DeFi & Ethereum News

2022-10-09 09:57:02 Ethereum Staking Platform Lido Taps Layer 2 Networks Arbitrum, Optimism

For initial deployment to L2, Lido revealed going forward with wrapped, non-rebasing, wstETH. Crypto staking service provider, Lido, launched on Ethereum layer 2 networks Arbitrum Bridge and Optimism. Lido first revealed its plans to expand stETH across the growing layer 2 decentralized finance ecosystem in July this year.

According to the official tweet, the expansion of wstETH, which is essentially a “wrapped” version of the staking coin stETH, will allow traders to stake tokens directly on the layer 2 networks. In an earlier proposal, Lido said that the rebasing nature of stETH, bridging it to other networks is difficult and hence, the wrapped version of stETH, namely wstETH was chosen. Both the layer 2 scaling solutions for Ethereum maintained an upward trajectory in terms of transaction count and unique active wallets.

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https://t.me/DeFi_Ethereum Open / Comment

2022-10-08 09:50:02 BNB Chain Functioning Back to Normal Following the Recent Hack

BNB Chain is back to normal as validators are confirming and community infrastructure is being upgraded. The BNB Chain is back to operating normally following a halt that happened because of a massive security breach. Validators are confirming their status while the community infrastructure is upgraded as well. As CryptoPotato reported yesterday, the BNB Chain was temporarily paused following the $600 million hack.

Binance first revealed the halt due to irregular activity, and it was later established that millions worth of BNB were drained. The community, including developers and project owners, was quick to respond, and a lot of the funds have been frozen already, as confirmed by CZ himself. Now, the network is back to running normally.BNB Smart Chain (BSC) is running ok from 20+ minutes ago.

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https://t.me/DeFi_Ethereum Open / Comment

2022-10-07 10:15:03 Do Kwon’s ordered to surrender South Korean passport within two weeks or its revoked

According to authorities, Kwon, whose whereabouts remain unknown, has been ordered to hand over the document within 14 days or be revoked as he faces the possibility of prosecution following the over $60 billion Terra (LUNA) ecosystem crash, South Korean Ministry of Foreign Affairs announced.

The directive to have Kwon surrender his passport can be viewed as one of the measures to lure him back to South Korea to face charges. Notably, Kwon is facing charges of fraud alongside five other people for allegedly violating South Korea’s capital-markets law. At the same time, one of Kwon’s associates in managing Terra Labs has since been arrested. Consequently, the government has resorted to different measures to tame Kwon.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-10-06 10:10:04 EU agrees on text of the first-ever regulatory Bitcoin framework

The European Union has reached an agreement on the Markets in Crypto Assets Regulation (MiCA) framework that spells out how the region should approach the crypto sector. Officials from countries in the bloc signed the framework text into law without any further deliberation, the Council of European Union said in a statement released on October 5.

MiCA is a culmination of political outlines set out in June seeking to have a comprehensive crypto legislative text covering the region. Notably, the framework is guided by the goal of protecting consumers and fighting crypto-related crimes like money laundering. Some of the specific clauses in the draft laws require entities in the industry to reveal the identity of consumers making crypto payments using assets like Bitcoin (BTC). Furthermore, MiCA outlines the regulation of crypto wallets and exchanges.

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https://t.me/DeFi_Ethereum Open / Comment

2022-10-05 10:31:02 Bitcoin miners receive access to waste gas from Argentinian state-owned energy firm

Bitcoin (BTC) miners have long been subjected to criticism over the energy they utilize to carry out their mining activities, leading some countries to try and offset as much damage to the environment as possible while still allowing the practice to continue. To support this endeavor, YPF, a state-owned energy company in Argentina, has started to supply its leftover gas.

According to Martín Mandarano, the CEO of YPF’s renewable energy branch YPF Luz, a one-megawatt pilot project was initiated in southern Argentina three months ago to supply energy generated from waste gas left over from oil production. solar-powered Bitcoin mining plant has started operations in South Australia, striving to become the first of its kind in the region and providing around five megawatts of electricity.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-10-04 09:54:02 Tether reduces commercial paper exposure to below $50M, Treasury bills rise to 58.1% of reserve

Insider information on Tether’s reserve revealed that as of Sept. 30, the shadlecoin issuer had increased its U.S. Treasury bills to 58.1% of its reserves while reducing its commercial paper exposure to below $50 million. According to the last official report on June 30, about 43.5% of Tether’s.

The stablecoin issuer had promised to reduce its commercial paper holdings down to zero while having more of its reserve assets in U.S. Treasury bills. A recent portfolio update shared by Tether CTO Paolo Ardoino suggested that the stablecoin issuer is keeping true to its promise. According to Ardonia, it will usually take about 45 days for the official report to be reflected; however, the auditing team is working to reduce the timeline.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-10-03 09:07:02 Activity Stagnates Post-Merge Ethereum, Sidechain on Losing Side

Ethereum pulled off a stunning technical upgrade that saw the popular blockchain transition to the proof-of-stake consensus model for processing transactions after six years of work. However, post-merge activity on layer-2 has dropped. According to the latest stats by Dapp Radar, the already descending unique active wallets and transactions have further dropped by 35% from August to September.

The sidechain protocol known for executing cheaper fees and much faster transaction rates also saw the same descending trend as Ethereum. The FOMO-fueled pre-Merge enthusiasm pushed transactions by 6.5% and unique active wallets (UAW) by 4% higher from June to August 2022 on Polygon. Another Ethereum sidechain, Ronin, which also happens to be the backbone of Axie Infinity, suffered a similar fate. Its transactions count and unique active wallets were down by 51% and 54%, respectively, from August 2022.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-10-02 07:53:03 US senator bill seeks to cushion crypto exchanges from SEC enforcement actions

The Digital Trading Clarity Act of 2022 aims to provide regulatory clarity around classifying digital assets and related liabilities under existing securities laws. United States Senator Bill Hagerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” Securities and Exchange Commission (SEC) enforcement actions.

The Digital Trading Clarity Act of 2022, introduced by Sen. Hagerty, aims to provide regulatory clarity around two primary concerns plaguing crypto exchange establishments — (i) the classification of digital assets and (ii) related liabilities under existing securities laws. The senator believed that the legislation, when passed, would not only provide “much-needed certainty” to crypto businesses but also improve the growth and liquidity of U.S. cryptocurrency markets.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-10-01 11:36:02 Texas Regulators Object to Celsius Stablecoin Sale Proposal

The objection was filed due to language perceived as intentionally vague in Celsius’ request. At the time, a preliminary investigation did not find any reasons to deny the request outright – even though the cash generated by the sale would be used to fund Celsius’ operations, not pay back creditors. Further deliberation on the matter was scheduled for a hearing on the 6th of October.

Texan regulators have decided to inform the court of their misgivings even ahead of time. On the 29th of September, the Texas State Security Board (SSB), the Texas Department of Banking (DOB), and the Attorney General representing the state in the ongoing bankruptcy case filed an objection to the proposal, citing concerns over the language used in it. According to Texan authorities, Celsius has not seen fit to explain precisely how many stablecoins the company has on hand.

Source

https://t.me/DeFi_Ethereum Open / Comment

2022-09-30 07:53:02 Ethereum co-founder raises concerns over ETH’s centralization post-Merge

After the successful Merge upgrade that transitioned Ethereum (ETH) to the Proof-of-Stake (PoS) protocol, the second-ranked crypto by market cap is projected to grow in terms of value and adoption. However, during the initial days of the upgrade, there are emerging concerns about the centralization of the network.

Ethereum co-founder Anthony Di Iorio has raised concerns regarding the dominance of few holders on the Ethereum network, noting that at the moment, PoS does not seem to be the perfect system, he said during an interview with Kitco News on September 29. Iorio specifically pointed out the strength of platforms like crypto exchanges in dominating the Ethereum network. However, he expressed optimism that decentralization will be achieved in the future.

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https://t.me/DeFi_Ethereum Open / Comment