The recent week saw a significant increase in the prices of Layer 2(L2) tokens. Notably, leading L2 tokens like Optimism (OP), Arbitrum (ARB), and Polygon (MATIC) experienced price hikes of 35%, 17%, and 14% respectively. Starknet's native token, STRK, also saw a 16% growth, trading at $0.55. The rise in STRK's demand boosted its daily transaction volume to $38.31 million on July 11, a 15% increase from the previous day. The surge in price began on July 5, rising by over 19% since hitting an all-time low. The uptrend in daily transaction volume indicates increased market activity and investor interest. Additionally, the rise in futures open interest by 10% signals bullish market sentiment. However, caution is advised as indicators suggest a potential weakening of the current uptrend, with a risk of price dropping to $0.51 if recent gains are not sustained. Read more AI-generated news on: https://app.chaingpt.org/news

Three executives, Jayson Hobby, Geoffrey Hayes, and Mykel Pereira, have left Compound Finance to pursue a new venture. The departure coincided with a hacking incident on the platform's website, highlighting the growing threat of cyber attacks in the crypto space. Hobby, who served as CEO for five years, expressed pride in Compound's journey towards decentralization. He now joins Legend, a blockchain platform focusing on user experience in DeFi. The hacking incident, where a phishing site targeted users, underscored the importance of vigilance in the crypto community. Despite the security breach, user funds in Compound remained safe. This event serves as a reminder of the ongoing challenges of phishing attacks in the industry. Compound Labs, a major DeFi player, continues to hold significant assets in the crypto market. Read more AI-generated news on: https://app.chaingpt.org/news

Nigerian blockchain and data specialists have offered their perspectives on the National Information Technology Development Agency's (NITDA) initiative to create a local blockchain called 'Nigerium.' This ambitious endeavor aims to safeguard data sovereignty and enhance national security. However, stakeholders emphasize the importance of ensuring that the Nigerium project is developed domestically, utilizing local talent and addressing key infrastructure and policy hurdles. Nathaniel Luz, CEO of Flincap, stressed the significance of Nigerian professionals leading the project, highlighting the country's potential in global blockchain initiatives. Despite supporting the initiative, Luz warned against overlooking essential groundwork, citing issues faced by the eNaira digital currency project. Another expert, Obinna Uzoije, praised NITDA's efforts but urged improvements in data collection practices to enhance state capacity. Nigeria's interest in blockchain technology is evident through recent policy restructuring and plans to establish research centers focusing on emerging technologies like blockchain. Read more AI-generated news on: https://app.chaingpt.org/news

The Republican Party, in its 2024 platform, expressed concerns about a potential US central bank digital currency (CBDC) being a privacy-invading surveillance tool. The focus should be on building a CBDC resistant to cyberattacks, especially with the looming threat of quantum computing. Despite political opposition, CBDCs are gaining interest globally. Pilot projects by MIT and The Digital Dollar Project have highlighted the need for quantum-resistant designs. The US must prioritize post-quantum algorithms to safeguard its monetary system. Initiatives like the National Quantum Initiative Act and CISA's Quantum Readiness roadmap are steps in the right direction. However, there is a lack of specific post-quantum research for CBDCs. Investing in post-quantum research and development for CBDCs is crucial for national security. Legislative efforts to ban CBDC research are not the solution; instead, focus should be on developing CBDCs with post-quantum features to secure America's financial future. Read more AI-generated news on: https://app.chaingpt.org/news

The European Union has reaffirmed its partnership with ChromaWay to create blockchain-based sustainability solutions. This decision follows ChromaWay's presentation at the EU Pre-Commercial Procurement (PCP) final review meeting, showcasing advancements in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights. ChromaWay's relational blockchain technology, combining relational databases' flexibility with blockchain's security, was highlighted for its efficiency in organizing onchain data. The EU's positive evaluation of ChromaWay's contributions demonstrates the potential of relational blockchain to make significant impacts in public and private sectors. This aligns with the EU's strategy to integrate innovative blockchain solutions for sustainability and efficiency. Chromia, ChromaWay's decentralized applications platform, is set to launch its mainnet soon, aiming to develop institutional solutions in collaboration with the EU. The EU's partnership with ChromaWay and other blockchain projects reflects its commitment to technological advancements for economic and environmental benefits. Read more AI-generated news on: https://app.chaingpt.org/news

The European Union revealed on July 12 that Elon Musk's X.com has been preliminarily determined to have violated the Digital Services Act (DSA). The EU's initial findings state that X breached the DSA on three counts and could face fines of up to 6% of its global annual turnover. The investigation, initiated in December 2023, highlighted concerns such as X's moderation practices, use of artificial intelligence, and lack of transparency. Musk and X have been notified of the violation, but they have the right to defend themselves. The issue revolves around X's verification system and its handling of advertising and data for researchers. If found guilty, X could be fined over $200 million and be subjected to supervision to comply with the law. Musk's response on X's verification system has sparked speculation. The situation underscores the importance of compliance with regulations in the crypto world. Read more AI-generated news on: https://app.chaingpt.org/news

Zaros, a decentralized exchange (DEX) specializing in perpetual futures, was recently featured in a Cointelegraph X Spaces session. Co-founders Guilherme Bettanin and Pedro Bergamini discussed Zaros' unique features, strategic partnerships, and plans for decentralized governance. The platform aims to provide a user-friendly experience similar to centralized exchanges (CEXs) by offering features like liquid staking, intuitive UI/UX, and support for various assets. Zaros also rewards traders and liquidity providers through a points system and offers boosted returns through Restaking Vaults. LPs can earn a base rate of 70% of trading fees, with the remaining 30% allocated to the Zaros DAO. The platform's stablecoin, USDz, streamlines settlements and accepts multiple collateral types. Zaros is currently in public testing on Arbitrum Sepolia and plans to deploy on Monad's mainnet. The team envisions a hybrid order book and AMM to optimize trading execution and reduce costs for users. Read more AI-generated news on: https://app.chaingpt.org/news

Following the approval of Spot Ethereum ETFs by the SEC, altcoins like Shiba Inu are eyeing their own ETFs. The marketing lead for Shiba Inu highlighted the benefits of a SHIB ETF, including attracting traditional investors and increasing demand for the cryptocurrency. Institutional investors could also diversify their portfolios with SHIB ETFs. However, drawbacks such as centralization, third-party ownership, and additional costs were also pointed out. Despite these concerns, the community is rallying for a SHIB ETF, with a petition to Grayscale Investments gaining significant support. The potential approval of a SHIB ETF could bring both advantages and challenges to the crypto space, impacting how investors engage with Shiba Inu and other digital assets. Read more AI-generated news on: https://app.chaingpt.org/news

A bipartisan group of US senators is pushing for legislation to prohibit members of Congress from trading stocks. The senators proposed amending the Stop Trading on Congressional Knowledge Act of 2012 to prevent lawmakers from engaging in stock trading. They emphasized that Congress should not profit from exclusive information, highlighting instances where members outperformed the market. The proposed changes include a ban on trading within 90 days of the bill's enactment and restrictions on the president, vice president, and family members. Violators would face fines based on the asset's value. The senators stressed the need to restore public trust in democratic institutions and prioritize constituents over personal gain. The move follows revelations of profitable trades by top lawmakers, sparking calls for stricter regulations. The initiative aims to address unethical behavior and promote transparency in government. Read more AI-generated news on: https://app.chaingpt.org/news

Elon Musk has refuted claims from a New York Times article that he had volunteered his sperm to assist in establishing a colony on Mars. The report, published on July 11, implied that Musk had instructed his team to develop a habitat capable of withstanding the harsh conditions of the red planet. Musk's team is exploring dome habitats and spacesuits suitable for Mars' extreme climate. Despite rumors circulating on social media, Musk clarified that he did not offer his sperm for this purpose. Musk has ambitious plans to build a city of one million people on Mars by 2050 and has considered the possibility of using Bitcoin as a currency on the planet. While initially skeptical, Musk later acknowledged the potential feasibility of using Bitcoin on Mars, albeit with challenges to overcome. Read more AI-generated news on: https://app.chaingpt.org/news

The Shiba Inu team recently announced the upcoming 'SHIB Marketplace' in the latest SHIB Magazine issue. This marketplace, part of the decentralized Shiba Inu ecosystem, aims to revolutionize digital asset interaction. Powered by the Shibarium layer-2 solution, it will boost transaction efficiency and cut operational costs. Users will have control over their transactions and ownership, as smart contracts automate processes, reducing the need for intermediaries and enhancing security. The marketplace's community-centric governance model will utilize BONE tokens for transactions and decision-making, promoting user involvement. Additionally, an NFT marketplace on the Shibarium blockchain will attract diverse users. With low transaction fees and a user-friendly interface, the marketplace seeks to democratize digital trading. The SHIB team invites the community to join this innovative platform, signaling a new era in Web3 commerce powered by Shiba Inu. Read more AI-generated news on: https://app.chaingpt.org/news

The FLOKI team is dedicated to enhancing global education by building schools in underprivileged nations. Recently, they announced plans to construct a school in India, utilizing blockchain technology for philanthropic endeavors. With a focus on revolutionizing education in developing countries, the team aims to establish multiple schools and collaborate with NGOs for sustainability. India, facing challenges in providing quality education due to its large population, will benefit from this initiative. By introducing cryptocurrency and blockchain in the educational sector, Floki not only empowers Indian students but also addresses global academic issues. The crypto community has shown support for Floki's mission, recognizing their commitment to making a positive impact. Beyond financial success, Floki strives to create educational opportunities worldwide, starting with schools in Ghana, Nigeria, Laos, and Guatemala. This initiative marks the beginning of Floki's vision to elevate academic opportunities in underprivileged regions. Read more AI-generated news on: https://app.chaingpt.org/news

The FTX bankruptcy estate is challenging a $264 million claim by Jump Trading's subsidiary, Tai Mo Shan, for an undelivered loan of 800 million Serum (SRM) tokens from Alameda Research. The dispute arose when Alameda failed to deliver the tokens as agreed, leading FTX to argue that the loan never started. This legal battle is crucial in resolving FTX's financial fallout. The loan was intended to support the decentralized exchange Serum, backed by FTX. Despite claims of decentralization, the collapse of FTX revealed control over Serum. Tai Mo Shan seeks damages for the undelivered tokens, while FTX claims the agreement is void due to non-delivery. The court filings suggest potential fraudulent transfers. The dispute involves a significant portion of SRM tokens, with Jump Trading's claim based on market factors. FTX disputes the valuation method and criticizes the lack of documentation. CryptoSlate provides comprehensive crypto news and analysis, focusing on Bitcoin, DeFi, and AI. Read more AI-generated news on: https://app.chaingpt.org/news

Shiba Inu's Shibarium platform, an Ethereum Layer 2 solution, has seen a sharp decrease in user activity recently. The number of active and new addresses on the network has been steadily declining since July 5, hitting a monthly low on July 9. Only 11 new accounts were created on Shibarium on July 10, marking a significant drop. This decline in activity has also led to a decrease in new transactions on the network. Despite this, Shiba Inu's price has shown an 8% increase in the past week, trading at $0.00001656. The Chaikin Money Flow indicator suggests a potential rally for SHIB, with strong buying pressure and positive momentum. If this trend continues, SHIB's price could reach $0.00001767. However, market conditions are unpredictable, and investors should conduct their own research before making any financial decisions. Read more AI-generated news on: https://app.chaingpt.org/news

Dogwifhat (WIF) recently broke below the lower line of its ascending channel on July 3, leading to a price decline below a resistance level held since June's end. The asset has been moving within a horizontal channel since then, with $2.06 as the new resistance and $1.59 as the support level. This consolidation indicates a balance between buying and selling pressures, as shown by the Moving Average Convergence Divergence (MACD) indicator. The meme coin's MACD and signal lines have been crossing back and forth since July 7, suggesting a lack of strong directional movement. Despite uncertainty about WIF's future price direction, a bearish bias persists, with a weighted sentiment of -0.74. If market sentiment turns positive, WIF's price could break above the upper line of the horizontal channel. This analysis serves for informational purposes only and does not constitute financial advice. Read more AI-generated news on: https://app.chaingpt.org/news

The Bahamian government is set to mandate commercial banks to distribute its central bank digital currency (CBDC), known as the Sand Dollar. Despite low usage, the Central Bank of The Bahamas plans to enforce CBDC distribution through regulations. This move mirrors Nigeria's strategy of incentivizing CBDC adoption with discounts and ultimately resorting to cash withdrawal to boost usage. The contrast between public and private sector responses is evident, with governments having the power to enforce compliance. While businesses adapt or close based on market demand, governments can resort to force. The push for CBDC adoption raises concerns about the necessity of coercion in promoting digital currencies. Central bankers should consider that if a concept requires force, it may not be viable. The examples of Nigeria and The Bahamas highlight the challenges and implications of government-led initiatives in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

A federal judge presiding over the SEC case against Coinbase hinted that the exchange might not be able to access Chair Gary Gensler's private communications prior to his leadership. During a hearing, Coinbase's lawyers argued for access to Gensler's personal device data, as the SEC did not assure transparency on his communications with market makers. The SEC's legal team urged the judge to block the subpoena into Gensler's personal communications, stating he was not a relevant witness. Despite not fully agreeing with Coinbase's stance, Judge Failla agreed to consider their arguments, expressing concerns about the burden of probing Gensler's pre-chair statements. The court requested both parties to submit letters by July 15. The subpoena was part of discovery in the SEC's case alleging Coinbase's unregistered securities brokerage. The exchange had sought Gensler's personal communications, claiming he shared views on crypto since 2017 in a personal capacity. Read more AI-generated news on: https://app.chaingpt.org/news

An investment manager predicts a $10 billion influx with the introduction of Ethereum exchange-traded funds (ETFs). Compound Finance falls victim to a hack, while the US commodities regulator advocates for oversight of Bitcoin and Ether. Tom Dunleavy of MV Global anticipates significant inflows for spot Ether ETFs, potentially reaching new highs by early Q4. He suggests that Ether's scarcity on exchanges could drive substantial investments. Despite the approval of eight spot Ether ETFs by the SEC, trading has not commenced. Meanwhile, a security breach at Compound Finance prompts warnings to users to avoid the compromised website. The breach, confirmed by a team member, poses a risk to personal data and funds. US Commodity Futures Trading Commission Chair asserts Bitcoin and Ether as commodities under their jurisdiction, emphasizing the need for a regulatory framework and education on crypto in the US. Read more AI-generated news on: https://app.chaingpt.org/news

On July 11, multiple decentralized finance (DeFi) apps fell victim to a domain registry attack, as reported by blockchain security platform Blockaid. The attacker seized control of the DNS registry for Compound Finance and attempted, unsuccessfully, to do the same with Celer Network. The attacker targeted domain names hosted by Squarespace, putting any DeFi app with a Squarespace domain at risk. Security experts noticed the attack when the Compound interface redirected to a malicious site that aimed to steal users' tokens. Celer Network also faced an attack but managed to intercept it in time. Blockaid warned of potential hijacking of DeFi front ends, with several incidents already occurring. MetaMask is alerting users about compromised apps. This incident adds to a series of attacks on the Web3 industry, highlighting the importance of cybersecurity in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

Portal, a unified blockchain gaming platform, has launched PortalPay to streamline in-game transactions. The service aims to enhance user experience by offering an interoperability solution for paying and cashing out in-game assets using any of the 5,000 supported digital assets. To engage with blockchain games, users typically need a MetaMask wallet or similar service to interact with decentralized applications and purchase game assets or NFTs. However, the fragmentation of blockchain ecosystems poses challenges. PortalPay addresses these issues by providing onchain solutions, allowing developers to focus on game quality. Despite the sector's growth, mainstream adoption remains a hurdle, with regulatory concerns also impacting the industry. Portal's initiative not only aims to boost user adoption but also simplifies Web3 onboarding and enhances user retention by offering a user-friendly interface. Read more AI-generated news on: https://app.chaingpt.org/news