Roadtown, British Virgin Islands, July 2nd, 2024, Chainwire

Lif3.com (LIF3/USD)(LIF3/USDt), the revolutionary omni-chain DeFi Layer-1 ecosystem that operates on Ethereum, Polygon, BNB Chain, and Fantom through LayerZero bridging, is thrilled to announce its premier partnership with evmOS to launch the world’s first Layer-1 solution, “Lif3 Chain” designed for public permissionless use with curated contract deployment. 

The partnership sets a new standard in blockchain technology, DeFi safety, allowing for seamless, secure, and efficient deployment of smart contracts while maintaining the highest levels of transparency and accessibility. The evmOS integration marks a further milestone in the evolution of decentralized applications, allowing opportunities for developers and enterprises worldwide.

“Our partnership with evmOS represents a pivotal advancement in the blockchain industry,” says Harry Yeh, Managing Director of Quantum FinTech Group. “By introducing the world’s first Layer-1 solution for public permissionless use with curated contract deployment, we are enhancing the security and efficiency of smart contract implementation and democratizing access to this transformative technology that is revolutionizing DeFi as we know it. This collaboration shows our commitment to fostering innovation and supporting the entire blockchain ecosystem, providing developers and enterprises with the tools they need to drive the next generation of decentralized applications forward. 

DeFi safety has always been the top priority for myself and the Lif3 project. No solution in the market currently exists to prevent malicious contracts, flash loans, rug pulls, front running contracts and useless token deployments from happening. All permissionless blockchains have this problem where there are an infinite number of contracts running on them that are malicious or garbage. Also fake and useless token contracts ARE a thing of the past. Having experienced these problems myself, I believe the future of De-Fi is one where curated contract deployments will become an industry standard. Think App Store – but for smart contract deployments!”

Lif3.com and the Lif3 Wallet can be a platform for those who are interested in the future of decentralized finance and blockchain. The commitment to continuous improvement and innovation positions Lif3 as a frontrunner in shaping the digital economy and its vision towards breaking down barriers to cryptocurrency adoption through the Lif3 Mobile App, a one-stop solution for on-ramping, investing, trading, gaming, iGaming and off-ramping.

“LIF3, equipped with evmOS, is now compatible with two of the most trusted blockchain essentials: IBC and EVM. We look forward to seeing LIF3 expand the DeFi landscape and open new doors for users and developers,” says Daniel Burckhardt, Chief BD Officer, evmOS.

Benefits of the Lif3.com and evmOS Partnership

LIF3 WALLET Availability and Efficiency: The self-custody wallet is now more accessible as the evmOS further supports Lif3’s vision for a more simplified, safer, and interactive user experience. EVM-compatibility facilitates seamless acquisition for consumer DeFi through the Lif3 Wallet available for download on the App Store and Google Play, providing users with secure and convenient access to their digital assets.

Enhanced Security: evmOS provides a secure environment for deploying smart contracts, reducing risks associated with unauthorized access.

Public, Permissionless Use: The industry standard – EVM brought by the evmOS, democratizes access to blockchain technology, allowing anyone to interact with smart contracts.

Lif3’s Curated Contract Deployment: Ensures high-quality, vetted smart contracts, enhancing trust and reliability within the ecosystem.

Innovative Layer-1 Solution: Introduces the world’s first Layer-1 blockchain designed for public, permissionless use access, setting a new industry standard.

Omni-Chain DeFi Ecosystem: Strengthens Lif3.com’s comprehensive DeFi offerings, enabling seamless integration across multiple blockchain networks.

Empowerment of Developers and Enterprises: Offers advanced tools and infrastructure to facilitate the creation and deployment of next-generation decentralized applications.

Advancement of Web3: Drives forward the adoption and potential of Web3 technologies in various sectors, including consumer DeFi, iGaming, music, and entertainment.

Support for Blockchain Ecosystem: Fosters innovation and growth within the blockchain community by providing a robust and versatile platform for development.

About the Lif3 Ecosystem 

Lif3.com is revolutionizing the blockchain industry with its omni-chain DeFi ecosystem and curated Layer-1 blockchain, now enhanced by their pioneering partnership with evmOS to launch the world’s first public, permissionless use Layer-1 solution with curated contract deployment. The self-custody Lif3 Wallet, available on the App Store and Google Play, empowers users by unlocking the full potential of Web3, transforming consumer DeFi, Gaming, iGaming, music, entertainment, and more.

($LIF3) is currently listed on Bitfinex, Bitmart, and MEXC.

For more information on LIF3, users can contact:

Email: media@lif3.com

X | Telegram | Discord | News and Updates

Logos and branding

Users can explore Lif3 Chain Mainnet Preview with Blockscout: 

Lif3 Blockscout portal https://lif3scout.com/

About Quantum Fintech Group

Quantum Fintech Group is a private investment group founded in 2020, and is focused on providing superior returns in the alternative asset space focusing specifically on blockchain investments.

X: https://x.com/quantumftg

About evmOS

evmOS is an interoperable EVM blockchain designed for cross-chain dApp development.

With groundbreaking roadmap features, such as Outposts and the evmOS dApp Store, evmOS allows developers to take advantage of the IBC and connect their smart contracts to the interchain ecosystem. The evmOS chain is built with evmOS and remains its flagship demonstration.

evmOS is a production-ready modular solution designed to bring EVM compatibility to web3 businesses. Built with Cosmos SDK, evmOS comes with IBC, CometBFT and enables projects to fully customize their chain logic and go beyond standard generic smart contract platforms. With continuous upgrades and maintenance, evmOS empowers anyone to deliver unmatched experiences with their EVM blockchains.

Helpful Resources

evmOS dApp Store | Website | Developer Documentation

Discord | GitHub | X | Telegram | Blog | Careers

Contact

Media Relations
Chantel Elloway
Lif3 Labs Limited
media@lif3.com

Singapore has intensified its regulations against money laundering (AML) and the financing of terrorism (CFT) concerning exchange crypto, increasing the risk factor associated with these platforms.

This regulatory update aims to prevent criminal groups and terrorist organizations from exploiting the economic openness of Singapore, recognized as an international financial, commercial, and transportation hub. 

With this move, Singapore strengthens its commitment to maintaining a safe and reliable financial environment. Let’s see all the details below. 

Protecting the economy of Singapore as an international financial hub: news for crypto exchanges

As anticipated, on July 1st, the Monetary Authority of Singapore (MAS) published an update of the national risk assessment of terrorism financing (NRA) and the national strategy to counter terrorism financing. 

In this update, the level of risk associated with crypto exchange platforms has increased from medium-low to medium-high.

The update of the regulations aims to prevent terrorist groups and organizations from exploiting the economic openness of Singapore, known as a financial, commercial, and international transport hub, for the purposes of terrorism financing. 

Cross-border online payments remain classified as high risk, as they represent a potential channel for such illicit activities.

Implications for crypto platforms

This update represents a new challenge for the cryptocurrency platforms, coming just a few weeks after a report had already flagged digital payment tokens as high risk.

According to the national assessment of money laundering risk (MLNRA) of Singapore, digital payment token (DPT) service providers present significant risks and vulnerabilities in terms of anti-money laundering (AML).

The MAS, actively involved in the regulation of the digital asset market, has recently expanded the scope of regulated payment services to include digital token service providers. 

This allows the MAS to impose stricter requirements in terms of AML and CFT, user protection, and financial stability. Thus also enabling DPTs to offer custody and transfer services for cryptocurrencies.

Singapore is considered a pro-crypto nation, with a cryptocurrency adoption rate of 11.2%, significantly higher than the global average of 4.2%. 

According to the regulations of Singapore, digital currencies are classified as digital payment tokens, with Bitcoin and Ether (ETH) officially recognized and given a legal status in the country.

The Chinese AI startups focus on Singapore 

Chinese AI startups are increasingly choosing Singapore as their new operational base to expand globally, raising concerns in China. 

This movement is motivated by the need to escape the growing geopolitical tensions between China and the United States, which are hindering access to financing and advanced technologies.

The transfer to Singapore offers Chinese startups not only a wide range of markets, but also easier access to international financing, thanks to a more favorable regulatory environment. 

A report by Bloomberg indicates that this strategy allows startups to avoid excessive scrutiny from countries that oppose China.

This phenomenon, known as “Singapore-washing”, helps companies to “disconnect” from their original Chinese roots.

A significant example is given by Wu Cunsong and Chen Binghui, founders of Tabcut. After starting their company in Hangzhou in 2022, they moved to Singapore in March 2023 to overcome the difficulties related to the limited venture capital in China. 

Since they moved, Tabcut has had access to global clients and investments, as well as the latest technologies, such as Nvidia’s AI chips, currently restricted in China due to US sanctions.

Not by chance, the strict regulations prevent developers from exploring new innovations in the field of AI. 

On the contrary, Singapore offers a more favorable environment, with ease of starting a business and acting as a bridge between Asian companies and global markets.

According to Adam, founder of Linklound, about 70-80% of Chinese software and artificial intelligence startups aim at a global audience. By the end of 2023, Singapore was home to over 1,100 artificial intelligence startups, many of which were of Chinese origin. 

SEC vs. Binance: in a decision that marks a turning point for the crypto industry, a federal court has ruled that cryptographic tokens, including those issued by Binance such as BNB, are not to be considered securities. 

This ruling represents a significant victory for the cryptocurrency sector, which now sees a greater clarity in regulation regarding the classification of its assets. 

The decision could have wide repercussions on the way cryptocurrencies are treated by regulatory authorities and paves the way for a more certain and stable future for market operators. Let’s see all the details below. 

The impact of the federal court decision on BNB sales and crypto in the SEC Binance case

As anticipated, a United States federal court has ruled that cryptocurrencies and secondary sales of the BNB token do not constitute securities offerings. This decision represents a significant victory for Binance and the entire cryptocurrency industry.

The judge Amy Berman Jackson of the United States District Court for the District of Columbia has rejected several requests made by the Securities and Exchange Commission (SEC).

Specifically stating that the SEC has failed to demonstrate that buyers in secondary market sales purchased BNB with the expectation of profits. That is, a key criterion for passing the Howey test.

The decision of the court could have positive repercussions on other ongoing legal battles, such as the case of the SEC against Ripple.

The court found that cryptocurrencies themselves are not securities and that attention should be focused on the specific circumstances of each transaction. 

This approach could influence the way regulators treat cryptocurrencies, promoting a more favorable environment for innovation.

SEC and the crackdown on cryptocurrency exchanges

After the collapse of FTX, the SEC intensified its actions against cryptocurrency exchanges to prevent similar failures. However, the regulatory authority’s approach has been criticized for the risk of stifling innovation. 

In June 2023, the SEC sued Binance and Coinbase for alleged violations of securities laws.

Binance has been accused of violating anti-money laundering laws and has agreed to pay a fine of 4.3 billion dollars, one of the largest criminal penalties in history. The next hearing of the Binance vs. SEC case is scheduled for July 9. 

Binance.US, the U.S. division of the world’s largest cryptocurrency exchange, has expressed its readiness for a lengthy legal process. Specifically, stating that it is prepared to continue the battle in court.

Binance announces the potential delisting for 11 altcoin

Binance recently announced that 11 altcoins could be removed from the platform.

On Monday, Binance added the “tracking tag” to several cryptocurrencies. 

Among these are Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT) and Sun (SUN).

According to Binance, tokens with the monitoring tag exhibit greater volatility and a higher risk compared to other cryptocurrencies. The exchange monitors and conducts regular reviews of the tagged tokens to ensure they meet the listing criteria.

Binance has declared the following: 

“Please note that tokens with the monitoring tag may no longer meet our listing criteria and may be removed from the platform.”

Binance users who wish to trade these tokens must pass quizzes every 90 days, designed to increase awareness of the risks associated with digital assets.

At the same time, Binance has removed two assets from the watchlist: Enzyme (MLN) and Horizen (ZEN).

Enzyme is an on-chain asset management system, designed to provide access to digital assets and decentralized finance (DeFi) from a single app. A

Horizen, instead, defines itself as a blockchain network focused on privacy. 

Tel Aviv, Israel, July 2nd, 2024, Chainwire

SendBlocks, a pioneering startup in blockchain data management, announced today that it is coming out of stealth mode with $8.2 million in seed funding led by Castle Island Ventures with several other institutional investors including Pitango, Illuminate Financial, Laser Digital (Nomura), Starkware and notable ecosystem leaders.

SendBlocks makes accessing blockchain data simple. The SendBlocks platform is fully customizable allowing blockchain enterprises, ecosystems, protocols and applications to define the data that matters to them, and leave it to SendBlocks to sift through the blockchain to find their nuggets. 

As high throughput blockchains emerge, many new use cases for blockchain-based applications are becoming evident thanks to better usability and cheaper transaction cost. “At the end of the day we want to create a reality in which any developer can access any blockchain data they desire, without needing an entire data team or spending thousands of dollars per data need to do so,” shares Itay Shrem, Co-founder & CEO.

Existing clients (that can be disclosed) include Bancor and SphereX who have already benefited from SendBlocks’ innovative solution, experiencing streamlined operations and cost savings. With more and more high throughput blockchains emerging, SendBlocks is positioning itself to become the leading data management platform.

The challenges with data management in web3

While in traditional web2 development, backend engineers build and access databases directly; in the blockchain ecosystem, the blockchain itself acts as the backend, accessed through RPC calls. Resulting in two major challenges:

Flexibility: The increasing number of applications built on top of blockchains leads to diverse data requirements. Said differently, each org has different data needs and different ways that data is processed and used. Currently, there is no solution that delivers the exact information needed for blockchain users that offer a web2 like personalized experience. The way orgs currently solve this is by spending a lot of time and money on building in-house data management solutions.

Scale: To access detailed blockchain data, complex indexers are developed to continually query the blockchain and keep tabs on the data. However, these services struggle to maintain performance when dealing with blockchains that process more transactions in shorter periods of time (AKA high-throughput blockchains). 

“Think of when Taylor Swift tickets go on sale and TicketMaster needs to handle millions of requests simultaneously, the site often crashes. That’s because the backend isn’t optimized for The Swifties,” explains Shrem. “The technological challenge of data management in high throughput blockchains is like the transition from supporting smaller, less known, artist ticket sales to being able to support Taylor Swift demand, but all the time” he adds.

Enter SendBlocks

“We believe that starting out in web3 shouldn’t necessitate an extensive data team and that infrastructure costs should align with the application’s user base rather than the blockchain’s throughput,” says Michael Kellner, Co-founder & CTO. “Merley scaling the blockchain isn’t sufficient; the entire stack must be scalable to support the next generation of applications,” he adds.

SendBlocks’ innovative approach addresses these challenges head-on. Shrem and Kellner, having spent over a decade each in Talpiot are now leveraging their experience in building secure and resilient infrastructures.

SendBlocks aims to significantly reduce backend and indexing efforts for blockchain developers while maintaining flexibility and robustness by consolidating the conventional indexer/RPC process into a single, user-friendly platform. 

Some simple use cases of the SendBlocks platform have already been a game changer for clients, such as flexible historical data access and fully personalized notifications.  

By providing customers access to anything happening on-chain, SendBlocks helps developers save billions of API queries, resulting in leaner data teams, regardless of the underlying blockchain.

“Current data management solutions and indexers just don’t support fast blockchains,” explains Shrem, “we’re building with scale and ease in mind to ensure ecosystems enjoy engagement and retention” he adds.

“By providing enterprises, ecosystems and protocols easy access to on-chain data, SendBlocks enables customers to save tens of thousands of dollars per month in development costs and reduce time to market from months to weeks,” says Sean Judge, General Manager of Castle Island Ventures which led the round. “Itay and Michael’s cyber-security and cryptographic backgrounds make them the perfect duo to deliver on their vision to change the way businesses manage their blockchain data” he adds.

With the funds SendBlocks will continue to grow out it’s R&D team to support existing and future clients as well as scale its marketing and sales efforts to attract top protocols and ecosystems.

Shrem and Kellner lead a strong team of 9, all coming from notorious web2 enterprises such as Microsoft, AWS and Talpiot intelligence unit as well as web3 orgs such as Bancor and Algorand. Kellner holds a Masters in post-quantum cryptography and Shrem specializes in network coding and security.

About SendBlocks

SendBlocks is a pioneering blockchain data management startup that simplifies access to blockchain data through a fully customizable platform. Emerging from stealth mode with $8.2 million in seed funding led by Castle Island Ventures, SendBlocks addresses the challenges of data flexibility and scalability in high-throughput blockchains. By enabling enterprises, ecosystems, and applications to define and access the data they need, SendBlocks eliminates the need for extensive in-house data teams or expensive, outsourced, solutions per data point.

Contact

CEO
Omri Hurwitz
Omri Hurwitz Media
omri@omrihurwitz.com

Recently, various fears have spread due to a news regarding the Polkadot crypto ecosystem. 

In reality, it was not a real news item, but information contained in the latest Polkadot Treasury Report.

Crypto news: the treasury of Polkadot and the fears generated by the report

The information that has generated some fear is related to the assets held by the treasury of Polkadot, with a total value of approximately 245 million dollars.

In fact, according to some estimates, these funds might be sufficient only for another two years, if expenses were to remain as they are currently.

The Polkadot Treasury Report of the first half of 2024 shows for the first time the entire amount of assets under the control of the treasury.

These funds include not only DOT, but also USDT and USDC, and are held on three different chains. 

It was therefore not easy to reconstruct it from the outside, so much so that the authors of the report themselves define Polkadot’s treasury as “complex and difficult to understand”. The report therefore aims to make this information known to everyone. 

It is a report created for the first time trying to approach traditional accounting reporting practices, while previous ones focused only on direct expenses. In fact, the current report is also accompanied by a true and proper balance sheet.

The assets held by the treasury

As of June 30, 2024, the treasury of Polkadot managed 245 million dollars in assets, of which 188 million are liquid.

Eight million dollars of these reserves are in the form of stablecoin USDT and USDC, with an additional 2.5 million DOT (approximately 16 million dollars) allocated for the continuous acquisition of other stablecoin tokens.

In the first half of 2024, the treasury spent 87 million dollars, of which 13% comes from executive bodies (awards and collectives).

At a certain point in the report they write: 

“At the current spending rate, the Treasury has about 2 years of leeway, although the volatile nature of Treasury securities denominated in cryptocurrencies makes it difficult to make predictions with certainty. This has sparked discussions ranging from a more rigorous budget approach to a modification of the system’s inflation parameters.”

The fears of the community due to the latest crypto news on Polkadot

The problem is that 2 years of leeway might be too limited a time for the evolution of Polkadot’s crypto project, if not even for its very survival. 

Polkadot in fact has not yet had that big boom that other crypto projects have had and that could allow it to attract millions of users and therefore many potential sources of income.

At that point, the fear, highlighted in the same report, is that the managers of the Polkadot project may be forced to increase the inflation of the monetary mass of DOT to try to make up for a possible lack of funds. 

The project in its current state spends too much and earns too little, so in the long run it is not sustainable if something does not change. 

The easiest change to make would be to increase the inflation of the money supply, that is, to issue more DOT. 

The inflation of DOT

Currently, the inflation rate of the circulating supply of DOT is 10% per year.

Just think that for Bitcoin starting from this year it has fallen below 1%, and for Ethereum it should be close to zero.

The fact is that the continuous issuance of new DOT tends to increase the selling pressure on the crypto markets, or in any case to keep it high without the possibility of it being significantly reduced. 

Should the community be forced to accept a further increase in inflation, one would expect a worsening of the market value trend of DOT in the long term. 

The price of DOT

DOT, or the native cryptocurrency of the Polkadot ecosystem, has slipped to the 14th overall position among those with the highest market capitalization, overtaken even by Shiba Inu. 

Even during the course of 2024 the price of DOT so far has lost 22%, while for example BTC is at +48% and ETH at +50%.

Among the top 20 cryptos by market capitalization, DOT from this point of view performs worse only than MATIC (-41%), Cardano (-30%), and Avalanche (-27%). 

In total, excluding stablecoins, there are only six cryptos in the top twenty that are currently in bear territory compared to the end of 2023. 

Moreover, DOT is still at -88% from the highs of 2021, and this data seems particularly concerning in light of what has emerged in the treasury report. 

Although from October 2023, which was the bottom of the last bear-market for DOT, until mid-March 2024 it had recorded a significant +230% in price, starting from April it entered a phase of deep correction that brought it back to only +77% from the bottom. 

The current price is even lower than that of November 2022, and this sounds like a powerful alarm bell.

The future

The problem should be precisely the high rate of inflation, which moreover cannot be reduced because it is needed to finance the development of the project. 

Indeed, the hypothesis is that in the coming years it may even be necessary to discuss whether to further increase this rate of inflation, thus causing even more problems for the price of DOT. 

From a technological standpoint, the Polkadot project continues to move forward, but from a financial standpoint, it suffers a lot, and has been suffering for some time now. 

Furthermore, it does not even have a minimally interesting DeFi ecosystem, given that it has a TVL of only $70,000.

In the absence of DeFi, and with slow and ineffective marketing, it is really very difficult to imagine that the price of DOT can recover, with such high inflation that it cannot actually be reduced. 

Therefore, from a technological point of view, Polkadot may have a future, but from a financial point of view, many doubts can be raised about the stability of its cryptocurrency DOT. 

The approval granted by Singapore to Paxos for the issuance of its stablecoin marks a turning point in the evolution of regulated cryptocurrencies. 

This event confirms the strict adherence to international financial regulations. Furthermore, it lays the foundation for a trusted and secure environment for investors and users of cryptocurrencies in Asia and beyond.

In addition, the strategic partnership with DBS for the custody of the reserves underlying the stablecoin underscores the commitment to security and transparency in the emerging digital finance sector.

Let’s see all the details below. 

The monetary authority of Singapore at the forefront with the framework for stablecoins: the milestone of Paxos 

As anticipated, Paxos, a company specializing in digital assets, has obtained the green light from the Monetary Authority of Singapore to offer digital payment token services, paving the way for the issuance of stablecoin. 

DBS, the largest bank in Singapore, will collaborate with Paxos to manage liquidity and custody the reserves of the stablecoins.

On Monday, Paxos announced that it had obtained full approval from the Monetary Authority of Singapore, thus becoming operational in its third jurisdiction. 

The main products of Paxos include PayPal USD (PYUSD) and Pax Dollar (USDP), and the partnership with DBS will ensure a safe and efficient management of their reserves.

Last year, Singapore introduced a framework for stablecoins, requiring issuers to adhere to strict stability and redemption requirements. 

This new regulatory framework is designed to ensure the security and trust of users in the stablecoin market. Based in New York, Paxos is already authorized to operate in the state of New York and the United Arab Emirates. 

The expansion to Singapore represents a significant step forward for the company, consolidating its global presence and strengthening investor confidence in stablecoins as safe and reliable financial instruments.

Circle: first company to obtain the EMI license in the EU for stablecoin

Besides Paxos, there is other important news regarding stablecoins. 

Circle, global issuer of stablecoin, has reached an important milestone by becoming the first company to obtain an Electronic Money Institution (EMI) license in the European Union. 

This license is essential to offer cryptocurrencies pegged to the dollar and the euro in the EU according to the new regulation of the crypto-asset markets (MiCA).

The EMI license positions Circle, whose USDC is the second largest stablecoin after Tether USDT, in a favorable position to expand its market share among the 450 million inhabitants of the 27 member countries of the European Union. 

We remind that stablecoins are fundamental in the digital asset market, facilitating trading on exchanges and finding more and more applications in transactions and remittances. 

Currently, Circle’s USDC is worth 32 billion dollars, while the gap with Tether’s USDT, which amounts to 110 billion dollars, continues to increase.

Thanks to the license granted by the French banking regulatory authority, Circle Mint France will issue its stablecoin EURC, denominated in euros, directly in the EU. Additionally, it will also manage the issuance of USDC from the same institution. 

This initiative follows the implementation of the MiCA regulations on stablecoins on June 30, which led some cryptocurrency exchanges to remove euro-denominated stablecoins such as Tether’s EURT.

The global approach of MiCA to stablecoins was incentivized by the possibility that large tech companies like Meta could enter financial markets with projects like Diem (formerly Libra). 

This has led to five years of concerted political development in Europe, according to Dante Disparte, head of policy at Circle, who participated in the Libra project.

OKX enters the crypto gaming Web3, announcing the launch of “OKX GameSphere”. The new platform provides developers with a full range of innovative solutions to engage players. 

OKX and Web3 crypto gaming: the launch of the platform for GameSphere developers 

OKX has launched the new Web3 crypto gaming platform OKX GameSphere, dedicated to game developers.

In practice, it is an innovative platform that provides developers with a complete range of Wallet as a Service (WaaS) solutions, APIs, and game promotion.

The objective is to enable them to reach the launch of their Web3 games on the market more quickly, supporting them and creating an engaging experience for the players. 

Among other things, OKX GameSphere aims to provide developers with all the tools to bring their creative ideas to life, as well as offering support in the development process of their Web3 games and their distribution. 

Not only that, through the use of the API of the crypto gaming market, the exchange of tokens and the trade of NFTs will also be facilitated. In this regard, with OKX GameSphere, developers will also be supported in the issuance of new NFTs and all associated services such as NFT drops or flash sales or minting. 

The new crypto gaming platform then offers the possibility to integrate OKX Wallet within the project-game ecosystem for the creation, backup, and login of cryptocurrency wallets seamlessly.

And finally, not least in importance, there will also be the possibility for the project teams to establish their own royalties for NFT transactions.

OKX and the crypto gaming Web3 sector: GameSphere to enhance the gaming experience

This new entry of OKX into the world of crypto gaming Web3 with GameSphere also aims to provide an innovative platform capable of enhancing the gaming experience. 

In fact, OKX GameSphere provides exclusive game pages with game resources, links to social media, and other game-related information. Not only that, developers can also be supported in marketing through personalized promotions based on the specific needs of the collaborators. 

OKX GameSphere has already started to make waves in the Web3 gaming space, collaborating with leading projects such as Lumiterra, a multiplayer and open-world survival crafting game, and Metacene, a blockchain MMORPG.

The entry into the metaverse sector

While today we celebrate OKX’s dive into the world of crypto-gaming Web3, last February the company celebrated its entry into the metaverse. 

In fact, OKX Wallet along with Crypto.com DeFi Wallet and Halo Wallet, have become partners of Mocaverse. 

In this way, OKX Wallet users can request their unique Moca ID in-app, allowing them to enter the metaverse, where they can access various cultural and entertainment experiences. 

In this article we take a look at the European ETF by VanEck “Crypto And Blockchain Innovators” UCITS. Let’s see what it is composed of, what the management costs are, the performance, and the opportunities on the speculative level.

This type of ETF, as well as all other European funds that fall under the UCITS category, could see a strong inflow of assets in the coming months: the regulator ESMA is indeed requesting to add Bitcoin as an underlying asset of these investment products.

This is a huge potential if we consider that this type of European stock exchanges has an AUM of 12 trillion dollars.

Let’s see all the details below.

Cryptographic investments in Europe through ETF: VanEck Crypto and Blockchain Innovators UCITS 

The VanEck Crypto and Blockchain Innovators UCITS ETF is a fund launched in April 2021 that invests in the drivers of blockchain transformation.

Let’s talk about an investment tool aimed at the European public, which nevertheless supports cryptographic activities worldwide and with the base currency USD.

The funds denominated UCITS (undertakings for the collective investment in transferable securities) actually represent regulated funds at the European level that can, however, also be traded abroad.

The Crypto and Blockchain Innovators di VanEck aims to incorporate those activities that use digital assets to transform the financial industry and other productive sectors.

Compared to other well-known and established ETFs like SPX, VWCE, and MSCI, it has a significantly smaller size with an AUM of 145 million dollars.

According to the platform JustETF, the management costs of the fund are quite high, with a TER of 0.65%. 

The investment strategy follows accumulation, therefore all profits are reinvested in the product. The constituent parts of the ETF (holdings) are only 20, highlighting a low diversification compared to other funds that follow over 1000 parts.

The reference index is the MVIS Global Digital Assets Equity, while the provider is obviously VanEck, domiciled in Ireland.

Source: https://www.justetf.com/en/etf-profile.html?isin=IE00BMDKNW35#overview

At the moment the price of the fund is 8.19 EUR; up by 0.37% in the last 24 hours.
In the last year it has grown by 84%, reflecting a price performance similar to the benchmark Bitcoin. Since its launch in 2021, however, it has lost 43.83%, while Bitcoin from the same date is strongly in the bull with an X2 on prices.

Although with a limited history, we can observe how the ETF Crypto and Blockchain Innovators follows various moments of bull and bear.

In 2023, for example, it was the best performer with a performance of +291%, better than the 1,372 funds tracked by Bloomberg.

VanEck #ETH ETN is now the #1 traded such product on Deutsche Boerse by volume.
Our #BTC ETN is #2.
And our crypto UCITS ETF was the best performer of 2023 out of 1,372 funds Bloomberg tracks –>@vaneck_eu pic.twitter.com/nNHW2FGDF0

— matthew sigel, recovering CFA (@matthew_sigel) January 3, 2024

VanEck and its dominant position on digital assets

The VaneEck Crypto and Blockchain Innovators UCITS ETF represents an excellent means for European investors to gain exposure to cryptocurrencies through a regulated product.

The American company VanEck, expert in the issuance of exchange-traded funds, however, offers a wide range of instruments beyond the one just mentioned.

Among ETF and ETN it presents about 8 different methods to invest in certain sectors of the crypto and blockchain market, in addition to the spot Bitcoin HODL ETF.

Each fund focuses on a particular cryptocurrency, or replicates the trend of a specific industry.

The advantages of investing with these instruments are numerous: first of all, it allows speculative exposure without having to rely on unknown and unreliable third parties.
With the various VanEck ETFs, you can invest in specific companies such as miners, exchange groups, and other essential parts for the development of the sector.

The risks stem from the fact of utilizing a limited liquidity compared to the underlying assets and limited diversification. Added to this are the technological risks of a developing world.

Definitely if you want to buy Bitcoin and other coins it is more convenient to do it directly in the crypto market: you pay fewer fees and enjoy higher returns by buying from CEX and moving the funds to private wallets.

However, if one is not competent in this industry, VanEck funds are a good compromise for investing in security without missing too many opportunities.

It is also worth noting how VanEck also has private funds. Just yesterday, an insider of the company reported the victory of an award at the Global Digital Asset Awards 2024 by Hedgeweek.

The VanEck Digital Assets Alpha fund, available only to qualified purchasers, achieved the highest score both in returns and risks for the year 2023.

For this reason, it was awarded as the best directional fund and best performer of the year (long bias) 

A great result for the fund manager VanEck, which strengthens its presence in the cryptocurrency territory.

We are excited to announce that our VanEck Digital Assets Alpha Fund, one of our private crypto funds, has won two prestigious awards at Hedgeweek’s Global Digital Asset Awards 2024 @vaneckpk:

– Best Directional Fund
– Performance of the Year – Long Bias Fund (1+ Years)

The…

— VanEck (@vaneck_us) July 1, 2024

The European regulator ESMA is considering adding Bitcoin to UCITS products

According to experts, the Vaneck Crypto and Blockchain UCITS ETF could attract a large amount of investment liquidity in the coming months.

This is because the European financial regulator ESMA is considering whether to include Bitcoin within UCITS products (those regulated in the Union):

After the SEC opened up to spot ETFs for crypto in January, European institutions now also want to offer their own contribution to the technology sector.

If the request were accepted by ESMA, we could celebrate a very important milestone for the crypto market. In fact, the UCITS markets are worth a total of 12 trillion dollars, about double the size of the US ETF market.

BREAKING: European regulator considers allowing #Bitcoin exposure to be added to $12 TRILLION market for UCITS.

UCITS are almost 2x bigger than US ETFs! pic.twitter.com/uyY6eYWzzP

— Bitcoin Archive (@BTC_Archive) May 9, 2024

The news was first released on May 9, and it seems we are getting closer and closer to a final decision.

It is not yet clear, however, if the exposure of Bitcoin in UCITS ETFs will be futures or spot.

The parties interested in this novelty have until August 7 to express their opinions on the subject, indicating pros and cons.

Among these, ESMA has called to action all “investors and consumer groups interested in retail investment products.” Added to this are investment companies, management companies, UCITS depositaries, trade associations, and much more.

All the information related to this feedback request from the regulator is contained on this link.

We remember that in any case, if Bitcoin is added to the UCITS group, it will be a victory for the entire crypto sector.

In fact, the UCITS markets enjoy a reputation for stability and consistent returns, and represent 75% of all retail investor investments across the EU.

In particular, VanEck’s products, such as the “crypto and blockchain innovators,” would see strong buying pressure if the request were to pass officially.

Should crypto-asset exposure be added to a €12 trillion investment product market in the EU?

This is what ESMA, the EU Securities & Markets Authority, would like experts to weigh in on.

UCITS funds have €12 trillion of assets under management and account for ~75% of all… pic.twitter.com/83qz7MMduB

— Patrick Hansen (@paddi_hansen) May 10, 2024

The year 2024 could be remembered for a long time as the year of crypto regulation.

The real game-changer for the mass adoption of this technological sector.

SPONSORED POST*

VanEck head of research, Mattew Sigel, has shared compelling reasons why the global investment management firm finally bit the bullet and filed for a Spot Solana ETF in the US. The unexpected move has generated significant excitement within the crypto community, propelling ETF-focused platforms like ETFSwap (ETFS) to the spotlight as investors anticipate a potential bullish surge.  

All Eyes On ETFSwap (ETFS) As VanEck Files Spot Solana ETF 

VanEck’s Spot Solana ETF filing in the US brings considerable attention to ETFSwap (ETFS), a leading decentralized cryptocurrency and ETF platform. ETFSwap (ETFS) is a decentralized exchange which allows users to swap cryptocurrencies for institutional tokenized ETFs backed by tangible assets with real value. 

By integrating blockchain technology through the collaboration of MiCa complaint-regulated investment banks, ETFSwap (ETFS) has designed a transparent and secure trading system for investors to execute ETF trades and transactions seamlessly. This platform is establishing itself as a key player in the tokenized ETF market by providing direct exposure to tokenized ETFs, including Spot Solana ETFs. 

ETFSwap (ETFS) also boasts of an extensive library of tokenized institutional ETFs, which provide direct exposure to valuable commodities. To ensure user privacy and security, this platform has employed powerful security measures that are verified through a comprehensive audit executed by CyberScope, a renowned blockchain audit and cybersecurity firm

Prioritizing users’ trading experiences on its platform, ETFSwap (ETFS) has incorporated Artificial Intelligence (AI) backed ETF screeners and trackers to generate the best ETF recommendations for users. These ETF suggestions are provided after executing complex predictive and sentiment analysis on the ETF market while also sifting through market trends and large volumes of historical data. 

ETFSwap (ETFS) has also launched the presale of its native token, ETFS. The ETFS tokens is the powerhouse of ETFSwap’s ecosystem that facilitates decentralized trading and provides trading incentives to user, such as low transaction fees and high ETF staking rewards.

​As the crypto community still reels from the excitement of VanEck’s Spot Solana ETF filing, ETFSwap (ETFS) is capitalizing on the market’s hype to fuel a price surge. Investors who participate in its ongoing presale have the opportunity to generate significant gains as analysts have predicted a massive 108X rally for ETFSwap (ETFS) following the launch of a Solana Spot ETF. 

Investors can buy ETFS tokens at its current discounted price of $0.01831 before the value increases to $0.03846 by the second presale phase. The demand for ETFS tokens is surging, underscored by the presale’s success after recording over 350 million sold tokens and raising more than $3 million.

Why VanEck Filed A Spot Solana ETF

On June 27, VanEck officially filed for a Spot Solana ETF to the United States Securities and Exchange Commission (SEC). Following this, VanEck’s head of research outlined in an X (formerly Twitter) post the reason why the company had decided to file for a Spot Solana ETF in the US. 

According to Sigel, SOL’s status as a leading open-source blockchain network, its numerous use cases and its robust utility make it a prime candidate for an ETF. He disclosed that SOL was a major competitor to Ethereum and boasts of a network which operates as a single global machine designed to handle various applications including payments, gaming, trading and social interactions. 

Sigel emphasized that another major reason why VanEck filed a US Spot Solana ETF is because of the blockchain’s robust security and strong community. The VanEck head of research explained that the intriguing combination of high throughput, low fees and diverse use cases makes SOL an attractive option for an ETF. He also confirmed that the potential launch of a Spot Solana ETF in the US may expose investors to SOL’s versatile and innovative open-source ecosystem. 

Stay Ahead Of The Solana ETF Curve With ETFSwap (ETFS)

VanEck’s filing of the first-ever Spot Solana ETF in the US has spotlighted ETFSwap (ETFS), an innovative platform which provides access to tokenized institutional ETFs. ETFSwap’s token presale is open for a limited period, giving investors a prime opportunity to acquire tokens at a lower price and maximize their potential returns. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

*This article was paid for. Cryptonomist did not write the article or test the platform.

This article was paid for*

GigaChadGPT is a meme coin inspired by the Chad meme. Boasting a chiseled face and AI capabilities, this project ran a successful presale in February 2024, raising $250,000. 

With its unique AI-driven powers that let users generate images using prompts, the project has gained much attention from creators and investors. 

This article explores this project’s use cases before giving an alternative meme coin investment with more potential. 

What is GigaChadGPT?

The Giga Chad meme inspires many. “Its indifference to negativity and attitude towards becoming a fit warrior are powerful images that have found their way into multiple social circles, growing against the current “woke movement.” 

GigaChadGPT is a project that capitalizes on this meme while adding AI-driven fundamentals inspired by ChatGPT.

The official whitepaper simply describes this project as “GigaChad + GPT.” GigaChadGPT portrays itself as a movement. “It’s like having the brain of a genius and the body of a Greek god,” the official whitepaper states. 

This imagery has been used to showcase a chatbot. Like GPT, it gives answers. However, the stoic tone in which users receive answers complements the modern generation’s ‘based’ narrative.

GigaChadGPT Token Price History

GigaChadGPT ran a successful presale that ended on 1st February. It was listed on a DEX simultaneously. 20 days later, Bitmart, the world’s 18th biggest cryptocurrency exchange by trading volume, also listed this token. 

GigaChadGPT launched on DEX at $0.0045. Subsequently, its listing on a centralized exchange pumped its value by 347%. 

However, the token has had a continuous downtrend since its first peak. DEXTools shows that it has dropped more than 98% from its all-time high. 

At press time, GIGA token is trading around the $0.00044 level. Its market capitalization is $45k, and its total liquidity is $10,833. 

Furthermore, GigaChadGPT has not been very active on social media since April 25, when it tweeted about its latest image generation bot on Telegram.

The image generation contest entries are in. Please vote for the best entry in our telegram!https://t.co/upxP2WOink#gigacontest #gigachadgpt #crypto #ai pic.twitter.com/e66eA5QqVt

— GigaChadGPT Official (@GigaChadGPT_io) April 25, 2024

That said, GigaChadGPT has amassed a good following on Telegram. At the time of writing, its Telegram group has over 33,000 members. 

GigaChadGPT Price Prediction – Is it a Good Investment?

The current price charts paint a grim picture of the GigaChadGPT token. However, the onus of this performance does not fall solely on the token itself. Bitcoin is struggling to stay above the $62k mark, with some analytics on Cointurk predicting a relief rally this month. 

However, these predictions may take time to take hold since Mt Gox’s recent announcement to start repayments has triggered sell-offs. 

That said, since the middle of June 2024, GigaChadGPT has been trending sideways around the $0.0044 mark. There have been almost an equal number of green and red days, showcasing the struggle between bulls and bears. 

The project’s Relative Strength Index (RSI) currently rests at 22.7, making it an oversold asset. This means a bounce may arrive soon, but if the project drops below $0.0004362, this prediction will be nullified. 

While GigaChadGPT has potential, the token is live on exchanges and is subject to the market’s volatility, which doesn’t make it the most optimal cryptocurrency investment. Therefore, another meme coin with AI fundamentals available on presale, such as WienerAI, would be a better alternative. 

WienerAI (WAI) – Is it the Best Alternative to GigaChadGPT?

GigaChadGPT concluded its presale after raising $250,000, which makes it a microcap crypto. WienerAI, on the other hand, has already raised more than $6 million during its presale. 

A meme coin with an AI core, WienerAI is a project that blends a quirky sci-fi tale with a robust AI-driven use case to give users an amazing asset with long-term potential. 

Crypto YouTube channel 99Bitcoins said in their recent video about WienerAI that it has 50x to 100x potential.

Described by its official whitepaper as “Part Dog, Part Sausage, and Part AI Trading Bot,” WienerAI has unveiled its automated trading bot already. 

Developers have crafted an enhanced AI trading bot with an interactive interface that complements fast transactions and MEV protection. This bot also acts as an advisor, guiding investors to make better investment decisions. Furthermore, WienerAI’s no-fee approach is another reason it has been so well received by the community. 

Compared to GigaChadGPT, whose AI-driven facilities are limited to creating community engagement through image generation, WienerAI has a more robust utility, making it a better investment. 

The WienerAI presale is getting closer to its current target of raising $7.2 million, after which the WAI price will increase. Therefore, those wanting to be early adopters should act now and visit wienerdog.ai. 

To stay updated with this project, also follow the social media handles below. 

Twitter | Telegram

*Cryptonomist did not write the article or test the platform.

Chainalysis explains the reason why stablecoins have been selected as the first target of MiCA regulation.

Why were stablecoins chosen as the first tool for MiCA regulation? The experts at Chainalysis explained it

June 30, 2024 marks an important milestone for crypto assets in the European Union, with the entry into force of the regulation aimed at regulating stablecoins. 

This event represents the first step of the MiCA (Markets in Crypto-Assets), the comprehensive regulatory framework established by the EU for the regulation of cryptocurrencies, which will be implemented in phases, with full compliance required by the end of the year.

The experts at Chainalysis have conducted a detailed analysis to understand why stablecoins were selected as the first target of MiCA regulation. There are several main reasons that explain this strategic choice.

1. Stability of value

Stablecoins, as the name suggests, are designed to maintain a stable value, often pegged to a fiat currency like the US dollar or the euro. This characteristic makes them less volatile compared to other cryptocurrencies like Bitcoin and Ethereum. The stability of value is crucial for daily transactions and makes them an ideal starting point for integration into the traditional financial system.

2. Wide use and adoption

The stablecoin are among the most used and adopted crypto assets in the world of cryptocurrencies. According to data from Chainalysis, in 2023 the overall transaction volume on the blockchain reached 10 trillion dollars, with stablecoin making up 60% of that volume. 

This data highlights the importance and widespread use of stablecoin in the cryptocurrency market, making them a key target for initial regulation.

3. Ease of monitoring

Unlike traditional cryptocurrencies, stablecoins are easier to monitor and trace, thanks to their structure anchored to fiat currencies. This characteristic facilitates the task of regulatory authorities in following the money flows and preventing illicit activities such as money laundering and terrorism financing.

Degree of use of stablecoins: on-chain analysis by Chainalysis, the impact of MiCA regulation

Chainalysis, a leading company in blockchain analysis, has provided detailed data on the use of stablecoins. The on-chain analysis reveals some interesting aspects regarding transaction volume and user behavior.

Transaction volume

In 2023, stablecoins accounted for 60% of the $10 trillion total transaction volume on the blockchain. This data demonstrates the enormous popularity of stablecoins in the cryptocurrency landscape. Their use is widespread among both retail users and financial institutions, highlighting their importance as a transaction tool.

Number of daily transfers

Every day, approximately 1.5 million transfers are sent with stablecoins. This high number of daily transactions highlights the widespread use of these cryptocurrencies for various purposes, including daily payments, international remittances, and commercial exchanges.

Value of transactions

Another interesting data point provided by Chainalysis concerns the value of transactions. 91% of these transactions have a value of less than 10,000 dollars. This suggests that the majority of transaction volume concerns the lower denominations, indicating substantial retail use of stablecoins. Users utilize them to purchase goods and services, transfer small amounts of money, and manage daily expenses.

Implications of stablecoin regulation

The regulation of stablecoin by the EU represents a significant step towards creating a safer and more transparent environment for cryptocurrency users. By establishing clear rules and compliance requirements, the EU aims to protect consumers and ensure the stability of the financial system.

Security and consumer protection

With regulation, users can expect greater protection against fraud and illicit activities. The regulations will require stablecoin providers to implement strict security measures and maintain sufficient reserves to ensure the stability of their coins.

Transparency and trust

The regulation of stablecoins will help improve transparency in the cryptocurrency market. Companies will have to provide clear and accurate information about their operations, increasing the trust of users and investors in the system.

Impact on the cryptocurrency market

The adoption of stablecoin regulation will have a significant impact on the cryptocurrency market. It could stimulate greater adoption by traditional financial institutions, which will see stablecoin as safer and more reliable instruments for transactions.

Conclusions

The entry into force of the regulation on stablecoin on June 30, 2024, represents an important milestone for crypto assets in the EU.

The choice of stablecoin as the first target for regulation is justified by their stability, widespread use, and ease of monitoring.

Chainalysis data reveals a wide use of stablecoin, especially for small-value transactions, highlighting their crucial role in the cryptocurrency landscape.

With the regulation, the EU aims to create a safer and more transparent environment, promoting trust and consumer protection in the bull and bear market of cryptocurrencies.

Recently, there have been several sales of BTC, especially via OTC by those who do mining, which have caused the price of Bitcoin to drop. 

The market value of BTC began to decline on June 7, and this decline continued for more than two weeks, until the 24th of the same month. 

Subsequently, Bitcoin moved sideways above $60,000 for about six days, then returned above $62,000.

OTC sales of mining: the price of Bitcoin drops 

With the halving on April 20, the reward for miners has been halved. 

Furthermore, the average fees have also decreased, from almost $20 the day before the halving to $2 at the end of May. 

This dynamic has put several Bitcoin miners in difficulty, also because the difficulty in the meantime has only decreased by 5%. Therefore, in the face of a sharp drop in revenues, they have not been able to benefit from an equally strong drop in consumption.

At that point, in order to continue their mining activity sustainably, they had to dip into their savings and start selling BTC accumulated in previous months or years.

The recent report Bitfinex Alpha, published yesterday, reveals that Bitcoin miners have sold BTC both via OTC and on open markets. They were forced to do so to support their operations after the halving and the collapse of their revenues.

However, it also reveals that, in addition to this, the selling pressure has increased due to the liquidations by the German law enforcement and those expected from Mt. Gox.

The monetization of the holders

The analysts at Bitfinex also state that, according to the data in their possession, long-term BTC holders began to realize profits at prices higher than the maximum of the previous cycle ($69,000) during the second quarter of 2024. The problem is that they then resumed realizing profits even after, at a lower price and on a smaller scale. 

They say: 

“Although in a bull market profit-taking is expected, the extent of this activity raises concerns. If long-term holders continue to take profits at current levels (which we consider unlikely for an extended period), this could exert significant short-term downward pressure on the price of Bitcoin, potentially extending the current decline and impacting the medium-term bull market.

A decrease in miner sell-offs indicates a potential market stabilization. However, the high level of profit realization by long-term holders could pose the risk of further price decreases if the trend persists.”

So if on one hand the sales of the miners should have decreased, in the meantime those of the hilder have increased. 

The trend of the price of Bitcoin

The result of such a dynamic is that Bitcoin has not been able to maintain the positive trend from the beginning of the year, and in recent weeks specific asset factors have added further headwinds to the prices of digital assets.

Due to this, the first semester ended with a whimper, and Bitcoin also decoupled from U.S. stocks during the month of June, precisely when long-term holders resumed selling, generating an excess supply that negatively impacted the market.

However, the price level reached on June 24 (just below $60,000) was perfectly in line with the bottom of mid-May, and higher than the bottom of early May, touched with the beginning of the post-halving decline. 

To tell the truth, the post-halving decline started even before the halving itself occurred, as markets often anticipate events (especially predictable ones). 

On April 8, the price was still above $72,000, and within less than ten days it had fallen below $62,000. That decline continued even after the halving on June 20, and ended on the first of May below $57,000. 

Since then, however, the price of Bitcoin has not returned to this last figure, and it has always managed quite well to hold at least $60,000.

The OTC sales of mining farms and holders cause the price of Bitcoin to drop

The sales of miners likely concentrated in April and May, and decreased in June. 

Partly because the difficulty during the month of May decreased, reducing costs for the miners, partly because they started to run out of BTC reserves to liquidate. 

The stock titles of the main American mining companies listed on the stock exchange have marked a bottom in this phase between June 24 and 26, while the decline had started either at the end of April or after mid-May. 

In other words, May was the most difficult month for the miner, while during the month of June the situation seems to have stabilized. 

A different discourse, however, is related to the holders, who do not have real needs to sell, unless in specific cases. 

From June 7 to 24, the selling pressure increased in the face of still low buying pressure, and this caused the price of BTC to drop from $70,000 to less than $60,000. However, this decline also seems to have halted for the moment. 

It is therefore possible that the mass sales of miners and holders starting from this week have been significantly reduced, after a couple of abundant months in which they have dominated. 

Capital.com, a famous fintech company, has partnered with TradingView to offer its trader clients more sophisticated analytical tools. 

Capital.com: la società fintech sceglie TradingView per migliorare le sue prestazioni nel trading 

Capital.com, famous fintech company with more than 1000 billion dollars of trading volumes recorded in 2023, has announced its partnership with TradingView. 

EXCITING PLATFORM UPDATE

We’re launching new, super-advanced charts courtesy of @tradingview!

What you’ll get:
More tools
Enhanced navigation
Customisable visuals
New market comparison
Refined templates

We can't wait to see what you think! pic.twitter.com/kGxPEKXail

— Capital.com International (@capitalcom) June 26, 2024

“AN EXCITING PLATFORM UPDATE. We are launching new super advanced charts courtesy of @tradingview! What you will get: More tools; Improved navigation; Customizable images; New market comparison; Refined templates. We can’t wait to see what you think!”

In practice, the sophisticated analytical tools of TradingView will be integrated on the famous global trading platform of Capital.com.  

Specifically, Capital.com together with TradingView will bring improvements in terms of access to enhanced drawing tools, customizable charts, and a comprehensive list of indicators to support and enhance the trading experience of its clients. 

The fintech company allows customers to trade derivatives on over 3,000 indices, commodities, criptovalute, stocks, and the most popular currency pairs in the world.

Not only that, Capital.com offers clients access to free educational and trading tools to help them refine their trading knowledge.

Capital.com: the fintech company becomes more sophisticated thanks to the partnership with TradingView

From what has emerged, the news seems to complete an already collaborative effort between the two companies. 

In this regard, Pierce Crosby, General Manager of TradingView, stated:

“Capital.com continues to provide top-level product implementations for its users – and for ours! We have been collaborating with their team for several years and are continually impressed by the consistency of updates and implementations. The latest update allows customers to access the best of our chart libraries with the Capital.com product ecosystem. This completes the existing trading integration we have established to bring Capital.com’s trading capabilities into the TradingView ecosystem.”

On a more concrete level, the new version of Capital.com with integrated TradingView will offer its clients more popular analysis tools, such as Fibonacci, Gann, and Elliot. There will be over 30 additional indicators for the most common trading strategies and over 35 drawing tools to plan operations, as well as rulers and emojis. 

Not only that, on the Capital.com trading platform, customers will now be able to monitor price action across multiple markets simultaneously and access the improved navigation and toolbar features. 

The partnership with the crypto-exchange Bitget

TradingView seems to be increasingly chosen by all trading platforms. In fact, it was last March 2023, when the crypto-exchange Bitget announced that it had integrated the sophisticated analytical tools of TradingView into its platform.

Even in this case, having the support of TradingView means being able to offer a simplified trading experience to one’s users, in order to make more informed and professional decisions. 

TradingView is a charting and trading platform, which has become popular because it allows users to perform technical and fundamental analysis, using comprehensible tools. 

The Cardano blockchain, known for its emphasis on sustainability and technological innovation, has recently made a significant step forward by updating its compliance indicators to the MiCA (Markets in Crypto-Assets) crypto regulation six months ahead of schedule. 

This effort was made possible by the collaboration between the Cardano Foundation and the CCRI (Crypto Carbon Ratings Institute), two entities committed to promoting sustainable and transparent practices in the cryptocurrency sector.

The MiCA crypto regulation and the Importance of compliance: Cardano’s move

The regulation MiCA, proposed by the European Union, is one of the most ambitious attempts to create a clear and unified regulatory framework for cryptocurrencies and digital assets.

MiCA aims to establish common rules for investor protection, fraud prevention, and ensuring financial stability, in a sector often considered opaque and volatile.

Compliance with MiCA represents a crucial step for any blockchain project aspiring to operate within the EU, ensuring investor trust and institutional acceptance.

Cardano has always stood out for its commitment to environmental sustainability. Its Proof-of-Stake (PoS) architecture is significantly more energy-efficient compared to the traditional Proof-of-Work (PoW) systems used by blockchains like Bitcoin.

This approach reduces energy consumption and the carbon footprint, making Cardano one of the most eco-friendly blockchains.

With the release of sustainability indicators compliant with MiCA, the Cardano Foundation and the CCRI have further strengthened this position.

These indicators provide a series of metrics that measure the energy efficiency and environmental impact of the blockchain, allowing stakeholders to easily evaluate Cardano’s performance in terms of sustainability.

Indicators of sustainability and transparency

The indicators released cover various aspects, including energy consumption per transaction, the total carbon footprint of the network, and CO2 emissions. These metrics are crucial not only to meet MiCA requirements but also to provide transparency to users and investors. The availability of clear and verifiable data allows for building a climate of trust, fundamental for the large-scale adoption of criptovalute.

The CCRI has played a fundamental role in this process, using scientific methodologies to assess the environmental impact of the Cardano blockchain. The collaboration between CCRI and Cardano Foundation has ensured that the indicators released are accurate, relevant, and in line with the best practices of the sector.

Updating the MiCA compliance indicators six months in advance, Cardano positions itself at the forefront of the regulatory curve. This temporal advantage offers numerous strategic benefits. Firstly, it allows Cardano to demonstrate its commitment to regulation and transparency, strengthening its reputation among investors and financial institutions.

Secondly, regulatory anticipation reduces the risks associated with potential unforeseen regulatory changes. Being proactive rather than reactive allows Cardano to adapt quickly to new regulations, minimizing operational disruptions and ensuring continuous compliance.

Finally, this move could positively influence other blockchains, pushing them to improve their sustainability and transparency practices. Cardano’s leadership could act as a catalyst for positive change throughout the cryptocurrency sector, promoting a higher standard of environmental and regulatory responsibility.

Conclusions

The update of MiCA compliance indicators by Cardano represents a significant step towards a more sustainable and regulated future for cryptocurrencies. The collaboration between the Cardano Foundation and the CCRI has produced sustainability metrics that not only meet regulatory requirements but also offer transparency and trust to investors.

With six months in advance of the expected deadline, Cardano demonstrates its commitment to innovation and regulatory compliance, positioning itself as a leader in the sector. This proactive approach not only strengthens its market position but could also inspire other blockchains to follow suit, contributing to a more sustainable and transparent cryptocurrency ecosystem.

The initiative of Cardano is a striking example of how emerging technologies can align with regulatory and environmental goals, creating value not only for investors but also for society as a whole.

Revolut, the financial super app, has published its revenues for the year 2023, revealing record profits of 545 million dollars. The fintech company has been in net profit for three consecutive years. 

Revolut app doubles its revenues in 2023 with record profits of 545 million dollars

Revolut, the super financial app, has published its annual report for the year 2023 with revenues that have increased by 95% compared to the previous year. Not only that, the fintech company has outdone itself also in terms of profits, recording a record of 545 million dollars. 

Specifically, Revolut closed 2023 with 2.2 billion dollars (1.8 billion pounds) in revenue, almost double the 1.1 billion dollars of 2022. The net profit margin also increased by 19% compared to the previous year. 

Along with its revenues and profits, the balances of its clients have also increased up to 23 billion dollars, while paid subscriptions have recorded a +41%. 

This was also possible due to the expansion strategy of the financial super app, which allowed it to attract 12 million new customers globally in 2023 alone. Currently, Revolut has a total of 45 million customers worldwide. 

In this regard, Nik Storonsky, CEO of Revolut, stated: 

“This year we have made enormous strides in our mission to provide the best product and the best customer experience, combined with great value, everywhere. Our customer base is expanding at impressive rates and our diversified business model continues to drive exceptional financial performance.”

Revolut app and the performance of 2023 that recorded record profits

The challenges won by the financial super app of Revolut seem to be getting bigger and bigger. 

Among others, in fact, Revolut has achieved these great financial results in an increasingly complex geopolitical, macroeconomic, and regulatory context.

Yet, Revolut has been in net profit for three consecutive years. Only in 2023, its accelerated growth was driven by a diversified revenue model, expansion into new markets, and increased customer engagement. 

From here, here come the related revenue streams, such as the 605 million dollars from “Cards and transactions” products, up 59% compared to 2022. Or, the 491 million dollars from “Forex and Wealth” services, up 46%.

Interest income also grew to 621 million dollars in 2023 compared to 102 million dollars the previous year. 

Dizzying numbers that confirm Revolut’s leading position. In fact, in June 2024, Revolut is the most downloaded app in the Finance category in Europe, ranking first in 17 countries. In Italy, for example, Revolut has become the largest neobank with 2 million customers.

For this ongoing 2024, the financial super app aims to reach 50 million total customers worldwide. In this regard, last March 2024, the company announced its $450 million investment in marketing precisely to achieve its goal.

The loyalty program for debit cards

Revolut seems unstoppable and just last week launched its new loyalty program for debit cards: RevPoints.

In practice, through RevPoints, users can earn points while spending with the app and obtain rewards in travel, accommodations, experiences, and more. 

Among the airlines to choose from to use your RevPoint, there are Flying Blue (which includes Air France, Air Europa, Delta, Etihad Airways, KLM, etc.), Avios, and others. Alternatively, RevPoint can be redeemed for discounts on holiday accommodations and experiences by directly accessing the “Lifestyle” section of the Revolut app.

In this article we see what the latest news is for 3 crypto projects SingularityNET (AGIX), Floki (FLOKI), and Shiba Inu (SHIB).

Subsequently, let’s take a look at the evolution of the prices of the respective coin AGIX, FLOKI, and SHIB. In June, these crypto recorded a very negative performance with depreciations around 30%.

Now, however, it seems that the storm is over and we can return to a bull market.

Let’s see all the details below.

Latest news from the crypto world: AGIX begins the migration process to ASI

Starting from the project SingularityNET, we can see how yesterday the migration process of the crypto AGIX towards the new coin ASI was announced.

We remember that recently the 3 tokens AGIX, OCEAN, and FET have joined forces to create a single resource, giving life to the Alliance for Artificial Superintelligence.

This association will take care of accelerating the process of expanding its technologies around a single entity, supporting a scalable AI infrastructure.

Now everything is ready for the first steps of this highly anticipated merger, marking a significant step towards the creation of an independent and decentralized AI ecosystem.

The Artificial Superintelligence Alliance has today announced the launch of the multi-coin merger, forming the unified #ASI token.

Learn more: https://t.co/bbDWrcHUgg pic.twitter.com/tJNGhgzUqI

— SingularityNET (@SingularityNET) July 1, 2024

In this initial phase the coins AGIX and OCEAN will be exchanged in FET according to a conversion rate of 0.43335:1, through the platform SingularityDAO.

This is a practice request to all coin holders on private wallets, who will need to move the funds in advance to the Ethereum blockchain.

Those who hold the coins on exchange will not have to do anything and the conversion will take place automatically. 

The trading of FET continues as usual until the completion of the migration, waiting for the majority of the community to have completed the transition.

Subsequently, in phase 2, the distribution of ASI to all FET holders will take place, implementing the new cryptocurrency on multiple chains. All Mainnet FET tokens will automatically convert to ASI during the Fetch.ai mainnet upgrade. 

We remind you that the migration contracts will be open for years, allowing ample time for all conversions. 

Regarding this crucial step for support, Humayun Sheikh, president of the Artificial Superintelligence Alliance and CEO of Fetch.ai, reported the following:

“The symbolic merger today underscores our commitment to promoting safe artificial intelligence. By combining our tokens, we aim to enhance operational efficiency and seamlessly integrate decentralized artificial intelligence systems, ensuring broad access to cutting-edge artificial intelligence technologies. This merger marks the beginning of an ambitious journey to foster unparalleled collaboration and openness, setting new standards for the industry.”

Source: https://www.singularitydao.ai/migrate-asi

The news in the memecoin field for Floki and Shiba Inu

Let’s now see what news the cryptographic industry has in store for the memecoins Floki and Shiba Inu.

As for Floki, we can report the start of the open beta phase for the new trading bot that lands in mainnet on blockchain.

Initially, the bot will be active on 3 EVM networks, namely Ethereum, BNB chain, and Base, ensuring a wide range of coins to trade and ample liquidity. Subsequently, it is possible that it will be expanded to more networks, offering greater breadth of movement on more crypto exchanges.

The new tool is inspired by the products developed by the telegram ecosystem such as Unibot and Banangun to provide a simple and effective interface for quick trading.

In a few clicks, you can indeed buy and sell a cryptocurrency, also choosing from those just listed on DEX, on multiple cryptographic networks.

Anyone can use the Floki trading bot without limitations: 50% of the fees is used to purchase the FLOKI token and then burn that portion. The remaining part of the fees stays with the project’s treasury, which will use the funds to strengthen its community.

FLOKI TRADING BOT PUBLIC MAINNET OPEN BETA IS LIVE

Floki Trading Bot (open beta) is officially live on the mainnets of the three biggest EVM blockchains: Ethereum, BNB, and Base blockchains!

Floki Trading Bot is an innovative multi-chain Telegram on-chain trading bot designed… pic.twitter.com/m3bZ2Bp0yH

— FLOKI (@RealFlokiInu) June 25, 2024

On the Shib front, however, it is worth noting how the project is offering a “free” airdrop to all holders of the LEASH asset.

We remind you that LEASH, together with BONE and SHIB, forms a triad of tokens belonging to the Shiba Inu ecosystem: all 3 tokens can be used in DeFi using the ShibaSwap platform, simultaneously unlocking various rewards and incentives.

One of the latest incentives is precisely an airdrop of the AIR token; belonging to the DePin AIRian project.

All LEASH holders are invited to go to the Galxe page and complete the indicated quests to win a portion of the prize pool.

The prize pool consists of 20 AIR Bombs (NODES) and 100,000 AIR tokens.

This is an excellent initiative aimed at creating support for the holders of the Shiba Inu ecosystem, encouraging users to hold their crypto in anticipation of exclusive rewards.

Source: https://app.galxe.com/quest/AIRian/GCVhetgok8

Price analysis for AGIX, FLOKI, and SHIB (Shiba Inu) crypto

Moving to the price front, let’s see how the coins AGIX, FLOKI, and SHIB are doing.

All 3 suffered the weight of the declines in the month of June, with performances ranging from -29% to -31%.

After a super positive first quarter of the year for the majority of altcoin, the second quarter ended with a deep red.

The quotations have dropped so violently as to cancel out most of the gains previously recorded.

AGIX for example from January to the top of March had grown by about 410%, but after the last retracement it can boast a reduced growth of 100%.

FLOKI and SHIB follow the same situation, reflecting a very cohesive altcoin market dependent on external factors

Now that the storm seems to have ended, we can hypothesize a recovery in prices towards a more comfortable zone for traders. With the possible imminent listing of the spot ETH ETFs it is likely that the altcoin market will head towards a temporary recovery.

Especially on the front of ERC-20 tokens, we expect a phase of consolidation and a restart of the quotations from now until the end of the year.

Beyond the general conditions of the cryptocurrency market, it should be noted how the AI and meme sectors have already been the protagonists of speculations during the end of 2023 and the beginning of 2024.

It is therefore not excluded that in the coming quarters they may leave room for maneuver for projects from other sectors, underperforming the benchmark.

For AGIX, the price evolution will also depend greatly on the ability of the Supercollective to attract market attention, as well as on the financial results of the company Nvidia.

The merger in ASI could still ensure a flow of new purchases sufficient to bring prices back to pre-dump values.

For SHIB and FLOKI, everything will depend on how much the speculation fever will still be driven. Generally, memecoin get more movements when the market outlook is particularly positive. 

We should wait at least until September to see memecoins pump excessively again, in a context where we expect to see BTC and ETH at all-time highs.

In a similar scenario, it is possible that even SHIB and FLOKI go for the breakout of local highs, but underperform the indices.

SPONSORED POST*

The market is gradually bouncing back after the past month’s bearishness. Some top crypto coins such as Solana and Kaspa are showing signs of a turnaround after a price surge in the past weeks. However, the biggest attraction lies with KangaMoon, which has just closed out its presale with the token set for listing in the coming days. With the rush to accumulate the token, analysts pick it as one of the best cryptos to invest in 2024 and back it for massive rallies in Q3. 

KangaMoon Successfully End Presale, Set To Hit Exchanges

KangaMoon is a notable project that is tipped to become one of the top cryptos to invest in 2024. With Solana and Kaspa boasting a bullish move, KangaMoon’s impending launch on exchanges has seen it attract top investors. Before KangaMoon got to this stage, the platform successfully amassed over $8 million in presale, attracting more than 32k users and almost 20k holders. 

KangaMoon’s price, which started at $0.005 in stage 1 of the presale, surged to $0.025 at the end of the presale, representing a massive 400% increase. Some of the early adopters who joined the presale in the beginning have reaped the reward of early engagement. Aside from the token appreciation, KangaMoon has a robust community where users earn huge benefits through active engagement.

While the token presale may have ended, the journey to stardom has just started for KangaMoon. The platform has a series of developments lined up to make its token stay competitive in the crypto market. With stage 1 of the roadmap completed, KangaMoon is gearing up for the next phase which is listing on major exchanges.

Currently, top exchanges like BitMart will soon list the token, making it an attractive option for new investors. Another reason why KangaMoon is expected to be competitive after the presale is its high staking rewards. Users have the option of staking their assets and earning incredible APY. With the market about to shift in a bullish direction, KangaMoon is one of the best cryptos to invest in 2024.

Solana Crossing Over To Its Best Performance in Two Months

The market semi-resurgence has yielded massive price action from Solana in the past week. While the Solana coin lost by 15% last month, the bulls have turned the table, earning an increase of 10% last week. This resulted in a massive leap for Solana, setting eyes on the $150 mark.

Analysts observed that the Solana technical analysis such as the MACD metrics are located at the $147 threshold and by attaining this price, the token may go for the next resistance breakout at $159. With Solana’s market cap getting near $70 billion, the platform has the fundamentals to push its native coin beyond $200 in 2024.

Kaspa Price Moves To Capture $0.5 Mark

Kaspa is one of the top crypto coins that has seen a price reversal. The token pulled up a shock in the past month after going up by 28% and further boosted its bullish survival with another 23% rally in the weekly price chart. Incredibly, Kaspa’s market cap has moved beyond $4 billion, an indication of bullish dominance.

With the token going beyond $0.18 in the past week, Kaspa may soon set a new all-time high record. With the Kaspa network also set to launch its meme coins, the token is poised for massive development and adoption in the coming months. 

Discover the Exciting Opportunities of the KangaMoon (KANG) Presale Today!

Website: https://Kangamoon.com/

Join Our Telegram Community: https://t.me/Kangamoonofficial

*This article was paid for. Cryptonomist did not write the article or test the platform.

The crypto world continues to evolve rapidly, with projects like Cardano, Toncoin (TON) by Telegram, and Solana standing out for their innovative technologies and market potential. 

This article explores the current prices, market statistics, and the latest news related to Cardano, TON, and Solana, providing an updated overview of their performance and recent developments.

Prices and market statistics of the crypto Cardano (ADA), Toncoin (TON) and Solana (SOL)

The price of Cardano (ADA) stands around $0.41 USD. In the last seven days, ADA has seen an increase of 5.10%, with a market capitalization exceeding $14 billion USD and a daily trading volume of about $242 million USD.

Cardano has a maximum supply of 45 billion ADA, with approximately 35 billion coins currently in circulation. The project uses a Proof of Stake (PoS) consensus protocol called Ouroboros, which is known for its energy efficiency and security.

The current price of TON is 7.93 USD, according to the data from CoinMarketCap. However, the accuracy of this data is not guaranteed.

Currently, the market capitalization of TON is 19.5 billion USD, with a trading volume in the last 24 hours of 210.3 million USD. The circulating supply of TON is 2.5 billion tokens.

The all-time high of the price of TON was 8.23 USD. This data provides an overview of the current state of TON in the Italian market, reflecting a significant valuation and robust trading activity. 

However, investors must be aware of market fluctuations and consider the reliability of sources when making investment decisions.

The current price of Solana (SOL) is 146.95 USD. Currently, the market capitalization of Solana is 68.1 billion USD, with a trading volume in the last 24 hours of 1.7 billion USD. The circulating supply of SOL is 462.8 million tokens.

The all-time high price of SOL was 260.00 USD. The average holding period for investors is 142 days, indicating a certain stability and confidence in the project. Solana is currently the fifth most popular asset on the market.

Latest crypto news

Cardano has recently introduced CIP-40, which aims to improve the scalability of the network through collateral transaction outputs. Additionally, the enhancement of the widespread consensus pipeline will increase the distribution of decentralized applications (DApp) on the network.

The crypto project has also formed significant partnerships, such as the one with the Ethiopian government to create digital identities based on blockchain. 

The Solana project continues to attract significant investments, such as the recent $20 million funding obtained by Ellipsis Labs to develop a DEX based on Solana​.

Solana is working on various updates to further improve the scalability and security of the network, responding to the growing needs of DeFi applications and NFT.

TON has seen significant growth in its ecosystem, with an increase in DApp applications and service integrations that leverage its robust and scalable blockchain infrastructure.

Recently, TON has initiated collaborations with various trading platforms and financial services to enhance the adoption and use of the cryptocurrency.

Conclusions 

These cryptocurrencies represent some of the most promising and innovative in the current landscape, each with unique technical characteristics and potential applications.

They continue to evolve rapidly, offering investment opportunities but also requiring attention to market dynamics and technical developments.

Investment financial products on Ethereum listed on the stock exchange are experiencing strong outflows. 

In particular, despite the imminent landing on the USA stock exchanges of the new ETH on ETH spot, the last week of June recorded the highest weekly outflow since August 2022.

The investment products on Ethereum

The most well-known investment product is the ETF, which is a single-asset fund fully collateralized in the underlying asset and whose shares are traded on the stock exchange. Being fully collateralized in the underlying asset, the price trend of the shares ends up following that of the underlying asset itself. 

In the USA, however, there are still no ETF on Ethereum listed on the stock exchange, although their actual launch is expected next week.

There are, however, also other investment products. 

First of all, on non-US stock exchanges, such as the European ones, there are many ETPs on different cryptocurrencies. ETPs work in a very similar way to ETFs, albeit with some different technical details.

To produce the analyses regarding this, those investment products listed on the stock exchange are primarily used, as there is a lot of data available for these. 

The outflows on investment products based on Ethereum (ETH)

Collecting this data is CoinShares, which even dedicates an entire section of its site to ETP. 

In the report “Digital Asset Fund Flows | July 1st 2024” published yesterday, they show a chart that clearly shows the continuous outflow over the last three days when the exchanges were open at the end of June.

The chart, titled “Weekly Crypto Asset Flows”, shows the daily inflows or outflows in dollars, and shows how after positive cumulative inflows of 2 billion dollars on June 23, there were three consecutive days of outflows, although the sum of these three outflows is less than the inflows of June 23 alone. 

This is a chart that sums up all the daily inflows and outflows of all the cryptocurrency investment products on the stock exchange, and not just those on Ethereum.

The outflows on Ethereum

The report, however, states that it was precisely the investment products on Ethereum that pushed these outflows, and that this is also changing the sentiment on Bitcoin.

Overall, the last week of June was the third consecutive week of outflows from investment products in digital assets, with a total balance of -30 million dollars. However, they emphasize how last week there was a significant reduction in these outflows.

The largest outflows occurred precisely on Ethereum, with the worst weekly performance since August 2022 (-61 million dollars).

In the last two weeks, outflows from investment products on ETH have amounted to 119 million dollars. From this point of view, Ethereum is “the asset with the worst performance since the beginning of the year in terms of net flows”.

Instead, multi-asset ETPs and those on Bitcoin recorded net inflows, with 18 million and 10 million dollars respectively.

The problem therefore exists only on Ethereum, and not on Bitcoin. 

The other cryptocurrencies

Since the beginning of the year, Bitcoin from this point of view has recorded net inflows of almost 15.5 billion dollars, but much of this is due to the stock market debut on January 11 of the new ETFs. 

Ethereum, on the other hand, since the beginning of the year has recorded net outflows of 25 million dollars, and this contrasts greatly with the performance of Bitcoin ETPs. 

Moreover, since this data does not only concern the US stock markets but also those of the rest of the world, the +41 million dollars on Solana is a very indicative figure regarding the suffering of Ethereum.

Even the ETPs on Litecoin since the beginning of the year have recorded net inflows of 29 million dollars, with +18 million for XRP and even +30 million for LINK (Chainlink). 

Ethereum is the only crypto asset for which, according to CoinShares data, ETPs have recorded net outflows since the beginning of the year. 

The current problem

A very indicative figure, in addition to the one on the enormous success of Bitcoin ETPs, is the one that concerns Solana. 

In fact, in some ways Solana can be considered a competitor of Ethereum. 

However, it is a relatively new crypto project, particularly with regard to DeFi. Decentralized finance is the sector of greatest development for Ethereum, and a significant source of its resounding success. 

Starting from last year, and particularly from October, even on Solana the DeFi sector has begun to expand, and this might have started to erode the seemingly granite primacy of Ethereum in this field. 

Just think that the TVL on Ethereum is still a good 59 billion dollars, while Solana in the DeFi sector is still only fourth for TVL with only 3.5 billion. 

However, since September 2023 it has increased from 300 million (0.3 billion) to 3.5 billion, that is, with a growth from this point of view of over 1,000% in about six months. 

If we take dominance as a reference, in this specific context, Ethereum has gone from September 2023 from 58% to 61%, so it apparently does not seem to be suffering at all. 

Only that Solana in the same period went from 0.8% to 4.6%, and if you exclude the second in the ranking, Tron, which is there only thanks to USDT, Solana is now very close to the third, BSC. 

The future evolution

Soon in the DeFi sector, Solana could be joined by other fierce competitors of Ethereum.

BSC in reality has already been a competitor for more than three years, but its momentum seems to have run out compared to that of Ethereum. 

At the current state, true and proper competitors are not yet clearly emerging, also because the main other chains from this point of view turn out to be Ethereum’s own layer-2s, such as for example Arbitrum. 

However, there are two potential competitors that could emerge in the coming months or years. 

The first is Avalanche, which had already performed well in 2021, and which since 2022 seems to be waiting to recover. 

The second could be TON, which currently still seems a bit behind but is growing a lot.

To tell the truth, TON seems more like a competitor to Solana rather than Ethereum, but if Solana is slowly becoming a competitor to Ethereum, then in the end, TON might also be destined to become one.

The crypto-friendly bank Silvergate has agreed to settle with the Securities and Exchange Commission (SEC) of the USA, paying a penalty of 63 million dollars. The complaint, which has neither been denied nor admitted, sees Silvergate guilty of not maintaining an adequate anti-money laundering program.

Silvergate: the crypto-friendly bank and the settlement with the SEC for the accusations on the anti-money laundering program

Yesterday, the Securities and Exchange Commission (SEC) of the United States sued Silvergate Capital Corporation, the parent company of the crypto-friendly bank Silvergate Bank, along with former CEO Alan Lane, former COO Kathleen Fraher and former CFO Antonio Martino.

The denuncia accuses the bank of deceiving the public and shareholders, claiming to have an effective Bank Secrecy Act, or anti-money laundering, program, while it did not.

In addition to the SEC, the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI) have also joined the accusation.

The result is that Silvergate, Lane, and Fraher have agreed to settle, without admitting or denying the SEC’s allegations, but they will pay penalties. Not only that, the former CEO and the former COO have also agreed to a five-year ban from being officers or directors of another public company. 

Only the former CFO Martino, on the other hand, denied the accusations through a statement from his lawyers. For Martino, the accusations are related to a single quarter of 2022 and concern decisions “guided by judgment”.

The penalty that Silvergate has agreed to pay is 43 million dollars from the Fed and 20 million dollars from the Californian regulatory authority. 

Silvergate: the SEC’s accusation against the crypto-friendly bank

The investigations by the SEC and Fed into the crypto-friendly bank have revealed the following:

“On various occasions before November 2022, Lane and Fraher – and through them the SCC – realized that the Bank had serious deficiencies in its BSA/AML compliance program”

In practice, for the accusation, it seems that the bank was well aware that there were critical deficiencies in their anti-money laundering program. 

Indeed, the SEC argues that Silvergate failed to detect suspicious transfers for nearly 9 billion dollars by the main client, the failed crypto-exchange FTX.

According to what reported, a spokesperson for Silvergate would have instead stated the following:

“At the beginning of March 2023, Silvergate made the responsible decision to voluntarily liquidate without government assistance. In November 2023, all deposits were refunded to bank customers and Silvergate ceased banking operations shortly thereafter. The agreements announced today, which will facilitate the withdrawal of Silvergate’s bank card, are part of the orderly liquidation process of the bank and successfully conclude the investigations by the Federal Reserve, the DFPI, and the SEC”

The announcement of the voluntary liquidation

In March of last year, Silvergate Bank surprised everyone with its announcement of “voluntary liquidation” of its assets, in order to close all operations. 

Such a decision was a real surprise for many industry operators, given the prominent position of the crypto-friendly bank. In fact, before this announcement, Silvergate Bank was talking about expanding its services, including loans in criptovalute.

There are those who indeed thought that such a decision was just a strategy, perhaps to allow Silvergate to focus on its core business or to reduce expenses, or an opportunity to streamline its activities to improve its financial performance. 

At the moment, however, it seems that such a decision was not made for a prosperous future of the bank, but to make room for something else.