The U.S. state of Hawaii’s regulatory sandbox concludes today. Crypto companies will no longer require a Hawaii-issued money transmitter license to conduct business within the state. However, they must comply with federal regulations. Hawaii’s Regulatory Sandbox Concludes The Department of Commerce and Consumer Affairs of Hawaii and the Hawaii Technology Development Corporation (HTDC) issued an […]
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FTM’s Key Support At Risk As Fantom Launches Sonic Foundation And Wraps $10M Funding
The Fantom Foundation has recently disclosed its plans to establish the Sonic Foundation and Sonic Labs in preparation for the launch of its Sonic blockchain.
In an announcement on Thursday, the foundation expressed its commitment to leveraging its technology and revealed additional details about the upcoming developments.
Fantom Introduces Sonic Chain
According to the foundation’s blog post, with the completion of the upgrade for their Opera chain on the horizon, Fantom is directing its focus towards creating a new “high-throughput” chain called Sonic (S).
The introduction of the Sonic network will coincide with the establishment of the Sonic Foundation, which will assume responsibility for governance and treasury management functions. Additionally, Sonic Labs will spearhead the growth of decentralized applications (dApps), partnerships, and user engagement.
Developed under the guidance of Professor Bernhard Scholz, a virtual machine developer, and led by decentralized finance (DeFi) expert Andre Cronje, the Sonic chain represents a new type of Layer-1 platform with a native Layer-2 bridge connected to the Ethereum (ETH) network.
The Sonic chain is reportedly designed to serve as a Layer 1 solution connected to Ethereum via a Layer 2 bridge. This integration is intended to allow Sonic to leverage Ethereum’s liquidity, user base, and protocols.
As a result, the network will combine the benefits of a Layer-1 platform, such as affordability, scalability, and speed, with the security of a Layer-2 bridge, providing access to native ETH and other assets on Ethereum.
Million Raised In Strategic Funding Round
Regarding the “S” token, a recent governance vote has secured compatibility and migration between the decentralized platform’s native token FTM and S on a 1:1 basis.
Fantom also announced the successful completion of a million strategic funding round led by Hashed, one of Korea’s cryptocurrency funds. This funding initiative for the foundation is expected to expand further in the coming months.
In addition to Hashed, UOB Ventures, Signum Capital, and Aave (AVE) Foundation, along with angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, and individual partners from UOB, have all provided support during the funding round.
The capital raised in the latest round of funding will be used exclusively to support strategic growth initiatives and ecosystem development within the Fantom network, according to the foundation’s statement, which concluded by saying:
Our team is steadfast in exploring how the Sonic chain can impact and elevate several different DeFi and real-world use cases. Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and high-transaction-based games, can be transformed by the speed and high throughput of Sonic.
FTM Faces Potential Downtrend Continuation
Despite these developments, the FTM token has exhibited a lackluster response to the successful funding round and the potential benefits of the Sonic chain.
As a result, the token has declined by over 4% within a 24-hour period, putting a significant level of support for the native token at risk.
Currently trading at .8033, the FTM token’s immediate prospects hinge on the crucial .7994 support level. A breach of this support could lead to further price declines, with the next major support at .755.
On the other hand, if renewed bullish momentum and increased buying pressure emerge, the token may encounter resistance at the .844 and .8750 levels before potentially retesting the key .9 zone. Reclaiming the milestone remains pivotal for the token’s overall outlook.
Featured image from Shutterstock, chart from TradingView.com
LBank’s Launchpad for ACGN Protocol Wraps Up with Over 9.5 Million USDT Invested, $AIMEME Listing Ahead on LBank
PRESS RELEASE. LBank recently wrapped up its third Launchpad event, this time for the ACGN Protocol ($AIMEME), and the results were remarkable. The event attracted significant attention, following in the footsteps of the successful MetaExpand and PINS Network Launchpads. A total of 95,098,311 USDT was raised by 61,005 participants, demonstrating the growing interest in this creative sector.
$AIMEME, the native token of the ACGN Protocol, is scheduled to be listed on LBank and will commence trading on December 1st at 06:00(UTC), marking a new milestone for this emerging ecosystem.
Background and Significance
LBank’s decision to host the ACGN Protocol ($AIMEME) Launchpad mirrors its previous successes, such as the $PINS Launchpad, which not only raised substantial investment but also saw a 2003% increase in value, rewarding its 34,587 participants handsomely.
LBank has established itself as a key player in the cryptocurrency market, especially in sectors like MEME coins, and continues to offer specialized financial services and a secure trading environment to its 9 million global users.
Participation Rules for $AIMEME
The guidelines for engaging in the $AIMEME Launchpad were meticulously crafted. Following a model similar to that of $PINS, emphasis was placed on a user’s daily average holdings in mainstream cryptocurrencies such as BTC, ETH, USDT, and LBK. LBank determined investment quotas by considering the average holdings in Spot, Futures, and Earn accounts over a specific period.
Moreover, to qualify for participation, users needed to execute at least one trade on LBank within a specified time frame. These regulations have demonstrated their effectiveness in enhancing platform engagement across diverse metrics.
LBank’s spokesperson expressed gratitude for the overwhelming engagement and support from the user community, especially in the wake of the successful prior Launchpads. The $AIMEME Launchpad rules were strategically crafted to reward active users and asset holders, building on the triumphs of past events.
Details for the official listing of $AIMEME are as follows:
- Token Distribution: November 30th, 2023 at 13:00 (UTC)
- Trading Available: December 1st, 2023 at 06:00 (UTC)
- Withdrawal Available: December 3rd, 2023 at 06:00 (UTC)
About ACGN Protocol ($AIMEME)
ACGN Protocol operates as an AI-driven Web3 ecosystem for ACGN (anime, comics, games, and novels) creators. Utilizing the open-source creator protocol, ACGN Protocol, users can harness our AI-powered tools to generate derivative content from original IPs. This process nurtures an NFT content network that bridges derivatives with originals, contributing to the development of a grassroots ACGN content creation ecosystem.
Within the ACGN Protocol, users gain access to AI-powered creator tools. These tools empower users to upload derivative creations, engage in creative processes with AI assistance, train AI models, explore diverse content, trade NFTs on the platform, and employ the visual novel maker for importing illustrations, music, dubbings, and scripts to craft compelling visual novels.
About LBank
Founded in 2015, LBank stands at the forefront of the global cryptocurrency exchange landscape, offering a secure and user-friendly trading experience. With a steadfast commitment to innovation, LBank consistently pioneers groundbreaking opportunities in the dynamic realm of crypto space. Renowned for its cutting-edge platform and forward-thinking approach, LBank not only ensures the security of digital assets but also empowers users with access to the latest tools and features, shaping the future of finance.
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.
Singapore Wraps Up Stablecoin Framework: Pathway to Global Adoption?
The Monetary Authority of Singapore (MAS) has unveiled the features of a new regulatory framework aimed at ensuring a high degree of stability for stablecoins in the country. This is the outcome of the central bank’s public consultation, which commenced in October 2022.
Feedback from this public consultation was considered during the design of this new set of stablecoin rules in Singapore. According to MAS, these rules will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency – including the US dollar.
MAS Releases “Key Requirements” For Stablecoin Issuers In Singapore
In a media release published on Tuesday, August 15, the Monetary Authority of Singapore outlined key requirements for issuers of single-currency stablecoins in the country. The new regulatory framework for stablecoins consists of various provisions relating to value stability, base capital, redemption timeframes, and disclosure.
Related Reading: US Congresswoman Raises Concerns About Paypal Stablecoin In The Absence Of Regulation
The central bank stated that reserve assets – of a stablecoin – will be subject to requirements relating to their composition, valuation, custody, and audit, to give a high level of assurance on value stability.
Meanwhile, issuers are required to maintain minimum base capital and liquid assets to lower the risk of bankruptcy. This is to also facilitate an “orderly wind-down” of business – if the need arises.
Additionally, SCS issuers in Singapore must refund the equivalent value of the stablecoins to holders within five business days after a redemption request is submitted.
Finally, the Monetary Authority of Singapore has mandated all stablecoin companies to provide appropriate disclosures to their users. Some of the information they are expected to disclose to their customers include SCS’ value stabilizing mechanism, the rights of SCS holders, and the audit results of reserve assets.
The MAS noted that only issuers that fulfill all requirements under this new regulatory framework can apply for their stablecoins to be recognized as “MAS-regulated stablecoins.”
However, the financial regulator also warned issuers against misrepresenting their tokens as MAS-regulated stablecoins, as it may result in penalties under the revised stablecoin regulatory framework.
MAS’ Stablecoin Regulatory Framework – A Positive Sign For Global Adoption?
In the press release, the MAS defined stablecoins as digital payment tokens designed to maintain a constant value against one of more specified fiat currencies. “When well-regulated to preserve such value stability, stablecoins can serve as a trusted medium of exchange to support innovation, including the “on-chain” purchase and sale of digital assets,” it added.
Meanwhile, Ms. Ho Hern Shin, MAS’ deputy managing director, reacted to this development in a statement:
MAS’ stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange and as a bridge between the fiat and digital asset ecosystems. We encourage SCS issuers who would like their stablecoins recognized as “MAS-regulated stablecoins” to make early preparations for compliance.
Taking these statements into account, this new regulatory framework represents a positive attitude by the Singaporean authorities towards the use of stablecoin as a trusted means of payment. Moreover, it is expected to provide the needed clarity for stablecoin companies to operate in the country.
It is worth mentioning that Singapore is not the only country making positive strides in terms of stablecoin regulation. There have also been discussions on regulating these digital payment tokens in the United States.
Related Reading: Can PayPal’s PYUSD Be Frozen In Your Wallet Like Tether’s USDT?
In what was dubbed a “momentous move”, the US House Financial Services Committee recently advanced a bill titled “Clarity for Payments Stablecoin.” This proposed bill, if passed, will regulate the issuance and use of payment stablecoins in the United States.