Kane Warwick, the founder of Synthetix, has come up with twelve proposals to incentivize the next phase of the project.

Among these included a “SNX split and buyback” proposal that involves a 3:1 split of SNX, followed by a buyback and burn.

Kane Warwick, founder of #decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase.

These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post.

A significant proposition is the “ #SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield.

“Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield.

Introducing quarterly bonuses

Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing #Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors.

Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability.

The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network.

The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth.

Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the [council],” Warwick commented. 

source: theblock

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

The Solana Foundation released a ChatGPT plugin that integrates AI with the Layer 1 blockchain. 

‘Every developer building consumer-oriented apps should be thinking about how their app is going to be interacted with through an AI model,’ says Solana co-founder Anatoly Yakovenko.

The Solana Foundation said Tuesday that it has created an open-source reference implementation that lets users interact with the Solana network directly from ChatGPT with a plugin that's available for download on Github. 

"This integration from Solana Labs serves as a reference for how AI can make it easier to understand Solana data and protocols, or surface data about Solana's computing infrastructure and #DeFi projects," the Solana Foundation said in a statement, adding that the plugin can be used to buy NFTs, transfer tokens, inspect transactions, interpret public account data and find #NFT collections by floor price.

Solana co-founder and #Solana Labs CEO Anatoly Yakovenko said that AI would make the Solana blockchain more usable and understandable.

"Every developer building consumer-oriented apps should be thinking about how their app is going to be interacted with through an AI model because this is a new paradigm for telling computers what to do," Yakovenko said.

Solana sees surge in activity

Solana has seen a surge in activity this month, as higher fees on Ethereum and Bitcoin have pushed some users to explore alternatives. The network saw the seven-day moving average of new addresses hit 323,000 last week, the highest number since June 2022, according to data from The Block.

More new addresses have already been added so far this month than protocol saw in each of the past six months, the data shows.

Solana's native #SOL token, which saw dramatic declines last year amid the collapse of the FTX crypto exchange, has staged a recovery since, rising 101% year-to-date. It rose 2.6% on Tuesday to trade at $20.03, according to data from TradingView.

The Solana Foundation, meanwhile, said that it had increased the amount available in a previously announced AI-focused strategic grants program from $1 million to $10 million. The foundation has already received 50 applications, and it is continuing to accept them for new projects.

"The Solana Foundation also kicked-off a 3-month long accelerator program for university students that has a full cohort dedicated to experimenting with blockchain and AI," it said in the statement.

source: theblock

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

#Binance temporarily halted deposits for 10 crypto tokens because of issues with the Multichain bridge project.

The affected tokens operate on the BNB Chain and Fantom chains. 

Binance@binance

Binance, a centralized #cryptocurrency exchange, has temporarily suspended deposits for 10 tokens due to ongoing issues with the Multichain bridge project.

This decision affects users of these bridged tokens on #BNB Smart Chain, Fantom, Ethereum and Avalanche blockchain networks. The affected tokens include AVA-ETH, SPELL-AVAXC and FTM-ETH, per Binance. Deposits of these assets on other networks will continue uninterrupted, and users were told to refer to Binance’s deposit page for further information.

“We are temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team,” said Binance. 

The suspension of these tokens follows a five-day long crisis experienced by Multichain users, which has impacted the processing of transactions, leading to multiple stuck transactions. Several of Multichain’s cross-chain bridge pathways — including Kava, zkSync, and Polygon zkEVM — are still not yet operational.

The Multichain project initially attributed the problem to technical issues. However, as discontent among users escalated, the explanation was updated to an ambiguous “force majeure.”

Multichain's issues come alongside unverified rumors on Twitter that the core leadership team may have been arrested in China. The Multichain team has not yet responded to the rumors regarding their alleged arrest. In the meantime, the platform’s users and the broader crypto community are left grappling with uncertainty and apprehension as they await clear information. 

The project’s Discord server and Telegram groups have provided no substantial updates to community members so far. 

In response, #crypto projects are reacting to the team’s silence. In a separate development, the Fantom Foundation withdrew 450,000 MULTI tokens ($2.4 million) from liquidity on the decentralized exchange SushiSwap. Yesterday, crypto investment firm HashKey Group moved $250,000 to the crypto exchange Gate.io, and Tron founder Justin Sun withdrew 470,000 of the USDD stablecoin from the Multichain protocol itself.

source: theblock

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

A popular analyst says that #bitcoin ( #BTC ) and the #crypto markets could receive a boost from the resumption of monetary expansion.

In a new video update, the pseudonymous host of InvestAnswers says that global liquidity, or the amount of money circulating in the system, has historically been one of the best indicators for the movements of the crypto markets.

The analyst says that with liquidity slightly falling over the past year, the trend is likely to reverse and boost Bitcoin in the process.

“Global liquidity has fallen down because the US is tampering their money supply. It’s down 4% or 6% year to date so far, and that’s had a big impact on this gold line cutting through the Bitcoin line. Normally, when liquidity goes up, Bitcoin goes up, with a little bit of a time lag. Sometimes it’s exactly at the same time, so crazy, crazy times here. 

You can see here liquidity has dropped off, but with all the stuff that’s going on with debt ceilings being risen, and other economies around the world like Germany realizing they’re in a recession, money printing will begin again. [I’m] pretty certain of that. And that will drive the prices up, too.

Source: InvestAnswers/YouTube

BitMEX founder and #crypto veteran Arthur Hayes recently said the Federal Reserve will likely have to print money to pay interest on reserve balances, thereby increasing liquidity in the system. Hayes predicted that wealthy asset holders who received interest payments from the Fed will likely buy risk assets with the proceeds.

“All of this interest paid is effectively a stimulus program to wealthy asset holders. What do wealthy asset holders do when they have more money than they need? They purchase risk assets. Gold, Bitcoin, AI tech stocks, etc. will all be beneficiaries of this ‘wealth’ that is printed by the government and handed out as interest.”

source: dailyhodl

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Prominent pro-XRP attorney John Deaton and Ripple CTO, David Schwartz, have disclosed that unsealing William Hinman’s emails is inevitable, even if the SEC settles with Ripple.

The revelation came during a discussion initiated by a known figure within the XRP community and a crypto detective Mr. Huber.

Deaton and Schwartz both echoed the opinion that the authority to keep the emails confidential does not lie with Ripple. This is because Judge Analisa Torres had previously ruled that the emails and drafts from the former director of SEC’s Corporation Finance, Hinman, are judicial documents.

They stated that the public’s right to access these documents outweighs any potential settlement between #Ripple and the SEC.

Ripple CTO And Attorney’s Opinion On Hinman Document

Notably, Judge Torres’ decision to deny the SEC’s motion to seal the emails and drafts related to Hinman’s 2018 cryptocurrency speech generated considerable buzz within the XRP community.

The court ruling had it that the drafts of Hinman’s speech were scheduled for publicizing on June 13. But despite this ruling, some XRP enthusiasts had speculated that a settlement between Ripple and the SEC might not define the release of these documents.

Meanwhile, in a recent tweet, Mr. Huber stated that John Deaton suggested Coinbase will request Hinman emails in its fight with the US SEC. 

Based on that suggestion, Huber opined that Coinbase might be unwilling to get involved with anything connected to Hinman’s emails.

Following the tweet, Deaton supported Schwartz’s stance and noted that unsealing Hinman’s emails would proceed regardless of whether Ripple settles with the SEC.

Deaton further explained that a motion filed by Forbes Contributor, Roslyn Layton, to obtain Hinman’s emails was arguable since the documents were already slated for unsealing.

XRP trends upward on the chart l XRPUSDT on Tradingview.com

However, he speculated that if the #SEC were to settle with Ripple and agree to keep the emails private, Judge Torres might revisit Layton’s motion.

Furthermore, Deaton anticipated that other media outlets and litigants, including parties like Dragonchain, would file their motions to access the documents.

Despite Judge Torres’ denial of Layton’s and other media outlets’ requests, Deaton remained confident that these parties would ultimately gain access to Hinman’s emails.

As the #XRP community eagerly awaits the unsealing of Hinman’s emails, the agreement between Deaton and Ripple’s CTO has added another layer of anticipation and intrigue to the ongoing legal proceedings.

source: bitcoinist

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Circle CEO Jeremy Allaire says that the threat of de-dollarization is not as easy to dismiss as it once was.

In a new interview at the Currency in the Crossfire event hosted by Foreign Policy magazine, Allaire says that nations are taking more decisive steps than in the past to move away from the US dollar as a reserve currency and medium of trade exchange.

“There’s been this theme of de-dollarization for a long time, and people talk about it every 10 years. And people say it’s not going to really happen.

And I think we’re now at a really different place. You cannot miss the news every day and hear about different initiatives to denominate different types of trade in alternative currencies or efforts to establish new alternative payment systems. And I think this is part of the multi-polar world that’s emerging is there’s a desire to have autonomy outside of the dollar…

There’s concern about weaponization. There’s concern about what could happen if you’re not on the right side of the United States. And that’s a concern that’s driving some things. There’s concern about the indebtedness of the United States government, and that’s a concern for people who hold T-bills and the like over a very long-term period. And so you’re seeing some of these shifts. You’re seeing reserve status shift and the like.”

The CEO of the USD Coin (USDC) stablecoin issuer goes on to say that while de-dollarization is something that could take decades, it is not something to be ignored.

“It’s important not to overhype this because these are things that happen over decades. But I think it’s also really critical because it’s a moment in time where things very much feel different. The realignment that’s happening around the world is real. And that’s political and economic, and that’s real. And so the kind of efforts to create these alternative systems are much more genuine than ever in the past…  

You can sort of say, ‘Well, that’s not going to be challenged for a long time.’ But that’s like the frog in boiling water, and I think you’ve got to decide when you’re going to get out. And what are you going to do about it.”

Allaire also believes that one way the country can keep the US dollar competitive is by embracing digital assets like Circle.

“From my perspective, digital dollars, having sound regulation around this industry and making digital dollars an export product to the internet and to the world is really critical from a competitiveness perspective right now.”

source: bitcoinist

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.