Bitcoin and Ether see a drop; Futures liquidations reach $103.5
million
At the time of writing, Bitcoin (COIN:BTCUSD) and Ethereum
(COIN:ETHUSD) are experiencing drops of -0.1% and -1.75%,
respectively, with Bitcoin struggling to gain momentum. Futures
liquidations tracked by tokens have reached $103.5 million in the
last 12 hours, with the majority being long positions. A decrease
in trading volumes is expected due to Christmas. Meanwhile,
altcoins like Helium (COIN:HNTUSD) and Stacks (COIN:STXUSD) have
recorded gains of 8% and 10.5%, respectively, in the last 24
hours.
AR token from Arweave falls amid hard fork controversy
The native token of Arweave (COIN:ARUSD), a decentralized
storage platform, has experienced a drop amid controversies
surrounding a potential hard fork. The dispute involves accusations
from Arweave’s founder, Sam Williams, against Irys (formerly
Bundlr), regarding plans to fork the platform. Williams criticizes
Irys’ approach, while Irys alleges censorship by Arweave. Arweave,
known for its adoption in NFTs and partnerships with major tech
companies, plans to restrict Irys on its gateways.
Tether’s USDT records a discount on centralized exchanges
Tether’s stablecoin (COIN:USDTUSD) has reached its largest
discount since July on exchanges like Binance and Coinbase
(NASDAQ:COIN), according to Kaiko data. Currently trading at
$0.99911, the discount is not observed on Bitfinex, which belongs
to the same parent company as Tether. This phenomenon occurs amid
Tether’s collaboration with U.S. authorities, sparking debates in
the crypto community. With a market capitalization above $90
billion, Tether has frozen 326 wallets at the request of U.S.
agencies, including the DOJ and FBI.
Circle launches EURC stablecoin on the Solana blockchain
Circle Internet Financial has announced that its EURC
stablecoin, backed by euros, is now available on the Solana
blockchain, known for its fast and low-cost transactions. DeFi
applications and digital wallets on Solana, such as Jupiter
Exchange and Orca, already support EURC, facilitating 24/7
transactions. Circle aims to improve peer-to-peer transfers and
remittances in Europe, expanding the presence of EURC, which
already operates on blockchains like Ethereum and Stellar.
Recovery in the private credit market on blockchain
The real-world assets (RWA) market based on blockchain,
especially private credit, has experienced significant recovery,
with a 127% increase in active private loans, reaching $581 million
since the beginning of 2023. This growth trend, still below the
peak of $1.5 billion last June, highlights a positive shift in
blockchain financing, driven by transparency and the efficiency of
smart contracts and digital ledgers. The sector also faces
challenges, such as the lack of a standardized credit rating system
and the recent market crisis.
Record AVAX burn on Avalanche driven by registration transactions
On Avalanche (COIN:AVAXUSD), there was a record burn of 439,000
AVAX, totaling $16.7 million, in the past week. This burn, which
reduces the token’s circulating supply, highlights a distinct
policy from Ethereum (COIN:ETHUSD): while the latter burns only a
portion of fees and compensates validators with the rest, Avalanche
burns all transaction fees. The increase in burning was mainly due
to registration-related transactions, a popular innovation known
for its low movement costs and originating as a solution on Bitcoin
(COIN:BTCUSD). These transactions led to an increase in transaction
fees on Avalanche, with a peak of 5,000 nAVAX per gas unit. The
network processed 61 million of these transactions, supporting over
1,160 collections, reflecting growing adoption and activity on the
platform.
Manta Pacific adopts Celestia for blockchain efficiency
Manta Pacific, a layer 2 blockchain, will integrate Celestia to
improve efficiency and reduce transaction costs. Using Celestia’s
data availability sampling, lightweight nodes can verify data
without the need for a complete download. This advancement promises
a more economical and secure network environment. In addition to
Manta Pacific, other projects like Polygon Labs and Arbitrum are
adopting similar solutions. Manta Pacific has reached $18 million
in total value locked in two months, with its developers raising
$25 million in July.
Ethereum faces security challenges and advances with new
specifications
Ethereum, despite being one of the most popular blockchain
networks and having 16% of cryptocurrency developers, faces serious
security challenges. According to the Beosin report, Ethereum led
in losses due to exploits and phishing, resulting in significant
financial losses. The Enterprise Ethereum Alliance (EEA) is working
to improve security by releasing version 2.0 of the EthTrust
specification, “EthTrust Security Levels Specification v2,”
addressing recent bugs and vulnerabilities to enhance smart
contract security.
FTX presents bankruptcy plan to resolve financial crisis
The estate of FTX, a cryptocurrency company that went bankrupt
in 2022, has presented a bankruptcy plan to a Delaware court. The
proposal aims to classify and calculate creditor and customer
claims based on priority and asset values at the time of
bankruptcy. The plan’s goal is to maximize and efficiently
distribute value to creditors following the financial collapse of
the exchange founded by Sam Bankman-Fried. However, FTX’s amended
reorganization plan, presented on December 16th, could result in
significant losses for the creditors of the defunct cryptocurrency
exchange. The plan proposes to assess creditors’ claims based on
cryptocurrency prices on November 11, 2022, the date of FTX’s
bankruptcy. Due to the appreciation of cryptocurrencies since then,
this means considerable losses in assets like Bitcoin (COIN:BTCUSD)
and Ethereum (COIN:ETHUSD) for creditors, disregarding FTX’s Terms
of Service stating users’ ownership of digital assets.
OKX surpasses Blur and OpenSea in NFT trading volume
The OKX NFT Marketplace platform has surpassed Blur and OpenSea
in daily trading volume, recording $50.33 million in 24 hours,
driven by the trading of Bitcoin Ordinals NFTs. The inclusion of
these Bitcoin-based NFTs was a differentiator for OKX, attracting
high demand, while Blur and OpenSea have not yet embraced this
trend. This advancement highlights the growing interest and market
for NFTs on the Bitcoin network, reflecting the dynamics and rapid
evolution of the cryptocurrency sector.
Fairshake Super PAC raises $78 million to support pro-crypto
politicians
Fairshake, a super political action committee (Super PAC) in the
U.S., has raised $78 million to support political candidates
favorable to cryptocurrencies and blockchain in the upcoming
presidential elections. With support from entities like Andreessen
Horowitz and crypto companies like Circle and Coinbase
(NASDAQ:COIN), Fairshake’s goal is to foster clear and favorable
regulation for the blockchain economy amidst intense regulatory
debates and proposed restrictions by the SEC.
MetisDAO launches $100 million fund to develop the Metis ecosystem
The MetisDAO Foundation (COIN:METISUSD) has announced the
creation of the Metis Ecosystem Development Fund (Metis EDF), with
an approximate value of $100 million, to drive the growth of its
ecosystem. The fund, which will distribute 4.6 million METIS
tokens, will focus on areas such as sequencer mining, NFTs,
decentralized finance, and blockchain security. Expected to launch
in the first quarter of 2024, the fund aims to decentralize and
sustainably grow the Metis ecosystem.
Tap Protocol raises $4.2 million to develop Bitcoin Ordinals
Tap Protocol, focused on developing ordinals on Bitcoin, has
raised $4.2 million in a funding round led by Sora Ventures. The
company plans to use the funds to expand the use of Bitcoin
(COIN:BTCUSD) in areas such as DeFi, tokenization, and
gamification. Tap Protocol, which already has over 50,000 users,
also promises significant announcements soon and aims to
decentralize the tracking of metaprotocol ordinals.
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