Grand Cayman, Cayman Islands, August 6th, 2024, Chainwire

Sui’s new Mysticeti protocol cuts consensus latency to 390 ms, elevating its industry-leading tech and developer stack to new highs.

Sui, the pioneering Layer 1 blockchain known for industry-leading performance and infinite horizontal scaling, today announced the successful deployment of Mysticeti on Sui Mainnet after a successful run on Testnet. This innovative protocol cuts consensus latency to an astonishing 390 milliseconds, establishing Sui as the fastest consensus layer in the industry.

Developed from extensive research into Byzantine fault tolerance (BFT) consensus mechanisms, Mysticeti represents a significant advancement from Narwhal-Bullshark, the consensus algorithms launched with Sui Mainnet over a year ago. Mysticeti achieves unprecedented transaction speeds, extending Sui’s impressive low latency performance across all transaction types on the network.

Sui’s object-oriented architecture allows the network to process transactions differently based on the characteristics of the transaction and the objects involved. Transactions on Sui involving only “owned objects,” such as peer-to-peer transfers, bypass the need for consensus, following a fast-path execution that completes in a shorter time. Now, with Mysticeti, transactions involving shared objects, such as those in marketplaces or collaborative game assets, are processed using an optimized version of BFT consensus that results in lower latencies nearly akin to those of owned object transactions. Mysticeti minimizes cross-validator communication and fully utilizes network bandwidth to maintain high throughput.

Live on Testnet for the past three months, Mysticeti’s remarkable results – including an 80% reduction in latency – generated significant buzz within Sui’s developer community and a broad desire to see the update pushed to Mainnet. With the update now live, the Sui Network can handle tens of thousands of transactions per second with end-to-end latencies well below one second.

“Mysticeti’s successful deployment is a testament to the collaboration between research and engineering, and the validator community that has integrated this new consensus mechanism,” said Dmitri Perelman, Head of Engineering at Mysten Labs. “Mysticeti is a next-generation consensus protocol that sets a new standard for blockchain transaction speeds and puts Sui at the forefront of our industry.”

Kevin Nelson, Co-Founder & CTO of Aftermath Finance, which created a leading DeFi protocol on the network said, “Mysticeti’s shift to minimizing latency for the general case—shared object transactions—marks a significant advancement across many sectors on Sui, particularly within the Sui DeFi ecosystem. The rollout to Mainnet has already begun to show tangible results, with noticeable latency reductions across our entire product suite. At Aftermath, we are excited to leverage Mysticeti’s full capabilities to deliver more efficient, lower latency products to market.”

Rabeel Jawaid, Co-founder of leading derivatives exchange Bluefin said, “On-chain settlement latency just dropped significantly on Bluefin with the Mysticeti upgrade! P50 consensus latency currently is just under 400ms and E2E client latency when measured via a fullnode is under 1s for P50, which as far as I know is the fastest in Web3 right now – especially at scale with parallelization. With this upgrade, the trading experience on Bluefin has already become more seamless for retail, and our institutional partners have started to scale their flow and liquidity on the platform.”

Bonkman, the pseudonymous Founder of Hop, a DEX aggregator on Sui said, “Hop allows users to interface with Sui DeFi. This makes it dependent on Sui’s consensus mechanism and before Mysticeti swaps took roughly 2-3 seconds. Now, nearly every single swap takes less than 1 second to execute and reach finality. In all of web3, there has never been a better DeFi experience that is present today on Hop via Mysticeti.”

Contact

Sui Foundationmedia@sui.io

Over the years, the gaming sector has experienced enormous expansion. With each new technology, games have become more immersive and complex. However, one of the most groundbreaking innovations in recent years is blockchain technology, which has given rise to “play-to-earn” (P2E) games.  

This new genre of games, often referred to as blockchain gaming or crypto games, is reshaping the gaming economy and offering players unique opportunities to earn real-world value. In this blog, we will explore how play-to-earn games work, the role of blockchain in these games, and their impact on the gaming industry. 

 

Understanding Play-to-Earn Games

Play-to-earn games are a new type of video game that allows players to earn cryptocurrency or other digital assets by playing. Unlike traditional games, where players spend money on in-game purchases, P2E games reward players for their time and effort. 

This model is made possible by blockchain technology, which provides a decentralized and secure way to manage digital assets. In these games, players can earn rewards through various activities, such as completing quests, battling other players, or trading virtual items.

The key components of play-to-earn games include:

Blockchain Technology: The backbone of P2E games, enabling secure and transparent transactions.

Cryptocurrency: Used as in-game currency, allowing players to buy, sell, and trade assets.

NFTs (Non-Fungible Tokens): Unique digital assets that can represent in-game items, characters, or other collectibles.

Gaming Economy: A virtual economy where players can earn, trade, and spend digital assets.

How Blockchain Technology Powers P2E Games 

Blockchain technology plays a crucial role in the play-to-earn model. It provides a secure and transparent platform for managing digital assets, ensuring that players have true ownership of their in-game items.  

Smart contracts, which are self-executing contracts with the terms of the agreement explicitly put into code, are used to do this. These smart contracts facilitate transactions between players and the game without the need for intermediaries. 

One of the most significant features of blockchain gaming is the use of NFTs. Unlike traditional in-game items, NFTs are unique and cannot be duplicated. This uniqueness adds value to the items, as players can prove ownership and authenticity.  

For example, in NFT gaming, a player might own a rare weapon or a special character that is represented by an NFT. They can trade or sell this NFT in a marketplace, potentially earning a significant amount of cryptocurrency. 

 

The Gaming Economy in Play-to-Earn Games 

The gaming economy in play-to-earn games is a complex system where players can earn, spend, and trade digital assets. This economy is built on blockchain technology, allowing for secure transactions and real-world value.  

Players can earn cryptocurrency by participating in various in-game activities, such as completing quests, winning battles, or selling virtual items. 

Here are some common ways players can earn in play-to-earn games: 

Quests and Missions: Players complete tasks and earn cryptocurrency as rewards. 

PvP Battles: Players compete against each other for prizes, often in the form of NFTs or tokens. 

Trading: Players buy and sell NFTs or other in-game items in a marketplace. 

Staking: Some games allow players to stake their assets to earn passive income. 

The value of these digital assets can fluctuate based on market demand, similar to traditional financial markets. This creates a dynamic and potentially lucrative gaming experience. However, it’s essential to note that the value of in-game assets can also be volatile, and players should be aware of the risks involved. 

 

Popular Play-to-Earn Games

The play-to-earn genre has grown rapidly, with several games gaining popularity. Some of the most notable P2E games include: 

Game  Description  Blockchain  Main Assets  Axie Infinity  A battle game where players collect and battle creatures called Axies.  Ethereum  Axies (NFTs), SLP Tokens  The Sandbox  A virtual world where players can create, own, and monetize their experiences.  Ethereum  LAND (NFTs), SAND Tokens  Decentraland  A virtual reality platform where players can buy, build, and monetize land.  Ethereum  LAND (NFTs), MANA Tokens  Gods Unchained  A digital trading card game where players own their cards as NFTs.  Ethereum  Cards (NFTs), GODS Tokens 

Each of these games offers unique experiences and opportunities for players to earn cryptocurrency. For example, in Axie Infinity, players can breed and battle Axies, earning Small Love Potions (SLP) that can be sold for cryptocurrency. In The Sandbox, players can create and sell virtual experiences, while in Decentraland, they can buy and develop virtual land. 

 

The Impact of Play-to-Earn on the Gaming Industry 

Play-to-earn games are transforming the gaming industry in several ways. They provide players with new ways to monetize their time and skills, turning gaming from a leisure activity into a potential source of income. This shift is attracting a diverse group of players, including those who may not have been interested in traditional gaming. 

One significant impact of P2E games is the creation of new job opportunities. Some players are becoming professional gamers, earning a living through play-to-earn games. As a result, “scholarship” programs have become more popular, in which seasoned gamers lend their in-game assets to novices so they may split the profits. This system creates a win-win situation, as it enables new players to start earning without an initial investment and provides asset owners with passive income. 

Moreover, the integration of blockchain technology and NFTs is driving innovation in game design. Developers are experimenting with new ways to use these technologies to create unique and engaging experiences.  

For example, some games are exploring the concept of “interoperability,” allowing players to use their assets across multiple games and platforms. This could lead to a more connected and cohesive gaming ecosystem. 

 

Challenges and Considerations 

While play-to-earn games offer exciting opportunities, they also come with challenges and considerations. One of the main concerns is the volatility of cryptocurrency markets. The value of in-game assets can fluctuate dramatically, leading to potential financial losses for players. Additionally, the regulatory environment for blockchain gaming is still evolving, and players should be aware of the legal implications of earning and trading digital assets. 

Another challenge is the accessibility of play-to-earn games. While the potential for earning is appealing, some games require significant upfront investments in NFTs or other assets. This can create a barrier to entry for new players, particularly those from low-income backgrounds.  

However, the growing popularity of scholarship programs is helping to address this issue, providing opportunities for players to enter the space without financial investment. 

 

The Future of Play-to-Earn Games 

The future of play-to-earn games looks promising, with continued growth and innovation on the horizon. As blockchain technology and NFTs become more mainstream, we can expect to see more games adopting the play-to-earn model. This could lead to a more decentralized and player-driven gaming industry, where players have greater control over their in-game assets and experiences. 

Moreover, the rise of metaverse platforms like The Sandbox and Decentraland suggests that the line between virtual and real-world economies will continue to blur. Players may soon be able to earn a living entirely within virtual worlds, participating in a global digital economy. This could have profound implications for the future of work and entertainment, as well as the broader economy. 

Play-to-earn games are revolutionizing the gaming industry by offering players new ways to earn real-world value. Powered by blockchain technology and NFTs, these games provide a secure and transparent platform for managing digital assets.  

As the play-to-earn model continues to grow, it has the potential to reshape the gaming economy, create new job opportunities, and drive innovation in game design. However, players should be aware of the challenges and risks involved, including the volatility of cryptocurrency markets and the evolving regulatory landscape. Overall, play-to-earn games represent an exciting and transformative development in the world of gaming. 

Tech & Talk Concert, a conference aimed at bridging the technology information gap, announced that it will be held on August 30 at the Walkerhill Hotel Light Lounge in Gwangjin-gu, Seoul, titled “First Real-World Asset Tokenization (RWA) Global Summit in Korea”.

It will cover the tokenization of financial assets, global RWA trends, and legal issues for RWA adoption. The conference is a side event of KBW, which kicks off in September. KBW is the biggest blockchain conference in Korea.

Key speakers include Professor Lee Jongsup of Seoul National University and Director of Shinhan Investment & Securities, as well as representatives from Ondo Finance(ONDO), a leading RWA platform; Mina Protocol(MINA), which is strengthening the issuance of tokenized securities(ST) with a Korean securities firm; Avalanche(AVAX); and Hedera(HBAR). Matrixport, a Singapore-based virtual asset service provider; and RWA Inc, which operates a regulated real asset tokenization trading service in Dubai. The event is expected to provide an in-depth discussion on RWA, which has become a hot topic in South Korea this year. The event will bring together international experts who are studying the opportunities and risks while making practical developments.

Attentio, a Web3 branding consultancy, is organizing the event. Eventbrite, a specialized meetup site, allows international attendees to RSVP.

Bit-Chess, a newly launched crypto project, proudly announces the presale launch of the world’s first fully decentralized chess platform. This groundbreaking platform aims to bring millions of online chess players into the expanding cryptocurrency industry.

The Bit-Chess team shared this exciting news on their X account (formerly known as Twitter), highlighting their commitment to revolutionizing how chess enthusiasts engage with the game in the digital age.

Bit-Chess Launched Its Presale Phase

Bit-Chess, the first fully decentralized online chess platform, has announced on its X account the launch of its official presale phase. 

This initiative marks a noteworthy step in incorporating millions of online chess players into the revolutionizing crypto industry.

The presale is designed for chess lovers and investors who want to get in early on this exciting chess-focused project. Bit-Chess aims to bring the world of chess into the decentralized crypto space, offering a unique blend of strategic gaming and blockchain technology.

With a total supply of 210 billion tokens, $BCC is a Solana-based token that will serve as the governance token within the Bit-Chess ecosystem. This means that HODLers of $BCC will have a say in important decisions about the platform’s future. For the presale phase, Bit-Chess offers 23.625 billion $BCC tokens, 11.25% of the total supply.

Currently, 1 $BCC is priced at $0.000373, and interested buyers can purchase tokens at this early stage to secure them at a significant discount. 

The tokens can be bought on the project’s official website using various popular cryptocurrencies, including Solana (SOL), Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), and Tether (USDT). This makes participation accessible to a wide range of investors.

The presale is an excellent opportunity for those passionate about chess to see the potential of combining this timeless game with the latest blockchain technology.

Notable Features of Bit-Chess

Bit-Chess is set to significantly impact the chess world by integrating traditional gameplay with modern blockchain technology through the Solana network. 

Here are some key features that distinguish Bit-Chess:

Guideline with InGame Wallets – The platform will offer a detailed guideline for those new to crypto or chess, as its goal is to educate anyone interested and attract millions to crypto.

Play-to-Earn (P2E) Mechanics – Bit-Chess introduces a play-to-earn model where players can earn rewards through their gameplay. These rewards can be converted into real-world value, adding a new layer of benefit to playing chess.

Global Tournaments – The platform will host tournaments that allow players from all over the world to compete against one another. Winners will have the chance to earn cash prizes and exclusive NFTs, creating a competitive and rewarding environment.

Player-Versus-Player Matches – Players can engage in one-on-one matches to test their skills against other chess enthusiasts. This feature offers a direct, competitive experience, allowing players to challenge and improve their strategic abilities.

Exclusive NFTs – Bit-Chess will offer special NFTs that highlight players’ achievements within the platform. There will be a total of 2,000 unique NFTs available, with an initial limited release of 500 during the pre-sale. These NFTs will serve as collectible tokens representing players’ milestones in the Bit-Chess ecosystem.

About Bit-Chess

Bit-Chess is introducing a new way to play and enjoy chess using blockchain technology. 

It is the first chess platform built on the Solana blockchain, which uses digital technology to create a more secure and open gaming environment.

Bit-Chess aims to blend the traditional game of chess with modern technology. Its goal is to offer a platform where players can not only play chess but also participate in a system that rewards their efforts. Using blockchain, it wants to make chess more interactive and beneficial for players worldwide.

Bit-Chess is focused on connecting traditional chess with the new possibilities of blockchain technology. The platform is designed to be accessible and user-friendly, helping players easily guide and take part in this new gaming experience.

Contact 

For the latest updates on Bit-Chess and its token presale, constantly visit their official website and join their vibrant community by following them on X (Twitter), Telegram, and Instagram.

exSat is a Layer 1.5 solution described as a “docking layer” aimed at unlocking the full potential of the Bitcoin ecosystem, In an exclusive interview with BitcoinWorld, We discuss what is exSat Network , Is All About!!

 

Can you briefly explain what exSat is and how it aims to address the current limitations of Bitcoin’s scalability and interoperability?

exSat is a Layer 1.5 solution described as a “docking layer” aimed at unlocking the full potential of the Bitcoin ecosystem. It addresses Bitcoin’s scalability and interoperability by integrating three core infrastructure protocols: Data Consensus Extension Protocol, Decentralized State Data Index, and Decentralized Asset Custody. This architecture bridges Bitcoin’s inherent trust with enhanced functionality, allowing for broader asset issuance and trading, and improved scalability through advanced data handling and smart contract capabilities.

How does the Data Consensus Extension Protocol work, and what advantages does it bring to the Bitcoin ecosystem?

The Data Consensus Extension Protocol functions as an oracle system that mirrors and verifies Bitcoin’s full 4MB block data onto the exSat platform, ensuring its integrity and trustworthiness through decentralized oracles involving reputable mining pools. This protocol enhances and extends the Bitcoin ecosystem by providing trustless, programmable access to Bitcoin UTXO block data, which allows for the development of more complex applications directly on Bitcoin, boosting its utility and scalability.

In what ways do synchronizers and validators contribute to the security and efficiency of exSat?

In the exSat ecosystem, synchronizers and validators play pivotal roles in maintaining and enhancing both the security and efficiency of the network. Here’s how each contributes:

Synchronizers:

Role and Function: Synchronizers, typically reputable mining pools, are responsible for the initial data intake process. They mirror the full 4MB Bitcoin block data onto the exSat platform.

Security Contributions: By accurately mirroring data, synchronizers prevent the introduction of erroneous or fraudulent data into the network. Their involvement ensures that only verified and accurate data is processed and stored.

Efficiency Contributions: Synchronizers help maintain high data throughput by efficiently processing and submitting block data to the network. This contributes to the overall responsiveness and speed of the network, essential for real-time applications and transactions.

Validators:

Role and Function: Validators in exSat verify the data provided by synchronizers. They ensure that the data mirrored onto the network aligns with the Bitcoin blockchain’s state, thus maintaining data integrity.

Security Contributions: Validators are crucial in safeguarding the network against data tampering and ensuring consensus on data accuracy. By requiring multiple validators to confirm data, exSat employs a robust check-and-balance system that significantly reduces the risk of security breaches.

Efficiency Contributions: Through the validation process, validators ensure that only correct data persists in the network, reducing the overhead associated with correcting errors post-factum. Their role in consensus mechanisms also helps in optimizing the decision-making processes within the network, leading to faster consensus times and enhancing overall network efficiency.

Collaborative Security and Efficiency:

Decentralized Network Operation: Both synchronizers and validators operate in a decentralized manner, enhancing the network’s resilience and reducing the likelihood of centralized failures. This decentralization is key to maintaining uninterrupted service and consistent network performance.

Incentive Alignment: Both roles are incentivized with $XSAT tokens, aligning their interests with the health and performance of the network. Incentives ensure that both synchronizers and validators are motivated to perform their functions effectively and efficiently.

By integrating these roles, exSat creates a comprehensive security and efficiency framework that not only supports its own operations but also enhances the capabilities of connected Layer 2 solutions and the broader Bitcoin ecosystem. This systemic approach ensures that exSat remains a reliable and scalable platform, prepared to handle the complexities of modern blockchain applications.

 

What role do BTC miners play in the exSat network, and how are they incentivized to participate?

In the exSat network, BTC miners play a crucial role as Synchronizers, leveraging their mining infrastructure to support the network by validating and mirroring UTXO data. Here are the streamlined incentives offered to mining pools and validators:

For Mining Pools:

Data Submission Rewards: Mining pools that successfully submit block data to exSat’s system receive 10% of the block rewards.

Block Generation Bonus: An additional 40% of the block rewards is given for successful block generation within a specified 72-hour window.

Attractive APR: Mining pools can earn up to 50% of $XSAT per block, with an APR of up to 120%, providing a lucrative new revenue stream.

For Validators:

Earnings from Staking: Validators are required to stake a minimum of 100 BTC and can earn up to 50% of $XSAT per block, with the potential for an APR of up to 120%.

Verification and Staking Rewards: Validators earn 10% of block rewards for data verification and an additional 40% from staking rewards for maintaining network security and data integrity.

$XSAT Tokenomics:

$XSAT serves as the native token within the exSat ecosystem, crucial for transaction fees and network incentives.

The token follows a fair launch model with a total supply of 21,000,000, mirroring Bitcoin’s halving schedule to ensure sustainable and equitable distribution.

These incentives are designed to align the interests of miners and validators with the exSat network’s goals, promoting their active participation in enhancing Bitcoin’s scalability and functionality.

How does exSat ensure compatibility with existing Ethereum Virtual Machine (EVM) and what benefits does this bring for developers and users?

exSat ensures EVM compatibility by integrating a smart contract platform that supports EVM standards, allowing developers to deploy Ethereum-based applications within the Bitcoin ecosystem. This compatibility widens the scope for developers to create versatile applications and for users to engage with a broader range of functionalities, making Bitcoin more versatile and adaptable to various use cases.

Could you elaborate on the decentralized state data indexing feature of exSat and its significance for the Bitcoin ecosystem?

The decentralized state data indexing feature in exSat creates a comprehensive, on-chain database of Bitcoin’s UTXO data, enabling the development and trading of a wider variety of assets such as Ordinals and Runes. This expands Bitcoin’s utility significantly, supporting the growth of NFTs and other digital assets directly on Bitcoin, thereby enhancing its scalability and economic versatility.

What are the key differences between exSat and other Layer 2 solutions currently available for Bitcoin?

exSat distinguishes itself from typical Layer 2 solutions for Bitcoin by serving as a “Layer 1.5” docking layer that not only enhances Bitcoin’s scalability and functionality but also supports and integrates with existing Layer 2 solutions. Here are the key differences and contributions of exSat to the broader Bitcoin ecosystem:

Infrastructure Support for Layer 2 Solutions:

Unlike many Layer 2 solutions that operate largely independently, exSat is designed to interact with and enhance these solutions. By providing a robust underlying infrastructure that includes advanced data consensus and decentralized state data indexing, exSat supports the efficiency and scalability of Layer 2 networks.

Data Consensus Extension Protocol:

exSat’s Data Consensus Extension Protocol goes beyond typical Layer 2 functionalities by mirroring and verifying the full 4MB Bitcoin block data. This ensures high integrity and trustworthiness of data, which is crucial for the accurate operation of Layer 2 solutions that rely on up-to-date and secure blockchain information.

Decentralized State Data Index:

This feature of exSat enables a more expansive use of the Bitcoin blockchain by allowing the issuance and trading of a broader range of assets, including Ordinals and Runes. Layer 2 solutions can leverage this detailed indexing to offer richer and more diverse applications and services.

Integration with Payment as a Service (PaaS):

exSat plans to establish a “Payment as a Service” layer with instant finality, positioning itself as a central hub for payments and settlements across the Bitcoin ecosystem, including Layer 2 networks. This PaaS layer aims to centralize liquidity and transactions into a major pool, enhancing the operational capabilities and economic feasibility of Layer 2 solutions.

Enhanced Security with Decentralized Custody:

The Decentralized Asset Custody solution in exSat uses a multi-signature approach based on Multi-Party Computation (MPC). This security feature is critical for Layer 2 solutions that handle significant transaction volumes and asset values, providing a secure environment for asset management.

EVM Compatibility:

By supporting EVM-compatible smart contracts, exSat allows developers to create applications that are interoperable with Ethereum-based systems. This feature is beneficial for Layer 2 solutions looking to integrate or migrate services between blockchain ecosystems seamlessly.

How do you envision exSat impacting the future of Bitcoin and its position within the broader cryptocurrency landscape?

exSat is poised to significantly enhance Bitcoin’s utility by introducing advanced functionalities like smart contracts, asset indexing, and decentralized custody. This expansion will not only diversify Bitcoin’s applications but also attract new use cases beyond traditional financial transactions.

By improving interoperability with other blockchain networks, exSat will facilitate smoother asset and data flows, helping position Bitcoin as a pivotal element in the multi-chain ecosystem. This capability is bolstered by features such as EVM compatibility and a Payment as a Service (PaaS) layer, which will enable Bitcoin to interact seamlessly with various blockchain platforms.

Moreover, exSat addresses Bitcoin’s scalability challenges by enhancing transaction throughput and data processing, which could lead to broader adoption across micro and macro transactional applications. The introduction of innovative financial models through its tokenomics will attract a diverse range of participants, offering new investment and participation incentives.

Overall, exSat is set to reinforce Bitcoin’s foundational strengths while expanding its role within the broader cryptocurrency ecosystem, paving the way for new blockchain innovations and applications.

Stay tuned for more thought-provoking content and engaging interviews on Bitcoinworld.co.in, World of Cryptocurrency & Blockchain News.

Closing out the world’s largest Web3 conference, TOKEN2049, the party will be hosted on the SkyPark Observation Deck of Singapore’s iconic Marina Bay Sands, delivering a night of sensory indulgence and high-calibre entertainment

SINGAPORE — 6 August 2024 — TOKEN2049, the world’s largest Web3 and crypto conference, announced a star-studded DJ line-up for AFTER 2049, the official closing event of this year’s highly anticipated Singapore edition. Making their eagerly awaited debut in Singapore, award-winning trio WhoMadeWho will be headlining the event, alongside South African DJ and producer Da Capo and returning acts, Hong Kong’s Leon, Milam and Mo-Shi. AFTER 2049 will be held on Friday, 20th September at Marina Bay Sands’ SkyPark Observation Deck — open exclusively for AFTER 2049 each year, with exhilarating views of the Formula 1 evening session from the 57th floor.

 

This year’s AFTER 2049 will host 2,000 guests, with a premium open bar, and boasting a multi-sensory music experience with state-of-the-art productions, working with the best in the industry — details of which will be unravelled as the event nears. Tickets were sold out in minutes in 2023, with demand expected to surpass all previous records for the 2024 edition.

 

Having established themselves as one of the definitive electronic music acts of their generation, with performances at global music festivals like Burning Man, Sonar and Roskilde, WhoMadeWho will be bringing their unique music identity to AFTER 2049 and attendees can expect a scintillating hybrid DJ set.

 

Raphael Strauch, Founder of TOKEN2049 said: “We’re thrilled to bring AFTER 2049 back to the iconic Marina Bay Sands rooftop. This year, we’ve put together an incredible lineup featuring some of the largest names in electronic music. Our immersive setup will transform the venue into a portal of sound and light. Set against Singapore’s mesmerising skyline, AFTER 2049 promises more than just music – it’s a symphony of experiences where every element is crafted for an unforgettable night. Prepare for a landmark event that will redefine the electronic party scene in Singapore.”

 

Sponsors of AFTER 2049 include multichain real-world asset protocol Creditcoin, Incentive, decentralised talent incubator platform MEET48, chain abstraction stack NEAR, the distributed network for decentralised protocols 1inch, Axlflops, the platform combining blockchain with relational databases Chromia, the Bitcoin-powered, EVM-compatible blockchain Coredao, leading liquidity provider and digital asset exchange Darkex, the world’s first decentralised payments network Gnosis Pay, the application absolute liquidity network Haust, Hibachi, the security-first real-world asset layer-1 blockchain MANTRA, leading digital payment token service provider MetaComp, permissionless Ethereum Layer 2 network Metis, the permissionless liquidity layer for Web3 trading Orderly Network, the largest network of interconnected decentralised energy assets Rowan Energy and community foundation for Starknet’s permissionless decentralised Validity-Rollup Starknet Foundation.

 

A limited number of tickets for AFTER 2049 will be sold via Resident Advisor from 13 August onwards, with additional ticket drops releasing 26 August and 12 September.

 

To purchase tickets for AFTER 2049, please visit: https://ra.co/events/1973782.

 

For more information and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/. For any enquiries on AFTER 2049, please contact community@after2049.com.

 

About TOKEN2049

TOKEN2049 is a global Web3 event series, organised semi-annually in Singapore and Dubai, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is the preeminent meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry.

 

Media Contact:

token2049@wachsman.com

The percentage of Bitcoin investors in profit has dropped by 18% (from 93% at the end of July to the current 75%), coinciding with Bitcoin’s price falling below $50,000.

The last time the percentage of BTC addresses in profit was at similar levels was in January, when the price hit a low of $39,000 before rising to $73,000.

There is a risk of further declines to $40,000 according to analysts.

The percentage of Bitcoin holders in profit has experienced a significant drop in recent days, highlighting the impact of the recent crypto market downturn. 

The proportion of BTC investors in a favorable position has decreased from 93% at the end of July to 75% currently. This decline coincides with Bitcoin’s price falling below $50,000, a level not seen since February this year.

The last time the percentage of BTC addresses in profit was at similar levels was in January, when the value of the cryptocurrency hit a local low around $39,000. 

This price drop occurred shortly after the launch of Bitcoin exchange-traded funds (ETFs) in the United States, which later drove the cryptocurrency’s price up to $73,000.

As Bitcoin's price fell to $50k, the percentage of holders in profit dropped to 75%.

This level was last seen in January when prices formed a local bottom around $39k. pic.twitter.com/CAR5ju5VOR

— IntoTheBlock (@intotheblock) August 5, 2024

In the past week, Bitcoin plunged dramatically, falling from a peak of $70,000 to around $50,000 in less than a week. The price briefly touched $49,513 before a slight recovery brought it to approximately $54,600 at the time of writing.

Bitcoin (BTC) May Continue To Plunge

If Bitcoin’s price continues to fall, it is likely that the percentage of holders in profit will continue to decrease. 

Despite the current volatility, analysts suggest that the bull phase of the market is not over yet. The number of addresses in profit may increase in the coming weeks, depending on a potential price recovery.

Some suggest that outflows from ETFs, uncertainty around the U.S. Federal Reserve’s fiscal policy, and economic weakness in the country could be influencing the price decline. 

Additionally, Arthur Hayes, co-founder of the trading platform BitMEX, suggests that a massive sell-off by a large investor could be behind the recent drop.

CryptoQuant analysts warn that investors might face negative profit margins in the coming days, as BTC could fall to $40,000. The situation remains uncertain, and future price movements will be crucial in determining the market’s trajectory.

Kujira has unveiled a comprehensive recovery plan aimed at addressing its operational debt and restructuring its financial strategy

The plan involves several critical steps designed to stabilize the platform and position it for future growth.

First, the recovery plan focuses on repaying the operational debt through two distinct PILOT sales. The first sale is targeted at clearing the $USDC debt, while the second will address the $USK debt. 

This dual approach will not only resolve the existing liabilities. Also, it helps in converting the BOW leverage liquidity positions into protocol-owned liquidity, enhancing the platform’s financial stability.

Steps to Resolve Debt and Improve Stability

Another significant aspect of this recovery strategy is the opportunity it provides for community members. The PILOT sales will accept bids in both $USDC or $xUSDC for the first sale, and $USK or $xUSK for the second sale. 

This setup allows participants with funds locked in the GHOST lend vaults to use their xAssets to bid, making the process more inclusive and providing broader engagement opportunities.

GM everyone. Thanks for bearing with us the last couple days. After a whole lot of discussions & taking on feedback from the community & various investors, chains & future partners, we'd like to announce our recovery plan

1⃣ The operational debt will be repaid via two… pic.twitter.com/NUmEhpbMTx

— Kujira (@TeamKujira) August 3, 2024

Bidders will be vying for $rKUJI (recovery KUJI) tokens through the PILOT sales. These $rKUJI tokens will be redeemable 1:1 for $KUJI once the necessary balance is freed from collateral and undelegated. 

This mechanism is designed to ensure that participants who contribute to the recovery effort are compensated with tokens that will have future value as the platform stabilizes.

Details regarding the specific terms of the PILOT sales, including the cliff, vesting schedules, base price, and maximum discount, are still being finalized. 

The Kujira team has committed to providing further information on these aspects and the overall timing of the recovery process shortly. Here are more info about the recovery plan:

Additionally, the recovery plan includes significant structural changes within Kujira. These changes will necessitate further discussions and votes from the community. 

To manage the treasury and ensure transparency, a trusted committee—separate from the founding team—will be established. This committee will likely employ DA0 DA0 tooling for multisig wallets and other essential features to enhance governance and security.

Crypto executives meeting with Vice President Kamala Harris has been delayed from this Monday to later this week, with no specific date set.

Notable attendees include Ripple’s Brad Garlinghouse and Chris Larsen.

FOX Business journalist Eleanor Terrett has reported that the closed-door crypto executives meeting scheduled for this Monday, which California Congressman Ro Khanna had arranged to help Vice President Kamala Harris mend her industry relations, is delayed.

No word yet on a new meeting date. The reason for postponement wasn’t stated but one attendee is guessing Dem leaders need more time before they come out with an official policy position on #crypto. Given that @realDonaldTrump is running with it, they’ll have to take a position. https://t.co/EvZOISF5wX

— Eleanor Terrett (@EleanorTerrett) August 5, 2024

Crypto Executives Meeting with Kamala Harris Postponed

The meeting was to be this Monday and will now take place later this week. No date announced for the same.

The crypto executives meeting comes days after an August 2 Bloomberg report that executives in the cryptocurrency space will meet with White House aides and Representative Khanna next week to express their concerns regarding digital assets and pitch for changes in policy.

Attendees at the roundtable include Anita Dunn, senior White House adviser who is on her way out; National Economic Adviser Lael Brainard; and Bruce Reed, Deputy Chief of Staff.

A marquee guest of the summit is expected to be Ripple CEO Brad Garlinghouse—and cofounder Chris Larsen—who have been extremely critical of the regulatory stance that the US Securities and Exchange Commission took under Chair Gary Gensler. 

The lawsuit by the SEC against Ripple started in the Trump administration and rolled over to the administration of Biden.

Trump Vows Crypto Reforms, Sacking Gensler if Re-Elected

Last month, it had 14 Democratic House members who were pushing for pro-crypto language in the party’s platform and a new, pro-innovation SEC chair. 

The crypto executives meeting follows a July roundtable that saw deep engagement between crypto executives and the White House’s very own Ripple and Coinbase.

With almost 50 million Americans now invested in digital assets, US presidential hopefuls are turning up the jets to appeal to crypto-focused voters. 

GOP hopeful and former President Donald Trump has pitched himself as a pro-crypto champion who vows to make the US the world leader in cryptocurrency by firing SEC Chair Gensler if he is elected again.

Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more Ether (ETH) using stolen funds.

Amid the crypto market downturn, hackers have seized the opportunity to acquire more digital assets. The Nomad Bridge Exploiter managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip.

The same hackers who exploited the PancakeBunny protocol in May 2021 are back in action. They recently swapped 7.8 million DAI for 2,922 ETH during the market downturn.

The broader market decline has led to a 14% drop in the global crypto market cap within 24 hours, dipping below $2 trillion.

Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more digital assets. Recent on-chain analysis reveals two notable incidents where stolen funds were used to purchase Ethereum (ETH). 

Lookonchain, an on-chain smart money tracker, has identified transactions involving the Nomad Bridge Exploiter.

Hackers bought $ETH at the bottom after the market dropped!

The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to https://t.co/11PfRBP2j2.https://t.co/8pwhTFSnLw

Crypto bridge #Nomad was exploited for ~$200M on Aug 2, 2022.… pic.twitter.com/9id6bxBR14

— Lookonchain (@lookonchain) August 5, 2024

These hackers managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip. 

Despite widespread panic triggered by Bitcoin’s plunge below $50,000, the exploiters strategically deposited their newly acquired ETH into Tornado Cash. Notably, the accumulation began as ETH’s price plummeted to as low as $2,100.

PancakeBunny Hackers Join The Fray

The PancakeBunny protocol, based on Binance Smart Chain (BSC), suffered a massive exploit in May 2021, resulting in the theft of over $200 million worth of crypto. Now, the same hackers are back in action.

According to PeckShieldAlert, they recently swapped 7.8 million DAI for 2,922 ETH during the market downturn. Their previous attack involved manipulating prices on PancakeSwap, allowing them to borrow a substantial amount of BNB and crash the BUNNY token’s value.

Global Crypto Market Cap Takes A Hit

These buying sprees occur against the backdrop of a broader market decline. The global crypto market cap has plummeted by over 14% in the last 24 hours, dipping below $2 trillion for the first time in months. 

Bitcoin, the flagship cryptocurrency, lost more than 14%, reaching a low of $49,000. Ethereum followed suit, dropping over 24% to hit $2,200.

Nomad Bridge’s Infamous Hack

The Nomad Bridge, a blockchain bridge, fell victim to a hack in August 2022. Exploiting a misconfiguration in the project’s main smart contract, attackers looted nearly $200 million worth of cryptocurrency.

Paradigm researcher Samczsun shed light on the incident, revealing that the flaw allowed anyone to replace a recipient’s address with their own. This enabled unauthorized withdrawals of assets, even those not belonging to the attackers.

As the crypto market remains volatile, vigilance against such exploits is crucial. Investors and projects alike must stay informed and take necessary precautions to safeguard their assets from opportunistic hackers.

Wharton’s Jeremy Siegel urges the FED rate cut by 0.75% and another 0.75% in September.

Siegel believes these aggressive cuts will stimulate consumer spending and business investment, aiming to avert a recession.

Wharton professor and famous economist Jeremy Siegel implored the Fed rate cut aggressively now: “I’m calling for a 75 basis point emergency cut in the Fed funds rate, with another 75 basis point cut indicated for next month at the September meeting.”

Wharton Professor Urges Emergency 0.75% FED Rate Cut Now!

Siegel’s call comes at a time of increasing economic uncertainty, inflationary pressures, and market volatility, which are keeping investors and policymakers awake at night. 

The professor’s recommendations that some resolute action be taken toward stabilizing the economy and boosting confidence in the financial system come at a very good time.

"I'm calling for a 75 basis point emergency cut in the Fed funds rate, with another 75 basis point cut indicated for next month at the September meeting – and that's minimum," says Wharton's Jeremy Siegel: pic.twitter.com/s4CgWx962Q

— Squawk Box (@SquawkCNBC) August 5, 2024

Siegel’s Urgent Call 75 Basis Point Fed Rate Cut Now

Cuts of 1.5% points over two months will give real impetus to activity. If the reduced cost of borrowing increases consumer spending and business spending, as Siegel feels, that would dampen the risk of a recession. 

He said the aggressive measure was required to offset the current headwinds in the economy and boost a more full-blowout recovery.

Critics warn that an aggressive rate cut can lead to spillover effects, asset bubbles, and financial instability. They urge a more cautious approach so that while the need for economic support is met, the economy is not overstimulated.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto stocks like Coinbase and Marathon tumbled as Bitcoin dropped over 13% to below $50k, first time since February.

Crypto stocks including Coinbase Global, Inc COIN, Marathon Digital Holdings, Inc MARA, Riot Platforms, Inc RIOT, CleanSpark, Inc CLSK, MicroStrategy Inc MSTR tumbled Monday amid a global market sell-off spurred by recession fears.

The price of Bitcoin BTC/USD sank more than 13% on Monday to $50,963.57, CNBC writes. At one point, it fell to $49,111.10, its lowest level and the first time under $50,000 since February.

Bitcoin has lost nearly 18% since Saturday. A week ago, on July 20, it climbed as high as $69,982.

Ethereum ETH/USD losses were even steeper. The crypto asset dropped 17% to $2,271.21, bringing its three-day loss to 24% and erasing its 2024 gain. Mining stocks suffered double-digit losses, too.

The moves follow a broader market sell-off that began last week. A weaker-than-anticipated July jobs report renewed investor fears of a recession, and the tech-heavy Nasdaq Composite entered a correction.

In addition to economic and geopolitical concerns, crypto investors have been contending with sell pressure from Mt. Gox distributions and decreasing odds of a second Donald Trump presidency in the U.S.

Bitcoin fell by 11% in the past 24 hours, and ether plunged by 21%, causing the total value of cryptocurrencies to drop by approximately $270 billion, according to CNBC.

Investors can gain exposure to crypto stocks through iShares Bitcoin Trust IBIT and ProShares Bitcoin Strategy ETF BITO.

CryptoQuant’s latest analysis indicates that Bitcoin could potentially drop to $40K, signaling a challenging period for investors.

Over $1 billion in crypto-tracked futures were liquidated in the past 24 hours.

Bitcoin tumbled more than 15% on Monday, briefly dipping below $50,000 amidst concerns of a US recession and growing geopolitical tensions in the Middle East. 

This was the first time since February that BTC fell below this threshold before rebounding to around $52,000.

Experts suggest that the crypto asset could see more downsides.

More Pain for Bitcoin?

CryptoQuant’s latest analysis indicates that Bitcoin could potentially drop to $40,000, signaling a challenging period for investors. 

#Bitcoin dropped over 16% in the last 24 hours, breaking below the $57K support level.

This breach suggests a possible drop to $40K.

Currently, traders are facing their most negative unrealized profit margins since November 2022. pic.twitter.com/gTWT52NO60

— CryptoQuant.com (@cryptoquant_com) August 5, 2024

The crypto analytic platform highlighted that traders are currently experiencing their most negative unrealized profit margins since November 2022.

This downturn reflects a significant shift in market sentiment, with increased selling pressure as traders seek to mitigate losses amidst an uncertain economic backdrop.

As a result of Bitcoin’s massive fall, the percentage of holders in profit dropped to 75%, as per IntoTheBlock’s observation. 

As Bitcoin's price fell to $50k, the percentage of holders in profit dropped to 75%.

This level was last seen in January when prices formed a local bottom around $39k. pic.twitter.com/CAR5ju5VOR

— IntoTheBlock (@intotheblock) August 5, 2024

This is a significant decline and the lowest level seen since January, when Bitcoin’s price formed a local bottom around $39,000.

Bitcoin wasn’t the only asset affected by intense selling pressure. Ethereum was down by more than 22% over the past 24 hours, which dragged its price down to $2,264 at the time of writing.

During the same period, Solana and XRP were also down by over 18.2% and 16.6%, along with the rest of the market. Meanwhile, Dogecoin declined by over 20%.

Over $1 Billion Liquidated

The bloodbath triggered the liquidation of $1.08 billion in crypto-tracked futures over the past 24 hours. According to the data compiled by CoinGlass, $919.62 million long positions were liquidated, while short trades accounted for $162.45 million.

Bitcoin was hit hardest, seeing over $371 million in liquidations, with longs accounting for $310.26 million and shorts for $61.22 million. 

Ethereum followed suit, with nearly $353 million liquidated during the same timeframe, including $303 million from longs and $49.6 million from shorts. Next up were Solana and Dogecoin, which also experienced notable liquidations, with $60.91 million and $13.14 million, respectively.

In the process, 283,280 traders were liquidated in the last 24 hours while the largest single liquidation order happened on Huobi for BTC-USD valued at $27 million.

The decline subsequently caused the crypto fear and greed sentiment index to indicate “fear,” reaching its lowest point since early July.

Jump Crypto continued to move ETH from its wallets, unstaking it from LidoDAO.

The trading and investment firm sent $91M worth of ETH and transformed holdings into stablecoins. 

Jump Trading announced it would start unwinding its crypto activity, after releasing Jump Crypto president Kanav Kariya.

Jump Crypto, one of the high-profile investors and market-makers, chose an illiquid weekend to unravel not only Ethereum (ETH) but all token positions. Jump Crypto selling aims to liquidate all tokens and switch to stablecoins. 

Jump Crypto, the Web3 subsidiary of Jump Trading, chose a volatile, low-volume weekend to start divesting Ethereum (ETH) and tokens. In addition to selling ETH since July 25, Jump Crypto also reshuffled its wallets in the past 24 hours and divested even small token-based positions. 

Jump Crypto has also raised suspicions of using algorithmic trading to speed up Bitcoin (BTC) crashes. 

The recent market moves could reflect directed selling orders by Jump Crypto, with the goal to destabilize the market and trigger liquidations. Similar activity has been noted through Jane Street Group, which also moved tokens to exchanges in the past weeks. 

ETH will have to absorb additional selling from Jump Crypto, based on still-available wallet holdings. After the news of the Jump Crypto dumping, ETH still managed to recover to $2,265.65, after sliding to $2,180.

Money Flows Show Jump Crypto Sold Off ETH Holdings

Recent money flow data shows Jump Crypto has liquidated $91M in Ethereum since the weekend started, with more waiting in the Lido DAO unstaking queue. 

When it comes to unstaking, Jump Crypto is not the only entity putting pressure on the ETH market. There are 50,000 stETH waiting to be unstaked from Lido DAO and possibly enter spot markets. 

Jump Crypto may have up to 120K stETH to unstake and move to centralized exchanges. Preliminary data shows that more than 38K ETH has already been moved. 

Jump Crypto joined a wider trend of unstaking ETH, where waiting times have started to grow. Lido DAO aims to stop rapid unstaking with a cooldown period, which starts to increase with too many demands.

As a result of the selling, Jump Crypto increased its balance of USDC to $600M, up from $82M at the end of July. 

In the past week, their USDT holdings also increased from $39M up to $120M, as shown through Arkham’s on-chain research. 

As of August 5, Jump Crypto was in the process of collecting the stablecoins from exchange wallets, receiving 231K USDC and inflows of up to 117.12K USDT, along with smaller transfers.

Jump Crypto now owns more than $586M in other positions, though the past 24 hours saw even small-scale selling of SHIB tokens on centralized exchanges. 

Jump Crypto Angers Other Traders

The decision to liquidate ETH holdings angered other traders, which see the move by Jump Crypto as contributing to the crash of ETH under $2,200. The selling happened without a warning, after Jump Crypto had frozen its social media communication.

On-chain data and the previous history of unstaking and selling ETH are linked to the overall stagnant price performance. Jump Crypto is also seen as partially responsible for selling and expanding the ETH slide to 30%. 

Jump Crypto has not shown readiness to unwind all positions, and in fact continues its main tasks of also serving as a VC fund. 

Jump Crypto was also active during the 2020-2021 bull market, where it worked alongside FTX and Alameda research before its crash. However, Jump Crypto survived the $300M loss incurred by the crash of FTX. 

The trading and investment platform still has to face an investigation from the US Securities and Exchange Commission (SEC). Jump Crypto has not been accused of wrongdoing, but is still researched for its role in supporting Terra (LUNA). 

Recently, Jump Crypto also divested from the Wormhole project, where it offered $320M in support to erase a major bridge hack. 

Since 2023, the parent company Jump Trading has also hinted at downsizing its crypto operations. Jump Crypto also removed its president Kanav Kariya at the end of June, about a month before the beginning of selling.

Today marks the end of an incredible personal journey for me. It’s my last day at Jump, a moment I’m receiving with both a heavy heart and great excitement about the road ahead. I’m leaving with a set of awesome relationships and unique, invaluable and shaping experiences. It’s…

— Kanav Kariya (@KanavKariya) June 24, 2024

Jump Crypto also affected the token price of Pyth Network. Pyth was created as a spinoff from part of the Jump Crypto team after abandoning Wormhole. PYTH slid to an all-time low of $0.22.

The latest investment by Jump Crypto was into Play AI, a Web3 and gaming startup. Jump Crypto provided $4.3M in seed capital. The fund is in rounds of $1M – $3M at multiple development stages.

Well-known economist Peter Schiff has questioned the real intentions behind former President Donald Trump‘s strategy of holding onto Bitcoin.

On Monday, Schiff took to X to voice his doubts about Trump’s plan to use seized Bitcoin to start a strategic U.S. reserve. He cast aspersions that if Trump truly intended to implement this strategy, he would have kept it under wraps until he was back in office.

If #Trump really intended to use seized #Bitcoin to start a U.S. "strategic" reserve, he'd have kept his intention a secret until he was actually in office. Now that the #Biden administration is wise to his plan, they'll make sure to sell every Satoshi before Trump takes office.

— Peter Schiff (@PeterSchiff) July 29, 2024

“Now that the Biden administration is wise to his plan, they’ll make sure to sell every Satoshi before Trump takes office,” the Bitcoin skeptic remarked.

For the curious, Schiff’s comments come after the U.S. government transferred $2 billion worth of Bitcoin this afternoon, spurring fears of an imminent dump.

BREAKING:

The US. Government just moved $2B of Bitcoin to a new address:

bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd pic.twitter.com/JQvjKIuRNn

— Arkham (@ArkhamIntel) July 29, 2024

Trump, during his keynote speech at a Bitcoin conference, advocated for a strategic national Bitcoin stockpile. He assured that if he were to return to the presidency, the U.S. government would retain its Bitcoin holdings.

While this strategy has been applauded by cryptocurrency enthusiasts, Peter Schiff was sharply critical. He questioned the point of owning Bitcoin if no one ever sells it, comparing it to living in poverty while dying and holding a large amount of the cryptocurrency.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Robinhood reportedly responds to the ongoing global market downturn with a halt of its 24-hour trading service.

Brokerage firm Robinhood has reportedly paused the 24-hour trading functionality on its platform as heightened volatility continues to plague global markets.

The development coincided with an intense global stock selloff, exacerbated by several factors driving investor skittishness. 

This includes the Bank of Japan’s recent interest rate hike, rising geopolitical tension in the Middle East, and the July weakness in the U.S. economy, triggering a shift toward risk aversion.

Investors Reassess Positions Amid Market Volatility

While Robinhood has yet to comment on the development, it didn’t fly under the radar of social media platforms, which have been abuzz with speculations. 

On X (formerly Twitter), a screenshot purportedly taken from Robinhood appeared to confirm the suspension.

JUST IN: Robinhood halts 24 hour trading. pic.twitter.com/3Ba7Mj6lyn

— Watcher.Guru (@WatcherGuru) August 5, 2024

One user claimed that Robinhood had taken the step to curb wild trading activity on the back of a volatile market. This could be conceivably true, with recent market developments serving as evidence.

Early Monday, Japan’s stock market suspended futures trade as the market plunged 8%. The Topix and Nikkei 225 Stock Average slid 12%, pushing their indices into bear market territory amid a surge in the yen. Nasdaq features dropped 3% in response to the development.

Takehiko Masuzawa, head of equity trading at Phillip Securities Japan, attributed the development to risk-off selling centered on cutting losses from long positions.

“Selling is bringing in more selling, people are dumping shares. The stage of selling mainly futures has long passed. Now futures players such as CTAs have not just closed their long positions but are also piling up new short positions.” Masuzwa told Bloomberg.

The Crypto Market Responds

Cryptocurrencies are perhaps among the biggest casualties of the ongoing global market turmoil. Over 17% of the cryptocurrency market cap was wiped out on Monday, causing it to fall from $2.16 trillion to $1.76 trillion within a few hours.

Bitcoin witnessed a dramatic fall of over 13% to trade below the $50,000 level for the first time since February. It reached a low of $49,351 before paring some of the losses to exchange hands at $52,640 at the time of writing.

Ether was also caught up in the middle of the market crash, plummeting at a steep rate, last seen in 2021. 

The crypto asset lost almost 20% of its value to trade at $2,322 at the last check. CoinMarketCap data shows that smaller cryptos like BNB, SOL, and XRP are all nursing steep losses of over 10%.

George Town, Grand Cayman, August 5th, 2024, Chainwire

Zircuit, a fully EVM-compatible ZK rollup with AI-enabled sequencer-level security, today announced that Mainnet Phase 1 is now live. Mainnet Phase 1 also includes the launch of the Zircuit Mainnet Festival, a first-of-its-kind program that rewards ZRC and a chance to win large prizes in proportion to gas spent on the Zircuit network.

To reward users who participated in its highly successful staking program with over $2B staked, Zircuit also opened Season 1 Airdrop claims. Users who staked assets in the Season 1 points campaign may now claim their tokens.

During the Mainnet Phase 1 stage, users will be able to bridge funds to Zircuit’s Mainnet and interact with projects in Zircuit’s ecosystem including Ambient Finance, DODO, Circuit, Zerolend, Ethena, Lynx, InstaDapp, LogX, Shoebill, and more. Developers are also welcome to deploy applications on Zircuit mainnet and join the thriving ecosystem of over 60 projects. 

As part of the launch, Zircuit is hosting the Zircuit Mainnet Festival which rewards users with ZRC tokens whenever they pay gas fees on Zircuit mainnet. Additionally, participating users will have the chance to win prizes, and a super prize of 100,000 ZRC. This festival encourages users to interact with the network and experience the benefits of Zircuit while earning ZRC tokens and prizes.

Mainnet Phase 1 will introduce a cap on the amount that each wallet can bridge, with caps increasing over time. During this initial phase, users may bridge ETH only, with other assets slated to be added progressively. This allows Zircuit to launch in the most secure way possible and provides a broader distribution of Zircuit rewards to smaller wallets. 

During this phase, Zircuit opens the ZRC token claims portal to reward users who were early contributors and participants in the network. Those who earned Zircuit Points in Season 1 of Zircuit Staking will be eligible. While tokens are claimable during this time, they will be non-transferable until a later date. To prepare for the asset migration in Phase 2, where staked assets will transfer from Ethereum mainnet to Zircuit mainnet, Zircuit will start collecting wallet addresses from users who intend to move their staked assets once the network is fully live. 

“Launching the first phase of mainnet is a significant milestone for us. Developers and users can now experience the full benefits of Zircuit and our breakthrough technology, sequencer-level security. In addition, the Mainnet Festival is a first-of-its-kind mechanism that most directly rewards early active users. We see Zircuit as the foundation for the next wave of innovation in web3 and we look forward to seeing what decentralized applications will be built on Zircuit next,” stated Martin Derka, co-founder of Zircuit.

Zircuit protects users from hacks through its built-in, automated AI techniques that guard users against smart contract exploits and malicious actors. Bolstered by its strong security infrastructure, Zircuit is the central hub for restaked assets featuring unparalleled security and allowing users to earn industry-leading yields natively. Zircuit is the premier liquidity hub for restaked assets (ETH, BTC, LSTs, and LRTs) where users enjoy stronger security guarantees and trust.

During Mainnet Phase 1, users can explore the Zircuit ecosystem on zircuit.com/#ecosystem and explorer.zircuit.com and bridge ETH to Zircuit Mainnet at bridge.zircuit.com. Zircuit’s Mainnet Phase 2 is set to launch in August. 

Users can claim their tokens by visiting claim.zircuit.com and participate in the Zircuit Mainnet Festival by visiting festival.zircuit.com.

To learn more about Zircuit, users can visit zircuit.com or read the developer docs at docs.zircuit.com 

About Zircuit 

Zircuit is a ZK rollup with AI-enabled sequencer-level security and parallelized circuits. Built by a team of web3 security veterans and PhDs in computer science, algorithms, and cryptography, Zircuit’s unique architecture combines the best of both worlds of performance and security. To learn more users can visit zircuit.com or follow us on Twitter/X @ZircuitL2

Contact

JessicaZircuitjessica@zircuit.com

Two United States Senators have introduced a bill aimed at giving the Secret Service more power to combat crypto crime.

The “Combating Money Laundering in Cyber Crime Act of 2024” bill was introduced by Nevada’s Catherine Cortez Masto and Iowa’s Charles Grassley on Aug. 2.

It would expand the Secret Service’s authority to investigate cryptocurrency transactions made by unlicensed money transmitting businesses and potential frauds committed against US financial institutions.

“The funding of criminal activity through digital assets poses a direct threat to the security and safety of our nation,” Cortez Masto said in stressing the bill’s importance.

“This bipartisan and bicameral bill will allow for the U.S. Secret Service to better investigate new forms of financial crime involving digital assets.”

Grassley said stronger threat assessments are needed to catch “seedy financial enterprises” facilitating money laundering schemes.

“Putting financial activity on federal law enforcement’s radar like this bill does will improve our capacity to anticipate and prevent crimes.”

Illicit addresses laundered $22.2 billion worth of cryptocurrencies in 2023, according to blockchain forensics firm Chainalysis. While significant, it amounted to a near 30% fall from $31.5 billion in 2022.

However, in February, the US Treasury highlighted that cash — not cryptocurrency — remains the main money laundering method for criminals in the US.

That said, the US Treasury, Department of Justice, Securities and Exchange Commission and Commodity Futures Trading Commission have also taken action to stop cryptocurrency crime in recent years.

The Secret Service is primarily tasked with protecting the US president, vice president and other people of political importance, as well as conducting investigations into crimes against the financial infrastructure of the US.

Its competence was put under the spotlight in July when it failed to prevent an assassination attempt of Republican candidate Donald Trump.

Meanwhile, the US House passed the Financial Technology Protection Act on July 23, aimed at preventing illicit cryptocurrency activities while safeguarding consumer choice.

Zug, Switzerland, August 5th, 2024, Chainwire

“We are thrilled to announce that we have achieved our first major milestone by unifying 500 TB of astronomical data on our platform. This will allow astronomers to more easily analyze massive datasets and uncover meaningful insights.” said Dr. Meijer, Chief Scientific Officer of StarChain. “Our platform is revolutionizing scientific research by taking data that was previously scattered and bringing it together into one searchable, user-friendly location. Eliminating the need for tedious manual gathering and merging of data.”

With the unified DataStore, astronomers can now perform complex queries across multiple datasets, visualize data, and apply analytics at a massive scope and scale. This will lead to powerful new insights about the formation of stars and galaxies, the expansion of the universe, the search for Earth-like exoplanets, and more.

“The response we’ve gotten from the science community has been astounding,” Dr. Meijer continued. “Researchers from all across the world have expressed their interest in joining our platform.” Currently, only a select few independent researchers and members of Leiden University have received access to DataStore, but the company is aiming to roll out its initial public beta by Q1 2025.

StarChain’s development started in 2021 with the mission of breaking down data silos in science and speeding up research using the new possibilities brought by blockchain and AI. The company plans to continue growing its unified datastore to eventually include over 10 petabytes (10 million GB) of data across various fields of study. StarChain is also working on the rollout of its novel neural-network-based data analysis tool called StarChain AI.

To fund the development and rollout of StarChain, the team has started a presale of its native ecosystem token called STRC. “Our project relies on a strong community, so we think it’s only fair that the community maintains ownership of the project, not random venture capitalists.” said Michael Lobrecht , CEO of StarChain. This approach seems to be working out for them as StarChain just announced that they’ve raised $100k within the first 24 hours of the presale, exceeding their target by 400%.

The presale is being held in 14 different pricing stages, starting from $0.50 and ending at $0.63 per token. STRC is set to be listed on MEXC and Gate.io at $1.00 in Q4 of this year.

To learn more, users can visit starchain.dev.

About StarChain

StarChain is a cutting-edge crypto project focused on democratizing scientific data, starting with astronomy. Leveraging blockchain and AI, StarChain aims to create a universally accessible, secure, and efficient data ecosystem that fosters innovation and collaboration in scientific research.

Contact

CFO & AllrounderJennifer BircherStarChaimjennifer.bircher@starchain.dev

US presidential candidate Kamala Harris is reportedly expanding her campaign team by adding a former Binance advisor.

Politico has revealed that David Plouffe, a former political adviser to President Barack Obama and a previous member of Binance’s Global Advisory Board, is joining Harris’s campaign. An insider told Politico that Plouffe’s role is significant, but he will not be overseeing the entire campaign.

A campaign representative clarified that Plouffe’s involvement is specific to a certain role and he is not a senior advisor for the entire campaign.

Harris, who became the Democratic nominee after President Joe Biden exited the race last month, has been reaching out to major crypto companies, such as Coinbase, Ripple, and Circle, to mend relations with the crypto sector. 

She reportedly conveyed that Democrats are now “pro-business, responsible business” in their approach to the industry.

The Winklevoss twins, co-founders of the Gemini crypto exchange, have been critical of Harris’s efforts to improve the party’s stance on cryptocurrency. 

Cameron Winklevoss dismissed Harris’s outreach as insincere, while Tyler Winklevoss accused Democrats of mistreating the crypto sector over the past four years.

Additionally, anti-crypto Senator Gary Peters from Michigan is rumored to be a potential vice presidential pick for Harris. 

Peters, known for co-sponsoring legislation to impose strict money laundering regulations on the crypto industry, holds an “F” rating from the digital asset advocacy group Stand With Crypto.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.