Bitwise, a trusted player in the crypto-focused asset management sector, has registered with the Delaware Division of Corporations for the establishment of a new entity called “Bitwise XRP ETF.” The filing is believed to lay the groundwork for a potential ETF product linked to Ripple’s XRP token.

ETF experts see a slim chance of approval if the SEC proceeds with an appeal.

Bitwise Chief Investment Officer Matthew Hougan confirmed the move after the news broke, adding that more details would come. Bitwise’s filing comes as the SEC’s deadline to appeal the Ripple case is approaching, and experts say an appeal will be filed soon.

The SEC is Anti Crypto

The SEC has until next Monday, October 7, to challenge the ruling made by Judge Analisa Torres in the Ripple case. Last year, Judge Torres ruled that while XRP sales to institutional investors were classified as securities, secondary market sales were not.

For Ripple, the decision was a major victory, but the SEC, due to its strong belief that the verdict was incorrect, indicated it may challenge the ruling. A former SEC lawyer said that everyone at the SEC “truly believes that the decision is wrong” and should be appealed, as reported by Fox Business analyst Eleanor Terrett.

If the SEC decides to appeal Judge Torress’ decision, the legal battle could be prolonged until next year. This may not only affect Ripple but also frustrate the wider cryptocurrency market.

The XRP token, despite being one of leading cryptocurrencies in terms of market cap, has seen price struggle since the SEC initiated the legal action against the company in 2020.

At its peak, XRP was valued at around $3.4, per CoinGecko. The cryptocurrency is currently trading at around $0.6, down around 82% from its all-time high.

The Take on SEC’s Potential Appeal

Nate Geraci, the ETF Store’s president, suggested that Bitwise’s move could be a bet on the outcome of the November election. In other words, the firm may anticipate a favorable outcome that would benefit the cryptocurrency industry, and, by extension, XRP and XRP ETF filing.

Geraci also noted Bitwise’s strong background in cryptocurrency and their latest registration is not a random move. He believes Bitwise’s decision to file for an XRP ETF is a well-planned strategy given their reputation.

Discussing Bitwise’s recent move, Alex Thorn, Head of Research at Galaxy Digital, and Bloomberg ETF analyst Eric Balchunas see near zero chance of approval for XRP ETF if the SEC appeals the Ripple case.

Balchunas also suggested that approval is unlikely if Kamala Harris wins the upcoming US presidential election. He believes a potential Trump victory will be a favorable outcome for the ETF.

Like Bitwise’s potential XRP ETF, VanEck’s Solana ETF bid is likely a bet on a Trump re-election.

Both Harris and Trump have articulated their positions on cryptocurrency as they campaign for the 2024 presidential election. Trump has actively courted the community by accepting donations in various cryptocurrencies and advocating for a national Bitcoin reserve.

At a recent Bitcoin conference, he proposed creating a government stockpile of Bitcoin, asserting that it would serve as a core component of U.S. financial strategy.

Meanwhile, the Vice President surprised the public after she expressed support for blockchain technology and digital assets last month, her first public remarks about the sector.

Harris promised that her administration would “encourage innovative technologies like AI and digital assets while protecting consumers and investors” during a fundraising event on September 22. Ahead of her statement, her campaign reportedly engaged with several cryptocurrency industry leaders and formed groups like Crypto4Harris to rally support.

Despite her efforts, Harris’s stance has drawn skepticism from some within the crypto community. Critics argue that her comments lack specificity and her administration’s approach to regulation is still vague.

The post Bitwise Files for XRP ETF as SEC Appeal Deadline Looms appeared first on Blockonomi.

TLDR

FTM price rose 71% in 30 days, reaching $0.6850 on October 2

Upcoming Sonic upgrade expected to boost network performance to over 2,000 TPS

Fantom Foundation rebranded to Sonic Labs, with plans to change token ticker from FTM to S

Total Value Locked (TVL) in Fantom’s DeFi ecosystem increased 55% to $108.8 million

Daily active addresses on Fantom blockchain grew 162% between September 1 and October 1

The cryptocurrency market has witnessed a notable surge in the price of Fantom (FTM), the native token of the Fantom layer-1 smart contract platform.

Over the past 30 days, FTM has experienced a remarkable 71% increase, reaching $0.6850 on October 2, 2024. This upward trend began on September 6, when the token was trading at $0.3574.

The primary catalyst behind this price movement appears to be the anticipation surrounding the upcoming Sonic upgrade, scheduled for implementation in November or December.

This upgrade promises to significantly enhance the network’s performance by introducing a new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and improved Carmen database storage.

Once implemented, the Sonic upgrade is expected to boost the Fantom blockchain’s transaction processing capabilities from the current 30 transactions per second (TPS) to over 2,000 TPS.

Additionally, the upgrade aims to reduce transaction finality time to approximately one second, marking a substantial improvement in overall network efficiency.

In preparation for these changes, the Fantom Foundation announced a rebranding to Sonic Labs on August 1. This rebranding effort extends to the native token itself, with plans to change the ticker from FTM to S by the end of 2024.

Fantom Price on CoinGecko

The transition to the new S token will involve a 1:1 migration ratio from FTM, a proposal that received community approval in May.

The upcoming S token is set to differ from FTM in several key aspects. These include an initial community distribution through an airdrop, streamlined staking processes, and the introduction of new user incentive programs.

These changes are designed to enhance user engagement and potentially drive further adoption of the platform.

The anticipation surrounding these upgrades has reignited investor interest in Fantom’s decentralized finance (DeFi) ecosystem.

Data from DefiLlama shows that the Total Value Locked (TVL) in Fantom’s DeFi applications has increased by 55% over the last month, reaching $108.8 million. While this figure represents significant growth, it’s worth noting that it remains far below the platform’s peak TVL of $7.93 billion recorded in March 2022.

The increase in TVL corresponds with a rise in user activity on the Fantom blockchain. Market intelligence firm Glassnode reports that the number of daily active addresses on the network grew by 162% between September 1 and October 1.

This metric is a key indicator of user engagement and typically correlates with increased demand for the native token.

Data from FTMScan reveals a 66% increase in daily transactions, rising from 217,487 to 361,345 month-to-date. This surge in network activity suggests growing adoption and usage of the Fantom platform.

The combination of these factors – the upcoming network upgrade, rebranding efforts, and increased user activity – has contributed to a notable uptick in FTM’s trading volumes.

On October 1, FTM’s spot trading volumes exceeded $450 million, marking a 77% increase over the previous seven days and an impressive 450% growth over the past 30 days.

As of the latest data, FTM’s market capitalization stands at $9.7 million, solidifying its position as the 46th largest cryptocurrency by market cap, according to CoinMarketCap.

The post Fantom Token Rises 71% as Network Prepares for Sonic Upgrade appeared first on Blockonomi.

TLDR

Shardbound, an Ethereum strategy card game, enters open beta on October 9

Available on Steam and Epic Games Store without NFT integration initially

Blends deck-building, card-collecting, and turn-based battlefield elements

NFTs will be available separately, with plans for future in-game integration

Originally crowdfunded in 2017, now revived with Web3 elements by new developers

Shardbound, a strategy card game built on the Ethereum layer-2 scaling network Immutable zkEVM, is set to enter open beta on October 9, 2024.

The game will be available on both Steam and the Epic Games Store, marking a significant step in its development journey that began with a Kickstarter campaign in 2017.

Developed by Bazooka Tango and published by Immutable Games, Shardbound combines elements of deck-building and card-collecting games with turn-based battlefield fighting.

The game has been described as a blend of popular titles like Hearthstone and Fire Emblem, with additional role-playing elements.

One of Shardbound’s key features is its multiple paths to victory. Players can craft decks focused on all-out war for a military victory or prepare for more strategic approaches to achieve an economic victory.

This mechanic is reminiscent of the classic strategy series Sid Meier’s Civilization, offering players diverse strategies to explore.

The open beta period will run for an undefined length of time. Bazooka Tango co-founder and CTO Stephan Sherman explained that the duration will depend on community feedback and how quickly the team can adapt and improve the game.

While Shardbound is built on blockchain technology, the initial release on Steam and Epic Games Store will not include direct NFT integration due to platform restrictions.

However, players will receive NFTs that match their in-game cards, either sent to a connected Immutable Passport wallet or claimable via an emailed redemption code.

The developers have stated that they are carefully crafting their Web3 strategy to ensure compliance with platform rules while maintaining a consistent player experience across all platforms.

More details about future in-game NFT integration are expected to be shared in the coming weeks.

Shardbound’s journey to this point has been long and winding. Originally funded through Kickstarter in 2017, the game only resulted in an incomplete “Early Access” release by Spiritwalk Games.

Bazooka Tango and Immutable Games acquired the rights to the game last year and began working on adding Web3 elements to revitalize the project.

The game allows players to trade cards as NFTs and upgrade them to suit different play styles. However, the full extent of the planned Web3 implementation remains under wraps, with Sherman hinting at exciting developments to come.

As the open beta launches, the developers are focusing on gathering player feedback and rapidly iterating on the game. They aim to create the best possible experience before moving to a full release.

The launch of Shardbound’s open beta represents a significant moment in the blockchain gaming space, as it brings a Web3 game to major traditional gaming platforms.

While the initial release will not feature direct NFT integration, it sets the stage for potential future developments that could bridge the gap between conventional and blockchain-based gaming.

The post Ethereum Card Game ‘Shardbound’ Enters Open Beta on Major Gaming Platforms appeared first on Blockonomi.

TLDR

Edward Snowden criticized Solana for centralization at Token 2049 conference

Solana community members defended the network’s decentralization

Debate reignited old centralization concerns dating back to FTX association

Solana developers highlighted upcoming Firedancer client to improve decentralization

Criticism seen as part of ongoing competition between blockchain ecosystems

Edward Snowden, the former U.S. intelligence contractor and whistleblower, sparked a heated debate about Solana’s decentralization during a virtual appearance at the Token 2049 crypto conference in Singapore.

Snowden’s comments, which characterized Solana as prioritizing speed and efficiency over decentralization, prompted a swift response from the Solana community.

Snowden claimed that Solana was “centralizing everything” to achieve faster and cheaper transactions. He suggested that any significant projects built on the network could be easily disrupted if governments decided to target it.

The whistleblower also described Solana’s ecosystem as gaining traction through “meme coins and scams,” implying that the network wasn’t designed with an “adversarial approach” in mind.

These remarks quickly circulated on social media, with one clip viewed over 530,000 times on Twitter. The criticism touched on core principles of blockchain technology, namely decentralization and censorship resistance, which many crypto projects aim to embody.

Solana supporters were quick to defend the network. Mert Mumtaz, CEO of Helius Labs and a vocal Solana advocate, challenged Snowden’s claims, pointing out that they were made without supporting evidence.

Snowden seems to think Solana is centralized — while giving 0 data to back it up

I challenge anyone to show me the precise attack vector that would let a single entity exercise a loss of funds, or prolonged power over the network

show me, with real data, how you will subdue… pic.twitter.com/xAfy2pL46L

— mert | helius.dev (@0xMert_) October 2, 2024

Mumtaz invited Snowden to a debate on Solana’s decentralization and questioned Twitter users to provide concrete examples of how the network could be compromised.

The debate highlighted the ongoing competition between different blockchain ecosystems. The account that shared Snowden’s comments was linked to Cardano, another blockchain platform positioning itself as an efficient alternative to Ethereum.

This dynamic illustrates how some communities attempt to assert dominance by criticizing competitors on social media platforms.

The “centralization” debate surrounding Solana isn’t new. It dates back to the network’s close association with the now-collapsed crypto exchange FTX and its founder Sam Bankman-Fried, who is currently serving a 25-year prison sentence for fraud.

Bankman-Fried’s vocal support for Solana led some to label SOL as a “Sam coin,” further fueling centralization concerns.

However, Solana’s developer community has been working to address these criticisms. They defend the current level of decentralization while also promoting the upcoming launch of Firedancer, a separate second validator client created by Jump Crypto.

Solana supporters argue that Firedancer will help the network avoid past issues with downtime and further enhance its decentralization.

Anatoly Yakovenko, co-founder of Solana, appeared to reference the debate in a tweet, stating,

“As usual, Solana is decentralized only by objectively measurable metrics, and centralized across all the other ones.”

As usual, solana is decentralized only by objectively measurable metrics, and centralized across all the other ones.

— toly (@aeyakovenko) October 2, 2024

This comment suggests that the Solana team views the criticism as subjective rather than based on concrete data.

The post Edward Snowden Questions Solana’s Decentralization at Crypto Conference appeared first on Blockonomi.

TLDR

North Carolina Bitcoin community organizing search-and-rescue mission for Hurricane Helene victims

12-person team with vehicles and supplies to deploy on October 4 from Greensboro

Focus on overlooked western NC communities with little state/federal support

Team includes emergency physicians, volunteers, retired military personnel

Accepting Bitcoin and fiat donations to support the mission

In the wake of Hurricane Helene’s devastating impact on the southeastern United States, members of North Carolina’s Bitcoin community have banded together to organize a search-and-rescue operation for affected areas in the western part of the state.

The initiative, set to begin on October 4, aims to provide much-needed assistance to overlooked communities that have received limited support from state and federal agencies.

The relief effort is a collaborative project involving the North Carolina Blockchain Association, Bitcoin Mining Museum, and HM Tech, a Bitcoin mining and ASIC repair company.

Dan Spuller, head of industry affairs for the North Carolina Blockchain Association, announced the plans on social media platform X on October 2.

https://t.co/SRPHh043DV

— Dan Spuller (@DanSpuller) October 2, 2024

The 12-person team assembled for this mission includes a diverse group of volunteers, including emergency room physicians and retired military personnel.

They will be equipped with a fleet of six trucks, multiple utility task vehicles, four trailers, and even a horse and mule to navigate challenging terrain.

The convoy will depart from the Greensboro region, heading towards the western parts of North Carolina, including the Appalachian Mountains and Ashe County, which has been severely impacted by the hurricane.

One of the primary goals of this operation is to reach communities that have been cut off from essential supplies and services due to the storm’s aftermath.

The team plans to use chainsaws to clear paths, search for missing individuals, and deliver crucial medical supplies to those in need. Reports indicate that many residents in the targeted areas are currently isolated and without electricity.

I graduated from @appstate back in 2022. It’s heartbreaking to see my former home devastated by Hurricane Helene.

The lack of resources from Federal & State officials is forcing North Carolinians to take matters into their own hands

Myself, @unfakekeith, and others from… pic.twitter.com/37SBA1zt4i

— Mitchell (@MitchellHODL) October 2, 2024

Hurricane Helene, which made landfall as a powerful Category 4 storm with winds reaching up to 140 miles per hour, has caused widespread destruction across seven U.S. states.

The hurricane has claimed at least 189 lives so far, with the death toll expected to rise as hundreds of people remain missing. The affected states include Florida, Alabama, Georgia, North Carolina, South Carolina, Tennessee, and Virginia.

The storm’s intensity led to significant flooding and road closures, complicating rescue and relief efforts. This is where the Bitcoin community’s initiative aims to make a difference, focusing on areas that may have been overlooked by larger relief operations.

Spuller expressed admiration for the way the Bitcoin community has united in response to this crisis, stating,

“The challenges in Western North Carolina are immense, but the way the Bitcoin community has come together to deliver aid is inspiring.”

To support their mission, the organizers are accepting donations in both Bitcoin and traditional fiat currency. This approach leverages the strengths of the cryptocurrency community while also allowing for broader participation in the relief efforts.

The Bitcoin community’s response to Hurricane Helene demonstrates the potential for decentralized networks to mobilize quickly in times of crisis.

By focusing on overlooked areas and utilizing their resources and expertise, these volunteers hope to fill gaps in the broader relief effort and provide crucial assistance to those most in need.

As the team prepares to embark on their mission, the success of this initiative could serve as a model for future community-led disaster response efforts.

The use of cryptocurrency for fundraising also highlights the potential role of digital assets in facilitating rapid, borderless financial support during emergencies.

With the operation set to begin on October 4, the North Carolina Bitcoin community’s relief effort represents a timely and targeted response to the ongoing crisis caused by Hurricane Helene.

As rescue and recovery efforts continue across the affected regions, the impact of this community-driven initiative will be closely watched by both the cryptocurrency sector and the broader disaster relief community.

The post North Carolina Bitcoin Community Organizes Hurricane Helene Relief Mission appeared first on Blockonomi.

TLDR

Tron Network posted record $577M revenue in Q3 2023

74% of revenue came from staking, 26% from burning

Tron outpaced Bitcoin and Ethereum in quarterly income

Tron is the second-largest blockchain for stablecoins after Ethereum

SunPump, Tron’s memecoin deployer, generated $5.4M since launch

The Tron Network has reported a record-breaking revenue of $577 million for the third quarter of 2023, surpassing major blockchain platforms like Bitcoin and Ethereum in quarterly income.

This significant milestone highlights Tron’s growing influence in the cryptocurrency space, particularly in the realms of stablecoins and memecoins.

According to data from Tronscan, confirmed by Tron founder Justin Sun, the network’s Q3 revenue reached $577.2 million.

The majority of this revenue, about 74%, came from staking activities, while the remaining 26% was generated through token burning mechanisms.

The revenue data for TRON Q3 has been released. The total revenue for Q3 is $577 million, the highest since the inception of the protocol, representing a 43% increase compared to Q2. We are confident that Q4 will see even more growth compared to Q3! https://t.co/EZR1lAvhnA pic.twitter.com/IYEaDWrhBo

— H.E. Justin Sun(hiring) (@justinsuntron) October 2, 2024

Tron’s impressive financial performance can be attributed to two main factors: its increasing dominance in the stablecoin market and its recent expansion into the memecoin sector.

The network has established itself as the second-largest blockchain platform for stablecoins, trailing only behind Ethereum. Tron currently accounts for nearly 35% of the total stablecoin market cap, which stands at $172 billion.

The platform’s popularity for stablecoin transactions is particularly notable in emerging markets across South America and Africa.

In these regions, high inflation rates and concerns about domestic currency stability have led to a growing demand for more stable assets, such as the US Dollar-pegged stablecoin Tether (USDT). At present, Tether represents an overwhelming 98.3% of all stablecoin deposits and activity on the Tron network.

Tron’s venture into the memecoin market has also contributed to its revenue growth. Justin Sun’s memecoin deployer, SunPump, launched on August 9, 2023, as an imitation of the Solana-based memecoin launchpad pump.fun.

Despite its relatively recent introduction, SunPump has already generated $5.4 million in revenue, with $1 million of that amount earned within the first 11 days of its launch.

The network experienced its highest single-day revenue on August 21, 2023, bringing in over $5.4 million within 24 hours. This peak coincided with a significant injection of $1 billion in new USDT from Tether on August 20, as reported by DefiLlama.

Tron’s Q3 performance is particularly noteworthy when compared to other major blockchain networks.

Data from Token Terminal shows that Tron’s aggregate fees and revenue surpassed those of Bitcoin and Ethereum, which reported quarterly incomes of approximately $56.3 million and $256 million, respectively.

The post Tron Emerges as Second-Largest Stablecoin Blockchain in Q3 2023 appeared first on Blockonomi.

TLDR

SEC filed notice to appeal July 2023 court ruling on Ripple case

Ripple CEO and CLO criticize SEC’s decision, vow to continue fighting

XRP price dropped 11% following appeal announcement

Ripple considering cross-appeal on institutional sales ruling and $125M fine

Bitwise filed for XRP ETF despite ongoing legal battle

The U.S. Securities and Exchange Commission (SEC) has filed a notice to appeal parts of the July 2023 court ruling in its case against Ripple Labs, reigniting the long-running legal battle over the status of the XRP cryptocurrency.

The move comes just days before the October 7 deadline for filing an appeal.

In July, New York District Court Judge Analisa Torres ruled that XRP was not a security when sold on public crypto exchanges, dealing a significant blow to the SEC’s 2020 lawsuit alleging Ripple had conducted unregistered securities offerings through XRP sales.

However, Judge Torres also ruled that XRP sales to institutional investors should have followed securities laws, fining Ripple $125 million for those transactions.

Ripple CEO Brad Garlinghouse responded forcefully to the SEC’s appeal, stating on social media platform X:

“Somehow, they still haven’t gotten the message: they lost on everything that matters.”

If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.

Somehow, they still haven't gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b

— Brad Garlinghouse (@bgarlinghouse) October 2, 2024

Garlinghouse vowed to “fight in court for as long as we need” while emphasizing that “XRP’s status as a non-security is the law of the land today.”

Stuart Alderoty, Ripple’s Chief Legal Officer, called the SEC’s appeal “disappointing, but not surprising.”

(1) The SEC's decision to appeal is disappointing, but not surprising. This just prolongs what's already a complete embarrassment for the agency. The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course,… https://t.co/PQozMMtthf

— Stuart Alderoty (@s_alderoty) October 2, 2024

He noted that Ripple is “evaluating whether to file a cross-appeal,” potentially challenging the ruling on institutional sales or the $125 million penalty. Alderoty has until October 18 to inform the court of Ripple’s decision regarding a cross-appeal.

The news of the SEC’s appeal had an immediate impact on the cryptocurrency markets, with XRP’s price dropping approximately 11% in the 24 hours following the announcement. At the time of writing, XRP was trading at $0.5331.

The appeal will now move to the U.S. Court of Appeals for the Second Circuit. Legal experts suggest that a final ruling from the appellate court is unlikely to come before early 2026.

Lawyer Fred Rispoli outlined a potential timeline, estimating that briefs would be filed in early 2025, with oral arguments possibly occurring in September or October 2025.

Despite the ongoing legal uncertainty, some in the crypto industry remain optimistic about XRP’s future.

Cryptocurrency analyst CredibleCrypto highlighted that Bitwise, a major crypto asset manager, filed for an XRP exchange-traded fund (ETF) shortly before the SEC’s appeal announcement.

The analyst suggested that XRP could be next in line for ETF approval after Bitcoin and Ethereum, regardless of the current legal proceedings.

The SEC’s appeal comes amid broader changes at the agency. Gurbir Grewal, the SEC’s Director of the Division of Enforcement, resigned just hours before the appeal was filed.

This departure has raised questions about the future direction of the SEC’s approach to cryptocurrency regulation and enforcement under Chair Gary Gensler’s leadership.

As the legal battle continues, both Ripple and the SEC face high stakes. For Ripple, the outcome could significantly impact its business model and the regulatory status of XRP.

For the SEC, the case represents a crucial test of its authority to regulate the cryptocurrency industry under existing securities laws.

The post Ripple vs SEC: Next Phase Begins with Appeal Filing appeared first on Blockonomi.

TLDR

Bank of America experienced a widespread network outage on October 2, 2023

Customers reported $0 balances and inability to access accounts

Over 18,000 reports were logged on Downdetector within a 15-minute period

Bank of America stated the issues were “fully resolved” by October 3

Some customers reported ongoing problems even after the bank’s statement

On October 2, 2023, Bank of America, one of the largest banks in the United States, experienced a significant network outage that affected thousands of customers across the country.

The incident began around 4:26 pm UTC, with reports of service issues rapidly increasing over the next hour.

At its peak, nearly 18,000 customers reported problems within a 15-minute interval, according to data from Downdetector, a real-time network outage tracking platform.

The majority of the reports, approximately 98%, were related to Bank of America’s mobile and online banking apps. Customers faced various issues, with many reporting that their account balances appeared as $0.

This caused considerable concern and frustration among users, who were unable to access their funds or view their correct account information.

As news of the outage spread, customers took to social media platforms to express their dissatisfaction. Some users noted that while their account balances showed $0, their debts were still visible, adding to their frustration.

The problems weren’t limited to digital platforms, as some customers reported issues at physical bank branches and ATMs.

One user on social media platform X (formerly Twitter) stated that they were unable to make deposits or withdrawals at their local branch.

My money is gone but conveniently my debt is still there.

Bank of America sucks pic.twitter.com/KUy8tSZkIp

— Anchor Baby (@rootin4laundry) October 2, 2024

Bank of America initially did not issue a public statement addressing the situation, which added to customer concerns.

However, the bank later told CNN that the network outages had “largely been resolved.” In a statement to Cointelegraph at 1:01 am UTC on October 3, Bank of America claimed that the “technology issues have been fully resolved.”

Despite the bank’s assurances, many customers continued to report ongoing issues.

Comments on Downdetector indicated that some users were still experiencing problems accessing their accounts or viewing correct balances, even hours after the bank declared the issues resolved.

This discrepancy between the bank’s statement and customer experiences highlights the challenges in managing and communicating about large-scale technical failures.

The incident sparked discussions about the reliability of traditional banking systems. Some cryptocurrency enthusiasts used the opportunity to point out the benefits of decentralized financial systems, noting Bitcoin’s long-standing uptime record.

Everyone refreshing their Bank of America account to see if its still $0 pic.twitter.com/wUHR5Q1T7a

— Conald Peterson (@WhyGarth) October 2, 2024

However, it’s worth noting that blockchain-based systems have also experienced their share of technical issues, with several networks facing halts or outages in recent years.

Interestingly, the network outage did not seem to have a significant impact on Bank of America’s stock price.

Google Finance data showed that the bank’s shares (BAC) traded relatively flat on October 2, despite the widespread customer issues.

This incident serves as a reminder of the potential vulnerabilities in centralized financial systems and the importance of robust IT infrastructure for major banks.

It also highlights the need for clear and timely communication from financial institutions during such events to maintain customer trust and mitigate concerns.

As of the latest reports, Bank of America has not provided detailed information about the cause of the outage or specific measures taken to prevent similar incidents in the future.

The bank’s response and the lingering issues reported by some customers underscore the challenges faced by large financial institutions in maintaining consistent service across their vast networks.

The post Technical Glitch Causes $0 Balance Display for Bank of America Users appeared first on Blockonomi.

TLDR

Trump vowed to “save” Ross Ulbricht, founder of Silk Road

Ulbricht has served 12 years of a life sentence for running the darknet marketplace

Silk Road played a key role in Bitcoin’s early adoption and reputation

Trump previously promised to commute Ulbricht’s sentence if re-elected

The case continues to divide opinions in the crypto community

Former President Donald Trump has once again pledged to “save” Ross Ulbricht, the founder of the infamous darknet marketplace Silk Road.

This renewed promise comes as Ulbricht begins his 12th year in prison, serving a life sentence plus 40 years for his role in creating and operating the platform that became synonymous with Bitcoin’s early use and notoriety.

Here it is. The start of my 12th year in prison today.

I intend to make the most of it and use my time wisely.

— Ross Ulbricht (@RealRossU) October 1, 2024

Trump made his declaration on Truth Social, stating simply, “I WILL SAVE ROSS ULBRICHT!”

This statement echoes a similar promise he made in May 2024 at the Libertarian National Convention, where he vowed to commute Ulbricht’s sentence “on day one” if re-elected as president.

Silk Road, launched in 2011, was a pioneering darknet marketplace that used Bitcoin as its primary currency. The platform enabled anonymous transactions, mostly for illegal goods and services.

Its operation thrust Bitcoin into the mainstream, demonstrating the cryptocurrency’s potential for decentralized payments while simultaneously tarnishing its reputation due to its association with criminal activities.

Ulbricht, who operated under the pseudonym “Dread Pirate Roberts,” was arrested in 2013 when the FBI seized his laptop. He was subsequently convicted and sentenced in 2015.

The severity of his punishment has been a point of contention among libertarians and crypto advocates, who argue that it was excessive and represented an attack on the principles of decentralized finance.

In response to Trump’s earlier promise of clemency, Ulbricht expressed his gratitude on Twitter, saying,

“Thank you. Thank you. Thank you… After 11 years in prison, it is hard to express how I feel at this moment.”

Last night, Donald Trump pledged to commute my sentence on day 1, if reelected. Thank you. Thank you. Thank you.

After 11 years in prison, it is hard to express how I feel at this moment. It is thanks to your undying support that I may get a second chance.

— Ross Ulbricht (@RealRossU) May 26, 2024

However, opinions within the crypto community remain divided on the issue.

Trump’s support for Ulbricht aligns with his recent pro-crypto rhetoric. At the same Libertarian event where he promised to commute Ulbricht’s sentence, Trump also pledged to “keep Elizabeth Warren and her goons away from your Bitcoin.”

This marks a significant shift from his earlier stance on cryptocurrencies, which he had previously described as risky and fraudulent.

The case of Ross Ulbricht and the legacy of Silk Road continue to be topics of debate. Supporters view Ulbricht’s life sentence as overly punitive, arguing that it goes beyond punishment for running Silk Road and represents an attack on the ideals of decentralized finance.

Critics, however, point to the illegal nature of many transactions facilitated by the platform and the broader implications for law enforcement and public safety.

Trump’s renewed promise to free Ulbricht has reignited discussions about the intersection of technology, crime, and justice in the digital age.

It has also raised questions about the potential impact of presidential pardons on high-profile cases in the crypto space.

As the 2024 presidential election approaches, Trump’s stance on Ulbricht and cryptocurrencies may play a role in attracting support from libertarian and crypto-friendly voters.

However, it remains to be seen how this promise will be received by the broader electorate and what implications it might have for future policy discussions surrounding digital currencies and online marketplaces.

The story of Silk Road and Ross Ulbricht continues to be a touchstone for debates about personal freedom, government overreach, and the evolving role of cryptocurrencies in society.

As Ulbricht serves his sentence, his case remains a potent symbol for many in the crypto community, representing both the transformative potential and the controversial history of Bitcoin and other digital currencies.

Trump’s latest statement has ensured that the conversation around Ulbricht’s fate and the legacy of Silk Road will remain relevant in political and tech circles.

As the debate continues, it underscores the complex relationship between emerging technologies, law enforcement, and political maneuvering in the digital age.

The post Trump Reaffirms Commitment to Free Silk Road Founder Ross Ulbricht appeared first on Blockonomi.

TLDR

Bitcoin remains stable above $61,100 despite geopolitical tensions

Significant whale accumulation of Bitcoin observed

Bitcoin ETFs see outflows while Ethereum ETFs experience inflows

XRP drops over 10% following SEC’s decision to appeal regulatory ruling

Overall crypto market declines amid cautious investor sentiment

The cryptocurrency market is navigating choppy waters as geopolitical tensions and regulatory developments create a complex landscape for investors.

Despite these challenges, Bitcoin has shown remarkable resilience, holding steady above the $61,000 mark. This stability comes in the face of ongoing conflicts in the Middle East, which have traditionally dampened enthusiasm for risk assets.

Bitcoin’s steadfastness is particularly noteworthy given the significant outflows from Bitcoin ETFs, which saw $91.76 million leave during Wednesday’s US trading session.

Bitcoin ETF Flow

This outflow stands in stark contrast to Ethereum ETFs, which bucked the trend by attracting $14.45 million in inflows, breaking a two-day streak of negative flows.

The divergence between Bitcoin and Ethereum ETF performance highlights the nuanced nature of the current market.

While Bitcoin remains the flagship cryptocurrency, Ethereum’s separate trajectory suggests that investors are diversifying their crypto portfolios and may see different value propositions in various blockchain technologies.

Adding to the intrigue is the observation of substantial whale activity in the Bitcoin market. CryptoQuant founder Ki Young-Ju pointed out that influential entities are making sizeable Bitcoin purchases despite the challenging macro environment.

This accumulation by large holders could be interpreted as a sign of confidence in Bitcoin’s long-term prospects, even as short-term traders remain cautious.

However, not all cryptocurrencies have fared as well as Bitcoin. XRP, in particular, has faced significant headwinds, plummeting more than 10% in a 24-hour period.

This sharp decline followed the US Securities and Exchange Commission’s (SEC) decision to appeal a court ruling that had previously limited its ability to regulate crypto markets.

The SEC’s move to ask the 2nd U.S. Circuit Court of Appeals to review the July 2023 decision has reintroduced uncertainty into XRP’s regulatory status, spooking investors.

The broader altcoin market has also felt the pressure, with the total crypto market capitalization declining by over 3%.

Ethereum, the second-largest cryptocurrency by market cap, saw a 4% drop to $2,390. Other notable movements include a nearly 9% decline in Lido’s native token, LDO, which followed Ethereum’s downward trajectory.

Ethereum Price on CoinGecko

Even the meme coin sector, known for its volatility and occasional disconnection from broader market trends, showed signs of strain.

MOG, the second-largest cat-themed token, saw little price movement despite being mentioned on Republican candidate Donald Trump’s social media account.

This lack of reaction suggests that even the typically reactive meme coin market is exercising caution in the current environment.

The artificial intelligence (AI) token category, which includes projects like NEAR, TAO, and ICP, experienced a modest 1.8% decline according to CoinGecko data.

This movement came despite significant news in the AI world, with OpenAI announcing a $6.6 billion funding round at a $157 billion valuation.

The muted response of AI-related tokens to this development indicates that the crypto market is currently more influenced by macro factors than by sector-specific news.

Worldcoin, a project founded by OpenAI’s Sam Altman but operating independently, also felt the market pressure with a 4% drop.

This decline aligns with the overall market sentiment, which remains cautious as investors attempt to navigate the complex interplay of global events and crypto-specific developments.

The post Crypto Market Update: Bitcoin Holds Steady as Altcoins Face Pressure appeared first on Blockonomi.

TLDR

Over $750 million stolen in crypto in Q3 2024 despite fewer hacks

Phishing and private key compromises were the dominant attack vectors

Ethereum remains the primary target for attacks

Only 4.1% of stolen funds were recovered in Q3

Average loss per hack reached $5.93 million

The cryptocurrency sector witnessed a significant increase in the value of stolen assets during the third quarter of 2024, despite a decrease in the number of hacking incidents.

According to a recent report by cyber security firm CertiK, thieves made off with over $750 million across 155 incidents, bringing the year’s total losses to nearly $2 billion.

This marks a 9.5% increase in the value lost compared to the previous quarter, even though there were 27 fewer incidents.

The report highlights phishing and private key compromises as the most prevalent attack vectors, accounting for a staggering $668 million in losses.

Phishing attacks alone caused $343 million in damages across 65 incidents. One notable case involved a Bitcoin whale who suffered a $238 million loss in August, making it the single most significant phishing attack for Q3. Although some funds were recovered by the community, most of the stolen amount remains unaccounted for.

Private key compromises were responsible for approximately $317 million in losses across just 10 incidents. The most notable private key attack targeted WazirX, one of India’s leading crypto exchanges.

In July, hackers exploited WazirX’s private key vulnerabilities, leading to the theft of $231 million across more than 200 cryptocurrencies, including Shiba Inu (SHIB), Ethereum (ETH), and Polygon (MATIC).

Ethereum continues to be the prime target for attacks, with $387.8 million stolen across 86 incidents, far surpassing any other blockchain.

Multichain hacks were also prominent, with $89.8 million stolen across several networks, revealing the potential risks associated with cross-chain functionality.

While phishing and private key compromises led the quarter in terms of value lost, other notable attack methods included code vulnerabilities and reentrancy exploits.

Code vulnerabilities resulted in $39.6 million in losses over 44 incidents, while reentrancy attacks – which allow hackers to repeatedly withdraw funds before the system can update balances – accounted for $30.3 million in losses across five incidents.

The Q3 CertiK report reveals a concerning trend in fund recovery. Only 4.1% of stolen funds were recovered this quarter, a sharp decline from the 14.4% recovered in Q2.

Despite fewer incidents, the average loss per hack reached $5.93 million, with the median loss at $120,529.

These figures stand in stark contrast to the findings reported by Immunefi, a bug bounty and security services platform, for August 2024.

Immunefi noted a major drop in crypto-related losses during that month, with total losses amounting to just $15 million across five incidents. This marked the lowest monthly total year-to-date and represented a 94.5% decrease from July’s figures.

The discrepancy between the quarterly and monthly reports highlights the volatile nature of cryptocurrency security. While individual months may show improvements, the overall trend for the quarter indicates a significant increase in the value of assets stolen.

The post Crypto Theft Reaches $750 Million in Q3 2024 appeared first on Blockonomi.

EverValue, is thrilled to announce the phenomenal success of its ongoing presale! Launched on September 23rd, the presale has surpassed all expectations, raising over 75 BTC within the first week—doubling the initial goal of 35 BTC. This overwhelming community support underscores the immense interest in EverValue’s innovative, secure, and profitable cryptocurrency investment approach.

The presale has raised over 75 wBTC, which are now securely backing the EVA token in the Burn Vault, ensuring its stability and potential for future appreciation. Currently Evervalue is leveraging over 1,000 advanced mining machines that actively mine and contribute Bitcoin to the Burn Vault on a daily basis. Recently, 250,000 EVA tokens were burned, a process set to repeat on the 23rd of every month, effectively reducing the total supply and enhancing EVA’s value in relation to wBTC.

These strategies are designed to facilitate continuous appreciation of EVA against Bitcoin. With daily Bitcoin contributions to the Burn Vault and a regular reduction in EVA supply, the project establishes a sustainable growth model for its investors.

Following the success of the presale, EverValue is gearing up for its next major step—listing EVA tokens on the XT Exchange Launchpad. This listing, set to go live in early October, will provide broader access to the EVA token, opening the door for more investors to participate in the project through a globally recognized platform.

The XT Exchange Launchpad offers a dynamic trading environment, known for its social-infused trading features and wide selection of coins. This listing will further enhance liquidity and increase exposure to a growing community of cryptocurrency traders.

With strong presale results, ongoing Bitcoin backing, and decreasing EVA supply, EverValue is positioned as a standout project in the DeFi space. The combination of innovative tokenomics and the upcoming XT Exchange Launchpad listing is set to drive long-term growth and success for EVA investors.

For more information on how to participate in the presale and stay updated on future developments, visit the Evervalue website and follow them on Twitter and Telegram.

About Evervalue

EverValue is a robust project backed by Bitcoin and its mining, built on the Arbitrum network, dedicated to providing Bitcoin investors with a secure and transparent method to increase their Bitcoin holdings. The EVA token is designed to continually appreciate against Bitcoin, offering investors the security of a guaranteed minimum price in wBTC that only increases over time. This innovative mechanism ensures that, regardless of market conditions, the value of EVA in Bitcoin will consistently grow.

The post EverValue’s EVA Token Presale Success Fuels Anticipation for XT Launchpad Debut appeared first on Blockonomi.

TLDR

Aptos Labs acquires Japanese blockchain developer HashPalette

HashPalette to migrate Palette Chain and apps to Aptos Network by early 2025

Aptos to power digital wallet system at Expo 2025 in Osaka

APT token price surged 7.32% following the announcement

Acquisition follows recent $10 million fund launch with OKX Ventures

Aptos Labs, the company behind the Aptos Network blockchain, has made a significant move into the Japanese blockchain market with its acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and developer of the Palette blockchain.

The acquisition, announced on October 3, 2024, marks a strategic expansion for Aptos and promises to bring new developments to Japan’s blockchain ecosystem.

According to the announcement made on Medium, HashPalette will migrate its Palette Chain and associated applications to the Aptos Network. This transition is expected to be completed by early 2025, aligning with the upcoming Expo 2025 in Osaka.

The expo will serve as a showcase for Aptos technology, as the blockchain network has been chosen as the exclusive provider for the event’s digital wallet system.

The integration of HashPalette into Aptos will allow Expo 2025 participants to interact with various blockchain-based technologies, including non-fungible tokens (NFTs), digital assets, and decentralized applications (dApps).

This practical application of blockchain technology at a major international event highlights the growing acceptance and utility of blockchain in mainstream settings.

For current holders of PLT, the governance token of the Palette Chain, the acquisition brings potential changes. While specific details are yet to be finalized, PLT holders are expected to have the option to exchange their tokens for APT, the native token of the Aptos Network.

This token swap opportunity could provide PLT holders with access to a larger, more established blockchain ecosystem.

The market responded positively to the news of the acquisition. The price of Aptos (APT) experienced a notable increase of 7.32%, reaching $8.24.

Aptos Price on CoinGecko

This price surge suggests that investors view the acquisition as a positive development for Aptos. In contrast, the price of PLT saw a decrease of 15%, likely reflecting the uncertainty surrounding the future of the Palette Chain as an independent entity.

It’s important to note that the acquisition is still subject to customary closing conditions and regulatory approvals. This standard practice ensures that all legal and regulatory requirements are met before the deal is finalized.

The HashPalette acquisition comes on the heels of another significant development for Aptos. Recently, the Aptos Foundation partnered with OKX Ventures to launch a $10 million fund named Ankaa.

This fund aims to support and accelerate projects built on the Aptos blockchain.

Through this initiative, selected projects will receive venture support, targeted mentorship, increased market exposure, and access to a network of industry experts.

These recent moves by Aptos demonstrate the company’s commitment to expanding its reach and fostering growth within its ecosystem.

By acquiring HashPalette, Aptos gains a foothold in the Japanese market, which has been known for its progressive stance on blockchain technology and cryptocurrencies.

The integration of HashPalette’s technology and connections could potentially open doors for Aptos to collaborate with other Japanese firms and further establish its presence in the region.

The choice of Aptos as the blockchain provider for Expo 2025’s digital wallet system is particularly noteworthy. This high-profile event will provide a real-world testing ground for Aptos technology, potentially showcasing its capabilities to a global audience.

The successful implementation of blockchain solutions at such a large-scale event could serve as a powerful demonstration of the technology’s practical applications.

The post Aptos Acquires HashPalette, Expands into Japanese Blockchain Market appeared first on Blockonomi.

The meme coin market is not an exception to market volatility. A coin that has made millions for multiple investors is also not prone to rapid declines. This was recently seen in the case of Shiba Inu. 

Moreover, declines in the prices of Shiba Inu have changed investors’ sentiment lately. Investors are now moving toward new opportunities, including Moodeng ETH, which is currently in presale. With Moodeng ETH offering a presale profit potential 10x, whales thus consider it relatively more promising in the prevailing market outlook.

So, let us have a look at Shiba Inu and Moodeng ETH and the opportunities they present in the market:   

Shiba Inu vs Moodeng ETH

Shiba Inu

One of the most popular names in the meme coin space, Shiba Inu has taken some notable price hits in 2024. The hype that once rocketed the prices of Shiba Inu seems to have faded as several other memecoins have entered the market. 

While, Shiba Inu does have a loyal community, a large token supply and recent price drops have presented too much uncertain risk for the investors. This is why most of them are looking to migrate from Shiba Inu to other interesting options like Moodeng ETH.

Moodeng ETH

Moodeng ETH ($MOOETH) presents itself as the ultimate memecoin option with its community-driven approach and a bright vision of growth. The Moodeng ETH presale price is set at $0.000001. Considering that Moodeng ETH will jump to a 10 times multiple during launch, savvy investors are eyeing this opportunity. 

Moreover, Shiba Inu investors are looking for the next big thing in the memecoin market, and Moodeng ETH exactly offers that. The tokenomics are pretty attractive, as 80% of the total supply of Moodeng ETH coins would be available for presale and create liquidity and demand from day one. On the other hand, Shiba Inu has a vast token supply that raises concern over long-term value appreciation.

Why are Investors Leaving Shiba Inu For Moodeng ETH?

Investors leaving Shiba Inu for Moodeng ETH aren’t entirely about a new meme coin; it’s about timing and potential. While Shiba Inu has had its share of high returns, $MOOETH offers an early entry at a relatively low cost and a higher possibility of long-term gains. 

Moreover, Moodeng ETH’s theme, its colorful take on the crypto market’s ups and downs, and its very energetic community make this investment appealing for the Shiba Inu whales wanting to get into it before the coin takes off post-launch.

As this presale ends on 15th October 2024 and investors are already moving from Shiba Inu to Moodeng ETH, it can be said that the coin has all the potential to be the next leader in the memecoin market. 

Know more about Moodeng ETH at https://moodengeth.meme

The post Shiba Inu Price Decline Triggers Whale Migration to Moodeng ETH Presale appeared first on Blockonomi.

DTX Exchange has emerged as an invincible force in the DeFi sector. Its continuously rising momentum, along with unparalleled expanding potential, has established it as a noted player in the crypto space. However, the recent presale raise of over $3.3 million has garnered further attention.

Taking notice of its low value and high returns, a crypto tycoon labels DTX as the new Solana (SOL) of the crypto world. This is because of the coin’s prospects. While            Solana (SOL) also shows an impressive journey, this new crypto at a low cap grabs more attention. SUI also surges parallel, yet DTX remains unmatched.

Solana’s (SOL) 2025 Rise To Be Subdued Compared To 2024

In 2024, the price of Solana (SOL) has risen by an amazing 50%, despite a sharp decline in value from the year’s highs. Although analysts anticipate a slower rate than the 2024 price movement, the Solana (SOL) price surge is predicted to continue in 2025. Solana (SOL) is trading for $156 with weekly returns of 9%.

Solana (SOL) was formerly thought to be the next competitor for Ethereum in the number-two position. However, by emphasizing specialization over direct competition with the biggest ecosystems, Solana’s smaller rivals are beginning to seize market share.

A similar rival has emerged in the form of DTX Exchange which offers similar profits with a lower capital investment. This has made DTX Exchange the “New Solana (SOL)” in the DeFi space as labeled by various analysts.

SUI Gained 115% In September Backed By Ecosystem Growth

SUI reached a five-month high and became the best-performing altcoin in September after soaring 115%. As of the time of publication, SUI is trading at $187, up 7% on the day, and its market capitalization has risen to an all-time high of $4.925 billion.

Additionally, in the past day, the daily trading volume on the Layer-1 blockchain increased by 164%, averaging $1.06 billion.

SUI, which is frequently perceived as Solana’s rival, has experienced remarkable growth as a result of growing user and developer interest. The entire value locked in its ecosystem has increased to an all-time high of $1 billion, according to data from DeFI Llama, from just $383 million in August.

NAVI protocol, Cetus, Suilend, and Scallop Lend are some of the most prominent SUI dApps that have had remarkable development in TVL; collectively, these apps have amassed assets of over $165 million. One of the main reasons for SUI’s recent rise has been its foray into the blockchain gaming industry, which is crucial for the adoption of blockchain technology.

In early September, Mysten Labs, the developer of the SUI blockchain, opened preorders for the SuiPlay0X1 gaming handheld, which integrates SUI’s blockchain technology with a Linux-based OS, supporting both traditional PC and blockchain-based games. These have caused a massive surge for SUI.

DTX Exchange (DTX)- The New Solana At A Low Cap!

DTX Exchange (DTX) is becoming increasingly well-known among cryptocurrency whales. This is a result of the modifications that the DeFi project will implement. To differentiate itself from all other centralized or decentralized exchanges, it will introduce a hybrid trading platform. For example, DTX Exchange will provide more than 120,000 asset classes, whereas most mainly concentrate on 1-2 financial products.

In other words, people from all over the world can access multiple thriving financial markets in one place. These will include CFDs, stocks, bonds, crypto, FX, etc. Just one of these markets, the stock one, was valued at $124T in 2024 by Statista. With this access, all traders could see big returns.

Additionally, the lack of sign-up KYC checks will help millions of traders who value their privacy to fall in love with DTX Exchange. All these aspects have helped interest in the DTX Exchange presale increase. In less than a month, this new initial coin offering (ICO) has already raised over $3.3 million and could reach $4 million.

In the third presale round, the native token of DTX Exchange, DTX costs $0.06. But, analysts are projecting a potential 4x surge is ahead. This low-cap investment with colossal gains has made DTX the “new Solana (SOL)” of the DeFi space for market analysts.

Key Takeaways

Analysts suggest that Solana (SOL) will continue its ascent in the coming year as well.

SUI showed massive gains of over 115% in September, bullish rally continues.

DTX Exchange (DTX) raises over $3.3 million and becomes the “new Solana” at a low cap.

 

Learn more:

Buy Presale

Visit DTX Website

Join The DTX Community

The post Crypto Tycoon Labels DTX Exchange the New “Solana” at $0.06—Predicts SUI Surges appeared first on Blockonomi.

The way to success in the cryptocurrency market is to invest in projects with high potential, and that too in their early stages. This formula requires extensive market research but greatly increases the chances of success. We have taken care of the research part, as we have found two projects that could dominate the crypto market in the coming days: BlockDag and Moodeng ETH.

BlockDag and Moodeng ETH ($MOOETH) are still in their presale phase. Differing in purpose and technology, both $BDAG and $MOOETH ETH have the potential to be the next big stars in the crypto market. Experts believe that together, BlockDag and Moodeng ETH form a great combo, ready to take control of the crypto scene.

BlockDag

BlockDag is where the future of blockchain belongs. Simply put, BlockDag wants to be the most advanced layer-1 solution and make crypto mining extremely simple. BlockDag is the combination of strong security found in traditional blockchains with the high scalability, speed, and power of Directed Acyclic Graphs (DAGs) because it can process transactions much faster while maintaining decentralized trust.

Its hybrid design allows BlockDag to process several orders of magnitude more transactions much faster than most blockchains trying to solve long-standing scaling problems. This is the reason why BlockDag has had a very successful pre-sale, which is still going on, having raised $78.9 million so far.  

Moodeng ETH

When it comes to the fun side of crypto, Moodeng ETH ($MOOETH) can be the memecoin investment that can make you millions. $MOOETH is now available for presale, providing the chance to invest early at a very low price: $0.000001 per token, and the $MOOETH launch is 10x times that price. 

Moodeng ETH claims to be the ultimate memecoin that is inspired by the mood swings in the crypto market. As the community increases and hype for $MOOETH builds, so will the potential for mainstream success for the coin.

BlockDag and Moodeng ETH: The Perfect Pairing

BlockDag and Moodeng ETH may sound like extreme opposites, but on closer inspection, they are complementary within the same space. 

While BlockDag is developing its cutting-edge technology to be a layer-1 market leader, Moodeng ETH embraces the viral methodology and community engagement, which is the perfect recipe for a memecoin’s success.

Experts believe that the best way to go about in this market would be to put your bets in both BlockDag and Moodeng ETH to increase the chances of maximum gains.

Know more about Moodeng ETH at https://moodengeth.meme

 

The post BlockDag Price and Moodeng ETH: The Dynamic Duo Ready to Dominate the Crypto World appeared first on Blockonomi.

The hype surrounding Moodeng ETH grows with each passing day of October. It has thus far captured investors who had previously taken part in other large projects such as Rexas Coin and MOG Coin. As the continuous pre-selling of Moodeng ETH occurs, it demonstrates the potentiality of something much larger than a brief success.

Both investors from Rexas Coin and MOG Coin communities are beginning to take notice of the event. They are jumping on board for a ride on the potential surge of Moodeng ETH to new highs in the crypto market.

Moodeng ETH: Is it at The Cusp of Disrupting MOG Coin and Rexas Coin?

To say it simply, Moodeng ETH stands much apart from MOG Coin and Rexas Coin. Its playful yet sharp expression of market mood swings really resonates with many investors. Unlike Rexas Coin, which tokenizes real-world assets like real estate and commodities, Moodeng ETH embodies the chaos of the crypto market, qualifying investors to potentially profit from burgeoning memetic trends.

The community surrounding Moodeng ETH is passionate. It is a lot like the cultural force that has driven MOG Coin into success, but the driver for Rexas Coin and MOG Coin investors to engage in Moodeng ETH presale is simply due to anticipated high gains.

Moodeng ETH’s USP Against MOG Coin and Rexas Coin

The presale of Moodeng ETH is causing ripples, with the project promising launch price increases of 10x from the presale price, making it an attractive entry point for early adopters. In its third stage of presale, Rexas Coin trades at $0.050, while MOG Coin keeps its ERC-20 presence on the Ethereum blockchain. On the contrary, Moodeng ETH draws attention because of its unpredictable nature.

Investors find the simplicity of Moodeng ETH quite charming compared to Rexas Coin’s more complicated asset tokenization model and MOG Coin’s reluctant memecoin personality. As much as the memetic branding of MOG Coin and the real estate inclination of Rexas Coin seems thrilling, Moodeng ETH taps right into the core of Ethereum’s memecoin culture with an inventive twist.

The Rexas Coin and Mog Coin Disruptor: How to Apply for Moodeng ETH Presale?

While investors in Rexas Coin seek new avenues of growth and MOG Coin enthusiasts strive for fresh opportunities—Moodeng ETH stands out as an ideal choice—one with a more direct route to potential gains. Unlike Rexas Coin and Mog Coin, it capitalizes on the emotional ups and downs of the market.

For those looking for the next big memecoin, can transfer USDT (ERC20) or ETH to the specified address on the website and will have $MOOETH airdropped to them on October 20th, 2024, at 12:00 UTC.

Know more about Moodeng at https://moodengeth.meme.

The post Moodeng ETH is Stealing the Spotlight – Rexas Coin and Mog Coin Investors Are Jumping In appeared first on Blockonomi.

Users in the cryptocurrency space continue to move towards self-custody, with centralized exchanges (CEXs) no longer providing enough guarantees to secure users’ funds. However, these users encounter several issues when using decentralized crypto wallets for self-custody. Thankfully, that is where WallitIQ (WLTQ) comes in. The decentralized wallet leverages artificial intelligence (AI) and sophisticated machine learning (ML) algorithms to solve every inefficiency currently witnessed in existing crypto wallets. WallitIQ provides lasting solutions that cater to the needs of both crypto natives and newbies.

Users will be able to partake in WallitIQ’s success from the start through the upcoming presale for its WallitIQ (WLTQ) token. Investors cannot afford to miss the opportunity to be part of this revolution, as Wallit’s AI-powered decentralized crypto wallet will change the game. This analysis provides insights into what to expect from WallitIQ on this exciting journey.

WallitIQ Is Solving Every Issue Wallet Users Can Think Of

WallitIQ (WLTQ) is solving every bottleneck crypto wallet users can think of. These include issues relating to security vulnerabilities, user experience, and limited financial literacy. Crypto exploits and hacks undoubtedly remain a major issue even among decentralized crypto wallets, with users suffering significant losses as a result.

Furthermore, several decentralized crypto wallets that have emerged have failed to address issues relating to user experience. The crypto space can be difficult to navigate, especially for newbies, and these crypto wallets do not make this journey much easier, which is why many users, even crypto natives, remain skeptical about self-custody. However, WallitIQ is set to change that with its advanced technology, which provides users with a secure and seamless experience.

The complexities of using these decentralized crypto wallets also pose a problem for those with limited financial literacy. Many users can’t handle the thought of keeping their private keys and seed phrases all in a bid for self-custody. Some users also make uninformed decisions due to limited financial literacy, eventually leading to significant losses.

WallitIQ Eradicates Self-Custody Challenges With AI-driven Tools

WallitIQ (WLTQ) uses artificial intelligence (AI) and Machine Learning (ML) to eliminate every challenge decentralized wallet users face. The AI-based decentralized wallet has developed several general and specific solutions that address these challenges collectively and separately.

For instance, the crypto wallet boasts intelligent security, which helps counter potential hacks or exploits that users could suffer while using other wallets. A major highlight of this intelligent security feature is the Escrow Connect, also known as ‘AI-Einstein.’  The Escrow Connect system provides an additional layer of security as every connection to an external wallet first passes through it. It scans these sites for vulnerabilities before connecting your WallitIQ wallet to them.

Furthermore, WallitIQ has taken wallet personalization to another level with its AI-driven adaptation feature. The AI analyzes each user’s behavior and suggests how to customize their wallet for easy usability. The wallet’s customization feature addresses any interface difficulty that users would otherwise experience, as they can personalize their dashboards even to the smallest detail.

Thanks to WallitIQ’s AI integration, users will also enjoy smart suggestions, which make trading on decentralized finance (DeFi) platforms simpler and more cost-effective. The AI-powered smart suggestions analyze several protocols and identify the best DeFi investment opportunities for users.

The gas fees on these protocols have also remained an issue while transacting. However, this AI tool solves this issue by identifying the best time for users to transact so they can save costs on gas fees. During periods of high gas fees, these transactions can be automated so they will be executed as soon as gas reduces.

Time To Get Whitelisted For WallitIQ’s $WLTQ Presale

With the WallitIQ (WLTQ) presale set to begin, now is the time for investors to get an exclusive whitelist to access the crypto presale. This is an opportunity for investors to purchase the WLTQ tokens early and at a discounted price. With the WallitIQ decentralized wallet set to enjoy massive success upon launch, there is no height that the wallet’s native token cannot attain.

Therefore, partaking in this presale allows investors to enjoy life-changing gains in this supercycle. It is also worth highlighting the benefits those participating in the presale stand will enjoy. Specifically, the token makes interactions on the AI-powered decentralized wallet more exciting as you enjoy trading discounts, access to special features, and even juicy staking rewards.

Conclusion

WallitIQ (WLTQ) will be a game-changer. It will set a new standard for decentralized crypto wallets to curb users’ challenges in trying to self-custody their assets. You can get in early through the upcoming presale and participate in WallitIQ’s tremendous success. This presale is an opportunity to be a part of a redefining technology while making massive gains as an investor. You cannot afford to miss out!

Join the WallitIQ (WLTQ) presale and community:

Join WallitIQ (WLTQ) Presale

Join the WallitIQ (WLTQ) Community

The post WallitIQ Redefines Crypto Wallets By Solving Every Single Bottleneck You Can Think Of – Get Whitelisted For The Presale Token Now appeared first on Blockonomi.

Grand Cayman, Cayman Islands, October 2nd, 2024, Chainwire

Sui becomes the first blockchain to enable the most secure modern alternative to the Border Gateway Protocol

Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced that it will be the first blockchain to provide validators with a comprehensive defense against Internet routing attacks that have caused significant downtime on other networks, addressing the risks to Web 3.0 at the layer of the underlying Internet infrastructure and fortifying what is already the most secure and reliable Layer 1 blockchain, with 100% uptime since its mainnet launch. The new infrastructure is based on a networking technology called SCION and is currently live on Sui’s testnet.

The protocol that routes data packets between the independent networks that form the Internet is called Border Gateway Protocol (BGP) and was created in the late 1980s. At that time, achieving scalable global routing was the main focus, without consideration for security. Since then, the Internet has become much more important and dangerous, but unfortunately, the security of BGP has not kept pace with the increasing risks.

The current lack of security enables malicious actors to reroute traffic toward their own infrastructure and then either drop it, or worse, impersonate the intended communication partners. For example, in 2018, attackers rerouted DNS traffic and redirected visitors of MyEtherWallet to their own servers – stealing over $17 million in Ethereum. Notably, the attackers didn’t just take on any small DNS server but AWS’s Route 53 service, one of the world’s largest DNS services. In 2022, an attack on KLAYswap was possible despite the fact that KLAYswap followed security best practices. Simply rerouting traffic allowed the attacker to bypass state-of-the-art security protocols DNSSEC and TLS.

So far, no blockchain has a comprehensive defense against this class of attacks. Sui will be the first blockchain to integrate SCION, which is a next-generation network architecture that solves these major vulnerabilities. Importantly, the principals from the team of Swiss researchers that invented SCION have brought their unique knowledge and skills to Mysten Labs – forming the core of the team implementing this critical infrastructure technology for Sui.

“SCION is the security layer that the Internet desperately needs: it is built from the ground up with security in mind,” said George Danezis, Co-Founder and Chief Scientist at Mysten Labs. “With the integration of this technology, Sui will be the first blockchain to provide validators with access to a next-generation internet that is cryptographically protected against attacks”

The SCION technology being implemented on Sui’s network is an Internet architecture, which, like today’s Internet, coordinates multiple smaller networks. However, on Sui, SCION radically alters the way the Sui network will find paths toward external destinations and leverages cryptography to ensure that it cannot be influenced by unauthorized parties. This renders the type of attacks described above ineffective against Sui. 

Implementing SCION arms Sui with unique resilience to network hijacking attacks and the ability to fall back from one network to another results in: 

More resilient consensus participation. For individual validators on Sui, the ability to fall back from one network to another in the event of attacks against either network will mean higher resilience to network attacks that attempt to take the validator offline—an event which can impact epoch rewards.

More available state-sync. For full nodes on Sui, this means higher available connections to their syncing full nodes or validators, offering an alternative to retrying other, possibly more distant nodes, and the ability to circumnavigate network bottlenecks.

Robustness in the case of IP DDoS attacks. In the event of IP DDoS attacks, in which it is targeted by an attack utilizing multiple sources of attack traffic, Sui will be able to prioritize communication over SCION instead of over IP, rendering the attack against the validators ineffective.

In contrast to the Internet Protocol (IP), which is used to send and forward packets in the current Internet, a SCION-enabled Sui node can select among multiple paths towards the intended destination and encode their choice in the packet’s header. SCION’s support for the simultaneous use of multiple paths allows Sui nodes to serve different types of traffic over different paths, such as assigning consensus and sync to different network paths with different properties.

In addition to the security benefits it provides, by employing SCION’s new packet-forwarding protocol, Sui enables new control for end hosts that also further improves the networks already industry-leading speeds. Experiments with the SCION-enabled network showed that the latency between distant nodes could be reduced by over 10%, through automatic path choice and optimization available via SCION-enabled Sui nodes. 

The steps to SCION-enable a Sui node, in brief, involve obtaining a SCION connection from a SCION-enabled Internet service provider or network operator and running a SCION network appliance that is accessible by the Sui node (e.g., colocated with the node or on a separate host). As the SCION network is running side-by-side with the Internet, network connectivity is achieved on Sui if either IP or SCION connectivity is operational – achieving an unprecedented level of availability. Consequently, the new infrastructure further enhances Sui to become the prime blockchain for critical infrastructure use cases.

The SCION infrastructure was established in collaboration with Anapaya Systems, which was responsible for building the router software and other tools necessary for the Sui SCION network implementation, Cyberlink and InterCloud, which operate the global SCION infrastructure interconnecting the Sui validators, and Martincoit Networks, which helped design and coordinate the rollout of the SCION/Sui project. Karrier One is providing SCION network connectivity in Canada and beyond, and is building up SCION-enabled data center hosting services. The SCION Association, which recently welcomed Mysten Labs as a member, was involved as the organization responsible for propagating the technology.

Contact

Sui Foundation
media@sui.io

The post Sui Integrates SCION as a First-of-its-Kind Security Protocol for Network Validators appeared first on Blockonomi.

Cayman Islands, Grand Cayman, October 2nd, 2024, Chainwire

The Nibiru Foundation launches Nibiru Ventures, a strategic venture arm dedicated to supporting blockchain projects building natively in the Nibiru ecosystem. Through funding and guidance, Nibiru Ventures will cultivate the next generation of builders and help bring their application visions to market.

Product and operational support are vital, but capital introductions and commitments have emerged as the most commonly requested resources from founders building applications. Whether targeting multi-chain expansion or building exclusively on Nibiru, product integration comes with costs in the form of developer time and salaries spent.

“Nibiru Ventures was created to overcome the challenges faced by ecosystem dApp founders and expand the scope of the services that Nibiru provides, offering upfront funding and broad support to accelerate their journey,” says Nibiru Chain COO Jonathan Chang.

Chang emphasized that Nibiru Ventures hopes to mitigate the upfront risk associated with integrating an application to a new chain while ensuring alignment with Nibiru, and without enforcing chain exclusivity. On top of this, the team offers guidance on entity formation, pitching, fundraising, go-to-market strategy and technical assistance.

Nibiru Ventures Investment Strategy

Ideas are abundant in the Web3 space, but the path to widespread adoption requires applications that deliver tangible utility. Nibiru Ventures is focused on supporting consumer-facing applications that naturally drive meaningful interest and engagement, in contrast to more esoteric infrastructure projects.

Typical investments focus on pre-seed and seed-stage rounds and priority is given to those with shorter time-to-market. Key areas of focus include pioneering models of decentralized exchanges (DEXs), lending, derivatives, and vaults for structured products.

“For Nibiru Ventures, these sectors are considered particularly promising due to their alignment with patterns of historical adoption, parallels to successes in Web2, and a solid base of existing technology to build upon,” explains Nibiru co-founder, Unique Divine.

To date, one of Nibiru Ventures’ significant investments was made in LayerBank, a decentralized multi-chain lending platform looking to become a liquidity hub across EVM-compatible Layer 2 and rollup chains. With $675+ million USD in total value locked (TVL) and growth potential, LayerBank will introduce cross-chain lending functionality in Q4 2024. This innovation will consolidate fragmented liquidity across various Layer 2s into a unified liquidity pool.

To learn more about the application process for Nibiru Ventures and to apply for funding, readers can visit the application form. By applying, projects gain the opportunity to join a carefully curated portfolio. Nibiru Ventures seeks to partner with forward-thinking founders and teams to drive positive growth in Web3.

About Nibiru

Nibiru Chain is a smart contract ecosystem with a high-performance, EVM-equivalent execution layer (Nibiru EVM). The Nibiru blockchain is engineered to meet the growing demand for versatile, scalable, and easy-to-use Web3 applications. Having secured $20.5 million in strategic and seed funding rounds, Nibiru is backed by investors, including NGC Ventures, HashKey Capital, Kraken Ventures, and Tribe Capital.

Contact

Nibiru Chain
media@nibiru.org

The post Nibiru Foundation Launches Venture Arm to Support Web3 Innovation appeared first on Blockonomi.