global Operations
Blockchain.com has reached a significant milestone by obtaining a coveted license from regulatory authorities in Singapore. The licensing approval from SG regulators underscores Blockchain.com’s commitment to adhering to rigorous regulatory standards while catering to the growing demand for blockchain services. The move positions the company to serve users within Singapore with a range of innovative offerings while maintaining a strong focus on security and compliance. This accomplishment bolsters the company’s credibility and sets the stage for its enhanced presence within the burgeoning Asian market and beyond.
SG, renowned for its pro-business environment and progressive approach to blockchain and fintech, offers a strategic backdrop for Blockchain.com’s expansion efforts. The license not only paves the way for enhanced user experiences within Singapore but also serves as a launchpad for the company’s wider global ambitions. Blockchain.com’s entry into the Singaporean market comes at a time when regulatory clarity is paramount for the broader blockchain industry. The license signifies the company’s proactive stance in aligning its operations with evolving regulatory frameworks, ultimately contributing to the industry’s sustainable growth. This license positions Blockchain.com to serve users and expand globally.
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⚪️ Curve Finance Founder Sells Another 8 Million CRVs Before Liquidation Concerns
Curve Finance founder, Michael Egorov, continued to sell 8 million CRVs to 5 investors/institutions. Since the OTC sale began on August 1, Curve founders have sold 114.025 million CRV to 24 investors/institutions in exchange for $45.61 million in funds. Michael held too much CRV and was criticized by many. Although this OTC sale of CRV tokens will speed up CRV decentralization, it could also pave the way for future problems. The OTC trading price of CRV this time is $0.4, about 30% lower than the current market price.
Despite the half-year lockup period, the tokens given to investors are fully unlocked. These positions will not be sold immediately, but some investors can hedge their risk through centralized exchange perpetual contracts proportional to the CRV/USDT perpetual contract trading pair continuing to be negative, meaning the bearish sentiment is dominating. One of the reasons pioneering projects are more attractive to finance is that they are more likely to pay compensation if an accident occurs. CRV holders, the rights and benefits will not be greatly reduced, for users with losses, the money can also be recovered to restore confidence. Currently it is actually developing along this route and projects like Alchemix, JPEG’d have recovered some money after trying to contact the hackers.
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🏦 Coinbase Promises To Integrate Layer-2 Lightning Network Solution For Bitcoin
Brian Armstrong, the CEO of Coinbase, and Jack Dorsey, former CEO of Twitter, engaged in a cordial conversation discussing the potential and future of Bitcoin and its Layer-2 solution, the Lightning Network. The Lightning Network, a second layer for Bitcoin that facilitates micropayment channels between nodes, has gained significant attention as a way to speed up payments on the Bitcoin blockchain at a low cost. As the crypto industry expands, platforms like Binance have already integrated the Lightning Network.
Prominent Bitcoin advocates, including Block co-founder Jack Dorsey and MicroStrategy executive chairman Michael Saylor, have encouraged Armstrong to adopt the Lightning Network. Dorsey openly accused Coinbase of neglecting both Bitcoin and the Lightning Network, urging the platform to allocate more resources to these technologies. He also advocated for an open protocol for monetary transmission that isn’t under the control of a single entity. Brian Armstrong responded to Dorsey’s comments, stating that Coinbase is indeed exploring ways to integrate the Lightning Network. While acknowledging that the task is not trivial, Armstrong emphasized the company’s commitment to Bitcoin, claiming to have introduced more individuals to the cryptocurrency than possibly any other platform.
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🇦🇪 Binance Becomes First Exchange Granted Operational MVP License In Dubai
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted Binance FZE, the Dubai subsidiary of cryptocurrency exchange Binance, the Operational Minimum Viable Product (MVP) license. This milestone achievement marks Binance FZE as the first exchange to receive such a license in Dubai, allowing the company to operate virtual asset exchange and broker-dealer services, initially catering to institutional and qualified retail investors in the region. The path to obtaining the operational MVP license involved a series of successful milestones.
Binance secured a provisional MVP license in March 2022 and followed up with a preparatory MVP license in September of the same year. With this latest development, the exchange is now permitted to engage in two licensed activities – virtual asset exchange services and virtual asset broker-dealer services, limited to institutional and qualified retail investors in Dubai. The issuance of this operational MVP license reflects Binance’s commitment to building a compliant exchange in collaboration with local regulators and within the unique regulatory framework for Virtual Asset Service Providers (VASPs) in Dubai. It also enables eligible users in the city to access authorized services, including converting virtual assets to fiat safely, adhering to VARA-designated standards compliant with the intergovernmental Financial Action Task Force.
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🇦🇪 Phoenix Technology Explores Prospects With Potential UAE IPO
Phoenix Technology, a leading cryptocurrency mining hardware retailer based in the United Arab Emirates, is reportedly in the early stages of considering an initial public offering (IPO) in its home country, according to Bloomberg. The firm is known for its ambitious project to create one of the largest mining facilities in the entire Middle East. While specific details of the IPO, such as the exact timing and size, are still fluid and subject to change, the potential move signals Phoenix Technology’s desire to capitalize on the growing interest in cryptocurrencies and the blockchain industry.
The United Arab Emirates, particularly Dubai, has been proactively positioning itself as a welcoming hub for the crypto sector, drawing in major players like Binance, OKX, and Bybit. This appeal has been boosted by the country’s friendly policies and supportive stance on cryptocurrencies. However, recent reports indicate that the UAE is now taking steps to tighten scrutiny of crypto license applicants to ensure proper oversight, especially in the wake of prominent scandals within the industry. Phoenix Technology’s establishment in 2015 has seen impressive growth, with operations spanning across the US, Canada, Europe, and the Middle East, totaling more than 700 megawatts. The company’s latest and most ambitious venture is the development of a massive $2 billion crypto-mining farm within the UAE, aiming to become the largest mining site in the region.
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🆘 Alphapo Hot Wallet Losses Surge to $60M, ZachXBT Reports
ZachXBT has recently tweeted about the Alphapo hot wallet heist, disclosing that an additional $37 million worth of TRON and BTC has been found to be stolen due to this cyberattack. The total amount pilfered from Alphapo has now surged to a staggering $60 million, making it a high-profile attack in the cryptocurrency world. The heist has raised concerns over security and highlighted potential vulnerabilities within the crypto ecosystem. ZachXBT’s monitoring, it was initially reported that the Alphapo hot wallet had been breached.
The investigation into the theft has unveiled an intricate web of transactions, revealing a sophisticated and well-coordinated operation. The stolen funds were first moved to the Ethereum network, presumably in an attempt to obfuscate the source and origin of the funds. Subsequently, they were cross-linked to the Avalanche network and Bitcoin (BTC), creating multiple layers of complexity to mask the hacker’s tracks. Attributing the hack to a group with potential links to Lazarus, a notorious cybercriminal organization known for conducting large-scale attacks, has further fueled concerns about the rising threats posed by such sophisticated hacking entities in the cryptocurrency space.
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🪙 Stellar Accompanying Ripple As XLM Gains Over 100% Over The Last Week
In the dynamic world of cryptocurrencies, Stellar’s native digital currency, XLM, has recently seen a remarkable surge in its price. Over the past few weeks, Stellar has been gaining widespread recognition for its efficiency and cost-effectiveness as a digital payment network, attracting an increasing number of users and businesses. This integration enables USDC remittances and cashouts in these countries, providing convenience and efficiency to everyday transactions and contributing to enhanced financial inclusion through swift and cost-effective cross-border transactions.
The recent weeks have witnessed an impressive price surge for XLM. On July 13, XLM experienced an astonishing increase of over 100%, peaking at $0.197. However, as is common in the cryptocurrency market, profit-taking by investors caused the price to retreat slightly. Nonetheless, XLM has been on an upward trajectory since July 18, with strong support near $0.128. It is noteworthy that XLM stands out as the best-performing cryptocurrency asset among the top 100, based on CoinMarketCap data. In comparison, even XRP, which is ranked fourth in terms of gainers, lags behind XLM’s performance. Traders and investors are closely observing XLM’s price movement, as a break past the $0.20 level could indicate the beginning of a fresh uptrend for Stellar’s XLM.
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🏦 Cathie Wood Stays Positive On Coinbase After Ripple’s Lawsuit
Cathie Wood, the founder, and CEO of ARK Investment Management, expressed her optimistic view on cryptocurrency exchange Coinbase following a court ruling in favor of Ripple Labs against the Securities and Exchange Commission (SEC) on July 13. ARK Invest recently sold off an additional $50 million worth of Coinbase stock on July 15 as the stock rallied. Wood attributed the selling activity to profit-taking and reallocating capital to other investment opportunities. Despite ARK Invest’s recent sales of Coinbase stock, Wood remains positive about the exchange.
In December 2020, the SEC filed a lawsuit against Ripple, alleging the crypto and blockchain solutions provider of marketing its XRP coin as unregistered securities. A court in the Southern District of New York determined on Thursday that XRP is a security when sold to institutions but not when sold to the general public. After the judgment, XRP surged almost 90% to $0.82. Wood’s sentiments align with other industry experts who believe that the Ripple ruling could set a positive precedent for Coinbase and other exchanges currently facing regulatory challenges. The ruling potentially influenced the ongoing legal battles of Coinbase and Binance with the SEC. Despite receiving a Wells Notice in March and facing a lawsuit from the SEC in June.
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🔵 Liquity Will Release V2 In 2024, Using Staked ETH To Back The Stablecoin Model
Liquity, the decentralized lending platform, has made an exciting announcement regarding the upcoming launch of Liquity V2. This new version of the platform is set to provide Ethereum (ETH) holders with attractive leverage and lending products, further expanding on the existing offerings of the protocol. The release of Liquity V2 is scheduled for public availability in 2024 and introduces a novel reserve-backed stablecoin model that utilizes staked ETH. As a borrowing protocol, Liquity enables users to participate in interest-free lending. Through the protocol.
Liquity operates on the concept of collateralized debt positions (CDPs) known as “Troves.” Each Trove is mandated to maintain a minimum collateral rate of 110%, ensuring the safety and stability of the protocol. In the event that the collateral ratio of certain assets falls below 100%, liquidation becomes necessary to cover the outstanding debt. A key aspect of Liquity’s strategy is to ensure platform stability and foster a collaborative ecosystem. Similar to the approach taken by Serum Dex, the platform allows other parties to host the Liquity Graphical User Interface (GUI). In return, these hosts receive incentives based on the number of user accounts they attract. This approach encourages partnerships and promotes wider adoption of the protocol.
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🟠 Binance.US Responds To Ripple’s Crazy With US Major Exchanges
In a significant turn of events, several prominent cryptocurrency exchanges have made the decision to reintroduce or consider relisting XRP, the digital asset associated with Ripple. Binance.US also followed the enthusiasm that came from the Ripple event. Binance.US, a prominent US cryptocurrency exchange, has announced the listing of XRP on its platform. Users can now make deposits of XRP, and trading for the XRP/USDT Advanced Trading pair will commence on July 14, 2023, at 6 a.m. PDT / 9 a.m. EDT. This development provides increased accessibility and trading options for XRP enthusiasts and investors on Binance.US.
Coinbase, Kraken, Crypto.com, and Bitstamp are among the platforms that have responded to a momentous ruling in the protracted legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The relisting decision follows the widely followed lawsuit initiated by the SEC in December 2020, alleging that Ripple’s XRP token constituted an unregistered security. In response, numerous exchanges took the precautionary step of delisting XRP to ensure compliance with regulatory requirements. However, Ripple chose to take a defiant stance and contested the lawsuit, allocating substantial resources to defend its case.
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📣 Starknet v0.12.0 Now Live on Mainnet
Starknet, the highly anticipated Layer 2 network built on Ethereum, has made a groundbreaking announcement. The network has officially rolled out its v0.12.0 version on the mainnet, introducing crucial upgrades to enhance scalability and reduce transaction latency. With the Ethereum network experiencing significant congestion and high transaction fees, Starknet aims to address these challenges by improving network throughput and optimizing transaction confirmation times.
The new Rust implementation of Sequencer brings several performance enhancements, including more efficient local storage and critical path logic. These improvements are specifically designed to minimize transaction confirmation wait times and resolve network congestion issues. By streamlining the transaction processing pipeline, Starknet v0.12.0 aims to deliver faster and more reliable transactions on the Ethereum network. The launch of SK’s latest version marks a significant milestone in the development of Layer 2 solutions for Ethereum. Layer 2 networks are considered crucial for scaling Ethereum and addressing its limitations in terms of transaction speed and scalability.
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🟠 Binance Strengthens Internal Team Amidst External Pressure and FUD
According to CZ, fostering a strong sense of camaraderie within the team involves various elements, including group-building activities, coaching sessions, motivational talks, and more. While these methods are helpful in creating cohesion, CZ acknowledges that their effectiveness can diminish over time in the face of external pressures and FUD (Fear, Uncertainty, and Doubt). However, by rallying the community together and fighting through challenges, Binance strengthens its mission of promoting financial freedom worldwide.
CZ believes that activities such as group-building dinners and outings play a crucial role in fostering a sense of unity among team members. Additionally, coaching sessions, mentors, and even psychotherapists help in personal and professional development, leading to stronger bonds within the team. Motivational talks also serve as a powerful tool to inspire and energize the workforce. While internal pressures have brought the Binance team closer, CZ recognizes the importance of collaboration and building trust with external stakeholders. By fostering transparency, open communication, and collaborative partnerships, Binance aims to gain the support and trust of the wider community.
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🟠 Binance marketshare at lowest point since beginning of the year
Binance, the largest global cryptocurrency exchange, faces a dwindling marketshare as executives from the firm depart, according to data from The Block's data dashboard. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.
The exits come amid a dip in Binance's marketshare among global exchanges. The firm saw its market share fall from 72% in January to just over 58% at present. The figures represent the marketshare of spot trade volumes for cryptocurrency exchanges with no USD support or USD pairs contributing insignificant volumes. Top executives at Binance resigned this week over CEO Changpeng Zhao’s handling of regulatory investigations into the company, Fortune reported, citing sources. Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.
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📊 Pendle Opens Up New Growth Potential With TVL Up Nearly $150M
On July 5, total value locked (TVL) in Pendle, a DeFi protocol that divides yield-bearing tokens into principle and yield components, reached an all-time high of $171.25 million. This year’s growth of PENDLE has been spectacular. The token has risen from $0.044 at the start of the year to $1.75. The project’s token, which collects protocol fees while locked, is up roughly 4,000% this year, trading at levels last seen at the bull market’s peak two years ago. A spike of this size cannot be explained only by a recent listing.
Moreover, whales’ accumulation of PENDLE might be seen as a significant vote of confidence in the protocol’s long-term potential. Pendle’s novel approach to yield farming, which allows users to tokenize and exchange future produce, has grabbed the curiosity of forward-thinking investors. Inflows increased when Ethereum’s Shanghai upgrade went online in April, allowing for the first-time withdrawals of staked ETH. According to DeFiLlama data, approximately $40 million in stETH has been tokenized on the network since then. Pendle, in addition to yield-splitting, has an automated market maker (AMM) where traders may buy and sell either the primary token or its related yield independently.
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