Anza, a dev collective behind Solana, recommended the adoption of Agave v1.18.12 into the blockchain’s devnet and testnet. This new version of the mentioned client ships with a central scheduler that aims to reduce congestion by increasing fee collection and reducing conflicting transactions. Anza is calling for increased testing on this functionality. Anza Calls for […]
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Block Unveils Bitcoin Conversion Feature for Square Merchants
On Wednesday, Block, the financial services firm, disclosed that merchants using Square can convert their daily sales into bitcoin through the Cash App. Block’s founder, Jack Dorsey, revealed this update on X, and as of today, merchants have the option to transfer between 1-10% of their Square-generated earnings into bitcoin, the leading crypto asset by […]
Bitcoin News
TON Skyrockets 25% As Telegram Unveils New Revenue Sharing Feature, Crossing $3 Mark
In a notable development for the cryptocurrency world, Telegram, the popular social media platform, has introduced an ad revenue-sharing system for channel owners on its native blockchain TON. This move has resulted in a significant 25% price spike for TON, surpassing the ,016 mark.
Previously known as Gram, TON is the native cryptocurrency of The Open Network (TON), a decentralized Layer 1 (L1) protocol. With the introduction of this new feature, Telegram aims to create a mutually beneficial ecosystem where channel owners can be financially rewarded for their efforts.
Telegram Introduces TON For Channel Monetization
According to Pavel Durov, CEO of Telegram, channel owners on the platform will be able to receive financial compensation starting next month. This announcement has generated considerable excitement among content creators eagerly awaiting an opportunity to monetize their channels.
With a significant one trillion monthly views generated by broadcast channels on Telegram, the potential for revenue generation is immense, Durov believes. However, only 10% of these views are monetized using Telegram Ads, a privacy-focused promotion tool.
Telegram’s ad platform will be available to advertisers in nearly one hundred new countries in March. This expansion will allow channel owners in these countries to receive 50% of the revenue generated from ads displayed on their channels, incentivizing content creators and driving the growth of Telegram’s ad ecosystem. Telegram CEO Durov further noted:
To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels
As announced, all transactions, including payments and withdrawals, will be settled on the TON blockchain, built by the same company that created Telegram, which reported 800 million monthly users as of July 2023.
TON Bullish Momentum Points Towards Potential New ATH
When the announcement was made in the early hours of Wednesday morning, TON experienced a significant spike, sending its price as high as .172. This level had not been seen since November 2023, when the token hit its all-time high (ATH) of .215.
The current bullish sentiment surrounding TON, coupled with the potential for wider adoption and use, suggests the possibility of a new ATH shortly. This is further supported by the overall market entering an aggressive bullish phase.
Despite the volatility exhibited by TON, as seen on the weekly TON/USD chart, there are no significant resistance levels ahead. Therefore, the outcome of a potential new ATH depends on the ability to sustain the current bullish trend.
Featured image from Shutterstock, chart from TradingView.com
Ripple CTO Explains How AMM Feature Will Enable XRP Holders To Earn Passive Income
The decentralized open-source blockchain, XRP Ledger, is set to introduce more innovative solutions to XRP holders through its new Automated Market Maker (AMM) feature. The XRP community is currently buzzing with excitement as the Chief Technology Officer (CTO) of Ripple, David Schwartz, unveils how the AMM offers a unique avenue for earning passive income.
XRPL AMM To Empower XRP Holders
In a recent X (formerly Twitter) post, Schwartz discussed the ways an XRPL AMM could provide opportunities for XRP holders to make regular income through the AMM’s distinct trading mechanism.
When asked by an XRP enthusiast about the potential risks of losing XRP investments if they participated in the AMM, Schwartz responded by stating that “it is not supposed to be possible to lose.” He clarified that the occurrence of losses would mean there was a flaw or unexpected bug in the implementation of the AMM.
The Ripple CTO provided details of how investors can make passive income through the AMM’s liquidity pools. He stated that when a user provides liquidity to an AMM by making a deposit to its pools, they will receive “liquidity tokens” specific to the AMM liquidity pool they deposited to.
Illustrating the strategy and mechanics behind the XRPL AMM, Schwartz revealed that the AMM works by permitting an increase in the value of a user’s liquidity token. He explained that this unique strategy was employed because it effectively converts volatility into a higher value for a token over a period of time.
While the prospect of generating passive income through the AMM exists, Schwartz emphasized that an AMM does not prevent or safeguard against a decline in the actual value of your position.
Expatiating his words with an example, Schwartz pointed out that if a user exchanged 1 XRP for and after applying the AMM strategy the user received 1.05 XRP worth .05, then the strategy successfully increased the value of the XRP. However, if the price of XRP in dollars decreases, the overall value of your position may be lower.
Advantages And Disadvantages Of An AMM
In a recent X post, co-founder of Anodos Finance, Panos Mekras, provided a comprehensive definition of an AMM and its impact on the XRPL ecosystem. Using an analogy, Mekras described an AMM as a self-operating store where the price of items is not fixed by a single entity but determined by the availability of the item.
Mekras revealed that when there is high demand for an item, active trades increase, and the AMM adjusts the price of items to reflect an inflated value. Conversely, if there is low demand, the AMM lowers the price of items to encourage trade. In essence, the AMM works by balancing the supply and demand system of an item.
Schwartz also emphasized the mechanics behind the XRPL AMM by listing out several advantages and disadvantages of the feature. According to the Ripple CTO, the benefits of the AMM include turning volatility into yield, increasing yield by providing people willing to pay a spread to trade and minimizing the risk of losing the value of your assets.
In contrast, the drawbacks of the XRPL AMM include the absence of a guaranteed yield, potential financial losses if the price of the token drops, exposure to counterparty risks, and susceptibility to potential bugs in the AMM’s implementation.
Uniswap Unveils New Security Feature: Will It Boost UNI Demand?
Uniswap Labs, the developer of Uniswap–a decentralized exchange, has introduced a new security feature called Permit2. Taking to X on January 18, the DEX developer said this update addresses the “infinite token allowances” vulnerability that hackers can exploit. This flaw risked user funds, and the new feature is meant to resolve this concern.
Uniswap Sealing Infinite Token Allowance Risks
In crypto, especially among decentralized finance (DeFi) protocols, the “token allowance” is permission initiated by the user granting smart contracts access to tokens. From there, assets can be moved.
With this permission, it becomes possible for users to interact with dapps, chiefly protocols that utilize user funds. Some of these dapps include, for instance, decentralized exchanges like Uniswap or lending platforms like Aave or Maker.
While useful, “token allowance” can be exploited by hackers via “infinite token allowance,” where hackers can infinitely access and illegally withdraw funds from wallets, draining them as a result. Once a wallet has been compromised, it can be drained without the user’s knowledge since the compromised code already permits the hacker to move funds.
Aware of this risk, Uniswap Labs is introducing the open-source Permit2 as a solution. The tool, the DEX developer says, will give users more protection and, more importantly, control over digital assets.
A key feature of Permit2 is that users can set time limits on token approvals. Third parties can only access funds within a specific period in this arrangement.
Additionally, the tool introduces a reusable token approval for simplicity. With this feature, end users don’t have to repeatedly grant access to their funds for each transaction. On the gas-saving fronts, Uniswap Labs say Permit2 also utilizes signature-based approvals and transfers. This means the tool can reduce gas fees when users transfer tokens.
Uniswap Building, UNI Remains Under Pressure
This enhancement precedes the upcoming release of Uniswap v4, which introduces Hooks. This new feature provides developers with more flexibility and control over their applications.
Analysts say the launch of Uniswap v4 and Uniswap Labs’ continuous enhancement to improve security might cement the DEX’s position.
According to DeFiLlama data, Uniswap has managed over .4 billion worth of assets. Even so, UNI prices continue to struggle.
Looking at the daily chart, UNI has resistance at around .1 and is currently down roughly 20% from December highs. Sharp losses below might trigger a sell-off, forcing the token towards .5 or lower.
Conflux Protocol Shuts Down This Key Feature After 2 Years
After over two years of operation and maintenance by the Conflux Foundation, ShuttleFlow, a multi-asset bridge built on Conflux, is set to shut down.
Per the announcement, the platform was pivotal in driving progress within the decentralized finance (DeFi) arena, enabling “seamless” asset transfers across various chains.
Conflux Foundation Passes The Torch
ShuttleFlow emerged as one of the advanced multi-chain asset bridges in the DeFi space. Its architecture facilitated interoperability between different blockchains, opening up new user possibilities.
Notably, ShuttleFlow enabled “effortless swaps” between external blockchains such as Ethereum (ETH) and Binance (BNB), utilizing Conflux as the transit chain. With the decision to shut down ShuttleFlow, the Conflux Foundation has entrusted cryptocurrency hub company Zero Gravity with the responsibility of maintaining and further developing the technology stack.
According to Monday’s announcement, Zero Gravity will continue to enhance the Bridge’s capabilities to ensure a “seamless and secure” experience for users within the expanding multi-chain ecosystem.
Furthermore, the Conflux Foundation assures users that their funds are secure throughout the transition. All user funds will be migrated from ShuttleFlow to Zero Gravity, safeguarding their assets.
Users who have previously bridged assets through ShuttleFlow and successfully claimed them on the destination chain will not be required to undertake any additional actions for the migration.
ShuttleFlow will continue to assist users in claiming assets on the destination chain even after the bridging service is shut down. Users can locate their unclaimed assets on the ShuttleFlow history page.
ShuttleFlow Service Ends
The ShuttleFlow website and decentralized app (dApp) will continue to operate with limited functionality until January 6, 2024. However, the bridging service through ShuttleFlow’s dApp will cease on November 6, 2023. Once ShuttleFlow fully shuts down, users can bridge their assets through Zero Gravity’s official dApp.
The Conflux Foundation firmly believes that the decentralization and accumulation of infrastructure partners are crucial for the growth of its ecosystem. With Zero Gravity taking the reins, ShuttleFlow’s vision of enabling chain-agnostic asset flows to and from the Conflux Network will persist.
In light of these developments, the protocol’s token, CFX, currently ranked among the top 80 largest cryptocurrencies in the ecosystem, has experienced a retracement of over 2.9% in the past 24 hours, trading at ,1619.
Nevertheless, the token retains significant gains of 277% in the year-to-date period, demonstrating its remarkable growth over the past year.
Featured image from Shutterstock, chart from TradingView.com
Earn Network Unveils Restaking Category: A New Feature to Compound Your Delegation Gains
PRESS RELEASE. The Earn Network introduces yet another category to its community-driven marketplace – Restaking. This cutting-edge feature comes on the heels of successful launches in both DeFi Staking and NFT Staking and is designed to amplify the yield on digital assets.
What is Restaking?
Restaking involves the reinvestment of staking rewards back into the system to compound gains. Together with delegation capabilities, an auto-compounding mechanism has been incorporated into the Earn Network platform, enabling a hassle-free way to see profits grow. The restake feature initially supports an array of decentralized Proof-of-Stake (dPoS) blockchains within the Cosmos ecosystem.
Unique Advantages of Earn Network’s Restaking
One of the standout aspects of Earn Network’s Restaking is the simplified staking process for supported projects with a minimal fee structure available through the platform’s dApp. In most cases, this allows delegators to keep 99% of earned rewards. Only a nominal 1% fee, or the lowest fee specified by the chosen blockchain network, is charged. Additionally, Earn Network’s validators cover all the fees for activated restaking activities. Being part of the platform’s ecosystem also offers additional benefits and perks, including the opportunity to receive the upcoming $EARN mainnet tokens.
Official Restaking Partners
In the dynamic world of decentralized finance, robust partnerships are invaluable. Some of the first official Restaking partners include: Oraichain ($ORAI), Persistence ($XPRT), Decentr ($DEC), AssetMantle ($MTNL), and Shentu ($CTK).
For a complete list of supported assets, visit the Restaking section on the Earn Network website.
Special Launch Giveaway
To celebrate this launch, the Earn Network is offering a special giveaway. Any delegation exceeding 0 through the Earn Network dApp will result in an award of 50 EARN Points, a Wealth Alchemist Discord Role and a token bonus for the delegation. Moreover, the top ten delegators will earn an exclusive Investment Icon role on Discord. This offer is valid until November 19, 2023 and prizes will be distributed within seven days post-contest.
Final Thoughts
This is just the beginning of expanding capabilities within the Cosmos ecosystem. Further enhancements, functionalities and assets in the domain of restaking are under development. For the latest updates, follow the Official Telegram Announcement Channel or Discord.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Uniswap Is Decentralizing: Why Are DeFi Users Worried About This Feature?
Devin Walsh, Executive Director of the Uniswap Foundation, a non-profit organization supporting the growth and decentralization of the Uniswap decentralized exchange (DEX), believes that Uniswap is decentralizing. Walsh even compares the current state of the DEX to that of Ethereum. The executive also acknowledged that the DEX’s current level of success is due to the active participation and contribution of the developer community.
Uniswap Becoming More Decentralized?
The Executive Director responded to a thread on X where Antonio Juliano, the founder of dYxX, a layer-2 DEX on Ethereum, insinuated that Uniswap is now centralized. However, it started on a decentralized path.
With centralization, Juliano added, the protocol can iterate quickly, mainly to boost revenue. On the other hand, by being more decentralized, dapps allow users to enjoy the full advantages of decentralized finance (DeFi).
Decentralization of protocols launching on public ledgers, like Ethereum or Cardano, is crucial. Usually, the community will gauge how well a dapp is decentralized by looking at, among other factors, how decisions are made and which party spearheads development.
In the case of Ethereum, Walsh pointed out that the community has taken over from where Vitalik Buterin, the co-founder; and Consensys, a technology company developing solutions for Ethereum, left. Since then, multiple developers have been refining the network and ensuring it is secure and robust to anchor dapps.
Uniswap is one of the most popular DEXes on Ethereum, looking at total value locked (TVL). DeFiLlama data shows that the exchange manages over billion of assets and is primarily active on Ethereum. However, the exchange enables trustless swapping on layer-2 platforms like OP Mainnet, and public ledgers like the BNB Chain.
Preparing For Hooks And KYC?
Presently, Uniswap Labs leads the development of Uniswap. Nonetheless, Walsh said more developers are now building and contributing solutions. This, the Uniswap Foundation executive further observed, is especially considering the scheduled launch of Hooks in v4.
There is no specific timeline for when Uniswap will deploy the latest iteration, but the release of the Cancun upgrade on Ethereum will play a role. The protocol will be more customizable with Hooks since the feature acts more like a plugin.
Even so, there have been concerns that Hooks, though being developed by community developers, will be the basis for Uniswap to censor liquidity providers (LP) or traders who don’t verify by adhering to know-your-customer rules (KYC). UNI prices remain under pressure at spot rates and may break lower, registering new 2023 lows.
XRP News: Ripple CTO Defends Clawback Feature On The XRPL
Ripple’s Chief Technology Officer (CTO), David Schwartz, has always been quick to come to the defense of the crypto firm and its technology. This time, he has defended Ripple developers implementing a newly proposed ‘Clawback’ feature on the XRP Ledger (XRPL).
Why The Clawback Feature Is Necessary
In a tweet shared on his X (formerly Twitter) platform, Schwartz mentioned that while initially having reservations about the feature as he felt it was “redundant,” he later realized its importance as it differed from the existing freeze feature.
The “clawback” amendment is now eligible for voting. This allowers issuers of new assets specifically created with this feature enabled to claw back a specified quantity of the asset from a holder.
Some thoughts: … https://t.co/OmrerirRQz
— David “JoelKatz” Schwartz (@JoelKatz) October 2, 2023
As the name suggests, the Clawback feature allows a token issuer to “claw back” tokens when there is fraudulent activity or for recovery purposes, like when a user loses access to their account.
Related Reading: Bitcoin Investment Strategy: Analyst Sets Hefty Exit Price
He noted that the clawback feature was primarily to be used to fulfill legal obligations, as in the case of a stablecoin issue fulfilling their redemption obligations or where a court order necessitates the need to use such a feature.
From this premise, he explained that this feature ensures that this event is represented on the ledger, unlike the freeze feature, which doesn’t highlight why an asset was frozen. As such, this latest feature allows for better accountability and makes audits less complex.
Furthermore, he mentioned that the freeze feature was more of a “nuclear” option, unlike the clawback feature, which does less damage and can seen as a viable and probably better alternative.
Schwartz reiterated that this clawback didn’t apply to XRP and suggested that it was an option for stablecoin issuers, noting that other “blockchains that have stablecoins on them have some version of this clawback feature” and how it helped solved an accountability problem.
XRP Ledger Feature Receives Cold Reception
Despite Schwartz’s justification of the feature, many still showed displeasure with it as it undermined the ethos of decentralization and users’ privacy. One X user (@bigcjat) explained that a clawback feature seemed more drastic, unlike the freeze feature, as the former stripped users of their tokens, unlike the latter, where the user still maintained control of his tokens.
He went on to quiz whether this token was simply proposed because of the ‘recent partnership’ considering that the feature was never proposed before now. He then suggested that the crypto firm and its blockchain may have been compromised as he stated, “Money taints, even decentralized ledgers.
In response, Schwartz stated that, to the best of his knowledge, the driving force behind this feature was to ensure accountability as it would reflect the legal obligation of an issuer. He is not aware of anyone stating that they will only partner with Ripple if the XRPL supports clawback.
Other users weighed in on the conversation, with some showing support for the feature, stating that stablecoin issuers needed to implement such a feature. On the other hand, others argued that the clawback feature wasn’t necessary, with a particular user stating that this risk is “akin to being SIM swapped.”
Another concern raised is that token issuers could use this feature maliciously, especially when experiencing financial difficulties. That particular user gave an example of FTX being able to claw back their FTT tokens or a stablecoin issuer like Tether clawing back their USDT tokens in the event of financial difficulty.
The X user @bigcjat once again came into the conversation and noted that Schwartz’s talks about “legal obligation” only undermine the essence of blockchain technology as there was no need for a ledger if the “actual value” and “rules” were off the ledger.
However, Schwartz noted “several benefits” to putting these transactions on the ledger. One of them is that a public blockchain ensures that “the total legal obligations of the issuer can be completely public in a verifiable way.”
The clawback feature will still need to be voted on by validators on the XRP Ledger before it becomes implemented. Once implemented, stablecoin issuers must decide to enable it before they can create their tokens on the network.
Bankman-Fried Trial to Feature Customer, Investor, and Co-Conspirator Testimony
In a letter to the judge published Saturday, prosecutors laid out plans to call customers, investors, and co-conspirators to testify in next week’s trial of Sam Bankman-Fried. The former CEO of cryptocurrency exchange FTX faces charges of fraud and conspiracy for allegedly misusing customer funds.
Investors and Customers to Testify in Fraud Trial of Crypto Magnate Sam Bankman-Fried
Sam Bankman-Fried’s trial, slated to begin next week, will feature investors and customers, according to a letter penned by Damian Williams, the U.S. attorney for the Southern District of New York. Additionally, there will be co-conspirator testimonies from FTX senior personnel such as Zixiao (Gary) Wang, Caroline Ellison, Nishad Singh and Ryan Salame.
Prosecutors say customer testimony will show that users deposited funds on FTX expecting the company would keep the assets safe and separate from its own funds. This relates to charges that Bankman-Fried violated customers’ trust, the letter discloses. Investors who bought FTX shares will testify about promises Bankman-Fried allegedly made that the exchange served as a custodian protecting user assets.
“The testimony of actual investors regarding their expectations for how FTX would operate as a ‘custodian’ for its customers, as the defendant represented, is directly relevant to how a reasonable investor would have viewed those representations when made about a cryptocurrency exchange,” the letter states.
Finally, cooperating witnesses like Singh, Ellison, Wang, and Salame who pleaded guilty to conspiring with Bankman-Fried will explain their understanding of his instructions and statements. Prosecutors argue in the letter that this reveals how the scheme operated. The high-profile trial is slated to begin next Tuesday in New York federal court. Bankman-Fried faces up to 115 years in prison if convicted on all counts.
What do you think about customers and investors testifying against the former FTX boss Sam Bankman-Fried? Share your thoughts and opinions about this subject in the comments section below.