CRYPTOGALACTIC

2023-03-22 14:02:22 Justin Sun talks about a record milestone for USDT on the Tron network

Justin Sun, a well-known entrepreneur and founder of blockchain Tron, spoke about an important milestone in the history of the Tether (USDT) stabelcoin. He noted that there is a new record for USDT based on the TRC-20 standard. According to his assurances, the circulating supply of the stable coin based on the sought-after network reached $43.1 billion.

According to the Asian businessman, USDT TRC-20 took the first place among all Stablecoins in terms of issuance in one network. According to the entrepreneur, the stable blockchain-based Tron coin served as the most important gateway for people. He emphasized: it opened access for users to new technology and the decentralized finance sector. Sun noted that Stablecoin was necessary for it to continue to change and improve everyday life around the world.

There has been a lot of talk recently about this cryptocurrency asset class. Excitement stirred in the market a few weeks ago. It came after the collapse of several traditional banks in the U.S. Silicon Valley Bank (SVB) was holding some of the collateral for another USD Coin Stablecoin (USDC). Because of this, it temporarily lost its peg to the value of the U.S. dollar (USD), which caused panic among investors and traders.

However, as of March 22, 2023, the situation has calmed down. Leading stable coins were available on the market at a value of $1. The market capitalization of USDT was $77.56 billion, and trading volumes with the stable coin were equal to $46.88 billion in the past 24 hours.

As for USDC, this token traded at $0.998 The total supply of coins in circulation amounted to $35.2 billion. Market participants executed $4.81 billion worth of transactions with stablcoin during the reporting period.

In the last few years, steiblocoins have gained a lot of popularity around the world. Many experts have said that this digital asset class will become very important for the future development of the global economy and financial sector Open / Comment

2023-03-21 17:48:41 Startup with WhatsApp and Amazon capabilities raises $28 million

Developers at startup OP3N have raised $28 million to create an app that will be the Web version of "WhatsApp and Amazon, or WeChat and Alibaba" for the Web3 industry. The artificial intelligence-based platform successfully completed a Series A funding round and was valued at $100 million, according to TechCrunch.

"I wanted to bring content creators, chat rooms and e-commerce together in one place," said OP3N CEO Jason Ma. He assures OP3N's chat-based product, Superapp, aims to bridge the gap between Web2 and Web3 by incorporating blockchain and decentralized technology into interfaces. The app allows audio, video and mixed-media content to be added to interactions on the Web.

The funding round was led by Animoca Brands. Dragonfly Capital, SuperScrypt, Creative Artists Agency, Connect Ventures New Enterprise Associates, Republic Crypto, Avalanche's Blizzard Fund, Galaxy Digital and Warner Music Interactive also participated. GSR Markets, The Spartan Group, BRV Capital Management and NBA player Russell Westbrook also invested.

"These are all long-term investors and people who are here to stay and bring us strategic synergy," Ma said. "We're here to create a product that in two years will be the decentralized Facebook, YouTube, Spotify and WhatsApp."

The new capital will be used to further develop the app, Ma said. The product is currently in beta testing mode.

In 2021, OP3N successfully closed an initial $10 million funding round, with Goodwater Capital, Soma Capital, 500 Global, WhaleShark, Twitch co-founder Justin Kahn and The Sandbox co-founder Sébastien Borge. Open / Comment

2023-03-20 15:25:16 DefiLlama faces a scandal over the launch of a native token

There is a split at DefiLlama, as the project team argues about launching

Blockchain data analytics platform DefiLlama is facing problems within the project after employees rejected a plan to launch a native token.

The platform hinted at plans to launch a token giveaway after its trading volume reached $5 billion a few days earlier.

Some DefiLlama employees disagreed with the plan to launch the platform's native token, calling it "fraudulent." This led to a split within the organization. According to a project employee under the pseudonym 0xngmi, the founders of the platform want to launch the token without proper support. In addition, he said that the unnamed person promoting the token controlled the website and Twitter account.

"Someone planned to launch the LLAMA token without the approval of a single person on the DeFiLlama team," said user nicknamed Tendeeno, a project member of parent company DefiLlama Llama Corp.

However, Llama Corp denied there were problems within the team and described 0xngmi's actions as independent. According to The Block, the parent company is now going to "resolve the situation privately." In addition, there was confusion on Discord DefiLlama as a result of publishing a link to 0xngmi's statement, and community members suspected hacking of the platform.

"0xngmi and several team members have become rogue and are actively seeking to take over the DefiLlama IP and community, falsely claiming that the legitimate owner of the project is conducting a hostile takeover," a recent post on the DefiLlama Round Up Telegram account reads. Open / Comment

2023-03-19 22:01:54 Complaining about "Crypto Winter"?

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2023-03-19 18:23:33 Gemini co-founder comments on $300 billion Fed bailout of banks

Gemini co-founder Cameron Winklevoss commented on the Fed's $300 billion loan to banks, saying the regulator gave everyone another $300 billion to buy bitcoins.

About $143 billion, or nearly half of the amount disbursed, was allocated to holding companies for two major banks, Silicon Valley Bank and Signature Bank, which went bankrupt last week.

The Fed preferred not to disclose the names of the other recipients, as well as their numbers. One way or another, the amount of funds allocated is huge.

After this news, or simultaneously with it, the cryptocurrency market began to rise, and on March 17, the price of bitcoin, the main heavyweight, broke through the level of $27,000.

This does not mean that organizations started pouring money into bitcoin en masse (in this case, its price would have risen several times), but investors who were denied compensation may well have invested in the cryptocurrency.

In addition, people may have been disturbed by regulators' statements that all Proof-of-Stake altcoins are securities, forcing them to convert crypto-assets into BTC. At any rate, this explains the noticeable growth of its market share. Open / Comment

2023-03-18 14:30:02 Former Ethereum Foundation developer joins Polygon

Former Ethereum Foundation developer and Zcash Open Major Grants committee member Hudson Jameson published a post on Twitter where he revealed that he had joined Polygon after a year-long hiatus. Previously, the expert worked at Flashbots, which specialized in reducing the impact of maximum extractable value on account-based blockchains.

Jameson emphasized that the Polygon startup has impressive potential. Despite health problems, the specialist noted that he is ready to fully immerse himself in the work. There is also information that Hudson Jameson actively advised Polygon representatives and even had several personal meetings with the startup's co-founder Mihajlo Bjelic.

At Polygon, Jameson is expected to lead the management and organization team. The expert said he is ready to help the startup achieve all of its strategic goals. Over the years, the company has not deviated from its vision of virtual ether machine (EVM) compatibility.

Polygon itself is positioning itself as a Layer 2 solution that can significantly increase Ethereum network capacity.

Earlier edition of CryptoRu reported: the experts of Cointelegraph expressed the opinion that the collapse of several large banks in the United States allowed the flagship of the crypto market to add significantly in value in a short time. They also noted that unfavorable conditions at the global market and serious miscalculations in the risk control system were the main reason of bankruptcy of credit institutions. Analysts suggest that in the future two to three weeks, the crypto market flagship will continue to confidently strengthen its position. Open / Comment

2023-03-17 17:38:41 Crypto exchange Huobi announced the listing of a new token Arbitrum

Crypto exchange Huobi announced the listing of ARB token Arbitrum protocol. The platform will add the cryptocurrency on March 23, after an airdrop by the project's developers, Offchain Labs.

Arbitrum is one of the leading layer 2 (L2) protocols on the Ethereum blockchain. It offers two networks: Arbitrum One and Arbitrum Nova. The first one is usually used by those who need a special level of reliability in DeFi-protocols and are ready to lose the speed and cost of transaction processing for the sake of it. Arbitrum Nova is more suitable for gaming and social applications, as it has a high transaction speed with minimal fees.

On March 23 the creators of Arbitrum will distribute ARB tokens to community members who have been using the network within the last year. New token holders will be able to vote on changes to Arbitrum One and Arbitrum Nova.

A total of 10 billion ARB tokens will be issued. 11.62% will go to protocol users, 1.13% to DAOs in the Arbitrum ecosystem. 42.78% will go to the treasury, with the remaining 44.47% going to investors and Offchain Labs employees.

A points system was used to determine the number of tokens that participants in the eirdrop can claim. They are awarded for a user's activity in the ecosystem, taking into account the number of transactions or the amount of funds on transactions. A snapshot of the network was taken on February 6.

Amid reports of the ARB token giveaway and its listing on Huobi, the price of a similarly named ARB Protocol token with the ticker ARB, but unrelated to the Arbitrum protocol, soared 760% overnight, according to CoinMarketCap.

Arbitrum's real ARB token has not yet gone on sale. Arbitrum DAO emphasize in the drop description that the only official site where ARB tokens will be distributed is their official website and there will be no pre-sale. Open / Comment

2023-03-16 17:35:27 Ark Invest spent an additional $9 million to buy shares of Block

Three exchange-traded funds managed by Ark Invest have bought more than $9 million worth of Jack Dorsey's Block Company securities, according to a report from the management company.

The investments were distributed as follows: 104,480 shares were purchased by Ark Innovation ETF, 17,162 by Ark Next Generation Internet ETF and 905 by Ark Fintech Innovation ETF.

Including recent transactions, the former Twitter CEO's total purchases of securities exceeded $30 million - $13.7 million on March 14 and $6.4 million the day before.

Recall that Ark Invest raised $16.3 million in two private crypto funds based in the U.S. and the Cayman Islands.

Earlier, the structures of the company added securities Coinbase and online broker Robinhood for $3.44 million and $ 9.97 million, respectively. Later, the funds added more shares of the U.S. cryptocurrency exchange to their portfolios for $20 million. Open / Comment

2023-03-15 14:30:58 Several cryptocurrencies became more expensive by a third overnight

As the cryptocurrency market grew after the U.S. economy stabilized, several digital tokens, from a list of the top one hundred in terms of total coin supply, rose in value by a third or more. The market capitalization of the entire industry was $1.15 trillion, as of 11:00 a.m. Moscow time on March 15, 2023. That figure was up 2.38% in 24 hours.

The leader of the day was SingularityNET (AGIX), a cryptocurrency that made headlines earlier this year. Its quotations soared 43.6% at once. It was traded at $0.552, while the total supply was fixed at $668.66 million. Thus, traders concluded deals with the digital token for a total amount of $700.6 million.

The second line in the rating of cryptocurrencies by daily yield remained for Stacks (STX). This token became more expensive by 34.19%. The value reached $1.08, and the capitalization froze at the cutoff of $1.47 billion. Market participants secured $735.74 million in transactions with STX over the past 24 hours.

Finally, Conflux (CFX) continued to rise in value. Its rate reached $0.3 and capitalization reached $905.08 mln. This figure jumped 32.7% during the reporting period. Traders made transactions in CFX totaling $1.45bn over the past 24 hours. It should be noted that the quotation of the digital token has soared by 533% in the past 30 days.

Experts stressed that these digital tokens have been extremely volatile in recent months, which is why their value has changed so dramatically. For example, AGIX rose in value by more than 10 times at the beginning of this year on a haip related to the popularity of artificial intelligence (AI) technology. Stacks became interesting to investors because of the launch of the Ordinals protocol for Bitcoin, and Conflux because of news about the development of a blockchain-based SIM card in China. Open / Comment

2023-03-14 18:37:13 Bitcoin broke the $26,000 mark

Bitcoin is breaking through the $26,000 mark thanks to a daily gain of more than 17 percent. The last time this happened was in June of last year. Bitcoin is currently trending upward and has not only surpassed the psychologically important $25,000 mark, but also briefly surpassed $26,000.

The last time bitcoin broke the $25,000 mark was about three weeks ago. However, the bears quickly reasserted themselves and pushed the price down. According to Cheds, a Twitter trading channel, the price doesn't need to fall below $25,500 to confirm its bullish tendencies.

Bitcoin, the largest cryptocurrency by market capitalization, is up about 25% since last Friday. Given the collapse of SVB and Signature Bank, which were considered cryptocurrency friendly, this rally was quite unexpected. Open / Comment