Delay in Mt. Gox settlement impacts crypto market
Bitcoin (COIN:BTCUSD), Ethereum (COIN:ETHUSD), and other
altcoins such as BNB (COIN:BNBUSD), XRP (COIN:XRPUSD) faced
declines, following the decision of bankrupt cryptocurrency
exchange Mt. Gox to extend the deadline for their payments until
October 31, 2024. Some investors anticipated that this movement
could reverberate through the market, with possible influences on
valuations. The extension was approved by the Tokyo District
Court and is not the first change to the deadline. Some
compensation for creditors may occur later this year.
Private sale of OP tokens by Optimism founders
The layer-2 Optimism blockchain team sold 116 million of its OP
(COIN:OPUSD) tokens for $157 million to seven different
buyers in a private, scheduled event, as announced on its
governance portal. These tokens come from an unallocated
section of the OP token treasury, which still holds around $1.25
billion worth of tokens. These buyers now have the right to
delegate tokens for involvement in blockchain governance. The
OP value is down -5.76% at the time of writing, trading at
$1.31.
Ethereum value falls against Bitcoin after transition to proof of
stake
So far in 2023, Ether (COIN:ETHUSD) has experienced 36% price
growth, but is still trading at a value 66% lower than its peak in
November 2021. On September 20, it reached its all-time high low in
relation to Bitcoin (COIN:BTCUSD) in 14 months, causing concerns
among investors. The Ethereum community remained hopeful with
improvements to the protocol, resulting in a significantly reduced
issuance rate and exceeding staking expectations, even after the
price decline. Investors are now looking for new catalysts to
reverse Ether’s downward trend.
Venmo introduces PayPal USD stablecoin: Adoption progresses slowly
Since September 20, PayPal’s (NASDAQ:PYPL) mobile payments
platform Venmo has made the PayPal USD (COIN:PYUSDUSD)
stablecoin available to select users, with plans for full expansion
in the following weeks. PYUSD, backed by US dollars,
facilitates transfers between Venmo and PayPal at no additional
cost. Although it has received approval from the NYDFS and is
available on several exchanges, adoption of PYUSD has been slow,
facing stiff competition and potential regulatory complications,
remaining in 19th place by market capitalization among
stablecoins.
Development of the AstroPepeX token by integrating ChatGPT into
Ethereum network
An Ethereum developer known as CroissantETH integrated ChatGPT
into a custom application via the OpenAI API, resulting in the
creation of the ERC-20 AstroPepeX (APX) token. Modeled based
on data from the most traded tokens on Uniswap, APX has achieved a
market cap of approximately $3.5 million, with over 2,300
registered holders. The token, generated completely by ChatGPT
without human intervention, has been promoted and listed on several
exchanges, including Poloniex, and has links to social networks and
a Telegram community group.
New Ethereum standard, ERC-7512, seeks to increase transparency in
DeFi
Ethereum developers have introduced ERC-7512, a new standard for
smart contracts that seeks to improve transparency and facilitate
access to audits for DeFi protocols. Proposed by Richard
Meissner, co-founder of Safe, along with other notable developers,
the standard aspires to establish an on-chain representation of
audit reports, enabling users to obtain pertinent audit
information, such as the auditors involved and verified standards,
directly from the blockchain. The proposal generated intense
discussions about its implementation among the developer
community.
Alpha: New social token project on the Bitcoin network challenges
Friend.tech
The recently introduced Alpha project is creating an innovative
social token environment on the Bitcoin network, similar to the
famous Ethereum platform, Friend.tech. This new system allows
users to capitalize on their online presence and content production
through social tokens, but with structural differences, being
mainly based on the Bitcoin blockchain and using Polygon for data
storage. Punk3700, one of the co-founders, explained that
Alpha seeks flexibility, efficiency and security for decentralized
applications, promoting a community-centric development
approach. He emphasized that these features allow for a
significant reduction in transaction costs, benefiting users and
encouraging the creation of valuable content.
Binance faces criticism after spending nearly $1 million on
Ethereum gas fees
A wallet associated with Binance consumed approximately 530
Ether, equivalent to about $843,797, in gas fees in a single day,
as evidenced by Etherscan. On September 21, the Ethereum
network gas fee fluctuated between $0.17 to $11.2 per
transaction. This significant gas spend was attributed to the
“Binance 14” wallet, raising questions about the platform’s
technical capabilities and generating criticism of Binance’s
security and technology practices, especially amid its ongoing
legal disputes and controversies.
Tether ventures into artificial intelligence with strategic
partnership and robust investment
Stablecoin issuer Tether (COIN:USDTUSD) is expanding into
artificial intelligence via Northern Data Group’s (CHIX:NB2D)
subsidiary Damoon. Damoon acquired $427 million worth of GPUs
from Nvidia (NASDAQ:NVDA). The chips will bolster the Taiga
cloud service, available later in the quarter. Tether,
criticized for lack of transparency, ventures beyond
stablecoins, and ensures that the investment does not impact
the reserves of your stablecoins.
Chainlink and Arbitrum integrate to enhance development of
Inter-Blockchain dApps
The Oracle Blockchain Chainlink network has collaborated with
Ethereum’s layer-2 scaling protocol, Arbitrum, to accelerate the
development of cross-chain decentralized applications
(DApps). They revealed the introduction of the Chainlink
Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One on
September 21st. This launch provides software creators with
access to Chainlink solutions utilizing Arbitrum’s efficient and
cost-effective scaling capabilities, with the aim of exploring a
wide range of applications from tokenization to blockchain
gaming. Arbitrum’s optimistic rollup technology and
Chainlink’s CCIP protocol seek to deliver faster, more
cost-effective transactions, promoting innovation and growth in the
blockchain ecosystem. The native tokens of Chainlink and Arbitrum
are (COIN:LINKUSD) and (COIN:ARBUSD), respectively.
Leadership change at Near Foundation
Marieke Flament, who was heading the Near Foundation as CEO,
decided to resign from her position. Chris Donovan will take
on the role of CEO in his place. During Flament’s time, the
Near Foundation has seen significant growth, growing from 50,000 to
3 million daily users and significantly expanding its presence and
partnerships in the digital and cryptocurrency ecosystem, including
collaborations with giants like Google
(NASDAQ:GOOGL) , Amazon (NASDAQ:AMZN) and Alibaba
(NYSE:BABA). Flament’s departure was not justified for
specific reasons.
Binance may withdraw stablecoins from the European market due to
new legislation
Due to the implementation of the Markets in Crypto Assets Act
(MiCA) in Europe, Binance may remove stablecoins from the European
market by June 2024, as stated by an executive during a hearing
with the European Banking Authority. Marina Parthuisot,
Binance’s legal representative in France, expressed concerns about
the potential impact of this withdrawal on the European market
compared to other regions, as the regulation could significantly
affect the use of cryptocurrencies in Europe.
Galaxy Digital plans European expansion in the face of regulatory
advancement
Galaxy Digital, led by Mike Novogratz, is outlining plans for
European expansion, leveraging the progressive regulation of
cryptocurrencies in the region. Leon Marshall, former head of
sales and now European executive president of the company, will
lead the operation, aiming to solidify its presence in a market
that has been favorably adopting digital assets.
eToro expands crypto services in Europe after regulatory approval
Trading platform eToro is expanding its crypto services
footprint globally after gaining significant regulatory approval in
Europe. The company obtained Crypto Asset Service Provider
(CASP) registration granted by the Cyprus Securities and Exchange
Commission (CySEC) on September 21. This registration will
allow eToro to provide regulated crypto services to all European
Union countries under the eToro Europe Digital Assets entity once
the EU Markets in Crypto-Assets Regulation (MiCA) is applied in
December 2024.
Union Bank of the Philippines advances in cryptocurrency services
Union Bank of the Philippines has obtained a license from the
Bangko Sentral ng Pilipinas, becoming the country’s first bank
authorized as a Virtual Asset Service Provider (VASP). It will
offer, through its application, a platform that allows
cryptocurrency trading and digital and banking asset
management. Edwin Bautista, president of the bank, sees this
development as a revolution in the Philippine banking sector,
meeting the growing demands for digital innovations and
improvements in customer-bank interaction.
Balancer recovers domain after DNS attack and considers change for
greater security
Decentralized finance (DeFi) protocol Balancer said it has
regained control over its domain following a domain name service
(DNS) attack that resulted in a loss of around $240,000. The
compromise occurred through a targeted social engineering attack on
EuroDNS, leading to consideration of a switch to a more secure
domain registrar and abandonment of the .fi TLD. Balancer has
advised other platforms to consider similar changes to prevent
future security breaches.
Whale loses millions and scams multiply
A cryptographic “whale” suffered a sophisticated phishing
attack, losing around $4.46 million in Tether
(COIN:USDTUSD). The transfer occurred from the Kraken exchange
wallet to an address identified as fraudulent by Blockchain
security company PeckShield. This is not an isolated case,
with Scam Sniffer highlighting an alarming total of US$337 million
diverted in scams, affecting more than 21,953 people. Experts
warn of the need for robust security measures and skepticism
towards unsolicited offers.
Advancement in Web3 games: Proof of Play raises US$ 33 Million
Proof of Play, led by Farmville mastermind Amitt Mahajan, has
raised $33 million in funding to develop Web3 games. This
venture also involves Twitch co-founder Emmett Shear as an
advisor. The initiative included investments from industry
icons such as Chris Dixon and Naval Ravikant, as well as renowned
companies such as Zynga and Firebase. The objective is to
overcome barriers in Web3 games, with the Pirate Nation game
already in beta, promising an immersive and innovative experience
without the need for prior knowledge in blockchain.
Significant devaluation: Most NFTs lose value on the market
A recent report revealed that 95% of top NFTs have experienced a
decline in value, with many now worth next to nothing. This
study, highlighted by Rolling Stone on September 20, was carried
out by dappGambl, analyzing 73,257 NFT collections. The
research indicated that 69,795 of these collections would not be
able to raise a dollar in the current market, being considered
“completely worthless” and held by around 23 million
investors. This discovery provoked varied reactions in the
digital asset space, with many investors expressing concerns and
disappointment at this marked devaluation.
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