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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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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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.

Over the course of 2023, the movement of Cardano (ADA) has been more on the bullish side. Despite the reversal over the last few weeks, the #Bullish momentum has not completely died out. However, what is most interesting about this trend is the fact that the smaller investors seem to be the major driver behind it, not the large whales.

Cardano Small Investors Continue To Accumulate

Through the course of 2023, the smaller #Cardano investors have been at the forefront of the ADA accumulation. This is seen from January through to May where their collective holdings have continued to rise. These investors holding between 1,000-10,000 coins and 10,000-100,000 coins have steadily grown their holdings over the last six months.

Where the whales were skewed toward selling than buying, these retail investors were heavily on the buy side. As a result, their collective holdings have grown from around 17% of the total supply to over 18.1%. As a result, these smaller wallets holding between 1,000-100,000 coins now account for 6.29 billion out of the 34.79 billion total supply.

Their accumulation trend also coincides with the rise in the price of #ADA over this time which is illustrated in the chart below. There were dips in their holdings where there was presumably some profit-taking. However, the general trend continued toward the upside, bringing their holdings to new highs.

Small ADA holders increase holdings in six months | Source: Santiment

During this time, the holdings of larger investors holding between 10,000,000-100,000,000 coins dropped drastically. This suggests that while the smaller holders were responsible for the price increase, larger holders were the culprits behind the price crash as their total holdings went from 12.1% of the total supply to 11.11% in April.

What Will Trigger The Next ADA Rally?

Currently, the price of ADA is still down, suggesting that investors are very wary about buying the token. However, if the accumulation trend among smaller wallets continues, there could be more upside to come. An added advantage of small wallets leading the accumulation trend is that it enables a broader distribution of the token, which helps to sustain bull rallies.

ADA is still seeing significant resistance at the $0.38 level, but given that bears are still weak at this point, its inability to beat this resistance can be explained by the general low momentum in the market. When the price of Bitcoin picks up once more, $0.38 will be quickly surpassed with the next important level sitting at $0.4.

At the time of writing, ADA is changing hands at a price of $0.37. It’s down 0.21% on the 24-hour chart but seeing gains of 1.73% on the weekly chart.

ADA price trending at $0.37 | Source: ADAUSD on TradingView.com

source: newsbtc

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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.

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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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.

Despite the prevailing bearish sentiment in the market last week, #Ripple (XRP) bulls showcased their resilience by securing gains. #XRP stood out among the top 20 cryptocurrency assets, recording impressive weekly gains of over 8%. Although the daily chart displayed a relatively modest increase of more than 1%, it was enough to maintain the bullish momentum.

The technical outlook for XRP revealed an improvement in buying strength, with demand and accumulation indicators reflecting a recovery on the daily chart.

However, the price movement of major altcoins remained uncertain as Bitcoin slipped back into the $26,000 price level. The future trajectory of XRP will depend on the performance of #BTC in the upcoming trading sessions.

Buyers will gain further strength if BTC exhibits improvement, leading to increased demand for XRP. Conversely, if demand fails to rise significantly, it could impede the growth of the XRP price. Another positive sign was the recovery of market capitalization, indicating increased demand and buying strength.

XRP Price Analysis: One-Day Chart

XRP was priced at $0.46 on the one-day chart | Source: XRPUSD on TradingView

As of the time of writing, Ripple (XRP) was trading at $0.46. The altcoin demonstrated a significant breakthrough by surpassing the crucial resistance level of $0.44, increasing demand for the asset.

Moving forward, the next obstacle for XRP lies at the overhead resistance of $0.48, which is expected to pose a tough challenge for the coin. However, if the altcoin manages to overcome this resistance level, it could potentially target the $0.50 mark.

Conversely, a decline from the current price level would bring XRP down to $0.44, potentially even below the $0.42 price mark. The recent session witnessed a positive momentum for XRP, as indicated by the green volume bar of the altcoin traded.

Technical Analysis

XRP noted an uptick in buying strength on the one-day chart | Source: XRPUSD on TradingView

Upon the price breakthrough above the $0.44 level, buyers swiftly entered the market, exhibiting a surge in demand for the altcoin. This heightened interest is further supported by the Relative Strength Index (RSI), which currently positions itself above the half-line, just below the 60-mark.

This indicates that buying strength outweighs selling strength at the present moment, underlining the positive sentiment surrounding the altcoin.

Furthermore, the asset’s price has risen above the 20-Simple Moving Average (SMA) line, suggesting that buyers were driving the price momentum in the market.

XRP noted buying signal on the one-day chart | Source: XRPUSD on TradingView

The increase in demand for the altcoin is reflected in the buy signals observed on the one-day chart for XRP. The Awesome Oscillator determines price direction and momentum. It generated small green signals closely tied to buy signals for the altcoin.

This suggests a positive price action for the coin, highlighting the potential for further upward movement. Additionally, the Bollinger Bands, which measure price volatility and potential fluctuations, maintained a wide range. However, the parallel alignment of the bands indicates that the altcoin may trade within a relatively narrow range in the upcoming trading sessions.

source: newsbtc

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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.

Explore the potential effects of Bitcoin and Ethereum options expiring on May 26, and how this may cause short-term volatility in the crypto market.

Quick Take

#bitcoin has approximately 85,000 options awaiting expiry on May 26, according to Deribit data as of May 23.

The leading #crypto currently has a 0.38 Put Call Ratio, whereas the maximum pain point is near the $27.0K mark.

Converting the contracts in dollars results in a substantial figure. The BTC contracts up for expiry are valued at around a staggering $2.2B.

#Ethereum has a Put Call Ratio of 0.49, with approximately 700,00 options expiring on May 26, according to Deribit data as of May 23.

This puts a notional value of just over $1.2B, with a max pain price of $1,800.

Short-term volatility is expected for both #BTC and ETH price action and will have a ripple effect on the entire industry.

BTC Options Expiry: (Source: Deribit)

ETH options expiry: (Source: Deribit)

source: cryptoslate

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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.

"Legal terminology can be complex," the company admitted but called the claim false and inaccurate.

ConsenSys, the makers of the popular #MetaMask browser-based crypto wallet, called out "tweets circulating with inaccurate information about ConsenSys' terms of service," asserting for the record that "MetaMask does not collect taxes on #crypto transactions and we have not made any changes to our terms to do so."

"The tax section in our terms of service falls under the 'fees and payment' section, and it exclusively pertains to products and paid plans offered by ConsenSys," the company explained. "Legal terminology can be complex, but it's crucial to emphasize that this section does not apply to MetaMask or any other products that don't involve sales tax."

ConsenSys@ConsenSys

The company was responding to a number of Twitter posts that highlighted section 4.2 of the MetaMask terms of use, describing it as a change that will allow the company to withhold taxes. The claim quickly spread to r/CryptoCurrency on Reddit, where it has already amassed 450 upvotes and over 500 comments, to several crypto #news sites, and to YouTube.

"DECENTRALIZATION IS DYING," declared one viral tweet.

Ash Crypto@Ashcryptoreal

Many compared the rumored change to the recent controversy over Ledger's new Ledger Recover feature for its hardware wallets, described by some as a "backdoor" to its ostensibly secure design.

"Why should Ledger have all the fun?" asked Kashif Raza, founder of #bitcoin education provider Bitinning. "Meta Mask joins the party now!"

Many within the crypto community were quick to push back on the claim.

"Everyone blindly tweeting about the MetaMask tax clause in TOS but not actually reading it," admonished @printer_brrr, curator of the Toddler Art NFT collection. "If you buy a product from them, they can withhold taxes like sales tax for that product. Just like Amazon does when you buy from them."

moneyprintergobrrr.eth@printer_brrr

The top-voted comment on Reddit also sought to dispel the rumor.

"This should be referring to sales taxes and not capital tax," wrote pseudonymous user Mr. Literal under the username thinkingperson. "So when you buy anything online via your credit/debit card, different countries and states may have different sales tax regulation."

"We believe in transparency and accuracy when it comes to sharing information with our users," ConsenSys tweeted. "Our commitment to combat misinformation about our products and services remains unwavering."

source: decrypt

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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.