RWA platform Swarm Markets to release NFT-tokenized gold
The EU’s Markets in Crypto-Assets Regulation (MiCA) stablecoin rules are scheduled to take effect in just over one week. However, Berlin-based RWA tokenization platform Swarm Markets has identified a potential solution by issuing a gold-backed NFT as an asset-backed token. Swarm Markets intends to enable individuals to acquire NFTs, which represent tangible gold ownership. There will be a London-based Brink’s vault where the gold bars that support the tokenized assets will be stored. Swarm’s decentralized over-the-counter (dOTC) platform will enable users to exchange NFTs on a peer-to-peer basis. This is following a know-your-customer (KYC) formality, along with an anti-money laundering (AML) procedure. Timo Lehes, the co-founder of Swarm, has stated that the overexposure of the encouraging market scenario has resulted in a lack of genuine attention paid to inventiveness in the context of NFTs. He believes that the majority of individuals have a tendency to identify NFTs by examining JPEGs that were being sold for substantial amounts of money, despite the fact that they were capable of generating a significant volume of physical assets for the blockchain industry. NFTs provide unparalleled clarity to token owners, allowing users to connect and benefit from DeFi’s supportive nature. This is all in line with the value and liquidity inherent in TradeFi. Swarm has plans to expand the asset space on the chain, with tokenized gold being the first step on its path to commodities. There are added benefits to be received from Swarm with regards to base metals and carbon credits, while the space remains uncertified. Swarm takes credit for having more than $14.6 million in terms of total value locked (TVL). In addition to gold, the platform also offers tokenized public company stocks and US Treasury stocks. The EU initially passed MiCA somewhere in the middle of last year to regulate the online asset space and do away with its connected money laundering aspect.
DWF Labs Deposits 24 Million JASMY Tokens to Binance
In a move that got attention in the market, DWF Labs has deposited approximately 24 million JASMY tokens to the leading exchange Binance. This was highlighted by SpotOnChain, a renowned platform for on-chain analytics, on social media platform X. According to SpotOnChain, the deposited JASMY tokens equate to a value of $731,000. Notably, DWF Labs has been operating under a one-year market-making contract for JasmyCoin, which is set to expire in August.
Notcoin Token Airdrop Is Superior to zkSync and LayerZero in Number of Users and Value
Notcoin token airdrop, with 11.5 million NOTs claimed and a total value of $2.5 billion, exceeds the combined scale of zkSync and LayerZero. Integrated as a Mini App in Telegram, Notcoin has attracted over 35 million users who can mine tokens easily by interacting with the app. Notcoin will continue rewarding users with NOT tokens for exploring the crypto ecosystem.
Bitcoin bears gained dominance over bulls and caused BTC price to fall to below $59,000, hitting a 24-hour low of $58,402. The market sentiment has dipped from 74 (greed) last week to 30 (fear) today, indicating the severity of negative sentiment in the crypto market. Bitcoin dominance has dropped to 53.2% against altcoins, sparking speculation of altseason. However, the altcoin season is not here yet as altcoins are still oversold despite a rebound in the last 24 hours
☑️ TON is the only TOP coin that doesn't list on @binance . ☑️ Today became known that #Binance added $USDT on $TON payments. I think it is a sign that the problem is globally solved and we should wait for $TON listing on the spot ☑️ The only reason (IMHO) is the regulatory problem, especially after the conflict between the exchange and the S
The altcoins are in an even worse shape than BTC, at least the majority of them. ETH is down by more than 3% and sits below the psychological support of $3,500. BNB has declined by a similar percentage to $583.
More losses come from SOL, SHIB, DOT, LINK, XRP, DOGE, ADA, and others from the larger-cap cohort.
However, some of the biggest losers on a daily scale are from the meme coin realm. WIF dumped to a multi-month low today, followed by JASMY, BONK, BRETT, PEPE, and FLOKI – all of them are down by more than 8% in a day.
The cumulative market cap of all crypto assets has seen about $50 billion gone in a day.
Who is Selling Bitcoin? BTC Price Decline Dumps Below $65K
As the crypto market faces a downturn, George from CryptosRUs discusses several key factors affecting Bitcoin’s current market dynamics in his latest YouTube video. Bitcoin has recently slipped below $65,000. It hit an intraday low of $64,544 after reaching a peak of $66,436. This decline is due to several factors, including significant sell-offs by whales and market volatility.
Meanwhile, Binance is not new to supporting a token’s burn initiative. Recall that the exchange launched an initiative to burn LUNC using 50% of the token’s spot and margin trading fees. The move marks the exchange’s contribution to making victims of the Terra ecosystem collapse whole.
As of May 1, Binance’s total LUNC burns hit a whopping 58.93 billion, valued at $5.6 million at the time. It remains to be seen how the Shiba Inu community hopes to burn SHIB via these top exchanges.
Notably, getting Binance and Coinbase to contribute to the burn campaign could drastically reduce Shiba Inu’s circulating supply and potentially bolster the token’s value in the long run.
Shiba Inu Community Hints at Burning $SHIB From Binance and Coinbase
Shiba Inu, which launched with a total supply of 1 quadrillion tokens, now has only 583.31 trillion SHIB in circulation. The community and Ethereum co-founder Vitalik Buterin have burned a combined 410,727,009,502,240 (410.72 trillion) SHIB. While Buterin burned 410 trillion SHIB in 2021, the Shiba Inu community has destroyed over 72 billion SHIB since inception.
Data from Shibburn confirms that 37,534,163 (37.53 million) were sent to the dead wallet over the past day, boosting the asset’s burn rate to 529.72%. However, the 37.53 million SHIB destroyed in the past day is only a fraction of the token’s hefty circulating supply.