Binance is transitioning UAE resident accounts to its new regulated local entity, Binance FZE, following a Virtual Asset Service Provider license from Dubai’s regulator. This change will allow UAE users to access various virtual asset services locally, including AED bank deposits and withdrawals. Binance’s Local Exchange in UAE Now Licensed Crypto exchange Binance announced on […]
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Fantom Foundation Allocates $120 Million to Accelerate Migration to Sonic
The Fantom Foundation has unveiled a treasury allocation of 200 million FTM, approximately 0 million USD, to expedite the migration of partners to its new Sonic network. This allocation includes native application grants, strategic grants to decentralized applications (dapps), and first-class infrastructure tools and partners for developers and users. The Foundation is said to be […]
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Friend.tech To Exit Coinbase L2 Base, Announces Migration To New Blockchain
The decentralized social network Friend.tech has unveiled plans to move from Coinbase’s Layer 2 blockchain Base to its proprietary network, Friendchain. This development will come as part of the platform’s collaboration with Conduit, a crypto infrastructure service provider.
When Will The New Friend.tech Blockchain Launch?
In a June 8th post on X, web3 social platform Friend.tech revealed its plans to create a new blockchain dubbed “Friendchain,” winding down its partnership with the Coinbase-incubated Base network. According to the announcement, Friendchain is a proprietary blockchain that will utilize the recently launched FRIEND token as a fully transferable gas token.
Although the decentralized platform’s team didn’t disclose a timeline for the network migration, the announcement did say that users will be kept abreast of relevant information “over the coming months.” It can be deduced from Friend.tech’s message that the Friendchain mainnet migration could take months.
We’re pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token.
We’ll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter. pic.twitter.com/HRa26vfFEX
— friend.tech (@friendtech) June 8, 2024
However, this development isn’t exactly a surprise, considering that the Friend.tech co-founder Racer had publicly expressed the desire to move the decentralized social platform off Base in late May. In a now-inaccessible post on X, Racer said about Friend.tech team’s shaky relationship with Base:
Farcaster investors went apeshit smearing us when we launched because they misunderstood what we were doing. Pushed it really hard on their team and users and the relationship has been downhill since then with us getting ostracized from anything that is for the ‘Base community.
Following its launch in August 2023, Friend.tech was quick to establish itself as one of the top decentralized applications (dApps) on the Base network. However, the social platform has seen user interest and engagement cool off in recent months.
FRIEND Rallies 17% After New Blockchain Announcement
After Racer hinted at a possible exit from Base, the value of the FRIEND token plunged by 20%. This somewhat compounded the unfavorable sentiment around the token after ITS largely “unsuccessful” airdrop in May.
This time around, though, the latest confirmation of “Friendchain” had a rather positive impact on the price of FRIEND. According to data from CoinGecko, the cryptocurrency jumped more than 17% following the recent announcement, reaching at some point.
As of this writing, the FRIEND token is valued at .93, reflecting an 8% price increase in the past day. However, this latest price spike has not been enough to wipe the token’s loss on the weekly timeframe.
Diminished Activity, L2 Migration Push Ethereum to Turn Inflationary
Recently, Ethereum has seen a shift towards inflation, sparked by a dip in network activity and onchain fees. Data reveals that, with decreased activity and lower fees, Ethereum’s inflation rate stands at 0.270%. The decline in overall activity and people transitioning to layer two (L2) networks has notably curtailed base fee burning.
From Deflation to Inflation: Ethereum’s Issuance Rate Changes Course
After The Merge and up until three months ago, Ethereum’s supply trended deflationary. Historical data highlights that on May 27, 2023, ultrasound.money pegged Ethereum’s inflation rate at -0.654% annually. Yet, by September 23, 2023, this rate had risen to 0.270%.
Ethereum’s shift towards deflation was driven by two landmark events: the implementation of EIP-1559, known as the London hard fork, and The Merge‘s switch from proof-of-work (PoW) to proof-of-stake (PoS).
After the implementation of EIP-1559, an Ethereum transaction’s base fee now gets “burned” by sending it to a null address. Post-Merge, the rate of issuance declined notably. Had it not been for the transition from PoW, the inflation would have touched a considerable 3.689% per annum.
All this in view, there’s been a pronounced lull in daily transactions, with significant lows around mid-year and another as we approached the end of August and early September. In fact, September 10 saw a dip to 866,548 transactions, a fall of 62,852 from the day prior.
Moreover, Ethereum’s network fees have been on a downward trajectory, mirroring the reduced activity. This decline has persisted since May 2023, with September 9 and 10 marking the year’s lowest daily fees.
On the flip side, layer two (L2) networks have experienced heightened activity, leading to a drop in Ethereum blockchain transactions. This dynamic has resulted in fewer base burns, tempering the deflationary pressure on issuance.
What do you think about Ethereum’s supply rate turning inflationary? Share your thoughts and opinions about this subject in the comments section below.
Russia May Take Up 18% of Bitcoin Hashrate in Next Big Migration of Crypto Miners, Experts Say
Increasing regulatory pressures, tax burden and energy costs in countries like the U.S. and Kazakhstan are likely to result in a new great migration of crypto miners, Russian analysts believe. Under such a scenario, Russia has what it takes to occupy up to 18% of the global bitcoin hashrate, they claim.
Russia May Attract Half of Kazakhstan’s Cryptocurrency Miners
The Russian Federation has a chance to increase its leadership in the field of crypto mining, against the backdrop of negative developments for the industry elsewhere. According to specialists from Intelion Data Systems, a major Russian importer and distributor of mining hardware, the country’s share in the Bitcoin hashrate can potentially reach 18%.
As of January 2022, Russia accounted for nearly 4.7% of the global hashrate, according to calculations by the Cambridge Center for Alternative Finance, ranking fifth among major mining destinations. However, the toughening of policies towards the sector in the leading countries can spark another major migration of miners, similar to the one that followed China’s crackdown on the sector in 2021.
New restrictions on access to low-cost energy amid rising electricity rates and the introduction of higher taxes may entail the relocation to Russia of up to 6% of the mining capacities of the United States, Canada, and China as well as about half of the miners from Kazakhstan, the Intelion team projected, quoted by the crypto page of the Russian business news portal RBC.
In this case, Russia’s share in the global Bitcoin hashrate could rise to 18%, which will amount to 3.95 GW of electricity consumption with an average cost of 128 billion rubles (almost .7 billion). In April, the leading Russian mining operator, Bitriver, estimated that Russia has already climbed to second place in terms of total power capacity of the facilities engaged in the extraction of digital currencies. Timofey Semyonov, CEO of Intelion Data Systems, commented:
Russia has every opportunity to change the existing hierarchy of the global crypto mining market. The country has everything you need for this: low cost of electricity, reserves of free capacities, developed energy infrastructure in many regions.
Semyonov also highlighted the increased efforts of a number of Russian companies to expand their business as well as government support for the industry. While lawmakers are yet to adopt the long-awaited mining legislation, official statements in Moscow have indicated that Russian authorities intend to utilize what President Putin described as Russia’s “competitive advantages” as a mining hotspot.
To create a favorable investment climate, mining in Russia must become a “legal business activity with clear rules of the game,” the experts from Intelion also said. They think that the crisis in the banking sector in the U.S. and Europe, which is “just beginning,” will be leading to a growing demand for bitcoin as a hedging tool and interest in crypto among traditional financial institutions which should result in increasing global mining volumes.
Do you agree that Russia has the potential to become a leading crypto-mining destination? Tell us in the comments section below.
Helium Network Migration to Solana Blockchain in March Drives Significant Gains for SOL and HNT Tokens
Over the past seven days, the crypto asset solana has increased more than 23% against the U.S. dollar after the announcement that the Helium Network plans to migrate to the Solana blockchain on March 27. Helium Network’s native token, helium, has also risen, jumping 25% over the past week against the greenback.
Core Helium Devs Reveal Network Migration Date to Move to Solana
The Helium Network, a chain dedicated to the internet of things (IoT), plans to migrate with the Solana blockchain network, according to a blog post published by the core devs. The Helium Foundation has scheduled a migration date after “months of meticulous planning and technical development,” according to the post. The Helium team said the upgrade will take place on March 27, 2023, at 10 a.m. ET.
Helium developers say the upgrade will take place over a 24-hour transition and will affect all the network’s wallets, hotspots, and the network state. “The completion of the migration marks a new era for the Helium Network, enabling it to achieve greater scale and truly become a network of networks,” the blog post said. “The Helium community has onboarded nearly 1 million hotspots, and commercial demand for the network is becoming a larger focus.”
Both Solana (SOL) and Helium (HNT) tokens have seen a significant rise over the past week, with HNT leading the way. SOL has increased by 8.5% in the last 24 hours and 23% in the last seven days. On Feb. 20, 2023, HNT was up 7.3%, and during the past week, it climbed 25% higher. While SOL is the 12th-largest blockchain network in terms of market valuation, HNT was in the 117th position on Monday.
According to the Helium team, after the approval of HIP 70, core programmers have been developing programs for the Solana network, such as new “governance tools on Realms,” the implementation of PoC Oracles, the establishment of “Open LNS and Data Transfer Accounting Oracles,” and loading the Helium account state data to the Solana Devnet. Core developers from Helium further explained that a majority of HNT token holders and hotspot owners will “not need to take any action to participate in the upgrade.”
What are your thoughts on the Helium Network’s migration to the Solana blockchain? Let us know what you think about this subject in the comments section below.
HNT Balloons As Token Gets 36% More Helium In Run-Up To Network Migration
Helium’s native token HNT has been bloating in price since the start of the year. According to CoinGecko, the token is up more than 36% in the past week. This means that the token is ready for more gains in the coming days or weeks as Helium merges with the Solana blockchain.
According to Helium’s tweet back on December 16th, the two blockchains will merge in the 1st quarter of this year. Will HNT continue its bullishness post-merge?
The Merge & External Developments On Helium
The Helium-Solana consolidation event is not just the only thing marked for investors and traders to watch. Nova Labs, formerly known as Helium, and T-Mobile announced a partnership back on September 20 last year.
Helium is migrating onto the @Solana blockchain ~Q1 2023. Did you know @Helium Hotspots will each be represented by an NFT on Solana—creating almost 1 million new Solana NFTs during the Helium #MintORama?
If you missed our Transition AMA on Dec. 1st, here’s a recap.![]()
— Helium Foundation (@HeliumFndn) December 15, 2022
According to the press release, the partnership would enable Helium Network users to use the T-Mobile 5G network alongside with Helium’s own native 5G network. This would entitle users to opt-in of the MOBILE rewards system.
This system rewards users for sharing data about Helium’s dead spots location in the United States which would help them save on cellular data plans. The public beta launch of the rewards system will launch during the 1st quarter this year.
Helium and Solana’s merge event will also happen at the same timeframe. The upgrade would enable the ecosystem to give more back to hotspot owners as 2 million HNT would be allocated annually for rewards.
It would also make the network faster and reliable as the proof-of-coverage system of Helium gets buffed.
What Does This Mean For HNT?
As of writing, the token faced a rejection at .4 with the bears trying to reach the .8 support line. The first few months of this year could set up HNT for greater heights as the rewards system and the merge of Solana and Helium happens at nearly the same time.
With the token’s price at .9, HNT is expected to face challenges in the short to medium term as volatility enters the market. If the token’s current support is broken, investors and traders might have a hard time to revert back to its current price point.
However, with the onset of its merge with Solana and the rewards system public beta launch, we might see less pain in the medium to long term. Investors and traders should also watch the token’s high correlation with Bitcoin as this could influence the price of HNT strongly.
For now, investors and traders are safe to hold HNT as this rejection could be quickly dealt with with external bullish prospects.
Featured image: Crestline
Kineko Announces Migration to Solana Following $41 Million In Volume Turnover
Kineko, a high-throughput sports betting and prediction markets protocol with the real-time settlement, has officially migrated to Solana. The company has gained substantial momentum since its inception on the Ethereum network and continues to be a leader in the crypto betting space. To date, Kineko has a volume turnover totaling over million. The team took a step back to evaluate the efficacy of the Ethereum network and its ability to scale and work for the dApp as well as their users, both from a logistical and financial sense.
High gas prices, long transaction times, among other issues are ones that can be solved with a transition to Solana. Within the Solana network, transactions are orders of magnitude faster and cheaper, making it cost-efficient for bettors, liquidity providers, and for the project itself. Users can expect improvements in the speed of bet settlements, payouts, and deposits being credited to betting accounts.
With the migration complete the Kineko token can be purchased on Raydium and staked for around 200-300% APY, or alternatively, if users wish to bet, $KKO gives a 2% discount on all sports bets. With the global betting market worth over 0 billion, it seems now people are beginning to understand the power of a high throughput low-cost chain, marry that with a great UI/UX experience and you have a product that can truly scale.
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Stay up to date with all of the up-and-coming announcements by following Kineko’s website, Discord, and Twitter profiles.
Tron Announces 30M TRX Airdrop and Clarifies ERC20 Migration
Tron is one of those altcoins the social media circles love to hate, primarily because the team are forever posting updates and minor partnerships – which some would see as a good thing. One way to garner more attention for your cryptocurrency is to announce an airdrop and the Tron Foundation did just that over the weekend.
Gesture of Goodwill to Ethereum Holders
Originally developed as an ERC20 token on the Ethereum network, Tron is set to separate and go it alone with mainnet launch planned for mid-June. It is currently building up to the testnet launch on May 31 and the coin price has performed well in recent weeks. In March TRX was one of the best performing altcoins as all of the others lost ground and crypto markets shed 40% of their total value.
The airdrop of 30 million TRX tokens will be for the Ethereum community as a way of saying thanks for the support during the ERC20 phase. It also aims to entice Ethereum users over to the Tron network. However, in a medium post the foundation remained critical;
“Ethereum played a vital role in TRON’s early stage development, and we want to express our appreciation through this airdrop event. However, we have also discovered many issues and bottlenecks during our time on the Ethereum platform. When we see a problem — we will set out to solve it.”
Those holding over 1 ETH on the public ledger since January 1st 2018 will receive a random amount of TRX between 10 and 100 tokens. The total airdrop is worth an estimated .6 million at current prices.
ERC20 Migration FAQ and Roadmap
Today the Tron team set out to answer questions on the approaching migration to its own network. Exchange migration was addressed and users were reassured that there would be no losses even if the exchange did not migrate in a timely manner. On the reason for only supporting exchange migration the article said;
“The TRON Foundation decides that TRX only supports migration to exchanges for the sake of the safety of users’ assets, and hopes that this allows ordinary users to avoid the risk of losing assets just for missing the snapshot time in the mapping snapshot mode.”
The new ‘bookkeeping’ method called super representative was also explained as a publically viewable transaction data verification protocol. A voting system will be setup for Tron users to elect the 27 super representatives. It said that there would be no new TRX issuance before 2021, there is currently 100 billion tokens with 65 billion circulating. Further information was given on the increased transaction speeds and roadmap for the rest of the year;
“The main network to be released in the second quarter of 2018 will focus on performance and security testing, as well as improvement of the TPOS mechanism. Our main goal at Q3 is to fully support third-party APPs and provide third parties with stable and reliable system-level support, including high-performance pluggable smart contract virtual machines and optimized P2P network systems. In Q4, we will focus on cross-chain communication and privacy protection.”
Currently Tron has in excess of 100 million users on its dApps, which will all be migrated to the mainnet after launch. This could potentially make it the one of the largest blockchain dApp plaforms in the world.
At the time of writing TRX was trading at .054 (600 satoshis), up 35% on the week.
Image from Shutterstock
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