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DeFi & Ethereum News

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2023-05-03 05:21:02
Decentralized Exchange Maverick Rolls Out Liquidity Incentives for Price Stability

exchange (DEX) platform Maverick Protocol has unveiled a novel incentive system that can help stablecoins, ether (ETH) liquid staking derivatives keep their price pegs, the protocol said in a press release on Tuesday. The incentive system allows token issuers such as liquid staking protocols or stablecoin issuers to create so-called “boosted positions,” offering extra rewards to liquidity providers.

Maverick is built around an automated market maker (AMM) algorithm, where traders can swap digital assets without any intermediary in liquidity pools. Token holders can also deploy their assets in the pools to provide liquidity for trading while earning a share of the trading fees. The protocol’s latest upgrade comes as DEXs are fiercely competing to attract traders and traffic onto their platforms as crypto investors seek decentralized trading venues after multiple blowups of centralized marketplaces and increasing regulatory stranglehold. Maverick’s tool is more efficient than existing offerings because it allows token issuers to concentrate reward payouts.

49.7K views02:21
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2023-05-02 04:49:02
Nigeria's SEC Mulls Allowing Tokenized Equity, Property but Not Crypto: Bloomberg

’s Securities and Exchange Commission is considering allowing tokenized coin offerings backed by equity, debt or property – but “not crypto” – on licensed digital asset exchanges, Bloomberg reported Monday. “We always like to start, as a regulator, with a very simple, clear proposal before we go into the complex ones," Abdulkadir Abbas, head of securities and investment services at the Abuja-based commission, reportedly said.

The regulator is also processing applications for digital exchanges on a trial basis, intending them to undergo one year of “regulatory incubation” with limited services offered and under SEC monitoring to determine the firms' fitness to provide services. According to the report, the SEC will not start registering digital asset exchanges until it reaches an agreement with the nation's central bank, which has blocked local financial institutions from interacting with crypto services providers. Before the central bank doubled down on its restrictive rule, Nigeria was one of the fastest crypto adopters in the region.

153.8K views01:49
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2023-05-01 04:44:02
Meme Coins Surge: PEPE, WOJAK, And AIDOGE Increase Over 50% In 24 Hours

On Chain reports significant gains for meme coins: PEPE, WOJAK, and AIDOGE. Meanwhile, the trader who spent 0.125 ETH to buy 5.9T PEPE sold 100B PEPE for 21 ETH. The latest news from Spot On Chain has reported that meme coins are hot again. In particular, PEPE, WOJAK, and AIDOGE have seen significant increases in value, with each coin increasing by over 50% in the past 24 hours.

The report also includes a review of some whales mentioned ten days ago. The PEPE whale 0x4a2C is one of these, having swapped 1.11 billion PEPE to ETH and realized a profit of 356.162K. They still hold 4.8 billion PEPE, with an unrealized profit of 2.3 million. Meanwhile, Lookonchain found the trader who spent 0.125 ETH on buying 5.9T PEPE, making an impressive profit of around 1.14 million in just four days, translating to over 4,500 times their initial investment, sells PEPE every time the price increases, and they recently sold 100 billion PEPE for 21 ETH at 0.0000004007. So far, they have sold 800 billion PEPE, which is 14% of all PEPE, and got 117 ETH, with an average selling price of 0.0000002744.

124.7K views01:44
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2023-04-30 03:55:03
Tornado Cash developer Alex Pertsev tweets for first time following prison release

Pertsev, the Tornado Cash developer arrested in August 2022, is back on Twitter. Pertsev was released from prison on April 26, as previously reported by The Block, and is subject to ankle bracelet monitoring. The Dutch courts had shot down previous efforts to secure Pertsev's release. Pertsev was arrested in the days after the U.S. government sanctioned Tornado Cash, an Ethereum-based transaction mixer frequently used to launder stolen coins.

Law enforcement authorities worldwide have long targeted transaction mixers and most recently seized $46 million in bitcoin as part of an operation against a service called ChipMixer. Pertsev's arrest and subsequent incarceration drew some criticism on the grounds that Pertsev shouldn't be penalized for developing open-source code. The incident also raised questions about the future of law enforcement actions against distributed protocols like Tornado Cash. Tornado Cash developer Alex Pertsev has returned to Twitter following his release from prison in the Netherlands. “Sorry I was afk for a while, what did I miss?” he wrote.

124.4K views00:55
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2023-04-29 03:45:05
Zcash Launched Version V5.5.0, Introducing A Proportional Fee Mechanism

to a statement by Zcash’s creator, Electronic Coin Corporation, Zcash, a crypto privacy technology, has released version V5.5.0. This version has corrected many problems and implemented a proportional fee structure, which may aid in the future resolution of the problem of heavy transaction load on the blockchain. A proportional fee system is a scheme that guarantees transaction fees accurately reflect the processing expenses needed for completing certain transactions.

Zcash is a blockchain-based payments network that focuses on privacy by using zero-knowledge proofs (ZKPs) to shield transactions, keeping the contents of a transaction secret even on a public blockchain. Zcash, which arose from the Zerocash protocol, diverged from the Bitcoin network in 2016. ZEC is the ticker sign for its native token. The blockchain is one of the main digital currency blockchains that aims to solve this growing problem and give its users back control and privacy. ZKPs are the result of a cryptographic approach developed in the 1980s. They let two parties verify information with each other without disclosing the underlying data.

115.8K views00:45
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2023-04-28 03:29:02
UK Allowing Crypto Charity But Warning About Risks

to the British Charity Commission’s instructions announced on April 26, UK organizations that take cryptocurrency donations must maintain accurate records and follow taxes and money laundering regulations. Authorities have cautioned organizations that receiving assets like BTC or NFTs is risky since they are extremely unpredictable in price, vulnerable to hacking, difficult to identify donations, and of little use.

Nonetheless, the Commission tackles the hazards connected with cryptoassets in addition to authorizing charity contributions in cryptocurrency. These include the volatility of their value, which can fluctuate rapidly, the possibility of fraud or theft by hackers, and the lack of protection compared to traditional currencies or financial products – because cryptoassets are largely unregulated, you are unlikely to have access to the Financial Services Compensation Scheme (FSCS) or the Financial Conduct Authority (FCA) if something goes wrong. Moreover, cryptoasset regulations differ by country; some governments prohibit cryptoassets, while others have extensive regulatory requirements.

126.4K views00:29
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2023-04-27 03:24:02
Avalanche Activated The Important Cortina Upgrade On The Mainnet

to the official announcement, Avalanche’s Cortina upgrade went live on the mainnet yesterday around 16:00 UTC. According to previous reports, the Cortina upgrade includes migrating X-Chain to run the Snowman++ consensus, implying that the entire network has been migrated to a single consensus engine, reducing the size of the trusted computing base and increasing the leverage of existing R&D efforts.

The Cortina upgrade also includes batch authorization rewards and a 1500 gas cap on the C-Chain. Protocol improvements in the Cortina update are incompatible with AvalancheGo v1.10.0 versions. Before activating a node on Fuji, verifiers’ software must be upgraded to AvalancheGo v1.10.0. The price of Avalanche, like the rest of the cryptocurrencies, has dropped in recent days, much to the chagrin of many investors ahead of the Cortina upgrade. Following a successful testnet launch earlier this month, the next upgrade went live on the mainnet on April 25, exceeding AVAX holders’ expectations.

24.7K views00:24
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2023-04-26 03:18:02
Bitget’s BGB Token Gets New Utilities And Burn Mechanism

, a cryptocurrency exchange, has revised the whitepaper for its native token BGB. The new paper details the advantages that BGB offers as a utility asset on the Bitget platform, such as the BGB lottery, a trial fund for futures trading, a zero withdrawal charge, and special earning opportunities. A BGB repurchase and burn mechanism are also being investigated as part of the token’s economic side in order to limit.

BGB is a utility token having a total supply of 2 billion and a circulating supply of 1.4 billion. It grants users special advantages and rights on the Bitget exchange. The BGB token will provide expanded access to established products like as the native Launchpad and Launchpool, and users can expect to gain more from participation and input. BGB has been steadily increasing in value since February 2023, when it peaked at $0.51 and had a 500% rise in total trading volume – an achievement that presently places it ninth on the Coingecko list of CEX tokens. The latest whitepaper for the BGB token emphasizes this point, highlighting additional capabilities that will catapult the asset into Web3 via tighter integration with the platform’s expanding portfolio of services.

132.8K views00:18
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2023-04-25 04:42:02
Wrapped Bitcoin Token Goes Live on Cardano Testnet

bitcoin token cBTC has gone live on the Cardano testnet as the project’s developers seek to attract bitcoin (BTC) holders to the nascent Cardano decentralized-finance, or DeFi, network. Users can now mint cBTC tokens from the anetaBTC protocol and use the tokens to fund, trade or provide liquidity to Cardano's test network. These wrapped tokens are a 1:1 representation of bitcoin, but on the Cardano blockchain.

Wrapped tokens make it easy to transfer value across blockchains, which otherwise lack interoperability, allowing users to access different DeFi protocols without the native tokens of that protocol. Various DeFi enhancements have aided the rise of such protocols on Cardano since the start of 2023, with the total value locked on Cardano-based platforms rising to over $150 million from less than $50 million. DeFi exchanges such as Minswap, Indigo and Wingriders hold most of the TVL on Cardano, with stablecoin project Djed attracting over $15 million since it went live in early March. The anetaBTC project aims to attract bitcoin liquidity to the Cardano ecosystem.

139.7K views01:42
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2023-04-24 04:51:02
OKX Started The SUI IEO Subscription, OKB Loans Interest Rate Soared To 200%

is the first exchange to open the sale of SUI tokens in the form of IEO. OKX has started the SUI IEO subscription today, and the annual interest rate of OKB loans has risen to over 200%. Originally, the exchange said that the SUI token sale event on OKX Jumpstart would take the shape of a token distribution lottery on April 23. OKB holders may use their OKB to purchase raffle tickets, and winning tickets will allow them to purchase SUI.

An extra appreciation sale will be held only for Sui ecosystem contributors. Users must be formally whitelisted by the Sui Foundation in order to participate in the Gratitude Sale. Whitelisted users may buy up to 1,500 SUI from a total supply of 25,000,000 SUI for only $0.03, and the tokens will be completely unlocked when the mainnet becomes live. Then, during the OKX Jumpstart event, whitelisted users may utilize OKB to buy SUI. The token allocation lottery is still open to participants of this special event. While the Sui Network is in its early phases, it has captured the attention of the wider cryptocurrency sector.

63.0K views01:51
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