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2023-10-09 08:52:07 Cosmos-Based Stride Governance Token, STRD, Surges 330% YTD, Outperforming ETH and LDO

Cosmos-based Stride has been on a roll lately. According to a recent Nansen report, the protocol currently commands more than 80% of the market share within the Cosmos ecosystem. Despite the prolonged market-wide bearish trend, Stride’s governance token – STRD – has surged 330% year-to-date. STRD surpassed both Ethereum (ETH) as well as the native token of Lido (LDO) in YTD price performance. The latter happens to be Stride’s rival and a leader in the Liquid Staking Derivatives (LSD) space.

Its analysis suggested that STRD may be undervalued considering its real yield revenues towards STRD stakers, its new value capture mechanisms through transaction fees, and MEV, in addition to other near-term catalysts that increase the addressable market of Stride to billions of untapped markets. However, the token’s surge surpassing Ether and LDO can be attributed to the recently launched Liquid Staking Module that enabled ATOM stakers to instantly liquid-stake their ATOM without any bonding periods. Since launching, the number of ATOM tokens liquid staked through the protocol has increased by almost 30% in just over two weeks. Meanwhile, the total value locked (TVL) in Stride has also experienced significant growth this year, having only accelerated since the launch of the liquid staking module on the Cosmos Hub, according to the blockchain analytics platform.

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2023-10-08 15:41:03 Stablecoin Market Capitalization Witnessed A Decline To $123.8 Billion

Stablecoin market capitalization still sees a sharp decline after market difficulties in 2022 and early 2023. The total market capitalization of stablecoins, a form of digital currency tied to traditional assets like fiat, has witnessed a decline to $123.8 billion as of September, according to data from CCData. This marks the lowest point since August 2021, when the sector was valued at $137.9 billion in December. According to Bloomberg, this contraction in the stablecoin market aligns with an overall reduction in crypto market activity following various scandals and bankruptcies in 2022.

In addition to the stablecoin market capitalization decline, stablecoin trading volume on centralized exchanges, including Coinbase, dropped by 28.4% to $331 billion in September. This represents the lowest monthly trading volume since July 2020. While several stablecoins like USD Coin and BUSD have seen their market caps shrink, Tether (USDT), the sector leader, has increased its dominance. USDT now accounts for 67.3% of the total stablecoin market, marking its highest percentage since March 2021. In August, PayPal introduced its stablecoin, PayPal USD (PYUSD), for payments and transfers. PYUSD is issued by Paxos Trust Company and is backed by U.S. dollar deposits and similar assets. However, despite this move, the overall digital asset sector supporting most cryptocurrencies continues to contract, unaffected by PayPal’s entrance into the stablecoin arena.

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2023-10-07 12:19:30 $730M Worth Of BTC And ETH Options Expire On October 6th

$730M worth of BTC and ETH options expire soon. Market sentiment, liquidity, and holiday factors influence crypto trends. On October 6, the market is bracing for the expiry of a substantial number of options contracts. Specifically, 14,000 BTC options, valued at $400 million, and 200,000 ETH options, valued at $330 million, are set to expire. BTC has been driving the week’s uptrend, yet overall implied volatilities (IVs) have remained relatively subdued. Lower trading volumes during Asian hours due to holidays have contributed to this trend.

BTC Options Data: There are 14,000 BTC options expiring with a Put Call Ratio of 0.89, a maxpain point of $27,000, and a notional value of $400 million. ETH Options Data: Meanwhile, 200,000 ETH options are about to expire with a Put Call Ratio of 0.87, a maxpain of $1,650, and a notional value of $330 million. However, historical data shows that Q4, especially October, tends to be an uptrend season, offering hope for increased activity in the market. Looking back at the September 29 options data, there were 118,000 BTC options with a Put Call Ratio of 0.58, a max pain point of $26,500, and a notional value of $3.2 billion. Additionally, 1.11 million ETH options were expiring with a Put Call Ratio of 0.46, a max pain point of $1,650, and a notional value of $1.8 billion. Looking back at the September 29 options data, there were 118,000 BTC options with a Put Call Ratio of 0.58, a max pain point of $26,500, and a notional value of $3.2 billion.

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2023-10-06 09:30:27 Kraken Acquires BCM To Expand In Europe With New MiCA Law

Crypto exchange Kraken is set to expand its presence in Europe through the acquisition of Dutch cryptocurrency broker Coin Meester BV (BCM). Founded in 2017, BCM is a registered cryptocurrency broker in the Netherlands. Kraken acquires BCM underscores the exchange’s dedication to growing its European business and capitalizing on its robust financial position and competitive product offerings. The acquisition is pending customary closing conditions and regulatory approvals.

Kraken acquires BCM to solidify its foothold in the Netherlands and extend its suite of services to BCM’s clients. This includes access to its extensive product offerings, exceptional liquidity, high-security standards, and round-the-clock client support. The decision to ramp up its European expansion aligns with the European Commission’s establishment of the Markets in Crypto-Assets (MiCA) regulatory framework. This framework encourages industry players to invest confidently in the region and offer consumers more competitive products and services. The exchange is committed to growing its business in compliance with European regulations and is actively pursuing registrations in various European markets, in addition to its existing VASP registrations in Ireland, Italy, and Spain.

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2023-10-05 12:06:32 Another Polygon co-founder steps away from duties

Polygon co-founder Jaynti Kanani has decided to step away from his full-time duties helping to lead the company he helped start in 2017. "After kickstarting Polygon in 2017, around 6 months back, I decided to step back from the day-to-day grind," he posted on X to make the announcement. "I'll be focusing on new adventures while still cheering and contributing to Polygon from the sidelines." Polygon saw another co-founder make a professional pivot earlier this year when Anurag Arjun departed the company to spin off the modular blockchain project Avail.

Polygon saw another co-founder make a professional pivot earlier this year when Anurag Arjun departed the company to spin off the modular blockchain project Avail. In total, Polygon and its projects have a total of 10 co-founders, according to its website. Kanani said he is "bullish" on Polygon 2.o. Last month, the Ethereum scaling project officially proposed changes for the upgrade after first introducing it in June. Polygon 2.0 aims to establish a comprehensive network of interconnected Layer 2 chains, driven by zero-knowledge proofs. The decision follows the March announcement that fellow Polygon co-founder Anurag Arjun was departing the company and spinning off the modular blockchain project Avail.

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2023-10-04 11:22:29 Sam Bankman-Fried's Defense Asks for Clarity on Charity, Bankruptcy Arguments

Sam Bankman-Fried's defense team wants clarity from the U.S. judge overseeing the FTX founder's case regarding certain arguments the lawyers can bring up during trial. The defense wants clarity about whether it can argue that FTX, a big crypto exchange that collapsed last year, was not regulated in the U.S., though FTX.US did follow applicable rules, according to a Monday filing. Other questions include whether Bankman-Fried would be able to discuss the possibility that FTX creditors.

The defense also seemed concerned about the Department of Justice's plan to "admit evidence concerning the alleged illegal campaign finance scheme." Judge Lewis Kaplan ruled in favor of the DOJ earlier this month when he granted prosecutors' motions to block Bankman-Fried from making certain arguments at trial. In the ruling he said that the defense did not object to those DOJ motions – statements the defense is now disputing. Bankman-Fried's objections to the DOJ's motions either contained arguments or details in footnotes that clarified his position, the Monday filing said. Parts of the filing ask for clarity about the scope of the judge's ruling on the extent the defense could make its arguments.

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2023-10-02 22:55:53 FTX's Bankman-Fried Cannot Blame Lawyers in Opening Statement: Judge

Sam Bankman-Fried cannot blame FTX's lawyers for its collapse or operations in his opening statements, though he can still try and make a so-called "advice-of-counsel" defense later, the federal judge overseeing his case ruled Sunday. Bankman-Fried's defense team told the Department of Justice and the court earlier this year that he intended to argue that FTX counsel "were involved" in certain decisions that the company made. But this argument, without specifics, may confuse or prejudice a jury.

The defense team announced in August that Bankman-Fried planned to argue that both in-house FTX attorneys and lawyers with the firm Fenwick & West were involved in decisions to use auto-deleting messaging services like Signal, creating the "North Dimension" entities, FTX entities' banking relationship with Silvergate Bank, loans to FTX and Alameda Research executives, intercompany agreements and FTX's terms of service. The DOJ argued that Bankman-Fried's defense team had not provided enough detail on its argument, and should be blocked from making it. "Whether and to what extent the defendant should be permitted to argue or adduce evidence regarding the presence or involvement of lawyers will depend on the circumstances.

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2023-10-01 11:06:39 Millions in Ether Tied to FTX 'Hacker' on The Move

Around 2,500 ether (ETH), worth just over $4 million, tied to last year’s apparent exploit of the FTX exchange started moving early Saturday, blockchain data shows. Ether held in a wallet associated with the FTX accounts drainer began moving for the first time in nearly a year. The funds were split into two, and then a few times in subsequent transactions, with 700 ETH transferred using the Thorchain Router, about 1,200 ETH being moved through the Railgun privacy tool. Another 550 ETH is sitting in an intermediate wallet.

Railgun is a privacy wallet that lets users store tokens and use funds for decentralized financial services, such as lending and borrowing. These transactions are shielded, meaning the exact use of such funds is not known. On the other hand, Thorchain is a bridge that lets users swap tokens between different blockchains. Accounts tied to FTX and FTX US were drained on Nov. 11, 2022, mere hours after the company filed for bankruptcy and founder Sam Bankman-Fried resigned from the crypto empire he ran. The attacker took over $600 million worth of ether at the time. In a since-deleted tweet, the then FTX general counsel Ryne Miller said the exchange was taking “precautionary steps” to secure funds from other FTX wallets. John J. Ray III, the CEO and Chief Restructuring Officer of the FTX Debtors.

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2023-09-29 09:07:25 SEC Chair Gary Gensler Warned About Subpoena For Avoiding Transparency About FTX

US Congressman Patrick McHenry has raised concerns over the transparency of the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, regarding their interactions with prominent cryptocurrency exchange FTX and its founder, Sam Bankman-Fried. However, out of approximately 10,000 crypto tokens in existence, fewer than 10 have complied with this requirement, leading to concerns about unregulated crypto products.

Moreover, major cryptocurrency exchanges, including FTX, have not registered with the SEC, and the regulatory agency has refrained from taking legal action to enforce such registration. This lack of enforcement has allowed countless crypto entrepreneurs to promote their products without disclosing crucial information, such as associated risks and the identities of those involved. SEC Chair Gary Gensler drew attention to potential parallels between Binance and FTX, specifically their alleged use of affiliated entities for fund transfers. Gensler highlighted FTX’s alleged involvement in fraudulent activities and market manipulation through its sister firm, Alameda Research, led by Sam Bankman-Fried.Congressman McHenry criticized Gensler’s response to these concerns.

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2023-09-28 08:51:22 Sui Network’s TVL Growth Is Incredible In Just 2 Months

In a remarkable feat, Sui Network has witnessed its Total Value Locked (TVL) doubling in just two months, surging from approximately $15.3 million to an impressive $31 million. This surge reflects the network’s robust capabilities, boasting top-tier security, consistently low gas fees, and remarkable throughput, positioning it as a frontrunner in the burgeoning DeFi ecosystem. Over the past 90 days, the Sui Network’s TVL has surged by over 30%, underscoring Sui’s growing influence.

Sui Network distinguishes itself as a smart contract platform managed by a consortium of validators, aligning with traditional blockchain systems in function. An exceptional feature of this platform is its capacity to process the majority of transactions in parallel, ensuring scalability and minimal latency for uncomplicated transactions like payments and asset transfers. Another noteworthy advantage offered by the Sui Network lies in its gas fee management. The network provides stable gas fees per epoch, each lasting 24 hours and overseen by the Validators council. This departure from minute-to-minute fluctuations ensures price stability within daily cycles. The crypto’s price broke through the formidable $0.6 support level and found a new foothold near $0.47.

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