DeFi & Ethereum News

2023-05-30 15:25:11 3.6% Optimism (OP) Tokens Worth $258 Million Will Be Unlocked This Week

According to data from Unlock Tokens, on May 31 of this week, 3.6% of Optimism tokens worth $258 million will be unlocked. This month there is one last major unlock on May 31 from the layer-2 Optimism project, with 154 million OP tokens – worth $248 million at current exchange rates. This amount of tokens is equivalent to 3.6% of the total OP supply. The amount of unlocked tokens will be allocated to the primary investor group and the development team.

Until June 6, Optimism will conduct an extremely important upgrade that is the foundation to improve many technical aspects and optimize transaction fees for this layer-2. Bedrock will also pave the way for another layer-2 solution that uses Optimism’s technology, Base, for mainnet deployment. One of the main advantages of the Bedrock upgrade is the expected reduction in transaction fees. OP Labs, the developer of the protocol for Optimism, estimates that transaction fees will drop by an impressive 47%. After a sideways period, the OP price recorded a 3% increase along with the positive news from Bitcoin today after the threat of US debt default waning. OP is currently trading at $1.66.

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2023-05-29 14:34:02 Worldcoin and the Intellectual Decline of Venture Capital

Yesterday, the company behind the Sam Altman-fronted Worldcoin project announced it had raised $115 million dollars in venture capital. The raise looks like an atavistic last gasp for the kind of prestige-driven, slot-machine structured Silicon Valley fundraising fostered by a decade of cheap money. Because whether on ethical or financial grounds, there seems little rational explanation for supporting the project.

To review, Worldcoin’s pitch is essentially twofold. At its core is The Orb, a device that scans the retinas of users, so they can later confirm their identity online. The Worldcoin token, in turn, is intended to be distributed as a form of “universal basic income” (UBI) and is currently being offered as an incentive for early eyeball-scan volunteers. That makes it easy to deduce that the UBI element of the project is simply window dressing for its real goal: solving the problem of digital identity. But in fact, Worldcoin’s approach to that problem is equally terrible, presenting a dazzling array of privacy risks and moral entanglements. The company’s messaging goes to great lengths to depict both a charitable project and an opportunity for immense profits.

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2023-05-28 17:52:53 Crypto Critics Peter Schiff To Launch Bitcoin Ordinals NFT Collection

Peter Schiff, an economist, gold supporter, and crypto skeptic, has announced a collaborative nonfungible token (NFT) art collection on Bitcoin that will soon be auctioned off. The crypto community’s response has been divided, with individuals usually perplexed, amused, and welcome, particularly Ordinals supporters or those willing to point out the obvious hypocrisy. For years, Schiff has openly criticized cryptocurrency, particularly Bitcoin, at every opportunity.

Despite this, Schiff launched the “Golden Victory” collection on May 27 through a Twitter thread co-created with one of his favorite artists, Market Price. The Golden Victory features the original painting (oil on linen – 48 x 60 inches) signed by both artists and copies numbered 1 through 50, according to the link given by Peter Schiff. Each print has a one-of-a-kind Signature etched on the Bitcoin blockchain. The auction will begin on June 2 and conclude on June 9. The first auction is for originals, while the second is for both originals and copies. On June 9, Peter and the artist attended the New York auction (295 Madison Ave, NY). In addition to criticizing Bitcoin, Peter Schiff pointed out two years ago that NFTs.

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2023-05-27 13:26:02 Bithumb CEO Accused Of Taking $3.7B Bribe To List FANC And Manipulating Price

The CEO of Bithumb is suspected of taking a $3.7 million bribe to list the FANC token. CELEbe Korea, the issuer of the FANC coin, was searched. According to an exclusive report by Digital Asset, the prosecution recently arrested and searched CELEbe Korea, the issuer of the FANC coin, in connection with allegations that the CEO of Bithumb Holdings received a bribe of 5 billion won (about $3.7 million).

The prosecutor’s office confiscated and searched CELEbe Korea, the issuer of the FANC (Fancy) Coin, on the grounds that there was evidence. The media added, among South Korean crypto exchanges, only Bithumb listed the FANC token (online as of March 2023), and about 87% of the transactions are taking place on the platform. This cryptocurrency exchange. Besides, FANC’s price trend is suspected of market manipulation centered on May 25-26. According to the data, the trading volume more than doubled, and the price increased by about 6.6%. This range is not large in the crypto market but it is questionable due to the small volume of FANC trading.

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2023-05-26 11:57:02 Whales Transfer 9.7 Million FTMs To Binance Exchange Amidst Multichain Concerns

In recent news, a significant transfer of 9.7 million FTMs (Fantom tokens) to Binance Exchange has raised eyebrows in the cryptocurrency community. This transaction comes at a time when concerns over the Multichain incident have sparked panic regarding the status of Fantom. The whale address involved made the deposit at an average price of $0.33 per FTM, with an average purchase cost of $0.4.

On May 25th, Web3 knowledge graph protocol 0xScope took to Twitter to highlight the Multichain incident, which caused significant alarm regarding the state of FTM and the Fantom ecosystem. Adding to the growing concerns, a whale address recently transferred a substantial amount of 9.7 million FTMs to the renowned cryptocurrency exchange, Binance. The tokens were deposited at an average price of $0.33 per FTM, which indicates a considerable investment by the whale. It’s worth noting that the whale’s average purchase cost for the tokens was $0.4, suggesting that they may have acquired the FTMs at a higher price.

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2023-05-25 09:16:08 Nanjing Launches China Government Backed Metaverse Platform

Nanjing City launched the China Blockchain Technology and Application Innovation Platform to build the China Metaverse technology and application innovation platform. This newly established Chinese state-backed organization is led by Nanjing University of Information Science & Technology (NUIST). According to the announcement on the official NUIST social media account, the platform is comprised of founding members representing diverse academic institutions and blockchain-related companies across mainland China.

According to a media report on Tuesday, Wu Zhong-ze, former Vice Minister of Science and Technology, emphasized the need for Chinese state agencies to introduce a series of metaverse applications in fields such as education, commerce, healthcare, and entertainment. He also urged the setting of metaverse industry standards. Nanjing is one of many Chinese cities vying for a leading role in the nation’s multi-dimensional development. The city announced its metaverse strategy in February 2023, setting the ambitious goal of establishing this industry generating annual revenue in excess of 135 billion yuan ($19.13 billion) by the end of the 2025.

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2023-05-24 10:01:33 Crypto Exchange OKX Targets France as Regional Hub With Plan to Hire 100 People

Cryptocurrency exchange OKX is targeting France as a regional hub in Europe with plans to hire around 100 people there in the next three years, looking to join 74 other companies that have so far won regulatory approval from the country's Financial Markets Authority (AMF). The Seychelles-based firm has filed an application to become registered as a Digital Asset Service Provider (DASP).

It's not the only crypto exchange seeking a base in the European Union's second-largest economy. France last year emerged as the destination of choice for Binance as a European Union (EU) hub following its DASP registration. The world's largest crypto exchange had hired around 150 people for its Paris office by September, according to founder Changpeng "CZ" Zhao. "We would aspire to hire 100 full-time employees within three years," Byun said in an interview. "I think in the first year, we forecast [hiring] about 30 colleagues." Byun said he expects the registration process to take up to six months.

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2023-05-23 05:37:02 EOS Network Participants Should Consider Legal Action Against Block.one: EOS Foundation CEO

EOS Network participants should consider taking legal action against major investor Block.one (B1) for "broken promises" over its investment in the ecosystem, according to the founder of the EOS Network Foundation. Yves La Rose said legal action is one of two possible ways to hold B1 to account for not investing the $1 billion it promised during the network's initial coin offering (ICO) in January 2018.

The other option is a hard fork to exclude EOS tokens held by B1 to fully disassociate itself from its former backer. "As a result of B1’s broken promises, the EOS Network is under-capitalized and the development of the EOS Network has been significantly stunted," La Rose wrote in a letter dated May 20. EOS token holders purchased their tokens "relying on representations of ongoing investment in the EOS ecosystem," which never came leading one to conclusion that B1 never intended to make the promised investments, according to La Rose. The EOS token is currently trading at $0.85 having slumped by 32% since April 14.

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2023-05-22 09:15:49 Hedge Fund Turkcorp To Launch Crypto Exchange Turkex In Turkey

Hedge fund Turkcorp announced that it would launch a new cryptocurrency exchange Turkex in Ankara, Turkey. In addition to offering crypto trading, the new exchange also supports real-time market data, charting tools, and multiple order execution methods. The crypto exchange will launch in the next few weeks, and early adopters can sign up early. Turkex’s debut comes as demand for cryptocurrency trading in the area grows and conventional investment channels.

Turkcorp’s expertise in finance and technology will be used to provide a trader-focused platform that helps them by providing strong liquidity, fair trade pricing, and minimal trading costs. The corporation has already committed considerable amounts to the new exchange’s development and marketing. To build a world-class trading experience, they have employed elite professionals that understand UI and UX. Turkey is also one of the nations that want to boost its economy using anti-inflationary methods such as cryptocurrency. According to GWI Research, Turkey saw the biggest rise in crypto ownership, with 27.1% from July-September 2021 to July-September 2022.

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