Crypto Power - Shilling

2023-10-08 22:41:54 FriendTech developers rake in nearly $20 million since August launch

The development team behind social protocol FriendTech has generated nearly $20 million in revenue in just a few months since going live. Launched in August, FriendTech is a platform that allows users to link their Twitter accounts and facilitates the purchase or sale of influencer profile tokens (named “keys”) with ETH on the Coinbase-backed Layer 2 network, Base. These keys grant users privileged communication access to the influencers.

The project holds the lead as the largest revenue-generating app on Base and the second-largest in all of crypto, according to DeFiLlama data. At the current rate, it's on track to generate an annualized revenue of $180 million. The platform has so far generated nearly $40 million in overall fees from users. These fees are generated by taxing approximately 10% of the trading volume of social tokens. Half of this total fee is allocated to the project's team as revenue, and the other half is distributed to users whose keys are traded. However, the number of unique users has dropped significantly since late September, according to data from The Block. Open / Comment

2023-10-06 23:32:21 Cardano's TVL Hits Record 446 Million ADA

Cardano, a blockchain platform known for its innovative approach and peer-reviewed scientific research, has recently hit a significant milestone. The Total Value Locked (TVL) in Cardano’s DeFi ecosystem has soared to over 446 million ADA, marking a new all-time high, according to data from DeFiLlama. This surge in TVL is a testament to the growing popularity and trust in Cardano’s ecosystem as more protocols come online.

The rapid expansion of decentralized finance (DeFi) protocols on Cardano has significantly contributed to this growth. These protocols enable users to engage in various financial activities, including lending, borrowing, and yield farming, all while maintaining control over their funds. Cardano’s scalable and secure infrastructure has attracted numerous DeFi projects, enhancing the platform’s ecosystem and amplifying its TVL. Minswap, for instance, continues to lead the TVL on Cardano with a 35.96% dominance, as reported by the TapTools team.

The recent increase in Cardano’s TVL can also be attributed to individuals seeking refuge from the traditional banking system and centralized exchanges. Growing concerns over privacy, security, and control have driven many users towards decentralized alternatives, and Cardano has emerged as a compelling choice. Open / Comment

2023-10-03 15:02:29 Ethereum’s EIP-7503 Takes Privacy to New Heights at Execution Layer Summit

Ethereum’s ACDE 171 event focused on network security, privacy, Devnets, audits, Holesky launch, private ETH transfers, and EIP-6780 changes. Ethereum recently completed a community event, ACDE 171, discussing how to bring several transformative elements that could shape the future of the network, possibly bolstering security and privacy. The event covered several broad topics, including Dencun Devnets, extensive audits, the much-awaited launch of Holesky, a pioneering proposal for private ETH transfers.

Tim Beiko, a popular member of the Ethereum community, gave a detailed recap of these events on X. The topics he highlighted include the development of devnet-9, the focus on blob transaction gossip, audits of the EIP-4788 contract bytecode, and the relaunch of Holesky. Per the X posts, the event’s highlight was the introduction of EIP-7503, a proposition that, according to Beiko, will redefine private transfers on the Ethereum blockchain. The authors of EIP 7503 were allowed to present the idea. According to Ethereum’s documentation, EIP 7503 was discovered when the developers were exploring ways to offer more privacy and applications of ZKP. EIP-7501 introduces a new approach called “Burn and Remint,” which allows private transfers by burning and reminting ETH. Open / Comment

2023-10-01 22:52:39 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. Open / Comment

2023-09-29 11:20:37 Former Binance employees may have joined Russia successor CommEX: CZ

Binance, which announced Wednesday its Russia business sale to CommEX, said a few former Binance employees have joined the newly launched exchange. Changpeng Zhao, founder and CEO of Binance, said in a post today on X (formerly Twitter), that some former Binance cryptography and information security team members may join CommEX “or have already done so.”. Zhao’s comment comes after the world’s largest crypto exchange said that it has decided to fully exit Russia and sell its business there to CommEX.

Zhao said that CommEX does not service users from the United States or the European Union. “They have IP and KYC blocks. This is a term we asked for in the deal,” he added. Zhao also pointed out that he is not the ultimate beneficial owner of CommEX, and he does not own any shares in the new exchange. “The deal does not have any buy back options,” he continued. “A Google search seem to show some businesses like Mercedes, McDonalds, Nissan have buy back options in their Russia sell off deal. This is not the case here.” In a statement published Tuesday, CommEX said it offers "a wide range of product suites including Spot, Futures, Simple Futures and P2P service to engage with the world of cryptocurrency." Open / Comment

2023-09-27 13:40:06 Celsius creditors vote in favor of reorganization plan

The majority of creditors impacted by the Celsius bankruptcy voted on a plan that would return crypto back to them and distribute equity in a new company. Most classes voted in favor of the plan by more than 98 percent, according to bankruptcy firm Stretto. Next, the U.S. Bankruptcy Court for the Southern District of New York will hear the case and rule on final approval at a hearing currently scheduled for Oct. 2. The deadline to vote on the plan was Sept. 22.

Under the plan, which had support from the Official Committee of Unsecured Creditors, debtors will distribute about $2 billion worth of bitcoin and ether to creditors, according to a letter from that group in August. "The Debtors will also distribute equity in a new company ('NewCo') to creditors," the committee said last month. "NewCo will operate and further build out the Debtors’ Bitcoin mining operations, stake Ethereum, monetize the Debtors’ other illiquid assets, and develop new, value-accretive, regulatory-compliant business opportunities." NewCo will be managed by the Fahrenheit Group, they added. Fahrenheit is a consortium that made the winning bid to acquire Celsius’ assets in May. Open / Comment

2023-09-25 00:11:52 Circle Enhances Clarity With USDC And EURC Stablecoin Rebrand

Circle, a prominent stablecoin issuer, has officially renamed its US dollar and euro-pegged stablecoins to USDC and EURC, respectively, in a bid to streamline its product naming and symbols, reducing confusion among users. Previously known as USD Coin and Euro Coin, the stablecoins will now simply go by USDC and EURC. USDC is notably the second-largest stablecoin by supply, following Tether USD (USDT).

USDC is a digital stablecoin pegged to the United States dollar, managed by the Centre consortium, founded by Circle and involving members from Coinbase and Bitmain. It’s crucial to note that USDC is issued by a private entity and should not be confused with central bank digital currencies (CBDCs). In addition to the rebranding, Circle has joined the World Economic Forum’s Humanitarian and Resilience Investing (HRI) initiative. This partnership aims to mobilize $10 billion in capital to support the growth and operation of 1,000 local and international businesses in frontier markets by 2030, uniting humanitarian and development organizations, donors, governments, and various stakeholders in this noble cause. Open / Comment

2023-09-21 23:32:10 UK bill to seize illicit crypto moves to final stages of approval

The bill will give local courts and law enforcement agencies new powers to quickly seize crypto assets used to launder money, traffic drugs, commit cybercrime or facilitate terrorism offences. The new legislation eliminates specific legal hurdles that currently slow the process of asset seizure, and provisions in the bill allow digital assets linked to criminal activities to be seized by authorities under the Proceeds of Crime Act 2002.

The UK's Economic Crime and Corporate Transparency Bill has been passed to the final stages of approval by the House of Lords. Currently, crypto assets that are associated with illegal activities can be frozen but cannot be seized in criminal proceedings unless there is an arrest or conviction. If final approval is granted later this year, it will give local authorities more power to freeze and confiscate crypto assets associated with crime. The Bill was introduced in September 2022. Since then it has progressed through the House of Commons to the House of Lords, and is currently in the final stages of approval. To become law, it needs to go through a final assessment by the House of Commons and then be granted Royal assent by King Charles. Open / Comment

2023-09-19 15:41:08 Krafton enters NFT-integrated metaverse gaming landscape

Krafton, which is a colossus in the field of iGaming in South Korea, is entering the NFT-incorporated iGaming sector with its own game, Overdare. Initially, the game was named Project Migaloo, and plans are afoot to introduce the game towards the end of the year. The entirety of the delivery will occur between January and July of 2024. Most notably, Krafton has unveiled Settlus, a blockchain technology built particularly for Overdare. The platform is often compared to Roblox and will get boosted by Epic Games’ Unreal Engine 5. Krafton is known for its achievement, PUBG.

Overdare is established to provide developers with generative AI tools. This will help form various game groups, from sharpshooting to delicate role-playing content. Over and above that, Overdare will render service to the social space, allowing users the option of putting together avatars and carrying out replicated interactions. An initial preview exposes a spread-out virtual universe. In this, players will have the chance to utilize AI tools for creating complex games. Krafton initiated the project in partnership with Naver Z, a company specializing in augmented reality technology. As of the present equity stake, Krafton holds a majority of 85 percent of Overdare’s shares. Naver Z holds the remaining 15% market share. The create-to-earn economic model of Overdare will motivate players to convert virtual in-game assets into non-fungible tokens (NFTs). Open / Comment

2023-09-18 20:10:01 Islamic Coin offers its coin via Republic ahead of its exchanges launch!

According to the Islamic Coin's socials the official public token offering in collaboration with Republic has launched recently. Before its grand entry on both centralized and decentralized exchanges coming later in September, Islamic Coin is offering a golden opportunity to secure $ISLM at a presumably better price.

Islamic Coin is a new crypto project that has designed to create ethical finance. The coin is the native currency of HAQQ Network, a blockchain with a Proof-of-Stake algorithm and high transaction processing speed. The coin has a potential audience of over 2 billion holders (1.8 billion Muslims + crypto-enthusiasts). And they already have the biggest Twitter account among crypto Muslim community with 1.3 million followers. The project has already secured $400M from private investments and from ABO Digital and now is ready to go public. Collaborations with Sushi and Pyypl further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities. If you also want to participate in public sale and buy Islamic Coin - here's the link. Open / Comment