On August 9, 2024, the Thailand SEC launched its Digital Asset Regulatory Sandbox, aiming to drive innovation within the country’s Bitcoin and digital asset industries.

This initiative creates a controlled environment where firms can test new cryptocurrency services under a flexible regulatory framework.

The sandbox, approved earlier this year in March and refined after positive public feedback in May, will allow participants to trial services while ensuring they adhere to Thai regulatory standards.

Eligible companies include those involved in crypto exchanges, asset brokerage, virtual asset dealing, fund management, advisory services, and custodial wallets. To participate, companies must demonstrate strong financial stability, effective management structures, and secure operations, along with clearly defining their service scope to mitigate potential risks.

This new framework is expected to stimulate growth in Thailand’s digital asset market by attracting both local and international players, potentially boosting innovation and competition.

Binance TH, which recently began operations in Thailand, may join the sandbox, which could further enhance its service offerings and set a precedent for other major entities. 

The move aligns with a broader trend in Asia, where similar regulatory initiatives are being introduced to foster digital asset innovation.

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.

Top Crypto Analyst Miles Deutscher Sees Solana Potentially Hitting $1000 with 5-10x Upside

Solana Maintains Strong Performance Despite Market Fluctuations and Rising Meme Coin Interest

Upcoming Firedancer Upgrade and Institutional Adoption Could Boost Solana’s Price

Solana (SOL) has been one of the top performers in the current crypto cycle, boasting a 20x increase from its bear market lows. 

Yet, according to renowned crypto analyst Miles Deutscher, the rally may just be beginning, with the potential for a 5-10x upside that could see SOL reach $1,000. Here’s a breakdown of the 10 solid reasons fueling this bullish outlook.

Solana has been one of the strongest performers this cycle, up 20x from its bear market lows.

However, the party is just getting started.

I dug through the data, and shockingly, a $1,000 SOL may not be as crazy as it sounds.

: 10 reasons why $SOL is set for 5-10x upside.

— Miles Deutscher (@milesdeutscher) August 9, 2024

1. Consistent Relative Strength

One of the key reasons for SOL’s success is its consistent relative strength. Despite market fluctuations, Solana has maintained its prominence, largely driven by its dominance in the meme coin space. 

2. All-Time High in Mindshare

Remarkably, during major events like the Bitcoin conference, Solana ranked second only to Bitcoin in terms of mindshare. This strong attention has created a feedback loop, driving both price and further interest in the token.

3. Solana: The Casino of the Crypto World

Deutscher likens Solana to a crowded casino, where the SOL token acts as chips and meme coins as the games. The more participants enter the ecosystem, the more value is surged. 

Solana’s user-friendly platforms, like Phantom, make it easier for new retail investors to get started, positioning the network to capture even more market share as interest in crypto rises.

4. Market Cap Potential with Ethereum

Solana’s market cap, relative to Ethereum’s, presents significant upside potential. Currently valued at 4.4x ETH, SOL could see its price skyrocket if ETH reaches $5,000, potentially pushing SOL to between $660 and $1,320. 

5. Leading DeFi User Growth

Additionally, Solana is leading the way in new DeFi users, outpacing major networks like Bitcoin and Tron. This growth is driven by the booming meme coin market, further solidifying Solana’s position in the DeFi space.

6. Record-Breaking TVL

Solana’s Total Value Locked (TVL) recently reached its highest level since January 2022, surpassing $5.367 billion. Additionally, SOL’s decentralized exchange (DEX) volume has exceeded Ethereum’s on a 30-day trailing basis, signaling robust activity within the ecosystem.

7. Revenue Leadership

On July 29th, Solana generated more revenue than Ethereum, Optimism, Arbitrum, and Base combined. This surge in revenue highlights the strength of Solana’s ecosystem, particularly its role as a “meme coin casino.”

8. Firedancer: A Major Upgrade

Solana’s upcoming Firedancer upgrade is poised to be its most significant yet. As a second validator client, Firedancer aims to scale Solana’s transactions per second (TPS) to 1 million on the testnet, enhancing network efficiency and reducing vulnerabilities, making the blockchain more attractive to institutional investors.

9. Institutional Adoption

Speaking of institutions, asset managers like Hamilton Lane, with $920 billion under management, are already launching funds on Solana, highlighting its growing appeal. This shift indicates Solana’s ability to compete with Ethereum in sectors like Real World Assets (RWAs).

10. Impact of SOL ETFs

Finally, the recent filing of a SOL ETF by VanEck could be a game-changer. If approved, it would pave the way for significant institutional capital to flow into Solana. Other major players like BlackRock and Fidelity are likely to follow, further boosting SOL’s price potential.

Solana (SOL) is currently trading at $153.59, reflecting a 2.4% drop over the past 24 hours. The cryptocurrency boasts a market cap of $71.6 billion. 

Meanwhile, data from DefiLlama reveals that the total value locked (TVL) on Solana’s blockchain has experienced significant growth, increasing from $1.533 billion in January to $4.972 billion at present.

OKX CEO Star Xu warned users that deposit to and withdrawals from sanctioned crypto platforms, including Garantex and Tornado Cash, could result in freezing your funds.

OKX CEO Star Xu has warned users about the risks surrounding the sanctioned crypto mixer Tornado Cash.

In an August 9 statement on the X platform, Xu stressed that deposits from sanctioned entities, including Garantex and Tornado Cash, or withdrawals to those entities, could trigger compliance risks and result in account suspensions.

被制裁的人无法在okx成功开户。

对于已经开户成功用户：1. 从被制裁的主体比如 Garantex和 Tornado cash充值到okx 2. 从okx提币去被制裁的主体

都会触发合规风控，导致被清退账户。

制裁和普通人很遥远，大部分人完全不需要担心。 https://t.co/MTJ7OtQRny

— Star (@star_okx) August 9, 2024

Xu emphasized that OKX strictly adheres to all relevant sanctions policies, including those imposed by the U.S.

As a consequence, the exchange does not accept customers on the Specially Designated Nationals (SDN) List and cannot provide services to sanctioned individuals or entities.

He clarified that this policy has been in place for some time and is not new. 

Xu said:

“If our sanctions controls are triggered due to deposits from or withdrawals to a sanctioned exchange or DeFi protocol such as Garantex or Tornado Cash, our compliance team can freeze the associated funds and off-board the account.”

This warning follows a public call by an X user known as Satoshi Friends, who urged users from the Commonwealth of Independent States to withdraw their funds from the platform.

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.

Irish police has seized €6.5 million ($7.1 million) in crypto from three individuals arrested in Dublin for suspected involvement in dark web crimes and money laundering.

The Garda National Cyber Crime Bureau reported the confiscation of various cryptocurrencies, including Bitcoin and Monero, as well as a luxury watch worth €120,000 ($131,000) and two vehicles totaling €220,000 ($240,000).

The raid, carried out on Monday, led to the arrests of a 23-year-old man, a 49-year-old man, and a 32-year-old woman. 

The men face charges related to supporting a criminal group, while the woman is accused of money laundering violations.

Detective Superintendent Michael Mullen described the operation as the result of a complex investigation into dark web activities. According to the BBC, the older man and the woman have been released pending further legal procedures, while the younger man remains in custody.

This operation adds to Ireland’s efforts in seizing crypto assets linked to criminal activities, joining similar efforts in the UK, which has confiscated 61,245 bitcoins worth $3.5 billion. 

The seized cryptocurrency’s future handling will be determined by the case’s legal outcome.

Floki’s flagship metaverse Valhalla game partnered with Sunderland AFC for the full 2024-2025 season.

Floki officially announced that Valhalla partnered with Sunderland AFC for the full 2024/25 season as the club’s main back-of-shirt sponsor.

Valhalla partners with Sunderland AFC for the full 24/25 season

We are proud to announce that Valhalla, our flagship Play-to-Earn MMORPG, is partnering with Sunderland AFC for the full 24/25 season as a prominent back-of-shirt sponsor!

Key highlights of this partnership:– 4… pic.twitter.com/bdbPLMkEif

— FLOKI (@RealFlokiInu) August 9, 2024

Floki’s new partnership is aiming to boost the meme coin’s real-world adoption, with traders predicting a bull run for the meme coin.  

With this collaboration, Floki’s Valhalla game will be showcased in front of a TV audience of over 21 million across 4,500+ broadcast hours. It will also be now visible to Sunderland’s more than 4 million social media followers.

Floki Inu hopes to make Valhalla a household name in the gaming and crypto space, accelerating adoption for the meme coin through this partnership.

In a separate development, Floki announced the upcoming launch of Simon’s Cat token in TokenFi. Simon’s Cat token is the first major cat meme coin on BNB Chain. Simon Cat will airdrop partial supply to Floki holders.  

Happy International Cat Day, Vikings!

As we celebrate Floki's feline friends, we're thrilled to announce the upcoming launch of Simon's Cat token on #TokenFi. This popular cat meme brand is about to make waves in the crypto world, and #Floki is proud to play a role in it!… pic.twitter.com/HAB7y7kIQG

— FLOKI (@RealFlokiInu) August 8, 2024

Data shows large transaction volumes decreased by 83.1%, while daily active addresses dropped by 15.2%. Over the past seven days, transactions greater than $100,000 increased from 8 to 17 transactions as of August 8.

Despite price volatility, 71% of Floki holders are currently making a profit. Over the past month, the meme coin is down 12.7%.

The meme coin boasts 86% concentration by large holders. Crypto trader Shelby stated in his latest tweet that Floki is not just a meme but it is a “gaming movement.” He believes that this new partnership will place Floki ahead of Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe based on real-world adoption and utility.

Another crypto trader thinks that the price correction could be complete, but there is still one last final wave down to fill the wick.

 Based on technical analysis, early December could be of some significance for Floki. He concluded, “And while the current read is that the next wave up completes a larger degree (iii) there is still room for a (v).”

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

As the government works to create a more ordered legal environment for crypto assets, Turkey is seeing an increase in digital currency license applications.

This trend, which is fueled by a combination of legal clarity and economic considerations, shows how eager crypto companies are to operate in the country.

The continuous devaluation of the Turkish lira and high inflation rates have driven many people to look for other investment possibilities, hence increasing the demand for cryptocurrencies.

Crypto Assets: Development In Regulations

Currently under final considerations, the Turkish government calls on virtual asset service providers (VASPs) to secure permits from the Capital Markets Board (CMB). 

This program aims to improve investor security and provide a safe space for trading cryptocurrencies.

The CMB is keeping an eye on things to make sure they follow the rules. This is very important for gaining investor trust and moving Turkey towards world norms.

Turkey ranks well in worldwide adoption rates and has become one of the fastest-growing bitcoin markets in recent years. 

Reports state that over the last year, the nation has experienced an eleven-fold rise in crypto use; many of the people are turning to digital assets as a hedge against economic uncertainty.

Turkey may not have complete crypto laws at the moment, but there are rules to control the industry. In January, Turkey’s Minister of Finance and Treasury, Mehmet Simsek, hinted that the country’s crypto draft was nearly complete. But the much-anticipated bill is still missing from parliament.

Economic Aspects Encouraging Adoption

Crypto interest has been sparked by the country’s economic situation. Many of the people are looking for fresh ways to protect their investments since inflation in August 2023 is over 60% and the value of money is at lowest points. 

The falling lira has made cryptocurrencies a desirable avenue for diversification and saving.

According to Chainalysis, Turkey’s cryptocurrency market is the fourth largest in the world with over $170 billion in trading volume. This places Turkey’s bitcoin market ahead of Germany, Russia, Canada, Vietnam, and Thailand.

Paribu, a local cryptocurrency exchange, has experienced an increase in trading volumes, particularly in stablecoins such as USDT. Investors in Turkey frequently implement stablecoins as a means of mitigating currency risk.

This change underscores a more general trend in which individuals are increasingly utilizing digital assets to protect their finances during difficult times, in addition to investment purposes.

The Road Ahead

Turkey is currently working on its rules for cryptocurrencies, which shows that the industry has a lot of potential for the future. To encourage creativity and bring in foreign capital, the government wants to make the system clear.

Meanwhile, the building of the Istanbul Financial Center to encourage the spread of fintech will create an ideal environment for the advancement of blockchain and bitcoin-related projects.

The SEC has subpoenaed at least 3 crypto VC firms, requesting they provide all contracts pertaining to token deals they have conducted, according to a report from DL News.

However, the 3 subpoenaed VC firms were not named in the report.

One subpoena, titled “In the matter of certain crypto asset offering intermediaries,” was viewed by DL News, and shows that the SEC is investigating potential VC firms violations of federal securities laws.

The report does not name any of the specific firms being targeted by the SEC action. A 2022 report from The Information on planned SEC action reported that the “most prolific of these investors, such as Andreessen Horowitz and Paradigm, would be the likeliest to get requests for information from the SEC, lawyers said.”

The SEC is focusing on whether crypto VCs are acting as “statutory underwriters,” which involves distributing securities to the public without proper registration.

A securities attorney noted that this focus on VCs is a “natural additional enforcement area” for the SEC.

Despite broad criticism of the SEC’s war on the crypto industry, it’s clear the agency is continuing to aggressively pursue cases against the full spectrum of industry players. 

The dynamic the SEC looks to be investigating is whether VC firms are effectively marketing tokens to the public, “poisoning the initial issuance.” 

Given the interplay of market makers, venture funds, and other financial actors in crypto, it is not hard to imagine the extent of this investigation deepening beyond the initial three unnamed VC firms who have received subpoenas.

The City of Santa Monica, California, has created a Bitcoin Office to provide education, identify economic opportunities and solidify the city’s position as a hub of Bitcoin innovation. 

The office is working closely with Proof of Workforce, a nonprofit organization focused on Bitcoin education for the workforce, unions and pension funds.

The new city office was created by unanimous vote of the Santa Monica city council on July 11. The office’s webpage appeared on the city’s website on the evening of Aug. 8. Although the office’s webpage does not suggest any concrete measures, the city will host a Bitcoin festival in October.

An Educational And Promotional Effort

The Santa Monica Bitcoin Office is “an education-based community initiative coordinated by the Proof of Workforce Foundation (Not Financial Advice),” according to its X profile. 

The office’s webpage contains a lengthy disclaimer warning readers of the risks of cryptocurrency investment. 

It specified:

“In addition to providing education, the Bitcoin Office’s mission is also focused on identifying and facilitating Bitcoin industry partnerships that actively support Santa Monica’s economic recovery and cultivate new employment opportunities.”

The Proof of Workforce Foundation was founded by Santa Monica firefighter and former firefighters’ union president Dominick Bei in 2023. 

The organization, which has 501 (c)(4) nonprofit tax status, “aims to empower unions, workers, and organizations to discover ways in which Bitcoin can enhance their mission and well-being.”

It is not required to disclose its donors. The nonprofit is not charging the city for its coordination efforts.

A Bitcoin Festival Is Revived

The city is promoting the Bitcoin Peer to Pier Festival, which seems to be related to an event that was intended to be sponsored by Swan Bitcoin. 

On Aug. 5, Swan announced that it was canceling its Pacific Bitcoin Festival to be held in Santa Monica, on the heels of a staff reduction.

We are excited to learn about #Bitcoin Peer-to-Peer …

Please Join Us!

Follow @SMBitcoinOffice for official updates and more information soon…Dates subject to change pic.twitter.com/hcgCgQUOaf

— Santa Monica Bitcoin Office (@SMBitcoinOffice) August 9, 2024

The two-day event planned by Swan would be replaced by a more modest event on Oct. 17, the company said. The event being promoted by the city is scheduled for Oct. 18.

Crypto execs unleash their fury at Democrats’ officials, turning a diplomatic Zoom meeting into a heated verbal showdown.

Democrats are working to undo crypto industry damage under Biden’s watch.

A meeting between industry execs and Democrats marked a move toward mending strained relations.

Crypto execs blasted government officials about the White House’s approach to regulation.

As the November election nears, the debate over cryptocurrency has become increasingly politicized. 

Presidential candidate Donald Trump has been a vocal supporter of the crypto industry, a stance that has pressured the Democrats to reconsider their position on digital assets. 

In response to this challenge, Democrats are taking advantage of Joe Biden’s withdrawal from the presidential race to repair their strained relationship with the crypto industry. 

The party’s efforts to regain the support of crypto enthusiasts follow a period of regulatory crackdowns and accusations of deliberate de-banking. However, a recent meeting to open dialogue with the crypto industry soon devolved into chaos.

Democrat Officials Get Yelled At

A Zoom meeting held on Thursday, aimed at repairing relations between Democrats and crypto execs while rallying support for Kamala Harris’ election campaign, quickly spiraled into mayhem. 

The call featured high-ranking government officials, including deputy treasury secretary Wally Adeyemo and deputy director of the National Economic Council Lael Brainard, alongside executives from leading crypto firms such as Ripple, Coinbase, Kraken, and Uniswap.

Fox Business reported that the meeting saw crypto execs forcibly expressing their frustrations, directing sharp criticism at Democrat officials over what they saw as regulatory overreach and the damage inflicted on the industry during Biden’s watch. 

The conversation grew heated, with executives reportedly shouting their grievances, though reports did not provide details on how the officials responded to the outbursts.

Tensions escalated when Adeyemo denied allegations of a deliberate effort to de-bank crypto firms. 

In response, a crypto executive asked the industry attendees to indicate if their companies had been de-banking. The majority of industry representatives raised their hands, casting doubt on Adeyemo’s statement.

De-Banking Emerges as a Major Industry Concern

Picking up on the de-banking thread, Laura Shin, host of the Unchained Podcast, took to social media to survey her followers about their de-banking experiences. 

https://twitter.com/laurashin/status/1821721818283053489

Her informal poll received affirmative responses from several prominent crypto figures, including Erik Voorhees of Shapeshift, Tyler Winklevoss of Gemini, and David Bailey of Bitcoin Magazine, to name a few.

Although Shin’s social media survey lacked statistical rigor, it still highlighted ongoing concerns about a deliberate attempt to stifle the crypto industry, in what VC Nic Carter labeled Operation Chokepoint 2.0.

Is Operation Chokepoint 2.0 Real?

Carter first coined the term Operation Chokepoint 2.0 in early 2023 to describe what he saw as attempts to isolate the crypto industry from the banking system. 

This concept gained traction during a time of heightened regulatory scrutiny in the crypto sector, marked by high-profile SEC enforcement actions against companies like Gemini, Nexo, and Kraken. This period has since been dubbed the ‘War on Crypto’ by many in the industry.

The term Operation Chokepoint 2.0 was derived from the original Operation Chokepoint, an Obama-era initiative from 2013 in which the Department of Justice pressured banks to close the accounts of businesses deemed undesirable, such as gun dealers and payday lenders. 

Critics of the original operation argued that it bypassed due process and imposed ideological preferences through indirect methods. 

However, it’s crucial to note that, despite the controversy surrounding the original operation, there is no concrete evidence of an official Operation Chokepoint 2.0 specifically targeting the crypto industry.

Despite the tensions evident in Thursday’s Zoom meeting, Anthony Scaramucci, founder of Skybridge Capital, felt encouraged due to the government’s willingness to engage with the crypto industry. 

Scaramucci expressed hope for Harris to garner increasing crypto industry support in the run-up to the November election.

The IRS seems to have updated its crypto brokerage tax form, Form 1099-DA, to remove requests for digital wallet addresses, among other information.

The updated Form 1099-DA is slated to go at least partially into effect in 2025.

The United States Internal Revenue Service has updated the draft of its crypto taxation form 1099-DA for crypto brokerage accounts.

“As a refresher, this is the form that ‘brokers’ will start using in 2025 to report digital asset transactions to customers,” wrote Ji Kim, Head of Global Policy, Digital Assets and General Counsel at the Crypto Council for Innovation, on the social media platform X. 

An updated draft 1099-DA form just posted on the IRS website, which reflects the final broker regs issued in June. As a refresher, this is the form that “brokers” will start using in 2025 to report digital asset transactions to customers. https://t.co/NSSu8prl4X

Initial…

— Ji Kim (@_jikim) August 9, 2024

“Initial review reflects that this draft form removed, among other things, wallet addresses, transaction IDs and time acquired. These are important changes.”

Form 1099-DA, which monitors “digital asset proceeds from broker transactions,” is slated to go at least partially into effect in 2025, according to its revised Aug. 8 draft.

The IRS, along with the US Department of the Treasury, first proposed the crypto brokerage taxation form in August 2023. 

Early drafts of the form required filers to submit a digital wallet address and to note whether assets are a “non-covered security.” 

However, members in the crypto industry raised privacy concerns in addition to how the taxation reporting could affect the decentralized finance industry.

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.

Nairobi is set to host the groundbreaking Africa Fintech Forum 2024 on September 24th and 25th, where global fintech pioneers will converge to share transformative insights and strategies shaping the future of finance and technology.

Prepare for an unparalleled experience at the Africa Fintech Forum 2024, a premier event spotlighting the powerful intersection of financial services and advanced technology. On September 24th and 25th, Nairobi—Africa’s vibrant tech hub—will be the epicenter of groundbreaking discussions and innovative solutions that are redefining the fintech landscape.

The forum promises a deep dive into critical topics including digital payments, blockchain, cryptocurrency, AI-driven analytics, cybersecurity, and the pivotal role of women in fintech. With ten industry leaders already confirmed as speakers, attendees will gain invaluable knowledge from top-tier experts who are at the forefront of fintech innovation and regulatory evolution.

Beyond the thought-provoking speaker sessions, the event features interactive panels, hands-on workshops, and a prestigious award ceremony. This ceremony will honor the trailblazers whose groundbreaking work is driving the fintech revolution, recognizing their significant contributions and visionary leadership.

Networking is a cornerstone of the Africa Fintech Forum 2024, offering numerous opportunities for participants to connect with industry peers, entrepreneurs, investors, and policymakers. The dynamic energy of Nairobi’s tech scene and its burgeoning entrepreneurial ecosystem provide the perfect backdrop for fostering innovation and collaboration.

Mark your calendars for September 24th and 25th! Join us in Nairobi to unlock the future of fintech at the Africa Fintech Forum 2024. Be a part of the revolution—celebrate excellence, drive innovation, and help shape a brighter, more inclusive future for finance and technology.

BII Global, a leading organizer committed to delivering premium conferences and training sessions worldwide, aims to drive innovation and advanced development in businesses across the globe.

 

Contact Information

Megha Dhar Asst. Marketing Manager | BII Global E: megha.dhar@biiglobal.co | M: +91 8329132721 W: BII Global

In an exclusive interview with BitcoinWorld, We got a chance to interact with Eric Vreeland, Chief Strategy Officer of Polyhedra Network, In this interview, We discuss what is Polyhedra Network, is all about & what are their future plans, 

 

Can you explain to our audience what zero-knowledge (ZK) proofs are and why they are important in the blockchain and AI/ML space?

Zero-knowledge proofs are a cryptographic technique to prove the validity of a statement without revealing any information other than whether the statement is true or false. Another way of thinking about zero-knowledge proofs is with the example of proving membership to a club utilizing a locked safe. Members of your club know the combination to the safe, but you don’t want members repeating the secret combination every time they prove their membership. Instead, you verify membership by writing a message on a piece of paper and placing it in the safe. You then ask the supposed member to tell you what the message says. As the prover they will only be able to correctly share the message contents if they are a member and have the combination to the safe. One real-world application of zero-knowledge proofs is verifiable anonymous voting. Voters can prove their right to cast a vote without having to reveal their identity, just like members of the club didn’t have to reveal the combination of the safe. For AI/ML there are two primary use cases for zero-knowledge proofs.

Verifiable computation – It is important for AI users to verify that models were trained on an expected data set that has not been tampered with. Users must also verify that inference has been executed on the correct model. Both of these assertions can be proven using zero-knowledge proofs,

Data privacy – For industries like health care, finance, and government models often need to be trained on sensitive data. ZK allows for AI modes to be trained on data without revealing the underlying data itself.

Polyhedra Network’s ZK proof system is nearly twice as fast as its competitors. What key innovations or technologies have enabled this performance boost?

Our proof system combines the extremely efficient interactive proof system of Goldwasser-Kalai-Rothblum (GKR) with a cutting edge polynomial commitment scheme utilized in Orion & Brakedown and novel algorithms described in our paper on Libra. The combination of these innovations in ZK contribute to substantial performance improvements.

Libra improvements on existing zk proof systems  include:

Exceptional Efficiency: Libra can generate proofs in linear time relative to the size of the circuit, regardless of the circuit’s complexity. This makes it extremely efficient, even for large-scale computations.

Compact Proofs and Verification: The proof size and verification time in Libra are both logarithmically related to the circuit’s depth and size, making the process highly scalable. This allows for quick verification of even complex proofs with minimal computational overhead.

Setup Time Proportional to Input Size: Libra features a one-time trusted setup that is dependent only on the input size, not the specific circuit logic. This significantly reduces the complexity and overhead associated with deploying the system across various applications.

How has the collaboration with Google Cloud enhanced your ability to integrate ZK proofs into AI/ML models, and what are the primary benefits for users?

Maintaining privacy and verifiability of data is paramount. zkML allows users to post their processed data on-chain without revealing sensitive data, making it invaluable for sectors like finance and healthcare.

Imagine a user can perform KYC (know your customer) without actually leaking their private information. This capability can be used for private criminal detection, private face recognition, and private ID card verification. Such a mechanism allows financial institutions to perform automatic user authentication without leaking any user’s sensitive data. Also, verifiability ensures users can post their KYC result on-chain, which can be further used for on-chain applications.

Advantages of zkML

Enhanced privacy: zkML ensures the user or model’s data remains confidential.

On-chain verification: zkML enables users to perform verifiable machine learning on-chain.

​​We enable zkML by implementing a compiler from leading ML frameworks like pytorch, Google Jax. The zkML compiler paired with our circuit compiler named Expander Compiler Collection (ECC) will produce a circuit that is executable by our prover Expander. Our zkML compiler will enable universal zkML where ML models can directly get compiled to ZK circuits. Developers don’t need any cryptography knowledge, and can easily port existing ML models to zkML models. Our prover provides orders of magnitude faster efficiency than other proof systems, enabling zkML with GPU support. We can prove 20000 Keccak/s on server grade x86 CPU, where other proof systems can only prove 1000 Keccak/s. zkML represents a significant leap forward in the realm of verifiable and private machine learning. By combining our fastest prover with our advanced zkML compiler, zkML is set to revolutionize how we handle sensitive data.

Can you tell us more about D-Expander and how it reduces proof generation costs? What impact do you expect this to have on the accessibility and adoption of ZK technology?

The ZK endgame imagines a future where overhead to verify data is so low that essentially all computations are verified and we no longer have to trust centralized systems.

Expander is getting us closer to this future as the world’s fastest ZK proof system to date. Expander can prove 4500 Keccak-f permutations per second on an Apple M3 Max Machine, and more than 20000 Keccak-f permutations per second on x86. Having demonstrated its efficiency on our zkBridge, Expander will also revolutionize zkVM and zkML. For ZK, increases in speed result in decreases in cost since compute costs are typically calculated on a per hour basis. We have open-sourced Expander so that developers can build on this powerful ZK proof system to develop cutting-edge ZK applications in both web2 and web3.

Polyhedra recently closed a $20M funding round, valuing the company at $1B. How will this funding be utilized to develop your technology further and expand your market presence?

We will continue to invest heavily in R&D allowing us to maintain our position as leaders in the development of cutting edge ZK proof technologies. We will also utilize the funding to expand our go-to-market teams with plans to double the size of our existing team across marketing, BD, DevRel, and Community. We want to make sure we aren’t just building the best ZK proofs, we’re also integrating these proofs with leading partnerships and collaborations.

Could you explain the advantages of trustless cross-chain bridges and how they contribute to the scalability and security of blockchain systems?

Blockchain networks often operate in isolation, with limited ability to communicate. A blockchain bridge enables the transfer of data or assets between these isolated blockchains. There are many specialized public, consortium, and private blockchains that all have unique attributes and functions. With bridges, individuals and organizations can seamlessly move assets to utilize the best blockchain for their needs.

Bridges are becoming a vital tool for navigating an expanding blockchain ecosystem. Arguably, the most important aspect of these bridges is security and integrity. A compromised bridge can lead to huge losses because assets may be collected from the receiver chain without properly being secured on the sending chain.

zkBridge uses zero-knowledge proof constructions to efficiently guarantee the receiver chain that a certain state transition happened on the sender chain. With zero-knowledge proofs, zkBridge offers strong security without relying on external assumptions, like an optimism bridge, and a significant reduction in on-chain verification costs.

How does combining ZK proofs with blockchain technology enhance the integrity and reliability of AI models? Can you provide any specific use cases or examples?

Zero-knowledge proofs are tamper-proof meaning that a proof cannot be generated that is verified as true unless the statement is in fact true (no false positives).

ZK can be utilized to ensure that models are trained on expected and unmanipulated data. ZK can also be used to verify that inferences are correctly calculated utilizing the correct model. This verification is especially important for use cases where AI generated outputs can have substantial monetary outcomes.

What recent developments at Polyhedra Network are you most excited about, and what can we expect to see in the near future?

We recently launched Proof Cloud and Proof Arena and are currently in the process of onboarding our first cohort of users. I am excited to continue to make Proof Cloud more robust and efficient.

We have also seen a significant need for fair and transparent benchmarking in the ZK space. Proof Arena provides an excellent solution to this problem by evaluating prover performance using scientific and unbiased methodology. We hope it becomes the default destination for people who want to choose the best prover for their needs.

Lastly, we are working hard on building ZKJ Chain, the world’s largest supercomputer that will enable cost-efficient and accessible computation for compute heavy use cases like zkML. We look forward to sharing more about ZKJ Chain in the near future.

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

Savings accounts and fixed deposits which serve as conventional earnings yield negligible amounts these days, many investors are willing to make money while they sleep, and that’s why cryptocurrency has become popular among them. The most efficient mode of cryptocurrency is staking. 

This article describes how one can stake crypto effectively for passive income while describing some features and advantages emanating from using the CryptoHeap platform.

 

What is meant by Passive Income?

Passive income is generally money that maintains an inflow with minimal work or further activity on your part after establishing the concept. On the other hand, active income requires that you be consistently active in specific tasks rewarding you at the end. There are several sources of passive income, including money earned from renting out a house, payments made from company profits to shareholders, money realized from a savings account, bonds, or any other related funds, and money earned on intellectual property, among others.

 

CryptoHeap

Cryptoheap is a good source of passive income for people whose main aim is to generate extra revenue through virtual cash infusions. This has made it possible for them to gain from minimal inputs, these range from those who are making their first steps to more experienced ones.

 

Important qualities of Cryptoheap:

Staking: Staking is simply known as participating in the running of a blockchain by allowing some cryptocurrency to lie idle within its environment. As the reward gets bigger out there, hence why it’s leading people to have more coins attached to these chains as they sit very patiently waiting for them to shoot in price right across their face over time from buying and selling all over again until it gets to the point that it is not profitable anymore.

Yield Farming: This is the process through which individuals supply liquidity in a DeFi protocol or platform in exchange for a reward for using the liquidity pools. Investors can opt for the preferred respective platform under the magnitude of risk they are willing to take and the kind of wealth creation financial goals due to the several accesses given by CryptoHeap.

Auto-Investment Plans: Automated investment plans are offered by CryptoHeap for users who would like to be less hands-on in investing. This provides the character setting of values for investment, and it was managed by the platform itself. Such plans are developed to allow maximum profitability according to the preferences of users.

Diversified Portfolios: Diversified portfolios are created by investors through Cryptoheap because they support a wide array of cryptocurrencies and investment strategies. This diverse arrangement helps to decrease the risk exposure and ensure better returns, as more resources get dispersed across a wide array of technologies.

 

How to Get Started on  CryptoHeap:

Getting started with generating passive income through Cryptoheap is simple:

Sign Up and Verify Your Account: Visit the CryptoHeap.com  account and complete the sign-up. After that, you will need to verify to make sure your account is highly secured and also, it complies with the set regulatory standards.

Deposit: Cryptocurrency can be deposited into the Cryptoheap account. This is observed in the investment strategy that you will choose; some styles would need money to be channeled into some wallets or accounts.

Staking: Choose the staking plan, the amount, and the duration of the cryptocurrency. Check the staking rewards and conditions offered to fulfill your investment objectives.

Yield Farming: Users can select a DeFi protocol that will suit their risk profile and investment objectives. They will add liquidity to the selected protocol and accordingly earn rewards. Now the performance of the liquidity pool should be tracked to ensure that maximum returns are being pulled out.

Auto-Pilot Investment Plans: Specify the flaw of economic desire and aesthetic viewpoint that directs this branch of the development path chosen from the outset. This program will handle the user’s investments according to the user’s specifications are handled by this program.

Monitor your investments: The monitoring facility provided by Cryptoheap to control investment operations. Your earned and performance, and advance wherever necessary to maximize the accumulated passive profit are evaluated.

Cash withdrawal: Your funds earned from passive profits can be withdrawn by this platform. However, remember to stay conscious of the closure fee and cancellation limits.

 

Advantages of Using Cryptoheap

Automated Investment Management: It is easier for them to be hands-free in the management of investments by the use of the auto-invest feature. The user gets to easily achieve their set goals regarding passive income in the ability to have automated investment management through the use of pre-defined parameter settings.

High Return Potential: Cryptoheap users can attain as much as high returns on investments by understanding the strategy applied.

Multiple Ways to Make Money: There are various ways to make passive income within Cryptoheap, by accommodating various investment styles and referral programs.

 

Conclusion

Any potential user needs to be circumspect regarding investment opportunities be aware of the inherent risks and track ongoing transformations in markets and policies. Other than that, Cryptoheap uses proper tools and features, which enables the investors to get rewards and benefits prospectively from increasing cryptocurrency markets, and they could earn a huge stream of income in due time.

Miami, Florida, August 9th, 2024, Chainwire

Valhalla is entering a partnership with Sunderland AFC for the full 24/25 season, including a prominent back of shirt sponsor position.

 The package includes:

4 minutes of in-game pitchside LED display at all home league fixtures.

Interview backdrops at The Academy of Light – at pre-game press conferences.

The tunnel at the Ground – for TV interviews. Within the Ground – for post-game press conferences following home league games.

Static pitch-facing static perimeter advertising site at The Stadium of Light.

Extensive online advertising at SAFC.COM.

Monthly “Goal of The Month” feature across SAFC social channels.

SAFC social posting to promote the Valhalla brand.

Delivery

Brand exposure to a global audience, with a TV audience of over 21 million and over 4.5 thousand broadcast hours. During the season, EFL games have visibility across major broadcasters such as Sky, ITV, beIN, Viaplay, Nova TV, Setanta, ESPN, and DAZN.

This partnership also offers a strong digital dimension with over 4 million followers across major social platforms with 1.7 million on Facebook and 1 million on X.

The Club

Sunderland AFC is a storied English football club with a rich history and heritage. Founded in 1879, the club is based in Tyne and Wear, England, and has a long-standing tradition of passionate support and competitive spirit. Sunderland’s trophy cabinet includes several prestigious honours. 

In addition to their six league titles, the club has won the FA Cup twice.

About Valhalla

Valhalla is a spin on the classic Creature-Collection adventure set in a vibrant, lively, MMORPG open-world inspired by Norse mythology. Players interact with a diverse set of eccentric creatures called Veras, discovering, taming, training, and trading them. Alone or as a clan, players partake in a dynamic, player-driven economy to rise in community ranks and achieve tactical supremacy on the hexagonal-grid battlefield.

Website: Valhalla.game

About Floki

Floki is the people’s cryptocurrency and utility token of the Floki Ecosystem. Floki aims to become the world’s most known and used cryptocurrency, focusing on utility, philanthropy, community, and marketing. Floki currently has over 490,000 holders and a strong brand recognized globally thanks to strategic marketing partnerships.

Website: Floki.com

Contact

Community Relations OfficerPedro VidalFlokimarketing@floki.com

In a landmark decision, a US court has mandated that the now-bankrupt crypto exchange FTX pay $12.7 billion to its customers. 

This order, as announced by the Commodity Futures Trading Commission (CFTC), comes after allegations that FTX engaged in misappropriating customer deposits to fund risky investments. 

This article provides an in-depth analysis of the settlement, its background, and its implications for the cryptocurrency industry and the customers affected by FTX’s collapse.

Background: The Rise and Fall of FTX

FTX, once a burgeoning star in the crypto exchange arena, attracted a vast user base with the promise of a secure platform for trading digital assets. 

However, the illusion of safety and security shattered when it was revealed that the exchange had been diverting customer funds to cover bad bets and other risky investments made by its sister hedge fund, Alameda Research.

The subsequent investigation revealed extensive financial mismanagement, leading to FTX filing for bankruptcy in late 2022. 

The fallout was massive, with billions of dollars in customer funds locked up and the crypto community reeling from one of the most significant trust breaches in its relatively short history.

The Legal Proceedings

In the wake of the bankruptcy, the CFTC and other regulatory bodies stepped in to untangle the web of financial discrepancies left behind. 

The settlement reached requires FTX to pay $8.7 billion in restitution and an additional $4 billion in disgorgement. These funds are earmarked for compensating the victims of the exchange’s collapse, aiming to cover the losses suffered by its customers fully.

FTX’s founder, Sam Bankman-Fried, was sentenced to 25 years in prison in March following his conviction for embezzling $8 billion from customers, a staggering sum that underscores the scale of the malfeasance. His subsequent appeal highlights ongoing legal battles and a saga far from over.

The Settlement’s Details

The CFTC’s announcement clarified several key aspects of the settlement:

Full Repayment: FTX has committed to repaying customers based on the value of their accounts at the time of the bankruptcy filing, promising 100% recovery.

Government Lawsuits: The settlement also addresses potential legal roadblocks, with the CFTC agreeing not to collect any payments from FTX until all customer repayments are completed, including interest. 

This arrangement ensures that the funds recovered in the liquidation process will go directly to the affected customers without being diminished by fines or penalties imposed by the government.

Disgorgement and Restitution: The split of the settlement funds between restitution and disgorgement is designed to not only reimburse customers but also penalize FTX for its actions, further compensating the victims.

Implications for the Cryptocurrency Industry

The FTX saga and the resulting settlement have profound implications for the cryptocurrency industry:

Regulatory Scrutiny: This event has significantly heightened regulatory interest in cryptocurrency exchanges worldwide. Expect tighter regulations and more stringent compliance requirements for crypto businesses.

Trust and Security: The breach of trust has led to increased demand for transparency and security in crypto transactions. Exchanges are now under pressure to prove their credibility and ensure such a collapse does not recur.

Market Dynamics: The shockwaves from the collapse have led to fluctuations in crypto prices and market dynamics, influencing investor sentiment and the broader financial landscape of digital currencies.

Future Outlook and Customer Sentiment

As FTX navigates its bankruptcy proceedings, the customer sentiment remains mixed. 

Some customers feel short-changed by the decision to value their repayments based on the lower cryptocurrency prices of November 2022, rather than the potentially higher values at which they invested. 

The upcoming votes on the bankruptcy proposal and the final approval sought for the wind-down plan in October will be crucial in shaping the future course for FTX’s customers and creditors.

The FTX settlement marks a significant chapter in the history of cryptocurrency markets, characterized by a spectacular rise and a dramatic fall. 

The lessons learned from this episode will likely influence the operational and regulatory framework of the crypto industry for years to come. 

For the customers affected, the settlement offers a pathway to recovery, albeit filled with ongoing challenges and legal complexities.

As the industry continues to evolve, the FTX case will remain a cautionary tale about the risks and responsibilities inherent in the management of digital asset platforms.

Binance’s security team has recovered or frozen over $73 million in stolen user crypto funds so far this year, surpassing the $55 million recovered in 2023. 

The crypto exchange noted that the vast majority of these recoveries and freezes i.e. approximately 80% are related to hacks, exploits, and thefts happening externally. 

The remaining 20% are associated with scams taking place outside the Binance platform. 

Binance’s Chief Security Officer highlighted the company’s commitment to user protection and improving the security of the crypto ecosystem, leveraging blockchain technology to track and recover stolen funds.

Peter Schiff warns investors to “sell Bitcoin into the rally” despite its recent surge.

Bitcoin recently surged to $62,384 amid speculation about a Trump family crypto announcement.

Bitcoin supporters criticize Schiff’s view, arguing Bitcoin’s rise isn’t linked to the Trump family.

Bitcoin has recently surged to $62,384 along with other financial assets that had previously been declining. 

This price surge comes amid rumors of a major pro-crypto announcement linked to the Trump family. However, renowned economist Peter Schiff is advising Bitcoin investors to consider selling.

Peter Schiff’s Warning

In a recent tweet Peter Schiff, a well-known economist and Bitcoin critic, has warned investors about bitcoin. He suggests that while Bitcoin’s recent gain is impressive, it might be wise to “sell Bitcoin into the rally.” 

Financial assets that declined recently all rose today, with #Bitcoin joining the rally with an even bigger move up. Bitcoin may have received an added boost from a vague commitment by the #Trump sons that a major pro-#crypto announcement is imminent. Sell Bitcoin into the rally.

— Peter Schiff (@PeterSchiff) August 8, 2024

Schiff speculated that Bitcoin’s recent rise might be influenced by a vague commitment from Donald Trump’s sons regarding an imminent pro-crypto announcement. 

While details remain unclear, this speculation appears to have contributed to Bitcoin’s notable price increase.

Therefore, Schiff believes that the current price boost could be temporary, and investors might want to take advantage of it before potential future drops.

Community Reaction

Meanwhile, Peter’s analysis did not sit well with Bitcoin supporters. Mike Alfred, an entrepreneur, commented, “Bitcoin is not crypto, Peter. Come on, you’re regressing again.” 

https://twitter.com/PeterSchiff/status/1821697530117124135

Similarly, another X user Brooklyn responded to Peter, saying, “BTC did not rise because of the Trump sons. Come on, Peter, at least make serious arguments.” Investors are eagerly awaiting any official updates that could impact Bitcoin’s future performance.

BTC did not rise because of the Trump sons. Come on Peter, at least make serious arguments.

— Brooklyn (@0xBklyn) August 9, 2024

Bitcoin’s Price Surge

Yesterday, Bitcoin briefly peaked at $62,380 before retreating to $60,968, marking a 7% surge over the past 24 hours. 

This sharp rebound follows Bitcoin’s recent dip below a crucial support level, falling to $49,751 on August 5. It was the first time Bitcoin had dropped below $50,000 since February.

The way in which we think about money and transactions is forever changed after the introduction of cryptocurrency. Now, when thinking of crypto, first currencies that come to mind are Bitcoin and Ethereum. While Bitcoin and Ethereum dominate the conversation, many alternative cryptocurrencies are making waves.  

These digital assets that are not very popular provide some unique features and use cases with a dynamic future in blockchain payments. That said, this blog will look into the role played by cryptocurrency in digital payment systems, particularly focusing on new altcoins as well as how they can alter payment systems. 

 

The Evolution of Digital Payments 

Far beyond just with credit cards or online banking alone, digital payments have come so far. The rise of cryptocurrency transactions introduced another dimension to this evolution. Unlike conventional methods of payment, cryptocurrencies offer processes that are decentralized or borderless. 

Consequently, it is possible for two parties to make payments towards each other directly without seeking assistance from intermediary institutions like banks. The benefits associated with them include: lower transaction fees, quicker process time, and increased rate of financial inclusion. Nonetheless, there exist various challenges that hinder its adoption such as volatility, government regulations and security issues. 

Although Bitcoin (BTC) and Ethereum (ETH) are the originals by launch date, cryptocurrency is a vast world. Digital payments have some unique advantages stemming from altcoins or alternative cryptocurrencies.

Traditional vs. Crypto Payment Systems

Feature  Traditional Payment Systems  Crypto Payment Systems  Control  Centralized (banks, governments)  Decentralized (blockchain)  Fees  Often high  Generally lower  Speed  Can be slow (especially cross-border)  Typically faster  Accessibility  Limited (requires bank accounts)  Broad (requires internet)  Security  Subject to fraud and breaches  High cryptographic security  Transparency  Limited  Transparent and immutable 

 

Beyond Bitcoin and Ethereum: Exploring Alternative Cryptocurrencies 

While Bitcoin and Ethereum are the pioneers, the world of cryptocurrencies is deep. Alternative cryptocurrencies, also known as “altcoins,” offer distinct advantages in digital payments.  

For instance, Litecoin boasts faster transaction times and lower fees compared to Bitcoin. Ripple (XRP) focuses on facilitating cross-border payments for financial institutions. Dash is designed for everyday transactions, emphasizing privacy and instant payments. These altcoins demonstrate that the future of crypto payments is not limited to Bitcoin and Ethereum. 

Litecoin (LTC): Known as the “silver to Bitcoin’s gold,” Litecoin offers faster block generation times, making it ideal for smaller, everyday transactions. 

Ripple (XRP): Ripple’s primary focus is on enabling fast, low-cost international payments. It partners with major financial institutions to streamline cross-border transactions. 

Dash (DASH): Dash is designed for practical, everyday use. It provides features like PrivateSend for increased privacy and InstantSend for transactions that happen almost instantly.

The Role of Stablecoins in Digital Payments 

Volatility is a significant challenge in crypto transactions. The value of most cryptocurrencies can fluctuate dramatically, which can be risky for users and merchants. This is where stablecoins come in.  

Stablecoins are digital assets pegged to a stable asset, like the US dollar or gold. They offer the benefits of blockchain payments without the volatility. Tether (USDT), USD Coin (USDC), and Dai (DAI) are a few examples. Stablecoins are increasingly being used for remittances, e-commerce, and even salary payments in the crypto space. 

Popular Stablecoins and Their Pegging: 

Stablecoin  Pegging Asset  Use Cases  USDT  US Dollar  Remittances, trading  USDC  US Dollar  E-commerce, payments  DAI  US Dollar (decentralized)  Savings, decentralized finance (DeFi) 

 

Blockchain Payments and Smart Contracts 

Blockchain technology underpins the entire crypto ecosystem. It offers a safe, readable, and unchangeable ledger for keeping track of transactions. One of the groundbreaking features of blockchain is smart contracts. Self-executing contracts, or smart contracts, have the conditions of the contract explicitly encoded into the code.  

When certain requirements are satisfied, they automatically carry out and uphold contractual agreements. This automation can revolutionize payment systems by eliminating the need for intermediaries, reducing fraud, and increasing efficiency. 

For example, in real estate, smart contracts can facilitate property transactions by automatically transferring ownership once payment is made. In e-commerce, they can manage inventory and payments seamlessly. The possibilities are endless, and the integration of smart contracts in blockchain payments is only just beginning.

What to Expect from Digital Payments in the Future 

As we look to the future, digital payments are set for significant changes. The adoption of alternative cryptocurrencies, stablecoins, and blockchain technology will continue to grow.  

This growth will likely be driven by the need for more efficient, transparent, and inclusive payment systems. Governments and financial institutions are also exploring central bank digital currencies (CBDCs), which could offer the benefits of digital currencies while maintaining state control. 

Wider Adoption of Alternative Cryptocurrencies: As more people become aware of the benefits of altcoins, their use in everyday transactions is expected to increase. 

Expansion of Stablecoin Use Cases: Stablecoins will likely see broader adoption in areas like salary payments, international remittances, and online shopping. 

Growth of Decentralized Finance (DeFi): DeFi platforms leverage blockchain payments and smart contracts to offer financial services like lending, borrowing, and trading without intermediaries. 

Integration with Traditional Payment Systems: We may see more integration between traditional banking systems and crypto payment systems, providing users with more seamless and versatile payment options. 

The world of digital payments is transforming fast, and cryptocurrencies play an important role in this transformation. While Bitcoin and Ethereum remain dominant, alternative cryptocurrencies are emerging as viable options for various use cases.  

From stablecoins offering stability to smart contracts enabling automation, the future of blockchain payments looks promising. As technology advances and adoption grows, we can expect to see a more inclusive, efficient, and transparent global payment system. The journey beyond Bitcoin and Ethereum has just begun, and the possibilities are endless. 

So, let’s take a closer look at the top Solana-based altcoins to buy as the crypto market bounces back. 

As Solana quickly reclaims lost levels during the recent crash, the Solana ecosystem explodes. With Solana-based altcoins making a comeback with the SOL price recovery, these mid-cap and low-cap tokens are likely to outperform Solana tokens in the coming months. 

Furthermore, with the broader market recovery as Bitcoin reclaims $61K, the altcoins could give 2x or more rally ahead. So, let’s take a closer look at the top Solana-based altcoins to buy as the crypto market bounces back. 

Top Solana-based Altcoins

Helium (HNT)

Being the biggest DePIN crypto and a top Solana-based altcoin, Helium is investors’ choice for big returns in this market. The HNT Price is down 89% from its all-time high at $56.21 but registered a 23% jump in the last 24 hours. 

Currently, the altcoin trades at $5.97, and the recovery rally breaks above a short-term correction phase in the daily chart. 

HNT Price Chart

 

With the rounding reversal and the breakout rally heading to $6, resistance near the 50% Fibonacci level brings Helium to a crossroads. 

Another breakout run, the post-retest, could pump the HNT price higher to the $10 mark in the coming weeks. 

PYTH Network (PYTH)

Known as a Chainlink-killer with super fast speed, PYTH network, a Solana-based project is making waves in the crypto space. 

Despite a declining trend in the daily chart, the PYTH price trend shows a bull cycle ready to ignite. With the broader recovery, the breakout chances for PYTH to tease a new bull run are increased. 

PYTH Price Chart

 

The overhead trendline breakout and the 23.60% Fibonacci level break at $0.35 will push the PYTH price to $1.10. 

SOL-Based DeFi Protocol: JITO (JITO)

With $1.5 Billion in TVL, the liquid staking provider with the power of MEV, JITO is rising in the Solana ecosystem. Further, with a market cap of $341 Million, this Solana-based altcoin shows massive upside potential as a low-cap option. 

In the daily chart, the JITO price action reveals a triangle pattern formation with the ongoing bull cycle gaining traction. With a morning star pattern, the V-shaped reversal within the triangle teases a bullish breakout as the market recovers. 

JITO Price Chart

 

As per the Pivot Points Standard (quarterly), the bullish breakout of the $3.281 pivot level, the upside targets are at $4.468 and $6.515.

Solana-Based Meme Coin: BONK (BONK)

As meme coins are spearheading the bull run in the crypto world, BONK, a Solana-based altcoin, is a top choice in the meme coin segment. With a market cap of $1.429 Billion, BONK has witnessed an exponential surge since its inception. 

BONK Price Chart

 

In the daily chart, BONK survives the recent crash as the buyers remain dominant over a long-coming support trendline. As the bull cycle starts to gain momentum, a bullish breakout of the overhead resistance can jump to $0.000042.

Solana-Based DEX: Jupiter (JUP)

Finally, ending the list of our must-buy Solana-based altcoins, Jupiter (JUP), a DEX aggregator. With a TVL of $556 Million, the boost in the crypto market could result in a spike in leveraged trading over Jupiter. 

As Jupiter is close to entering the top 5 DeFi protocols over Solana, the upside potential in JUP is massive. 

With a double bottom reversal starting in JUP price after the recent correction, the trend momentum spikes up. As the uptrend continues, a bullish breakout of the 23.60% Fibonacci level at $1.32 could result in a price jump to $2.75.0

JUP Price Chart

 

Hence, with a 200% upside target, Jupiter is one of the best buy options in our list of top Solana-based altcoins. 

President Vladimir Putin just signed a law to legalize cryptocurrency mining in Russia. The law introduces several new concepts like mining pools, mining infrastructure operators, address identifiers, and the roles of those organizing mining activities. 

Instead of seeing mining as creating cryptocurrency, the law now sees it as part of the turnover. Only Russian legal entities and individual entrepreneurs who are on an official register will be allowed to mine.

Regular folks can still mine crypto as long as they stay within government-set energy consumption limits without needing to be on the register.

Russia Sets New Rules For Foreign Assets And Financial Stability

The new law also touches on foreign digital financial assets. These can now be traded on Russian blockchain platforms. 

The Bank of Russia will have the power to ban any individual issues if they are a threat to the country’s financial stability. Putin has talked about the potential of cryptocurrencies at a government meeting about economic issues before. 

He pointed out that this is a promising area and that it’s important for Russia to “seize the moment” to set up the right legal framework and infrastructure for crypto assets. Lawmakers said:

“The law will take effect ten days after it’s officially published unless specified otherwise for certain provisions.”

Crypto In International Trade And Sanctions

Russia is using cryptocurrencies more in international trade to dodge Western sanctions. A new law passed in July 2024 lets businesses use cryptocurrencies for international deals.

This allows companies hit by sanctions to keep trading when traditional methods don’t work. 

The government is busy setting up the needed infrastructure for these transactions. They’re also cautious about risks like money laundering and financial instability. 

The central bank and other financial bodies are stressing the need for a strong regulatory framework to keep things in check.

Russia is also testing a digital ruble, a blockchain-based central bank digital currency. This is part of a larger plan to modernize the financial system and make it tougher against outside economic pressures.

And of course also to get away from the dollar permanently, in all trades.

Putin’s also teaming up with Iran, China, and Belarus to connect their digital currency systems. These partnerships are meant to make bilateral transactions smoother, further embedding the blockchain into Russia’s economic plans.