Crypto Calendar News

2023-08-22 09:03:33 Maple Finance’s Dynamic Return To Solana Fuels DeFi Innovation And Collaboration

Maple Finance, after temporarily suspending its Solana lending pool in January, is set to re-enter the Solana ecosystem, offering its cash management solution alongside access to U.S. Treasury yields. The platform’s strategic return follows a series of events, including its involvement in the repercussions stemming from the FTX controversy. In December, crypto arbitrage trading firm Orthogonal Trading defaulted on a $36 million loan on Maple Finance, impacting its operations. Prior to the suspension, Maple Finance‘s activity on Solana had yielded notable results.

The platform’s strategic return follows a series of events, including its involvement in the repercussions stemming from the FTX controversy. In December, crypto arbitrage trading firm Orthogonal Trading defaulted on a $36 million loan on Maple Finance, impacting its operations. A significant development for this platform is its recent approval from the U.S. Securities and Exchange Commission, allowing it to extend Treasury yields access to American investors. This regulatory exemption further underscores Maple Finance’s commitment to innovation and compliance within the DeFi space. As this project reengages with Solana, it aims to offer enhanced financial solutions and foster collaborations.

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2023-08-21 13:05:46 UK Regulator: Crypto Asset Businesses Expected to Comply with the Travel Rule Starting in September

According to the United Kingdom’s Financial Conduct Authority, crypto asset firms operating in the country will be required to comply with the Financial Action Task Force’s travel rule starting on Sept. 1, 2023. Crypto asset businesses will be required to take “all reasonable steps” to ensure compliance with the travel rule. When the rule becomes effective, compliance with the rule is still expected even when a crypto asset business uses a third-party supplier. The United Kingdom’s financial services industry regulator, the Financial Conduct Authority (FCA).

In a statement released on Aug. 17, the FCA suggested that its decision to enforce the requirement aligns with the Financial Action Task Force (FATF)’s call for the swift implementation of the travel rule. Despite the FATF’s call, many countries have failed to implement the travel rule due to delays “in adoption and different timelines for enforcement of the Travel Rule across jurisdictions.”. In instances where funds are being sent to a jurisdiction without the travel rule, the FCA said crypto firms must still collect and verify the information before a transfer is made. If the funds are being transferred from a jurisdiction without the travel rule, the necessary risk-based assessments must be undertaken before deciding to avail these to the beneficiary or not, the regulator said.

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2023-08-20 12:41:36 Offchain Labs says Arbitrum wasn't down for an hour, despite transaction issues

Offchain Labs, the team behind the Arbitrum Layer 2 project, says the network was not down for an hour yesterday. "Was Arbitrum One down for an hour? No," CTO Harry Kalodner said Friday on social media. "Did the batch poster stop posting for an hour? Yes." Many users had presumed Arbitrum was down for an hour because the Ethereum Layer 2 network didn't seem to be processing transactions. However, Kalodner explained that the outage was due to the batch poster.

"The batch poster hit an edge case in geth's mempool implementation which caused it to reject transactions if the total cost of all transactions in the mempool was greater than the balance of the sender," he continued. "This blocked the batch poster from escalating the fees of any transaction. This is made particularly complex since the Arbitrum One batch poster's main ETH balance is stored in a separate smart contract called the gas refunder which reimburses it for ETH spent on batch posting to increase security of its funds.". The batch poster consumes about 2% of Ethereum's gas limit and the gas refunder is unusual. It's no wonder it hits weird edge cases."

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2023-08-19 15:53:17 Binance Converts Delisted NBS Tokens To USDT For Profitable Transition

Binance has announced the issuance and conversion of delisted New Bitshares (NBS) tokens held by its users. This transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users’ Binance Wallet location records. Following the snapshot, Binance will work diligently to replace the NBS token balances with an equivalent amount of USDT (Tether) by December 8th, 2023, at 23:59 (UTC).

To offer transparency and insight into the transition, Binance plans to provide users with comprehensive information about the average NBS/USDT exchange rate during the Conversion Period. This valuable data will be made available at the end of the transition period, allowing users to understand and assess the exchange rate dynamics that influenced the token conversion. Binance’s commitment to providing its users with a seamless and user-friendly experience remains at the forefront of this initiative. By enabling the conversion of delisted NBS tokens to the stable and widely used USDT, Binance aims to offer enhanced utility and value to its users while facilitating their participation in the ever-evolving cryptocurrency landscape.

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2023-08-18 15:33:37 New Shibarium Mainnet Transactions Suspended, $1.7 Million Currently Locked

The new Shibarium mainnet that was launched today is experiencing a problem causing transactions on it to be suspended. $1.7 million is currently locked on ETH. The warning from Twitter shroom_daddy received much attention from the community about his suspicions about the hit layer 2. This person questioned what Shibarium was doing, from RPC to how bridging works. On-chain detective ZachXBT also commented on the comments and said that there are currently more than 954 ETH.

For the current state of the network, users are advised to stop using Shibarium for now temporarily. The network impressed when it attracted more than 21 million wallets participating in the beta testing phase. This helps it position Shiba Inu as a DeFi heavyweight by providing enhanced throughput and reduced transaction fees, even lower than Polygon (MATIC). Shibarium aims to improve the efficiency and user experience of decentralized application applications (dApps) and transactions. After months of testing with millions of users, the game development-oriented layer-2, and metaverse Shibarium has officially entered the mainnet phase following today’s announcement by the developers.

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2023-08-17 19:45:19 Yearn Finance Initiated V3 Proposal To Provide More Secure And Reliable Infrastructure

The revenue aggregator DeFi Yearn Finance community initiated the YIP proposal to launch Yearn V3, intending to establish a complete V3 system, allowing anyone to deploy treasury and V3 strategies without needing a V3 strategy to ask for permission. The proposal states that the core goal of V3 development is to provide a major upgrade to V2. The final state of V3 should be a fully decentralized protocol that provides a more secure and reliable infrastructure for on-chain capital allocation.

Regarding the basic structure of V3, budget and strategy are entirely independent, Vault is compatible with ERC 4626 in V3. The relationship between V3 vaults and their strategy has completely changed and is now completely separate. This means that vaults can not only deploy funds to multiple strategies, but strategies can also accept funds from various vaults (as well as non-vault sources such as direct deposits from users). By complying with 4626, the strategy interface is instantly standardized with multiple protocols in DeFi. This allows any 4626-compliant protocol to connect to the V3 library now, requiring no new implementation or policy code. This dramatically reduces the complexity of budget accounting and also reduces gas costs.

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2023-08-16 14:48:02 Cryptocurrency activities pose risk to US banking system, FDIC says

Cryptocurrency-related activities pose risks to the U.S. banking system, according to the Federal Deposit Insurance Corporation (FDIC) in its 2023 annual risk review. The FDIC, which insures deposits and supervises financial institutions in the United States, provided an entire section on crypto asset risks among the broader economic, credit, market and operational risks for banks. FDIC said “it has been generally aware of the rising interest in crypto-asset-related activities through its normal supervision process.”

Crypto-assets, with their dynamic nature and rapid pace of innovation, introduce “novel and complex risks that are difficult to fully assess,” the FDIC said. Some of the key risks identified in the report spanned from fraud, legal ambiguities and misleading or inaccurate representations or disclosures to immature risk management practices and platform vulnerabilities. The interconnections within the crypto-asset sector could also pose contagion risks for banks with significant exposure, the FDIC said. Notably, the review highlighted the potential for deposit outflows from banks holding stablecoin reserves due to stablecoin run risks. FDIC determined that more information was needed to better understand the risks associated with these activities,” it added.

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2023-08-13 17:32:30 Circle's Jeremy Allaire says web3 is going mainstream

Circle CEO Jeremy Allaire said Friday that the firm most known for stablecoins is doubling down on web3 services with the launch of its programmable wallets. Allaire said the wallet offering is just the first of future additional web3 services that will include forthcoming stablecoin cross-chain payments and a simplified smart contract development platform. "We now see that web3 is poised to become mainstream," Allaire wrote in a thread on the social media platform formally known as Twitter.

"It seems clear that nearly every major consumer internet company, brand and enterprise will start integrating Web3 primitives into their services. And nearly every fintech, payment company and financial institution will use Web3 for tokenization, payments, and financial apps," he added. "To get there, we need way more developers who can build web3 apps." Circle quietly released developer-friendly programmable wallets in early July in an attempt to build out "wallets-as-a-service." The wallets can use any blockchain to give customers easier access to cryptocurrencies, NFTs and other digital assets. Circle's focus on new services comes amid a challenging time for the firm's juggernaut stablecoin USDC, which has seen supply dip 43% since the beginning of 2023.

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2023-08-12 10:25:48 Binance Labs Invests $10 Million To Drive Helio Liquid Staking Protocol

According to Decrypt, Binance Labs has invested $10 million in the Helio Protocol to help scale the protocol’s ongoing transformation into a liquid staking platform. This additional money is anticipated to aid Helio’s platform expansion to other chains, even though it is presently based on the proof-of-stake network BNB Chain. A Binance prominent Labs spokesperson said, “Helio’s objective is to launch on Ethereum, and subsequently with L2 networks like Arbitrum and Zksync.”

Liquidity staking has become all the rage over the past few years as more blockchains transition to proof-of-stake (PoS). Since liquidity staking tokens are platform-specific, it is essential to choose the right platform so that your staking cryptocurrency is not at risk and you are maximizing your rewards. Faced with the rapid and intense development of liquidity staking protocols, a spokesperson for Binance Labs told Decrypt via email that the venture firm is optimistic about the world of liquid staking, sometimes when called liquidity bet financial derivatives. LSDfi protocols have opened up new opportunities for profit-seeking LST holders and have seen a rapid rise in TVL over the past few months.

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2023-08-09 16:12:18 Binance Becomes First Fully Licensed Crypto Exchange In El Salvador

Binance became the first licensed crypto exchange in El Salvador, granted both BSP and Digital Assets Services Provider licenses. Binance has become the first fully licensed crypto exchange in El Salvador after being granted both a Bitcoin Services Provider license (BSP) by the Central Reserve Bank and the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets. Binance now approves and registers in 18 markets worldwide, including France, Italy, Spain, Sweden, and Dubai, more than any other crypto exchange.

The licenses will allow Binance to expand the products and services offered, including options tailored to the needs of its customers in El Salvador. Binance Head of Latin America, Min Lin, commented, “We are honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies worldwide to support global standards for the crypto and blockchain industry. This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users.”. El Salvador became the first country in the world to recognize Bitcoin as a legal tender in 2021 and approved a law regulating the issuance of other digital assets by state and private entities.

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