Crypto Power - Shilling

2023-09-17 13:24:45 Optimism Transfers 130M OP Tokens For Fund Management

Optimism, a prominent Ethereum scaling solution, recently announced a planned internal transaction involving the transfer of 130 million OP tokens between wallets for fund management purposes. The project’s intent is to keep the community informed about this strategic move. In the crypto market, Arbitrum‘s governance token ARB experienced a significant drop on Tuesday, hitting a new all-time low of $0.747, as reported by CoinMarketCap. Meanwhile, OP was trading at $1.33.

The tumultuous start to the week in the crypto world resulted in Arbitrum’s market capitalization slipping below that of its rival, Optimism. Both Optimism and Arbitrum have consistently maintained their positions as the top Ethereum scaling solutions. What’s less known is their ability to retain a substantial user base actively participating on their respective mainnets. High user retention rates indicate satisfaction with the projects’ offered use cases. Optimism’s recent price resurgence is not unprecedented, given its previous prominence in the digital currency landscape. The sustained growth of OP tokens over the past seven days reflects the confidence and support of its buyers, underscoring the project’s resilience. Open / Comment

2023-09-14 23:45:58 Fidenza creator raises $17M in 30 minutes for new NFT project – The Defiant

The auction started at 50 ETH and ultimately sold out At 14 ETH. Collectors who bid higher were refunded the difference, meaning everyone who participated paid the same price. These passes will allow holders to create custom NFTs using the QQL algorithm, which has been available to the public for some time now. The QQL hoard has seen strong action on secondary markets, pushing it to number two on OpenSea’s leaderboard with a trading volume of over 3,300 ETH ($4.5M). The minimum collection price is 20 ETH, which is up almost 50% in just two days.

Hobbs’ inaugural Fidenza Collection remains one of the most popular generic NFT projects. During the Art Blox boom of 2021, a rare NFT from the collection, nicknamed ‘The Tulip’, sold for 1000 ETH ($3.3 million at the time). CryptoPunks have long been considered the ‘original’ profile picture (PFP) NFT. Given away for free in 2017 by creators Larva Labs, Punks really came into their own in the NFT bull run of 2021 and inspired later projects like the popular Bored Ape Yacht Club (BAYC). One of only 24 ape punks in the collection, CryptoPunk #2924 changed hands for 3,300 ETH ($4.45 million) on September 28. Secondary sales volumes continued to decline, with only $114 million traded in the week ending September 26. Volume in dollar terms has now fallen for seven consecutive weeks. Open / Comment

2023-09-12 12:42:04 The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes

KOREA BLOCKCHAIN WEEK, SEOUL – By all accounts, the United States should be heading into a recession, and risk assets like bitcoin, or tech stocks such as Nvidia (NVDA), should be nowhere near their current values, thanks to the steepest Federal Reserve (Fed) rate hike cycle in decades. But the opposite is happening. Economists have increasingly course corrected on their recession forecasts, bitcoin has doubled since crypto exchange FTX’s multibillion collapse, and Nvidia shares are soaring.

The standard playbook is starting to break down,” Arthur Hayes, the founder of BitMEX and current Chief Investment Officer at Maelstrom, said during a keynote at Korea Blockchain Week attended by CoinDesk. Rising financial asset prices can boost capital gains taxes and government revenue, but when the Fed raises interest rates, these prices can stagnate, reducing tax revenue, Hayes opined. “All the while, this, coupled with the political hostility of austerity, increases deficits, leading the U.S. Treasury to issue more bonds. The resulting interest payments to the wealthy stimulate spending and nominal GDP growth, creating a paradox where the Fed's rate hikes inadvertently fuel economic growth," Hayes said. Open / Comment

2023-09-08 00:09:04 Binance Executive Responsible For The Fiat Business Leaves The Exchange Amid The Crisis

According to the Wall Street Journal, several high-ranking executives have bid farewell to cryptocurrency giant Binance, marking a period of significant senior turnover within the company. Notable departures include Gleb Kostarev, who served as the regional head overseeing the Commonwealth of Independent States region, encompassing Russia, Eastern Europe, Turkey, Australia, and New Zealand.

Vladimir Smerkis, the Russia chief, also stepped down. Additionally, Helen Hai, a long-standing figure at Binance since 2018, left her role, primarily leading the exchange’s global fiat business. Binance’s recent struggles with regulators have resulted in staff layoffs and benefit cutbacks. Late last month, it revealed its contemplation of withdrawing from the Russian market and ceased allowing customers to transact with sanctioned Russian banks. This action followed a Wall Street Journal report outlining the exchange’s involvement in facilitating Russians’ cross-border money transfers, which may have exacerbated its legal woes in the United States. Open / Comment

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2023-09-06 00:44:00 dYdX Community Approves dYdX V4 And DYDX Token Migration

In a significant development, the dYdX community has given its stamp of approval to the dYdX V4 adoption and DYDX migration proposal put forth by Wintermute. This pivotal decision signals a major shift in the dYdX ecosystem, promising exciting changes for its users. The key components of this proposal include the adoption of dYdX V4 open-source software as the next version of the dYdX protocol and the selection of DYDX as the Layer 1 (L1) token for the dYdX Chain.

Under this proposal, the dYdX community commits to adopting the Ethereum smart contract, commissioned by the dYdX Foundation, which would facilitate a permissionless and autonomous one-way bridge for migrating DYDX tokens from Ethereum to the dYdX Chain. Furthermore, it’s worth noting that the proposal also emphasizes that wethDYDX, the resulting token from this migration, will maintain the same governance and utility functions as Ethereum-based DYDX (ethDYDX) on dYdX V3, ensuring continuity for users. The approval of these significant changes does not necessitate any smart contract modifications and can be ratified through a Snapshot vote. Open / Comment

2023-09-03 15:46:53 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). Open / Comment

2023-08-30 13:22:55 Blockchain Analysis Reveals Inflow Of 14.6 Billion Contaminated USDT Into Southeast Asian Trading Platforms

DeTrust, a subsidiary of blockchain data analysis firm Bitrace, has uncovered startling insights into the flow of contaminated USDT (Tether) within Southeast Asia. The blockchain analysis, conducted on August 28, points to a significant influx of over 115 billion USDT into Southeast Asian platform addresses in 2022. Disturbingly, this includes 37.16 billion USDT associated with online gambling activities and a staggering 69.78 billion USDT linked to money laundering endeavors. Fraudulent USDT accounted for less than 460 million USDT.

A comprehensive examination of known addresses tied to Southeast Asian entities reveals that a substantial sum of more than 14.64 billion contaminated USDT found its way into centralized trading platforms, both directly and indirectly. These contaminated funds encompass various illicit activities. These findings underscore the multifaceted challenges surrounding the cryptocurrency and blockchain landscape. Despite its potential for positive innovation, the sector grapples with issues like fraud, money laundering, and illicit financial activities. The presence of significant contaminated USDT within Southeast Asian blockchain platforms serves as a stark reminder of the ongoing efforts required to maintain integrity and transparency within the digital financial realm. Open / Comment

2023-08-28 21:34:08 Binance Removes Cardano, MATIC, Pepe Coin, BTC & 35 Other Liquidity Pools, What It Means?

https://coingape.com/binance-removes-cardano-matic-pepe-coin-btc-35-other-liquidity-pools-what-it-means/?utm_source=elena&utm_medium=telegram Open / Comment

2023-08-25 18:29:35 Worldcoin Faces Global Regulatory Hurdles Amid Expansion

Recent developments around Worldcoin have reignited discussions on data privacy and the ethical implications of personal identification. The project's audacious goal to grant everyone on Earth a biometrically verified digital ID has captured attention globally—and not always in a good way.

With its rapid ascent, the platform faces significant challenges, as governments and experts scrutinize its methods and intentions.

Worldcoin launched on July 24 of this year, issuing its WLD cryptocurrency token. Initially given to beta program participants, Worldcoin offered an airdrop of 25 WLD (worth around $2.21 USD each at the time of launch) to people willing to undergo an iris scan.

The company states its mission is to create a global system where anyone can verify their humanity online. To achieve this, they introduced the World ID, a unique identifier generated through an iris scan.

This IrisCode acts as a one-time mark to ensure authenticity, and once issued, the ID is stored on the Worldcoin blockchain, ostensibly safeguarding user privacy. Simultaneously, the World App stores user credentials and doubles as a cryptocurrency wallet, facilitating transactions with WLD.

As of August 11, over 2.2 million people have registered on the platform. But this rapid expansion hasn't been without its share of controversy. Open / Comment