Blockchain Explained

2023-04-22 04:02:02 TUSD Gains The Upper Hand On Binance, Becoming The Largest BTC Trading Pair

According to data source Kaiko, TrueUSD (TUSD), a stablecoin that was poorly known before this year, is now the biggest Bitcoin trading pair, thanks to the Binance crypto market, Bloomberg reported. According to data source Kaiko, TrueUSD (TUSD), a stablecoin that was poorly known before this year, is now the biggest Bitcoin trading pair, thanks to the Binance crypto market, Bloomberg reported.

The stablecoin “is the benefactor of increased volumes now, even if the reasons why Binance granted TUSD this gift are unclear,” he wrote. Tether pairings, according to Kaiko, account for 80% of overall trading volumes across centralized crypto exchanges. TUSD is at 9% and is expected to reach second place in the next months, according to the report. Yet, according to Kaiko, market depth statistics on Binance reveal that BTC-USDT is still king in terms of liquidity, with market makers clearly preferring exposure to Tether over TrueUSD. TrueUSD’s circulation increased when New York authorities forced the issuer of a Binance-branded stablecoin, BUSD, to stop minting new tokens in February.

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2023-04-21 04:26:02 Tornado Cash developer Alexey Pertsev freed pending trial

Alexey Pertsev, a Tornado Cash developer arrested in August by Dutch authorities over allegations of facilitating money laundering, will head home next week pending trial, a court in the Netherlands has ruled. "I’m happy to confirm Alex will be at home on April 26 on his birthday," Pertsev's wife Ksenia Malik told The Block. "He will be with an ankle monitor. But at home." A further investigation hearing in the case will be held on May 24, Malik said.

Pertsev, who was born in Russia, was arrested in Amsterdam on Aug. 10. His arrest came two days after the U.S. government added Tornado Cash and 44 associated Ethereum and USDC wallets to its Specially Designated Nationals list. The U.S. Treasury said the crypto mixing service, which allows users to obscure transactions, had "repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors."Alexey Pertsev will be home next week on his birthday, pending trial, his wife said. Pertsev was arrested last August by Dutch authorities over allegations of facilitating money laundering.

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2023-04-20 04:06:03 Crypto Protocol Fetch.ai Offering AI Trading Tools for Decentralized Exchanges

Fetch.ai, which develops artificial intelligence (AI) tools for crypto, is rolling out a set of enhanced trading products for decentralized exchanges (DEX). The Cambridge, U.K.-based firm wants to facilitate peer-to-peer transactions between decentralized finance (DeFi) users using AI-powered "agents" to execute trades based on user-defined parameters, it said Wednesday.

Users submit their orders to an agent, which then puts it in escrow or an atomic transaction while it works out where it can do the order matching," CEO Humayun Sheikh said in an interview. "The ability of the platform to find and create liquidity is where the platform comes into itself, whereby agents work together to create those decentralized order books. The absence of a liquidity pool, the mechanism usually employed by DEXs to facilitate quick and efficient trading, means there is no trove of coins for hackers to target. By focusing on individual agents, Fetch.ai is attempting to overcome the risk.

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2023-04-19 04:12:02 Crypto Exchange Luno to Withdraw From Singapore

Cryptocurrency exchange Luno will stop servicing customers in Singapore as of June 20, the firm said on Monday. Luno has informed the Monetary Authority of Singapore (MAS) that is withdrawing its application for a license to operate in the southeast Asian city state. The exchange said it has taken the decision as part of an "evaluation of [its] global strategy and presence."

Luno said customers in neighboring Malaysia are unaffected and that the exchange will continue to operate there. Luno recently hired investment bank Canaccord Genuity Group to help attract new investors in order to finance its growth and expansion plans, with an eye on a public listing in the future. Customers in Singapore have until June 19 to withdraw all funds they hold on the platform. Luno is owned by Digital Currency Group (DCG), which is also the parent company of CoinDesk. Luno has told the Monetary Authority of Singapore that it is withdrawing its license application.

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2023-04-18 06:20:02 SEC Warned Bittrex of Legal Action Before Firm Announced U.S. Exit: WSJ

The U.S. Securities and Exchange Commission's enforcement staff told crypto exchange Bittrex in March that it will recommend the agency take legal action over alleged violations of investor-protection laws by the company, the Wall Street Journal reported Sunday. The SEC's Wells Notice likely preceded Bittrex's announcement at the end of March that it will be winding down its operations in the U.S.

SEC enforcement action against a several prominent crypto enterprises have sent ripples through the industry. In February, exchange platform Kraken announced it was shuttering its staking program in the U.S. and paying $30 million to settle SEC charges. In October, Bittrex paid the U.S. Treasury Department's sanctions and money-laundering watchdogs $30 million over allegations that the company had a poor compliance program between 2014 and 2017. Bittrex would litigate unless the SEC “came with a reasonable settlement offer,” David Maria, the firm’s general counsel, told the newspaper.

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2023-04-17 06:34:02 G20 Finance Chiefs Agree Global Policy Responses to Crypto Are Required

The G20 finance ministers and central bank governors have agreed that crypto regulation cannot be confined to one part of the world, said India’s finance minister. “Any action on crypto assets will have to be global,” she stressed, adding that the G20 finance chiefs’ discussion on crypto was “very substantive.” held on the sidelines of the annual Spring Meetings of the International Monetary Fund (IMF) and the World Bank.

Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das co-chaired the meeting, during which the G20 finance ministers and central bank governors discussed matters pertaining to the oversight of cryptocurrencies, along with their related challenges. Responding to a question at the press briefing, the Indian finance minister further shared: “The G20 and its members agree that it’s not going to be possible to have an independent standalone country dealing with the crypto assets and that it has to have a globally coordinated understanding on how to go about regulating crypto assets.”

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2023-04-16 06:54:02 Ethereum’s Pending Withdrawals Reaching Over $3 Billion After Shapella

The new Ethereum Shapella upgrade resulted in the long-awaited release of staked ETH. Several experts predicted a drop in the market value of ETH, which resulted in a return to the previously set price range and a considerable rise in pending withdrawals. After the network’s high-profile Shapella update, Ethereum’s total pending withdrawals, or the amount of ETH confirmed to withdraw, including prizes, have reached over $3 billion.

According to the data-tracking website token.unlocks, 1.48 million ETH worth $3.11 billion is now awaiting withdrawal. Coupled with a rising withdrawal queue, the price of ETH has surged after Shapella’s introduction, contrary to the forecasts of certain experts and short sellers. The native currency of Ethereum is now trading a little around $2100. The net staking balance from yesterday is around -103,600 ETH (calculated by subtracting the entire amount of ETH removed from the total amount of ETH deposited). Roughly 201,840 ETH has been withdrawn, with a total deposit of 98,240 ETH. The current total amount of ETH staked, excluding earned prizes, is 17.23 million coins, accounting for 15.34% of the entire supply.

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2023-04-15 06:36:02 Yearn's Staked Ether Token yETH Gets Mixed Results on Govenance Poll

It might not be time yet to launch yETH, Yearn.finance’s proposed token which tracks a basket of ETH Liquid Staking Tokens (LSDs). A poll on the Yearn.finance governance forum shows that members are pretty split about launching the token. The poll is non-binding and is meant to take a temperature check of the community’s interest in moving towards a binding vote via snapshot. So far, 20 people have cast their vote, with 11 taking the no side.

Yearn.finance is positioning yETH, which holds a basket of LSDs as a way to hedge against the different protocols, which all have their varying smart contract and liquidity risks. "yETH essentially spreads the risk across the various Ethereum LSDs while also earning additional yields through Yearn’s large veCRV position for Curve Pools," pseudonymous crypto investor DeFi Maestro told CoinDesk earlier in a Twitter message. In the thread discussing the proposals, some users questioned the need for exposure to multiple LSDs as after the Shanghai upgrade, the risk of de-pegging is low. yETH’s proposal is too similar to existing projects like unshETH.

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2023-04-14 06:55:02 ApeCoin Community Voted To Reject The AIP-222 Proposal

The ApeCoin community voted down the latest proposal to allow content creators to distribute their own media through their own network and share a percentage of advertising revenue with their community. The Snapshot page reveals that the ApeCoin community’s voting on the AIP-222 proposal to create “A Web3 Streaming Platform Powered By ApeCoin” finished on April 13 and was not approved. The plan was opposed by 49.33%, while it was supported by 33.88%.

The platform uses advertising (AVOD) and FAST channels to offer a unique three-way revenue-sharing option, empowering independent artists internationally and bringing new consumers into the APE ecosystem’s incentives. Previously, the ApeCoin community voted on a proposal to create a new NFT series, and the idea was eventually rejected. The new NFT series proposal received 83.95% of the vote, with 10.01% in favor. The whole proposal included photos of the NFTs, as well as the ape emblem on a shield. The plan also includes photographs of the pets who would have been members of the ApeCoin Pet Club. According to the concept, every NFT from both collections would have been unique in their own way.

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2023-04-13 06:40:04 Glassnode Estimates $300M Ether May be Sold After Shanghai Upgrade

While analysts from traditional banks remained mixed on the market impact of ether (ETH) after the much-awaited Shanghai upgrade later today, an on-chain report from Glassnode estimates at least $300 million worth of selling pressure. Glassnode said the estimate was made based on a “50% withdrawal credential update, our segmentation of depositors, and assumptions regarding investor conviction, and profitability”.

Shappella – a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that are expected to occur simultaneously on April 12 – will allow investors to withdraw their ether staked on the Ethereum blockchain. Staked ether cannot be withdrawn or freely traded currently. Banks such as JPMorgan (JPM) say ether will likely face some selling pressure from the upgrade as more than one million ether staking rewards become instantly available this week. The bank says it expects ether to underperform bitcoin (BTC) over the next few weeks.

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