BNB Chain, one of the largest smart contracts-enabled ecosystems in the crypto environment, has announced the inclusion of native liquid staking in its BSC blockchain. The new feature aims to allow validators to secure the network and maintain the liquidity of its assets while the ecosystem abandons the Beacon chain. BNB Chain Evolves Into a […]
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USDC to Go Native on Celo Blockchain, Eyeing Role as Gas Currency
The Celo Foundation has partnered with Circle to bring USDC, a leading stablecoin, into its network. This integration not only diversifies Celo’s stablecoin offerings but also positions USDC to become an official gas currency on the blockchain.
Celo Embraces USDC for Enhanced Digital Currency Functionality and Gas Payments
The Celo Foundation has announced that Circle will make its US Dollar Coin (USDC) native to the Celo ecosystem. This integration positions USDC to potentially become an official gas currency for Celo, subject to a future governance proposal.
USDC, a leading stablecoin pegged to the US dollar, joins Celo’s diverse stablecoin offerings, including Mento’s Creal and Exof, which are pegged to the Brazilian real and West African franc, respectively.
Celo, a mobile-first and Ethereum Virtual Machine (EVM)-compatible blockchain, is designed to cater to real-world applications. The adoption of USDC is a stride towards enhancing digital currency use in everyday transactions.
With a market cap of around 5 billion, stablecoins have become increasingly crucial as real-world assets (RWAs), offering widespread financial access and inclusivity through uncomplicated, permissionless, and borderless asset transfers.
Celo’s stablecoin applications, spanning remittances, savings, lending, aid distribution, and peer-to-peer (P2P) transactions, will be augmented by USDC’s integration.
In a notable feature of the Celo network, network gas fees (transaction costs) can be paid with stablecoins, enhancing the payment experience. Clabs, the leading contributor to the Celo technology stack, will propose enabling USDC as a gas payment option for the Celo community’s consideration.
Isha Varshney, Head of Strategy and Innovation at the Celo Foundation, expressed enthusiasm about bringing more RWAs onchain through the partnership with Circle, saying that stablecoins have “proven to be among the industry’s prevailing use cases.”
Shamus Noonan, Senior Manager of Business Development at Circle, echoed these sentiments: “This partnership will help broaden access for USDC and leverage Celo’s mobile-first user-base in regions where blockchain adoption is highest.”
Do you think it’s a good idea to be able to pay for gas with stablecoins? Share your thoughts and opinions about this subject in the comments section below.
K33 Research Note Claims Cardano Network Lacks Meaningful Use, Native Token Value at Risk
The latest K33 Research note asserts that the Cardano network has no meaningful use and this does not augur well for its native token. The note concludes that nothing is happening on the network except “exchange transfers and a group of bagholders fabricating blockchain activity.”
‘Bagholders Fabricating Blockchain Activity’
According to K33 Research, the Cardano network has no meaningful use or any credible track record, which does not bode well for its native token ADA. In one of its recent research notes, K33 Research asserts that nothing is happening on the network besides “exchange transfers and a group of bagholders fabricating blockchain activity.”
Who? Never heard of them
— Charles Hoskinson (@IOHK_Charles) January 15, 2024
To back these claims, the research firm highlights Cardano’s stablecoin situation or the lack thereof. For K33 Research, a smart contract network that has neither USDT nor USDC in it means it is devoid of purposeful activity.
“Stablecoins are the preferred unit of exchange for defi [decentralized finance] altcoin trading, especially on chains other than Ethereum. No USDT or USDC in a network generally means that no meaningful defi occurs AND that Tether and Circle attest to this because if something went on, they would issue stablecoins there,” K33 Research wrote in its note.
ADA Will Drift Into Irrelevance Over Time
Although there are stablecoins on the network — about 20 million Cardano-collateralized — K33 Research said the fact that it trades at 76 cents to the dollar proves that nothing is happening on the network.
When asked about his thoughts on K33 Research’s claims, Cardano founder Charles Hoskinson responded by asking: “Who? Never heard of them.”
Meanwhile, in addition to questioning the network’s lack of stablecoin activity, the K33 Research note concludes that without any traction, not even Cardano’s years of history will save it from “drifting into irrelevance over time.” The note cites IOTA, NEO, EOS, and Concordium as some of the networks that met this fate.
Regarding Cardano’s native token ADA, which is valued at around billion, the research note said the network’s “scientific mumbo-jumbo story” is the likely reason why people have been lured into buying the crypto asset. However, with time, not even Cardano’s claim of being “a peer-reviewed research-driven blockchain network” will stop ADA’s gradual disappearance from the crypto map, the research said.
Do you agree with K33 Research’s assertions about Cardano and its native token? Let us know what you think in the comments section below.
Coinbase Reveals ‘Project Diamond’ Initiative, Targets Institutions Issuing Native Digital Assets
Coinbase, the largest U.S.-based crypto exchange, has revealed Project Diamond, an initiative that seeks to provide the tools for institutions to issue native digital assets. The project, which integrates several technologies, including Coinbase’s layer 2 product Base, the USDC stablecoin, Coinbase Prime custody services, and its Web3 wallet, has received approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Coinbase Announces Native Blockchain Assets Issuance Tool ‘Project Diamond’
Coinbase has taken the first steps into bringing native digital assets to the institutional arena. The exchange recently revealed its Project Diamond initiative, which seeks to give institutions the tools to issue native digital assets using blockchain technology, targeting commercial markets.
The initiative includes an all-Coinbase-engineered tech stack: Base, the Ethereum layer 2 rollup, the USDC stablecoin, Coinbase Prime-based custody services, and the Coinbase Web3 wallet. The platform has already issued its first digital asset in feature demos for the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), which gave in-principle approval to the platform for developing financial technology services.
The exchange discussed the improvements this transaction brings to institutions, stating that it “marks a powerful upgrade to operational efficiency; a simplification of an important financial process that further unlocks institutional participation in the cryptoeconomy.”
Coinbase argues that only 0.25% of global assets are represented on-chain, which wastes the potential efficiency advantages that leveraging this tech would bring. Referring to the matter, Coinbase CEO Brian Armstrong declared:
We’re starting to tokenize real-world assets in a regulated way onchain.
This statement hints at another possibility, the tokenization of already existing assets like stocks, which would also help companies tackle targets outside of the reach of traditional markets.
The tokenization of real-world assets (RWA) is a business estimated to exceed the trillion mark by 2030, attracting the interest of financial giants like HSBC and Itau, among others.
What do you think about Project Diamond and establishing native institutional digital assets markets? Tell us in the comments section below.
Privacy For All: Brave To Integrate Zcash Protocol On Native Crypto Wallet
During the Messari Mainnet event, the company behind the internet browser Brave announced a partnership with the Electric Coin Co. (ECC) and the Filecoin Foundation. These entities are the leading developers of the Zcash (ZEC) protocol and Filecoin (FIL).
Brave Brings Zcash Tools Into Web3
According to an official announcement, the cooperation aims to “improve” privacy for Brave’s Web3 wallet. This feature allows users to transact with cryptocurrencies, including the Basic Attention Token (BAT), which people can earn by interacting with websites.
Zcash’s native token, ZEC, will become the latest to integrate with the wallet. The company behind Brave claims that this cooperation underscores its “commitment” to provide privacy tools for its users.
The integration will allow users to transact privately or publicly with other users and “have greater control” over their Web3 activity. Zooko Wilcox, CEO of the Electric Coin Co., stated:
I’m excited about integrating Zcash into the Brave web browser because privacy should be normal. The Brave browser is a tool that tens of millions of people are using for everyday communication, web browsing, shopping, and other activities. This gives them access to money that respects their security and consent. I’m thrilled for this launch — and what’s to come — as a result of this partnership with Brave and Filecoin Foundation.
Since its inception, Brave has provided its users with more control over their data and activity. The company behind the browsers has been increasing its privacy features recently by launching easy ways to delete cookies, profiles, and any traces of interaction with a website.
In that sense, Yan Zhu from Brave added:
This partnership with like-minded organizations reinforces Brave’s mission for a more private and user-first Web. Not only do we hope to make it simple to use ZEC for private transactions, but we also aim to maximize privacy during key moments of purchase or exchange.
More Privacy, More Features
In addition to the above, the partners hinted at launching a new privacy-based tool to send and receive messages and multimedia files supported by the Zcash protocol. The content will be stored using the InterPlanetary File System (IPFS), which supports Filecoin.
Marta Belcher, president of the Filecoin Foundation, said:
We’re thrilled to be a part of this important project. We believe cryptocurrency can be the foundation for a better Internet — an alternative to big tech that puts people in control of their own data, protects user privacy and security, and permanently preserves humanity’s most important information.
As of this writing, neither ZEC nor BAT has seen any upside driven by the announcement. However, Brave users will likely benefit long-term by leveraging a privacy-oriented tool and an alternative to Google and other big tech companies seemingly growing more hungry for people’s data.
Cover image from Unsplash, chart from Tradingview
Coinbase Cloud and Kiln ‘Unlock’ Native Ethereum Staking: No More 32 ETH Minimum
Coinbase Cloud and blockchain infrastructure company Kiln are now allowing ethereum (ETH) users to stake any amount of ether natively. The new offering removes the previous 32 ETH minimum staking requirement.
Staking for All: Coinbase Cloud and Kiln Break Down Minimum Barriers
With the integration of Kiln’s onchain staking platform, Coinbase Cloud and its clients can enable partial ETH staking. This allows wallet providers like Coinbase Wallet to give users the ability to earn staking rewards without needing to meet minimums. The press announcement notes that over 99 percent of ether wallets hold less than the 32 ETH previously required to stake on the network.
“We are thrilled to have worked with Coinbase Cloud and to welcome them as the first (non-Kiln) node operator leveraging the Kiln Onchain Staking Platform,” said Kiln CEO Laszlo Szabo. The Kiln CEO added:
This integration with Coinbase Cloud is unique because it allows them to enable other wallets and services, including [decentralized exchanges], with the same limitless [ether] staking solution that will be offered by Coinbase Wallet.
Partial ETH staking builds on Coinbase Cloud’s existing staking infrastructure. The company said its multi-cloud, multi-region setup ensures reliability alongside trusted security standards. Coinbase further discloses that staking operations occur transparently onchain through audited smart contracts.
Coinbase posits that by removing staking minimums, more individual users can participate in securing the Ethereum network while earning rewards. The move comes as staked ETH ratios continue rising after Ethereum’s recent upgrade. Coinbase Cloud is currently offering this new open staking access starting with integration in Coinbase Wallet.
What do you think about Coinbase and Kiln’s announcement? Share your thoughts and opinions about this subject in the comments section below.
Floxypay Aims to Empower its Community Through Native Token Launch
PRESS RELEASE. Floxypay, the leading one-stop solution for cryptocurrency enthusiasts, is excited to announce the launch of its native ERC20 token, FXY. As the backbone of the Floxypay ecosystem, FXY brings a new level of convenience, profitability, and security to users navigating the digital asset space.
Floxypay is a comprehensive platform that caters to every cryptocurrency need. It offers a decentralized wallet, a crypto payment gateway, a soon-to-be-launched cryptocurrency exchange, and Floxypay Travel for hassle-free hotel bookings. With FXY at its core, Floxypay is set to become the go-to destination for cryptocurrency enthusiasts worldwide.
The Floxypay decentralized wallet is a game-changer, offering users a secure and user-friendly solution for managing their digital assets. The wallet supports a wide range of major cryptocurrencies, providing users with flexibility and convenience. Notably, Floxypay’s wallet boasts a unique feature of gasless transactions, ensuring fast and cost-effective transfers.
Floxypay’s crypto payment gateway further enhances the platform’s revenue generation capabilities. With FXY as the medium of exchange, businesses can seamlessly accept cryptocurrency payments, tapping into a global market of digital asset enthusiasts. By embracing Floxypay’s payment gateway, merchants can expand their customer base and embrace the future of commerce.
In response to the increasing demand for advanced trading options, Floxypay is set to launch its cryptocurrency exchange. This exchange will feature spot, margin, and future trading, providing users with a comprehensive suite of trading tools. With FXY serving as the cornerstone of the exchange, users can expect lightning-fast transactions, a diverse range of digital assets, and enhanced trading experiences.
Additionally, Floxypay introduces Floxypay Travel, an online platform that allows users to book hotels using cryptocurrencies. With FXY as the preferred mode of payment, travelers can enjoy seamless and secure transactions while experiencing the freedom of utilizing their digital assets.
To celebrate the launch of FXY, Floxypay is offering exclusive promotions and rewards to early adopters. Stay updated with the latest news and developments by visiting the Floxypay website.
About Floxypay:
Floxypay is a one-stop cryptocurrency solution platform that offers a comprehensive range of services to individuals and businesses to utilize the full potential of cryptocurrencies. Floxypay prioritizes security, convenience, and innovation to create a comprehensive cryptocurrency ecosystem that empowers users to embrace the potential of digital currencies. It is a platform of choice for individuals and businesses looking to leverage the power of cryptocurrencies.
For more information about Floxypay and the FXY token, follow Floxypay on Instagram.
Contact details:
Floxypay
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.
USDC Goes L2: Circle’s Stablecoin to Make Its Native Debut on Arbitrum
Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle’s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchain last week.
Circle Plans to Launch USDC on Arbitrum on June 8
On Thursday, Circle revealed that usd coin (USDC), the second largest stablecoin by market valuation, will make its debut on Ethereum’s L2 scaling network, Arbitrum. With a current market capitalization of roughly .8 billion, USDC ranks as the second-largest stablecoin. “USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem,” Circle said on Thursday. “Over time, native USDC liquidity will grow and replace the currently circulating ‘bridged USDC’ liquidity that comes from Ethereum.”
Arbitrum also released a blog post discussing the impending USDC native support, asserting that it will provide numerous benefits such as enabling institutional on/off-ramps through Circle and its partners. Additionally, Circle’s Cross-Chain Transfer Protocol (CCTP) support is expected to eradicate delays related to bridge withdrawals. Furthermore, Arbitrum said that the upgradeable smart contract will permit Circle to implement future improvements for an enhanced user experience.
Arbitrum has decided to rename the Ethereum-bridged edition of USDC on block explorers as “USDC.e”. The team also plans to proactively engage with ecosystem applications and encourage them to adopt this change in their app user interfaces and documentation. “Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time,” the blog post elaborates. The developers also said that the functionality of the Arbitrum Bridge will remain unchanged for the time being.
The latest development coincides with Circle’s decision to remove U.S. Treasury bonds from USDC reserves, leaving only cash and overnight repurchase agreements. Moreover, EUROC, Circle’s euro-backed stablecoin, was recently implemented natively on Avalanche. In March, it came to light that Circle partnered with token protocol startup Noble to launch USDC on the Cosmos chain. Circle also announced its presence on Arbitrum’s Discord under the “usdc-circle-support” channel for those seeking answers to their questions.
What are your thoughts on Circle’s decision to bring USDC to Arbitrum? Share your thoughts and opinions about this subject in the comments section below.
Bitget’s Native Token BGB to be Listed on Bitfinex, Driving Liquidity and Accessibility
Victoria, Seychelles, April 24, 2023 – Bitget, the largest crypto copy trading platform, announced that its native platform token BGB will be listed on Bitfinex, driving liquidity and accessibility while increasing its value and utility. The supported trading pair is BGB/USDT, and the trading service will be opened at Bitfinex.
BGB is a utility token that plays a vital role in Bitget’s ecosystem, with a circulating supply of 1,400,000,000 BGB coins and a total supply of 2,000,000,000. It provides users with access to exclusive privileges and various rights on the Bitget exchange, including fee discounts, opportunities to join Launchpad and Launchpool to access high-quality tokens, vote for project listings, and so on.
Gracy Chen, Managing Director of Bitget says, “We are thrilled to see BGB listed on Bitfinex’s platform, reflecting the recognition and achievement of Bitget in the crypto space. With the ongoing initiatives to increase the usage and value of BGB, we expect that this move will further expand the reach of our platform. In the meantime, as our ecosystem continues to grow in the CeFi and DeFi world, empowering BGB with more visibility and utility will also be one of our focuses ahead.”
The decision to list BGB on Bitfinex comes in response to the increasing demand for the token in the market. Entering 2023, BGB has experienced significant price growth over the last few months and reached an all-time high of 0.51 USDT in February. The surge in price can be attributed to several factors, including the increased adoption of the Bitget exchange and its recent efforts in building the spot trading market. And the recently updated BGB whitepaper revealed that more new features of the native token are being developed, including the BGB lottery, trial fund for futures trading, and exclusive earning services. A BGB buyback and burn mechanism are also being considered to reduce the token’s circulating supply and eventually boost its value.
About Bitget
Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord
For media inquiries, contact: media@bitget.com
Dfinity Foundation Launches Chain-Key Bitcoin, a Native Internet Computer BTC Derivative Token
On April 3, 2023, the Dfinity Foundation, a development team behind the Internet Computer (ICP) network, announced the launch of a native ICP token called “chain-key bitcoin” or “ckBTC.” The bitcoin derivative is backed 1:1 with the leading cryptocurrency asset. On Monday, Dfinity detailed that the technology “builds on the protocol-level integration with the Bitcoin network.”
Breaking Away from Custodians and Bridges: The Benefits of Chain-Key Bitcoin’s Smart Contract-Based System
On Twitter, the Dfinity Foundation announced the full release of chain-key bitcoin, also known as ckBTC. “Proposals 115468, 115470 & 115473 have been adopted with flying colors,” the team explained. “Many thanks to all the [ICP] people who voted manually to make this happen.” According to a blog post, ckBTC is backed 1:1 with bitcoin (BTC), and the system operates with “centralized custodians, no bridges, and no traditional cloud providers.”
The ICP-based bitcoin derivative is considered a “significant breakthrough in blockchain interoperability,” and the technology is integrated with Bitcoin at the protocol level, according to the Dfinity blog post. The ckBTC system uses vaults called canisters, which work with a smart contract instead of relying on a custodian or bridge. Essentially, to obtain ckBTC, a person needs to deposit BTC in exchange for the ICP token, and withdrawals work the same way when ckBTC is redeemed for real bitcoin.
“Any canister can submit Bitcoin transactions to the Bitcoin network through ICP nodes, thanks to the direct protocol-level integration,” Dfinity explains. The company insists that the technology has significant potential and can add to new use cases.
“[Native cross-chain technology] has the potential to enable new cross-chain capabilities and unleash a plethora of 100% on-chain services, such as multi-token transactions or multi-token wallet systems, which would greatly streamline the crypto user experience,” notes Dfinity’s blog post.
The announcement further details that several ICP-based decentralized applications (dapps), including Openchat, Iclighthouse, Plethora Game, and Distrikt App, already support ckBTC. While many blockchains have bitcoin derivative tokens, most rely on bridges or custodians. For example, the largest bitcoin derivative WBTC leverages the custodian Bitgo for minting and redemption purposes.
What potential do you see in the native cross-chain technology behind ckBTC, and how do you think it will impact the future of blockchain interoperability? Share your thoughts about this subject in the comments section below.