DeFi Apps Frontend Targeted in Domain Registry Attack on Squarespace

On July 11, several decentralized finance (DeFi) apps fell victim to a domain registry attack, according to a post on X by Blockaid. The initial investigation suggests the attacker is targeting domain names hosted by Squarespace, putting any DeFi app using a Squarespace domain at potential risk.

The attacker managed to take over the DNS registry for Compound Finance and attempted, but failed, to do the same with Celer Network's registry. The issue first came to light when security researchers noticed the Compound interface at compound.finance was redirecting users to a malicious site. This site featured a drainer app designed to steal users' tokens.

At 1:38 pm UTC, Celer Network disclosed that it had also been targeted. However, thanks to its domain monitoring system, Celer detected and intercepted the takeover before any damage could be done. By 3:38 pm UTC, Blockaid had issued a warning that "multiple DeFi front ends are at risk of hijacking, with a few incidents already taking place." The attackers seem to be hijacking DNS records of projects hosted on Squarespace.

0xngmi, a developer at DefiLlama, shared a list of potentially affected domains. This list includes over 100 DeFi protocols like Pendle Finance, dYdX, Polymarket, Satoshi Protocol, Nirvana, and LooksRare, among others. Web3 wallet MetaMask warned users about possibly compromised apps linked to the attack. "For those of you using MetaMask, you’ll see a warning provided by @blockaid_ if you attempt to transact on any known site involved in this current attack," MetaMask announced.

SEC Decides to Drop Investigation into Paxos

The U.S. Securities and Exchange Commission (SEC) has announced its decision to drop the investigation into stablecoin issuer Paxos, opting not to pursue an enforcement case. Jorge Tenreiro, the acting chief of the SEC's crypto assets and cyber unit, stated that the SEC will not recommend enforcement action against Paxos concerning the Binance USD (BUSD) token. This decision follows a Wells notice issued to Paxos in February 2023, in which the SEC claimed that BUSD was an unregistered security and that Paxos had violated federal securities laws.

Paxos responded to the SEC's decision with a statement on July 11, expressing satisfaction with the outcome. "Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under federal securities laws and that the Wells notice was unwarranted and unjustified," the company said. "We are proud of our relentless advocacy for stable-value digital assets and that the SEC staff determined it will not bring enforcement action against Paxos in connection with BUSD."

The Wells notice issued to Paxos in February was part of a broader push by the SEC to regulate the growing digital asset market. At the time, the notice indicated that the SEC believed that Paxos was violating federal securities laws.

The company reiterated that “Paxos has and always will prioritize the safety of customer assets. Paxos issued stablecoins are always backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts. Paxos stands apart as the only issuer to secure regulatory oversight in order to introduce safe solutions that will drive significant innovation across the global financial system.”

Inflation Slows for Fourth Consecutive Month, Bitcoin Reverses Gains

According to the Bureau of Labor Statistics, the Consumer Price Index (CPI), which measures price changes across a wide range of goods and services, increased by 3.0% over the 12 months through June. This figure came in slightly below economists' expectations of a 3.1% rise. On a month-to-month basis, inflation actually decreased by 0.1% in June, marking the first monthly decline since May 2020. This follows a flat reading in May.

The slowdown in the pace of inflation for the fourth month in a row signals progress in the Federal Reserve's efforts to tame inflation. This development has been eagerly awaited by investors, who are hoping that this could pave the way for rate cuts in the near future.

Earlier this week, Federal Reserve Chairman Jerome Powell expressed satisfaction with the inflation slowdown but emphasized that policymakers need more evidence of a downward trend toward the Fed’s 2% target before considering rate cuts.

CME traders had predicted a 65% chance of an initial Fed rate cut in September. However, some analysts, like Valentin Fournier of BRN, are cautious, suggesting that hawkish comments from the Fed could temper market enthusiasm following Thursday's inflation report. Fournier pointed to the strong Personal Consumption Expenditures (PCE) report on June 28 as an example, where the market reacted as if inflation was not decreasing.

Bitcoin (BTC) has rebounded from its recent four-month low, climbing past $59,000 momentarily following the release of CPI figures. However, Bitcoin has failed to stay above $59,000, falling back down to $56,600. It is down 0.8% in the past 24 hours.

Germany Nears End of Massive $2.8B Bitcoin Selloff

After weeks of selling, the German government is approaching the conclusion of its extensive Bitcoin liquidation process. Germany held 50,000 BTC, valued at $2.8 billion at today's prices, in government wallets earlier in June. These funds were seized from the operators of the film piracy site Movie2k earlier this year. As of today, most of these funds have been moved out of the government's Bitcoin wallet.

Since June 20, Germany has transferred billions of dollars in Bitcoin to major crypto exchanges such as Kraken, Coinbase, and Bitstamp, as well as to wealth management firm Cumberland and other addresses believed to belong to over-the-counter or institutional trading desks. On-chain data from Arkham Intelligence indicates that only 4,925 BTC, approximately $284 million worth at current prices, remain in the German government’s wallets.

Outflows began at a relatively moderate pace but ramped up significantly earlier this week, with the government sending out $900 million from its wallet on Monday alone. The German government has reduced its Bitcoin holdings to less than $1 billion as of Wednesday. Given that these coins have been directed towards trading platforms, most analysts assume they are being sold on the market, contributing to the sell pressure that has impacted Bitcoin's price in recent weeks

Nevertheless, the state’s net balance is rapidly approaching zero, suggesting that the government's market impact may soon diminish. Some bullish Bitcoin investors believe Germany is missing out on significant future gains by liquidating these assets now.

Donald Trump Announced as Keynote Speaker at Bitcoin 2024 Conference

Former U.S. President Donald Trump will take the stage as a keynote speaker at the Bitcoin 2024 conference, set to take place in Nashville, Tennessee, from July 25 to 27. Known as one of the world's largest Bitcoin events, the conference will feature a lineup of influential figures in the cryptocurrency space.

Joining Trump at the Bitcoin 2024 conference will be other notable U.S. politicians, such as presidential candidate Robert F. Kennedy Jr., former presidential candidate Vivek Ramaswamy, and Republican Senators Bill Hagerty and Marsha Blackburn. Kennedy Jr., who delivered a keynote speech at Bitcoin 2023, has been a vocal advocate for crypto, pledging to protect the right to hold and use bitcoin.

In recent months, Trump, the presumptive Republican Party presidential nominee, has shown strong support for the cryptocurrency and blockchain sectors. At a Mar-a-Lago event last month, he declared his intent to advocate for Bitcoin mining if re-elected. In May, Trump began accepting political donations in cryptocurrencies, a move that has garnered him significant backing from key industry players, including Gemini founders Cameron and Tyler Winklevoss, and Ark Invest CEO Cathie Wood.

In contrast, President Joe Biden’s campaign has reportedly been engaging with members of the crypto industry to shape digital asset policies but has yet to make significant announcements. The Chamber of Progress, a U.S. tech industry group, recently urged Biden in a letter to support comprehensive crypto regulation, noting that Trump has effectively capitalized on the current administration’s lack of clarity in this area.

CFTC Chair Reiterated to U.S. Senate that Bitcoin and Ethereum Are Commodities

The chief of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, has once again advocated for his agency to oversee Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, by classifying them as commodities. Speaking before the U.S. Senate Committee on July 9, Behnam referenced a recent Illinois court ruling that reinforces this classification.

The court decision on July 3 was part of a $120 million Ponzi scheme case involving an Oregon man accused of fraud. The Illinois district court judge declared that both Bitcoin and Ethereum qualify as commodities under the Commodity Exchange Act. The ruling also extended this classification to Olympus (OHM) and KlimaDAO (KLIMA).

Behnam also cited a 2022 report from the Financial Stability Oversight Council (FSOC) that pointed out a regulatory gap in the spot market for digital assets that are not securities, suggesting that the CFTC should play a more significant role in overseeing digital commodities.

Behnam emphasized that the lack of action from other U.S. regulators would not diminish public interest in digital assets and could potentially increase risks to financial markets and investors. “In short, our current trajectory is not sustainable. Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk,” he asserted.

The CFTC Chair outlined five key legislative priorities he believes his agency could implement to better regulate digital commodities. These priorities include crafting rules tailored to the unique risk profile of cryptocurrencies, establishing a permanent “fee-for-service” funding model, requiring comprehensive disclosure from registrants about their crypto assets, and enhancing the CFTC’s Know Your Customer (KYC) and Anti-Money Laundering (AML) capabilities.

Goldman Sachs Plans To Launch Tokenization Funds, RWA Marketplace

Goldman Sachs, a 150-year-old financial institution, is reportedly planning to launch three tokenization projects by the end of the year, according to a Fortune report. Details about these projects remain limited, but sources indicate that one will target the U.S. fund sector while another will focus on European debt markets. Additionally, the firm plans to create marketplaces for tokenized assets.

Unlike some of its competitors, Goldman Sachs is focusing on using permissioned networks rather than fully decentralized blockchains like Ethereum, due to regulatory concerns. Mathew McDermott, Goldman's Global Head of Digital Assets, noted that the firm has been working with permissioned blockchain networks since 2021. Goldman Sachs has worked with the European Investment Bank to issue bonds and tokenized a sovereign green bond for the Hong Kong Monetary Authority.

McDermott, who has been a strong advocate for digital transformation and blockchain technology, has been a key figure in Goldman’s digital asset initiatives. A 19-year veteran at Goldman, McDermott was instrumental in establishing the bank’s digital asset desk in 2021 and spearheaded the development of its cash-settled crypto derivatives trading products.

Goldman Sachs’ entry into the tokenization arena comes as rival firms like BlackRock, Franklin Templeton, and Fidelity are already making notable advances in the "real-world asset" tokenization space. BlackRock CEO Larry Fink recently described tokenization as "the next generation" for markets. BlackRock’s Ethereum-based tokenized fund, BUIDL, recently surpassed over $500 million in assets under management.

Solana’s Firedancer Validator Client Achieves Milestone on Testnet

Firedancer, a cutting-edge validator client for the Solana blockchain developed by Jump Crypto, successfully built its first accepted block on the Solana testnet this Wednesday. This high-performance validator client, written in C++, is poised to significantly enhance Solana’s transaction processing capabilities by introducing sharding support, which can drastically increase the network's throughput.

The introduction of Firedancer is particularly exciting for Solana enthusiasts because it not only decentralizes the network further but also boosts its security. With Firedancer, Solana is expected to handle up to 1 million transactions per second (TPS), a significant leap from its current real TPS of approximately 3,000. For comparison, Ethereum’s maximum daily TPS is 22.

Helius Labs CEO Mert described Firedancer as "arguably one of the most performant pieces of open source software ever created" in a statement on X. Validators play a crucial role in blockchain ecosystems by proposing and verifying new blocks. Until now, Solana has relied on a single validator client, whereas Ethereum benefits from having multiple clients, enhancing its resilience to bugs and attacks. Firedancer has been in development since August 2022 and promises to bring similar benefits to Solana.

Solana co-founder Anatoly Yakovenko remarked on X, "This might be the last large-scale systems project that humans built all on their own," highlighting the project's significance.

Despite this breakthrough, the transition to Firedancer has not been entirely smooth. An engineer from the Firedancer team noted that although the client successfully built an additional three blocks, it encountered synchronization issues with the rest of the network, necessitating a temporary shutdown. These issues are expected to be addressed in future updates.

Bitcoin’s On-Chain Metrics Signal Potential Downside Despite BTC Whales Accumulation

Bitcoin on-chain metrics indicate potential further declines, according to a new CryptoQuant report. Despite these signals, Bitcoin whales are accumulating at the fastest rate in over a year. The profit and loss (P&L) index is currently around its 365-day moving average (MA). The on-chain data provider warns that if this index drops below its 365-day MA, Bitcoin could face a significant correction, akin to those seen during previous downturns.

"A crossover to the downside has been associated with major corrections (May-July 2021) or the start of a bear market (November-December 2021)," the report states, highlighting historical patterns.

CryptoQuant’s bull-bear market cycle indicator also approaches a critical threshold. Should it dip below the neutral line, it could signal the onset of a bear market, similar to previous cycles observed in March 2020, May 2021, and November 2021. This potential shift could herald further price declines. Adding to the uncertainty, the growth of Tether’s (USDT) market cap has stalled. CryptoQuant notes that historical Bitcoin recoveries often coincide with increased stablecoin liquidity, particularly from USDT minting.

Despite these bearish signals, Bitcoin whales have been aggressively accumulating during the recent price dip. Large holders increased their Bitcoin holdings by 6.3% over the past month, the fastest accumulation rate since April 2023. This trend indicates rising demand for Bitcoin at lower price levels, which is also reflected by increased inflows into US spot Bitcoin exchange-traded funds (ETFs). The ETFs saw $143.1 million in inflows on July 5, despite a drop to four-month lows. This was followed by $294.9 million and $216.4 million in net inflows on July 8 and July 9, respectively.

BlackRock's Tokenized Fund BUIDL Surpasses $500M in Assets Under Management

BlackRock's tokenized fund, BUIDL, has achieved a significant milestone by crossing a market value of $502.8 million, as per Etherscan data. Launched in March on Ethereum through a collaboration with Securitize Markets, BUIDL, also known as the BlackRock USD Institutional Digital Liquidity Fund, offers institutional investors a unique opportunity to earn yields on tokenized U.S. Treasuries.

In just over four months since its inception, BUIDL has become the first tokenized fund to exceed the half-billion-dollar mark, establishing itself as the largest of its kind, according to data from rwa.xyz. This achievement has pushed the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) to second place, which now manages assets over $400 million. The FOBXX fund has been available since April 2021.

The third most valuable tokenized fund is Ondo Finance’s USD Yield fund (USDY), which launched last August and currently holds $281 million in assets under management (AUM). The rapid growth of BUIDL highlights the increasing interest and investment in tokenized treasuries, a market that has expanded by over 130% since the beginning of the year, now valued at more than $1.8 billion.

Overall, the market for real-world assets (RWA) is currently valued at $12.45 billion, with industry experts anticipating further growth. Last month, RWA emerged as one of the best-performing sectors, driven by projects such as Ondo Finance, Clearpool, and Maple Finance. These projects saw their native tokens' fully diluted market cap increase by 53% in May alone.

BlackRock CEO Larry Fink has been vocal about the transformative potential of tokenization for financial assets. In an interview with Bloomberg earlier this year, Fink stated, “We could customize strategies through tokenization that fits every individual, we would have instantaneous settlement. We believe this is a technological transformation for financial assets.”

Solana Memecoin BONK Flips WIF in Market Cap While BTC Faces Selling Pressure

Bitcoin (BTC) is under significant selling pressure, largely due to actions from the German government and the impending refunds from the Mt. Gox exchange. Meanwhile, memecoins are experiencing a surge after weeks of selling off. Among the memecoins, BONK has seen the most impressive gains, jumping 12% in the past 24 hours, making it the largest Solana-based meme coin by market capitalization. This rise allowed BONK to surpass Dogwifhat (WIF), which fell by 3%.

Other meme coins have also enjoyed a rally. The Base chain's Brett (BRETT) increased by 6%, while Ethereum-based Mog Coin (MOG) climbed 8.7%. Despite these daily gains, these tokens remain down over the week, in line with the broader memecoin market.

Memecoins have faced declines over the past week, with some suffering a greater drawdown. Solana coin Michi (MICHI), launched by Pump.fun, plummeted by 48%, Ethereum’s Pepe (PEPE) is down 17%, and Popcat (POPCAT) has slipped by 17%.

Meanwhile, Gigachad (GIGA) has skyrocketed by 400% over the past month. This dramatic rise follows American bodybuilder Mike ‘Titan’ O’Hearn joining the GIGA community and promoting it on social media. This collaboration has made GIGA one of the few meme coins to post gains over the week. Another standout is Billy (BILLY), which has climbed 147% in the past month. BILLY is currently the largest token created by Pump.fun, boasting a market cap of $157 million.

TON and Polygon Labs Collaborate to Bring EVM Functionality Through New TON L2

The TON Application Chain (TAC) and Polygon Labs have announced a significant collaboration to introduce Ethereum Virtual Machine (EVM) functionality to the TON ecosystem. The integration, revealed on July 9, involves the TON L2 incorporating Polygon CDK and the interoperability protocol Agglayer. This move aims to enable EVM-compatible decentralized applications (DApps) on TAC, expanding the range of services available to TON users, including decentralized finance (DeFi), gaming, and identity solutions.

TAC is described as a layer-2 network built on TON, designed to bring EVM-based decentralized applications to both TON and Telegram users. The founding team of TAC includes notable figures such as Curve founder Michael Egerov and the team behind The Open Protocol (TOP), which provides crypto wallet functionality within the Telegram app. Looking ahead, Pavel Altukhov, CEO of TAC, mentioned that TAC is planning to raise an additional $5 million in an external funding round.

Altukhov explained that the introduction of EVM compatibility is a game-changer for the TON Network. He highlighted that this will remove barriers for users and expects a surge in interest for DeFi and GameFi applications post-integration. He also mentioned the recent integration of USDT on TON and the rise of Tap-to-Earn applications, particularly through a project called Notcoin. "The expansion of the mini apps ecosystem has driven the growth of 5.8 million monthly active on-chain wallets on Telegram. TAC's integration is expected to amplify this demand further," he added.

With applications like Wallet in Telegram, the EVM-compatible integration will provide Ethereum developers access to Telegram's extensive user base, facilitating the implementation of more real-world crypto applications. Potential use cases include DeFi applications, gaming, and decentralized identity solutions.

Bitcoin Price Flat as Fed Chair Jerome Powell Addresses Senate on Inflation

Bitcoin (BTC) remained relatively stable as Federal Reserve Chairman Jerome Powell delivered his testimony before Senate lawmakers on July 9. During his testimony to the Senate Banking Committee, Rep. John Kennedy (R-LA) asked, "So, when are you going to lower interest rates?" Kennedy's question echoed a broader sentiment among financial market participants eager for clues about the Fed's next moves regarding monetary policy and interest rates. With Bitcoin's price hovering near a five-month low, some investors are hopeful that potential rate cuts could eventually boost cryptocurrency prices.

However, Powell responded, "Today, I’m not going to be sending any signals about the timing of future actions." Lower interest rates could weaken the dollar and support Bitcoin's price, as Bitcoin is seen as an alternative monetary system. Zach Pandl, Head of Research at Grayscale, noted that Powell's comments might be setting the stage for an eventual shift in monetary policy. During his remarks, Powell highlighted the Fed's progress in reducing inflation but also acknowledged the risks of maintaining tight monetary policy for too long.

Last month's year-over-year inflation rate was 2.7%, according to the Fed's preferred measure. Powell reiterated that this rate is "still too high" and stressed the need for continued vigilance until the Fed's 2% goal is firmly within reach.

June employment data showed the U.S. economy adding slightly more jobs than expected, while the unemployment rate rose to 4.1%, its highest level since October 2021. This data has strengthened traders' expectations for upcoming rate cuts. According to CME FedWatch, there is a 71% chance that the Fed will implement an initial cut in September, with a total of two quarter-point cuts anticipated by year-end.

The Fed is navigating its dual mandate of promoting stable prices and maximum employment. As inflation shows signs of easing and the Fed's 2% target seems attainable, there is increasing focus on labor market conditions. Powell recently noted that labor market conditions have returned to pre-pandemic levels, describing them as "relatively tight but not overheated."

Rapper Doja Cat's X Account Hacked to Promote Scam Token, Investors Lost $1.6M

Rapper Doja Cat's X account was hacked on July 8, leading to the promotion of a scam token named after her. The scam token, "Doja Cat (DOJA)," briefly reached a market capitalization of $1.65 million after being promoted through the hacked account. However, it soon plummeted to a market cap of just $16,820, resulting in investor losses exceeding $1.63 million.

The now-deleted scam post featured Doja Cat in armor wielding a sword. The post urged followers to "buy $DOJA or else" and included the token's Solana contract address. Additionally, the post contained disparaging remarks about Iggy Azalea, who recently launched her own celebrity memecoin, MOTHER, and reiterated the call to "buy DOJA."

Doja Cat herself appears to disavow the hacked post. “It is not me!” she declares, “It is literally an imposter!” She continues, “Guys, do not believe whatever that was, OK. It was someone else.” Iggy Azalea responded to the incident on her own X account, stating that she recognized the post was not from Doja Cat. “Get rugged if yall want but I’m cool w that girl irl so yall f*cked up w that tweet hackers,” she wrote.

The scam token's Solana contract address revealed that "Doja Cat" (DOJA) reached a peak price of $0.001656 shortly after its launch, implying a market cap of $1.656 million with a total supply of 1 billion coins. Within the next hour, the token's price dropped to $0.00007352, and at the time of publication, it had further declined to $0.00001682, resulting in a market cap of only $16,820 and investor losses of over $1.63 million.

The recent surge in celebrity memecoins has seen many of them lose 90% or more of their value within hours of launch. Legal experts suggest these coins might face class-action lawsuits and scrutiny from the US Securities and Exchange Commission.

Lionel Messi Promotes Solana-Based Memecoin WaterCoin on Instagram

In a surprising move, international football icon Lionel Messi recently promoted a Solana-based memecoin called WaterCoin (WATER) via his Instagram Stories. The WaterCoin project aims to raise awareness about water-related issues, with aspirations of evolving into a full-fledged ecological cryptocurrency.

According to WaterCoin's documentation, the project's roadmap includes four primary stages: the initial presale of the token, listings on centralized exchanges, celebrity partnerships, and the ultimate goal of becoming a "charity-focused environmental currency." However, the roadmap lacks detailed explanations on how these objectives will be achieved.

However, on-chain analytics platform Bubblemaps posted a tweet stating that 30% of the supply is controlled by insiders. WATER is down 48% from the highs reached following Messi’s post on Instagram Stories.

Blockchain technologies offer innovative solutions for environmental protection due to their transparency and community-focused features. These technologies can enable trustless crowdfunding, efficient organization, and onchain verifiability. For instance, in 2022, Samsung utilized blockchain technology from Veritree to track tree planting efforts aimed at capturing 1 billion pounds of carbon over the next 25 years by restoring forests in Madagascar.

However, the ongoing popularity of memecoins has sparked debate within the crypto community. Despite the risks associated with investing in memecoins, this hasn't deterred traders. Many continue to take significant risks in the hopes of securing substantial profits. Critics argue that these tokens damage the cryptocurrency space's reputation and attract unwanted regulatory scrutiny. Conversely, some proponents believe memecoins can foster vibrant, value-driven communities.

Spot Ethereum ETF Nears Launch As Issuers Submit Amended Filings

Several asset managers have submitted amended filings to the SEC for the spot Ethereum ETFs. VanEck submitted an amended registration statement for its spot Ethereum ETF, now rebranded as The VanEck Ethereum Trust. Following closely, 21Shares filed a new registration for its spot Ethereum ETFs. Grayscale also joined the fray with two amended filings: one for its $28 billion Grayscale Ethereum Trust and another for a more cost-effective "mini" ETF.

The wave of filings continued with Franklin Templeton, Fidelity, and BlackRock each submitting their own amended filings for spot Ethereum ETFs. Notably, none of the filings disclosed planned fees, a detail that Bloomberg ETF analyst Eric Balchunas noted the SEC has not yet required. Balchunas suggested that another round of updates including fees is expected before final approvals, predicting a potential approval date around July 18th.

VanEck's amended registration statement saw some regulatory language regarding custody removed. This deleted section had previously described how Ethereum withdrawals would be processed through the entity designated to safeguard assets for the fund. These changes mirrored adjustments made by Bitwise the previous week, which included details on the SEC's stance regarding compliance in the crypto market.

VanEck’s filing also highlighted Gensler's call for federal legislation focused on digital asset trading to prevent transactions, products, and platforms from "falling between regulatory cracks." Similarly, 21Shares’ amended filing included disclosure language on the SEC’s regulatory efforts.

Despite the SEC approving several key filings for spot Ethereum ETFs in May, the regulator still needs to approve S-1 forms from eight asset managers. Gensler has previously stated that the approval process hinges on asset managers' ability to provide full disclosures.

Cardano Releases “Node 9.0” Validator Software Ahead of Chang Hard Fork

The Cardano development team has launched “Node 9.0,” the latest version of its validator node software, marking a crucial milestone towards the upcoming Chang hard fork. The software was released on July 8 at approximately 7 pm UTC, shortly after Cardano founder Charles Hoskinson teased its imminent arrival in a YouTube video on July 7.

The release notes for Node 9.0 highlight its significance, stating that it is “the first node that can support crossing the 9.0 hard fork (Chang) boundary on mainnet and long-running testnets, such as PreProd.” This update is the final development step needed to initiate the Chang hard fork, a pivotal event in Cardano’s evolution.

In his video announcement, Hoskinson indicated that the software would be available “next week” and mentioned that a signal for mass upgrades would likely come “probably Monday or Tuesday.” For the hard fork to proceed, 70% of nodes must vote to upgrade to the new software, according to Hoskinson.

The Chang hard fork represents a significant shift towards fully decentralized governance for Cardano. It marks the beginning of the “Age of Voltaire” on Cardano’s roadmap, a period expected to bring substantial changes to the network’s governance structure.

These changes are detailed in Cardano Improvement Proposal 1694 (CIP 1694), which outlines the introduction of Delegate Representatives (DReps). These representatives, elected by Cardano token holders, will draft a Cardano Constitution that will become the network’s supreme governing law. Following the Constitution's approval, DReps will continue to propose network changes in accordance with its guidelines.

Jump Crypto Offers $1 Million Bug Bounty for Solana's Firedancer Validator Client

Jump Crypto, in collaboration with security platform Immunefi, launched a bug bounty program offering developers who uncover vulnerabilities in Solana's new high-performance validator client, Firedancer, up to $1 million in rewards. This program aims to ensure the robustness and security of the new validator client.

Firedancer, developed by Jump Crypto and written in C++, has been in development since 2022. Its primary goals are to enhance the Solana network's throughput, resilience, and efficiency. The bug bounty program, which runs from July 10 to August 21, offers rewards of up to $1 million and is structured as a 42-day competitive audit.

The Immunefi team has committed to responding to all bug reports within 24 hours on weekdays during the audit. Technical questions can be directed to the team via Immunefi’s Discord channel. At the conclusion of the audit, Immunefi will release an event-specific leaderboard and detailed bug reports.

Pseudonymous developer "CantelopePeel" shared insights into the ongoing development and testing of the first versions of Solana's consensus and fork choice algorithms, collectively referred to as "Frankendancer." According to CantelopePeel, millions of slots of execution have been tested to ensure compatibility with the Solana protocol.

Firedancer is highly anticipated within the Solana community due to its potential to optimize the blockchain. It is designed to handle a larger number of concurrent transactions and includes support for sharding, which can significantly improve the network's performance.

Trump Vows To End “Crypto Crackdown” as Republicans Outline Pro-Crypto Policies

The Republican Party unveiled a draft party platform detailing its objectives concerning cryptocurrency and artificial intelligence (AI) on July 8. The draft states, "Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency." This stance comes in response to the U.S. Securities and Exchange Commission's (SEC) active investigations into numerous crypto companies, which Republicans view as a detrimental crackdown on the industry by the current administration.

The platform further asserts, "We will defend the right to mine Bitcoin and ensure every American has the right to self-custody of their digital assets, and transact free from government surveillance and control." This declaration comes in the wake of a proposed bill by Senators Elizabeth Warren and Roger Marshall in late 2022, which sought to impose restrictions on self-custody crypto wallets. Industry advocates criticized the bill as "unconstitutional" and "opportunistic."

The GOP's position aligns with many crypto advocates who oppose central bank digital currencies (CBDCs), or “digital dollars,” due to concerns about surveillance. Consequently, the Republican stance against CBDCs is likely to resonate well with the crypto community. Additionally, the party aims to defend the rights of Bitcoin miners in the United States.

Political analysts suggest that the GOP’s pro-crypto stance could be a significant issue in swaying voters in the upcoming presidential election. Beyond cryptocurrency, the Republicans are also targeting President Joe Biden’s AI executive order, which aims to establish new standards for safety and security in AI development. The GOP argues that the executive order "hinders AI innovation and imposes radical left-wing ideas" on development. By repealing this order, the party plans to support AI advancement rooted in free speech and "human flourishing."

Justin Sun Announces Gas-Free Stablecoin Solution for Tron and Ethereum

Tron founder Justin Sun has announced his team's development of a gas-free stablecoin solution. In a post on July 6, Sun explained that this new stablecoin would allow transfers without requiring any gas tokens, as the fees would be covered by the stablecoins themselves. However, he did not provide specific details on how this mechanism would function.

Sun plans to integrate this innovative solution on the Tron blockchain by the fourth quarter of this year, and will “later support Ethereum and all EVM-compatible public chains.” Sun believes that this gas-free stablecoin could revolutionize the way companies offer stablecoin services, significantly boosting blockchain adoption. "I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level," Sun posted.

Currently, Tron leads the market in peer-to-peer stablecoin transfers, consistently processing two to three times the volume of Ethereum, according to blockchain analytics firm Artemis. Tron hosts over $50 billion of Tether's $112 billion in value issued across multiple blockchains, based on data from DefiLlama.

This new solution could position Tron as a competitor to PayPal's PYUSD, which offers certain U.S.-based users the ability to make free cross-border payments. Additionally, Circle's USD Coin (USDC) on Ethereum layer-2 Base via Coinbase Wallet also allows for free transfers, highlighting a growing trend towards cost-free stablecoin transactions.