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2023-09-04 21:17:29 Study Shows Fastest Growing L2 Blockchains Adopt Users in Weeks, Not Months

A layer two (L2) blockchain runs alongside an existing blockchain like Ethereum to improve transaction speeds and reduce fees. The Ethereum network now has several popular L2 solutions, but they haven’t always seen rapid adoption. Coingecko recently published a report on the subject which highlights the growth of today’s top L2s. Arbitrum, an ETH-based L2, took 303 days to reach one million unique addresses after its mainnet launch on August 31, 2021, according to Coingecko’s contributor Shaun Paul Lee.

Zksync, which launched its mainnet on March 25, 2023, needed 71 days to reach one million addresses. But Base, which launched its mainnet on August 9, 2023, gained over a million addresses in just 11 days. Lee’s research further shows L2s without native tokens onboard users even faster. Both Base and Zksync reached a million users quickly without having launched tokens yet. The study suggests users are hoping for airdrops of governance tokens as rewards for early adoption. The study notes that Base benefited from a wave of popularity around new meme coins launching on the new network. Base is an Ethereum L2 blockchain network developed by the San Francisco-based crypto firm Coinbase.

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2023-09-02 21:56:38 Binance Address Generates 70,000 WBETH Worth $117 Million

Binance address, commencing with 0xa424, has raised eyebrows in the crypto world. Approximately 20 hours ago, this address generated a staggering 69,999.6 Wrapped Bitcoin (WBETH), with an approximate value of $117 million. This substantial WBETH creation has piqued the interest of investors and analysts alike. The movement of such a significant amount of WBETH within a short timeframe has sparked discussions within the crypto community about its potential implications.

The WBETH generated from this address was not simply left idling. Instead, it was promptly transferred to another wallet known as “Binance 14.” The movement of such a significant amount of WBETH within a short timeframe has sparked discussions within the crypto community about its potential implications. The move is part of Binance’s strategic shift to prioritize and expand the use cases for WBETH, a token that represents Bitcoin on the Ethereum blockchain. By doing so, Binance aims to tap into the growing demand for decentralized finance (DeFi) and NFT applications that often require WBETH. This event unfolded against the backdrop of Binance’s recent announcements regarding BETH (Binance Ethereum) and WBETH (Wrapped Bitcoin).

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2023-09-01 21:48:58 Swift And Chainlink Will Break New Ground In Seamless Cross-chain Value Transfer

Swift and Chainlink, two prominent players in the blockchain and cryptocurrency space, have made substantial progress in their recent collaborative experiments. Swift, in collaboration with over a dozen major financial institutions and market infrastructures, joined forces with Chainlink, a leading Web3 services platform. According to a press release on Thursday, these experiments showcased the successful transfer of tokenized value across various public and private blockchains.

The significance of these findings lies in their potential to eliminate considerable barriers that have been impeding the expansion of tokenized asset markets. This breakthrough could ultimately enable these markets to flourish on a global scale as they continue to evolve and mature. Together, they demonstrated their ability to offer a singular access point to multiple networks, all within the framework of existing, secure infrastructure. This breakthrough greatly reduces the operational complexity and investment required for institutions to actively participate in the growth of tokenized assets. Interoperability between these blockchains is crucial, otherwise, financial institutions must build connections to each platform, creating significant operational challenges and costs.

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2023-08-31 06:50:53 $SUI Tokens Worth 35.6 Million Unleashed in 3 Days!

In just three days, the cryptocurrency ecosystem is gearing up for the unlocking of 35.6 million $SUI tokens, a development that holds substantial implications for the market. This unlocking event carries a substantial value of approximately 18.7 million dollars, adding a new layer of interest to the crypto landscape. As the countdown continues, analysts and traders are closely watching how this influx of tokens may impact token prices, trading volumes, and market sentiment.

Such unlocking events are known to trigger both excitement and cautious anticipation within the crypto community. While they offer increased liquidity and potential trading opportunities, they also have the potential to exert pressure on token prices, causing fluctuations in the market. With 35.6 million $SUI tokens primed for release, September 3rd promises to be a day of action and observation for the cryptocurrency community. As the countdown ticks away, industry stakeholders are prepared for an event that may not only impact $SUI token holders but also contribute to the broader narrative of growth and change within the crypto sector. The $SUI token unlock on September 3rd is expected to draw attention from all corners of the cryptocurrency industry.

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2023-08-31 01:43:52 Uniswap Considering Multi-Chain V2-V3 Integration Proposal Gains Momentum

The Uniswap community has taken a significant step towards enhancing its protocol’s accessibility and security. A proposal has been set forth, aiming to extend the deployment of Uniswap V2 across various blockchain networks while maintaining the V3 specification instances. Several V2 forks have surfaced on these alternate chains, albeit with varying modifications. The concern arises due to potential safety issues for users arising from these modifications.

To tackle this challenge, the proposal suggests integrating Uniswap V2 pools into general routers, a move anticipated to enhance application execution quality and facilitate seamless transactions for users of the router. Under the proposed guidelines, chains that have successfully undergone the community review process for V3 deployments would be automatically eligible for V2 deployments. Notably, both V2 and V3 deployments would share ownership under the same contract within their respective chains. If the temperature check vote secures approval, an on-chain vote will be scheduled for September 1. Successful passage of the subsequent on-chain vote would lead to the proposal’s implementation, anticipated by September 12.

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2023-08-29 22:47:18 Ethereum Daily Transaction Fees Reach 8-Month Low, Indicating Positive Shifts

Recent data from CryptoQuant has unveiled a significant drop in Ethereum’s daily transaction fees, hitting an 8-month low of approximately $2.8 million. On the previous day, users’ total fees for executing transactions on Ethereum dwindled to 1,719 ETH, marking the lowest single-day figure since December 26. This stands as a stark 89% decrease from the year’s high of 16,720 ETH recorded on May 5. A reduction in total fees paid signifies a diminished network utilization, as fees directly correlate with network activity, primarily pending transactions.

The decline in fees is a reflection of subdued demand for transactions, pointing to comparatively low user activity within the network. However, the bright side of this trend lies in the burgeoning popularity of Ethereum‘s layer 2 scaling solutions. These solutions provide an off-chain approach to processing transactions, aiming to alleviate network congestion and enhance scalability. The adoption of these solutions bodes well for Ethereum, as they lay the foundation for more efficient and cost-effective transactions, potentially alleviating the need for high transaction fees. As the Ethereum ecosystem continues to evolve, such initiatives promise to strengthen the platform’s long-term sustainability and usability, fostering a more robust and accessible blockchain ecosystem.

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2023-08-28 11:18:15 PEPE Token Heist: Former Team Members Swipe $15 Million in Tokens, Lead Developer Vows to Rebuild and Decentralize

Approximately 16 trillion PEPE tokens worth $15 million were illicitly transferred to crypto exchanges and sold, according to an announcement from the meme coin’s anonymous lead developer. The theft was allegedly orchestrated by three former team members who accessed the token’s multi-signature wallet before removing themselves from the project. Despite this setback, the lead developer has promised to continue moving the project forward and to fully decentralize it.

The purported thieves reduced the required signer count for transactions from the wallet to just 2 out of 8 before draining the address of approximately 60% of its holdings. After the funds were obtained, they deleted their social media accounts and disassociated themselves from the PEPE project, the lead dev’s statement claims. Despite this major setback, PEPE’s lead developer is promising to continue developing the meme coin and says the remaining 10 trillion PEPE tokens in the compromised multi-sig wallet are now secure. The developer plans to transfer those tokens to a new wallet and eventually burn all of them to fully decentralize the meme token project.

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2023-08-26 10:26:17 Mastercard and Binance end crypto card partnership in four countries: Reuters

Mastercard and crypto exchange giant Binance are ending crypto card programs in Argentina, Brazil, Colombia and Bahrain, Reuters reported. Binance and Mastercard forged the partnership allowing users to convert cryptocurrency into fiat currency with the ability to earn up to 8% cash back in crypto, depending on the purchase. Merchants still received fiat currency, while customers used their crypto as a means of payment which was intended to bolster broader crypto adoption.

Argentina became the first country to adopt the Binance crypto card program in August of 2022. The country's high inflation rate had consumers looking at alternative payment options such as cryptocurrency. The cessation, set for Sept. 22, will not affect Mastercard's other crypto card programs, the news agency added. Binance and Mastercard forged the partnership allowing users to convert cryptocurrency into fiat currency with the ability to earn up to 8% cash back in crypto, depending on the purchase. Merchants still received fiat currency, while customers used their crypto as a means of payment which was intended to bolster broader crypto adoption. Mastercard did not immediately respond to a request for comment from The Block.

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2023-08-25 21:29:04 Binance Italy’s €385 Million Cryptocurrency Surge Sparks Enthusiasm

Binance’s venture into the Italian landscape has yielded impressive results, underscoring growing interest in cryptocurrencies within the nation. Since its inception in September 2022, Binance’s Italian arm has charted a remarkable transaction volume, recording approximately 2.4 billion euros. Notably, this burgeoning success has translated into revenues surpassing 3 million euros, painting a vivid picture of the cryptocurrency landscape’s dynamics.

An analysis of expenditure reveals that Binance (Italy) has strategically invested 2.9 million euros in marketing efforts, highlighting the commitment to amplify awareness and engagement within the market. This dedication has materialized into a substantial accumulation of 385 million euros in cryptocurrency within a matter of months. While the cryptocurrency flame continues to burn bright in Italy, it’s worth noting that Italy branch operates under the aegis of Irish entity Binance Holding, ensuring autonomy from the American branch. This distinct framework enhances its agility to cater to regional nuances and capitalize on the burgeoning Italian appetite for cryptocurrencies.

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2023-08-25 00:06:02 Former OpenSea Product Leader Sentenced To 3 Months In Prison For Insider Trading

According to Inner City Press, Nate Chastain, the ex-product leader of OpenSea, has been handed a three-month prison sentence for his involvement in insider trading. After being found guilty of wire fraud and money laundering in a New York federal court back in May, Chastain’s sentence was delivered by a U.S. judge. The case revolved around Chastain’s utilization of internal information to purchase approximately 45 NFTs in advance, later selling them at significantly inflated prices, resulting in profits exceeding $50,000.

The FBI and the U.S. Department of Justice (DOJ) contended that Chastain violated securities trading laws by capitalizing on nonpublic information, thereby prioritizing personal gains over professional and public responsibilities. The illicit gains must now be returned. The sentencing proved to be a challenge for U.S. District Judge Jesse Furman. Despite acknowledging doubts regarding the significance of the approximately $50,000 trades, he recognized the importance of upholding integrity in the evolving cryptocurrency landscape. Chastain’s strategies involved acquiring NFTs set to be featured on OpenSea’s homepage, where such exposure often led to price hikes. To cover his tracks, he employed anonymous wallets and platform accounts.

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