News from the blockchain world #45 | Web3 opportunities & more ??
Hello once again! We have some fresh & hot news from the blockchain world for you. ?? Secure 10 minutes, make yourself a cup of tea, and let's go reading! ??
From this edition, you'll learn, a.o:
? Who is spamming BitHub because of Starknet?
? Who secured $14M in funding for synthetic dolar?
? Who is discontinuing support for native bitcoin payments?
? How Web3 can be used in the events and entertainment Industry?
? Which country seek to lock in new stablecoin rules in the next few months?
For the newest crypto opportunities visit our page and explore curated airdrops, testnets and NFTs.
Happy reading and see you next week!
?? New crypto exchange Backpack started by former FTX and Alameda execs.
Backpack, a new crypto exchange founded by former executives from FTX and Alameda Research, has commenced operations in 11 U.S. states, including California and Colorado. Led by Can Sun and Armani Ferrante, the exchange aims to strengthen its presence in the American market. Backpack, which obtained a VASP license from the Dubai Virtual Assets Regulatory Authority, previously raised $20 million to develop as a digital wallet for executable NFTs, with plans to sell a 10% stake valuing the company at over $100 million.
?? Y Combinator to Extend Investment Focus to Stablecoins and AI Ventures.
YC envisions stablecoin adoption following a trajectory similar to digital music, shifting from early illegal file sharing to becoming the standard. The startup incubator hopes entrepreneurs will develop stablecoin and AI projects to bridge traditional finance with the crypto world. YC believes stablecoins will play a significant role in the financial ecosystem, with potential for growth in areas like cross-border payments and reducing transaction fees.
?? Velo Labs' Orbit Partners with POS Networks to Enable Crypto Payments for Over 100k Merchants.
Velo Labs' Orbit, a crypto merchant network, joins forces with leading Point-of-Sales networks to enable cryptocurrency payments at over 100,000 merchants. This collaboration aims to reach 500,000 users on Orbit by year-end, enhancing the integration of crypto in daily transactions. By utilizing QR code scans, Orbit offers a user-friendly alternative to traditional payment methods like Visa and Mastercard.
?? Altr, Polygon-based Lending Platform, Provides Crypto Liquidity for Luxury Items.
Luxury item owners facing liquidity issues can now use a blockchain-based lending platform to convert their assets into cash quickly and efficiently. By tokenizing their collectibles and using them as collateral for loans on-chain, collectors can access on-chain liquidity and tap into the economic value of their luxury items.
?? Boom Pay, Blockchain-Powered Payment Gateway for Unbanked Consumers in Africa.
Boom has launched Boom Pay, an online payment gateway that allows 2 billion unbanked consumers across Africa to make digital payments. Boom Pay enables know-your-customer-verified consumers to make digital payments to online merchants. Boom’s super app, which provides an inclusive eCommerce platform, allows users to buy and sell online without the need for a bank account. By funding their wallets with cash through authorized Boomcoin resellers, users can on-ramp into cryptocurrency.
?? RHUNA shows how Web3 can be used in the Events and Entertainment Industry.
Partnering with UNTOLD Universe, a music festival organizer, and CryptoDATA, RHUNA introduces decentralized ticketing using NFTs to ensure authenticity and eliminate fraud. The platform features integrated digital wallets for cryptocurrency transactions, smart contracts for efficiency, and a token-based loyalty program for community engagement. RHUNA also implements DAOs for event planning,
?? Revolut to Introduce Crypto Exchange Targeting 'Advanced Traders'.
Revolut is gearing up to launch a cryptocurrency exchange tailored for "advanced traders," aiming to provide lower fees and more comprehensive market analytics compared to its current app. The platform, which is currently in beta testing, will offer enhanced features designed to cater to the needs of experienced traders. According to reports, fees on the exchange will range between 0% and 0.09%, with added functionality allowing users to execute limit and market orders.
?? Solana-based Backpack Exchange Reaches $1B Daily Trading Volume 5 Days After Launching Pre-Season.
Solana-based Backpack Exchange achieves $1 billion daily trading volume just 5 days after launching its pre-season beta. The exchange, created by the team behind Mad Lads NFTs, leverages Solana's technology for fast order processing. It has gained early dominance with its SOL/USDC trading pair, surpassing volumes on leading centralized exchanges.
?? Decentralized physical infrastructure network (DePIN), explained.
Decentralized physical infrastructure networks (DePINs) are applying blockchain technology to tangible infrastructure, ensuring security, efficiency, and transparency. DePINs enable autonomous, real-time interactions in physical infrastructures, such as renewable energy grids and supply chain operations, by leveraging technologies like smart contracts and IoT devices.
?? Vitalik Buterin Anticipates Verkle Trees as Ethereum Surges Above $2900.
Vitalik Buterin is excited about Verkle trees revolutionizing Ethereum's infrastructure by enabling stateless validator clients. These trees allow nodes to validate blocks without storing large amounts of state data, significantly improving user experience and solo staking UX. The upcoming 'Dencun upgrade' and potential approval of a spot Ethereum ETF in the US are also contributing to Ethereum's bullish momentum, with traders eyeing a target of $3,500 for ETH.
?? UK seeks to lock in new stablecoin rules within next six months.
The UK government is actively working on legislation to regulate stablecoins and crypto staking services in the next six months. The move follows the announcement of stricter rules for the crypto sector, leading to companies like Revolut and Bitfinex suspending their services in the UK. The government aims to bring the crypto sector under financial regulations, requiring firms to obtain authorization from the FCA for crypto-related activities, with the Bank of England and the FCA co-supervising systematic stablecoins.
?? Binance Founder CZ’s Sentencing Postponed to April 2024.
Former Binance CEO Changpeng Zhao's sentencing on money laundering charges has been postponed to April 30, 2024, by a Seattle federal court, with no reason given. This delay adds further uncertainty to the high-profile case, where Zhao pleaded guilty to failing to maintain an effective anti-money laundering program at Binance.
?? Virginia proposes $39K yearly fund for crypto and AI commissions.
Virginia senate committee recommends yearly combined fund allocation of $39,240 for newly established commissions on artificial intelligence (AI) and cryptocurrency. The Blockchain and Cryptocurrency Commission is allocated $17,192 for 2025 and 2026, while the Artificial Intelligence Commission receives $22,048 for the same period. Virginia also introduces legislation favoring individuals and businesses in the crypto mining sector, aiming to exempt miners from money transmitter licenses and offering tax benefits for those using digital assets for transactions.
?? MetaMask integrates Blockaid security alerts across multiple chains.
MetaMask has integrated security alerts by default for its extension and mobile app users on various chains to provide automatic alerts about potentially malicious transactions. The security alerts are part of efforts to combat crypto hacks, with MetaMask leveraging Blockaid's tools to ensure user protection against phishing incidents and hacks. As the most widely used crypto wallet app, MetaMask's monthly active users have grown over 50% from September 2023 to January 2024.
?? Crypto Exchange FixedFloat Just Got Hacked for $26 Million.
The decentralized exchange FixedFloat fell victim to a drainer attack, losing over $26 million worth of BTC and ETH. The hacker transferred the ETH to multiple ETH addresses and then to the eXch exchange. The hacker then sent funds to two HitBTC addresses that received their initial ETH deposits almost simultaneously in 2021. The BTC was also sent to multiple addresses. Officer’s Notes suggest the hacker could be framing the owner of the HitBTC addresses since they do not share anything in common other than the hacker’s address. The drainer’s address later received funds from Binance.
?? Scammers target victims with real crypto in new address poisoning attack.
Cybersecurity analysts warn of a fresh threat targeting crypto users, particularly those dealing with Ethereum (ETH). Scammers are sending real ETH to potential victims, alongside fake Tether (USDT) transactions, in a sophisticated form of address poisoning attack. The tactic relies on users accidentally copying a scam address, akin to the concept of address poisoning.
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?? Telefonica Partners Chainlink to Mitigate SIM Swap Attacks in Web3.
Telefonica, a major telecom company, collaborates with Chainlink, a decentralized oracle provider, to enhance security in Web3 environments. By integrating Chainlink functions with Telefonica's SIM Swap API, Polygon apps gain the ability to detect changes in SIM cards, potentially mitigating SIM swap attacks. The implementation will initially be carried out by Telefonica's subsidiary, Vivo, in Brazil.
?? Ex-PayPal and Venmo vets launch Meso to connect crypto wallets with bank accounts, announce $9.5M seed round.
Meso, a new payment platform, aims to make transferring funds between digital assets and fiat currencies easier with a seamless onboarding process, integrating bank accounts and cards within crypto applications. The cofounder, Ben Mills, stressed the importance of a smooth user experience to increase adoption rates, leveraging his previous experience at PayPal, Braintree, and Venmo. Meso has partnered with Cross River Bank and secured a $9.5 million seed round.
?? DePIN infrastructure startup, DePHY, Secures Seed Funding Round at $40M Valuation.
DePHY, a DePIN infrastructure startup, recently completed a seed funding round with a $40 million valuation. Offering an all-in-one DePIN framework, DePHY aims to revolutionize the development of DePIN projects by providing open source hardware solutions, decentralised messaging layer, and automatic tokenomics execution. DePHY plans to deploy a trusted DID solution on Solana and support the launch of new projects.
?? Witness, a Verification Protocol, Raises $3.5M Seed Funding.
Witness, a research and development company, has raised $3.5 million in seed funding led by Haun Ventures and Coinbase Ventures to develop a verification protocol. The protocol compresses data before placing it on-chain, significantly reducing gas fees and financial barriers for companies integrating blockchain technology.
?? Drosera Secures $1.55M Funding for Decentralized Security Model.
Drosera has raised $1.55 million to advance its Ethereum-native security solution aimed at fortifying dApps against exploits and financial loss. The platform offers a trustless and decentralized protocol for automating the detection of vulnerabilities and implementing responsive actions on the Ethereum network.
?? Rollup Platform AltLayer Raises $14.4M in Funding Round.
AltLayer recently raised $14.4 million in funding, which will be used to expand the team and improve infrastructure. The platform also launched its native ALT token, distributing 300 million tokens to users. AltLayer's rollup technology offers layer-2 blockchain solutions for faster and more cost-effective transactions, addressing scalability challenges
?? Silencio Network Raises $1M to Expand Decentralized Data Solutions for Noise Pollution.
Munich-based Silencio Network, specializing in decentralized data coverage solutions to combat noise pollution, secures $1M in funding. Silencio Network utilizes blockchain technology, particularly the Peaq blockchain, to amass a vast noise level data bank, covering an area twice the size of Miami weekly.
?? Ethena Labs secures $14M in funding for synthetic dollar.
Ethena Labs secures $14 million in funding for its Ethereum-based synthetic dollar, USDe, backed by delta-hedging strategies using staked Ether as collateral. USDe aims to maintain stability against the U.S. dollar through various hedging methods, offering a different approach from traditional stablecoins. Despite potential risks, such as liquidity and counterparty risks, Ethena claims to mitigate them through collateral held by institutional-grade firms. Investors view USDe as a promising alternative to centralized stablecoins, recognizing its potential in the crypto space.
?? Optimism distributes over 10 million OP worth nearly $41 million in fourth airdrop.
Optimism's fourth airdrop, focusing on rewarding web3 artists, distributed 10,343,757.81 OP to nearly 23,000 addresses. NFT creators who minted or traded NFT art on Ethereum mainnet or Optimism's Superchain were eligible for rewards based on gas spent by other users. With roughly $40.8 million in rewards, users have until Feb. 13, 2025 to claim their tokens, which can be increased through bonus eligibility criteria.
?? Can't Buy BTC ETFs in Europe? XTB Offers New Crypto ETNs.
XTB has introduced three new exchange-traded notes (ETNs) focused on cryptocurrencies, providing European traders with alternative investment options due to the unavailability of Bitcoin ETFs. ETNs are issued by financial institutions like banks. When investing in an ETN, you essentially lend money to the issuing bank. In return, the bank promises to pay you back the principal plus or minus any changes in the value of the index or asset that the ETN tracks. ETNs function similarly to ETFs in that they trade on exchanges like stocks. One major advantage of ETNs is the tax treatment. Unlike funds that distribute dividends, ETN investors defer all taxes until sale or maturity.
?? StarkNet Airdrops Token Despite Controversies Over Allocation.
Starknet's highly anticipated Ethereum layer-2 solution launched its STRK token and airdrop, attracting immense user interest while sparking controversy. The airdrop allocated 700 million STRK tokens to various participants, with over 220 million claimed within hours. However, accusations arose about the inclusion of "airdrop hunters" and concerns about fairness, overshadowing the excitement around the project. The token's price initially peaked at $3.45 but has since declined to $2.06, with a market capitalization of $1.5 billion and $57 million total value locked.
?? Ether put options concentrate at $2,200. Is it a hedge or a bearish indicator?
The concentration of Ether put options at the $2,200 strike price indicates a potential bearish sentiment among traders, suggesting either a hedging strategy or a short-term negative outlook for the cryptocurrency. While some analysts believe it could be a hedge against bullish positions, others see it as a sign of anticipation for price declines. The recent volatility in Ether's price, with a break above $3,000 followed by a sharp pullback, has caused significant liquidations in both long and short positions in the perpetual futures markets.
?? Hybrid Exchange Pullix presale surpasses $6 million, may flip Binance and KuCoin.
Pullix's presale has raised over $6 million, drawing attention from Solana whales and potentially challenging established exchanges like Binance and KuCoin. Pullix aims to revolutionize the crypto exchange landscape with its hybrid model, combining elements of decentralized and centralized exchanges. By rewarding PLX token holders with a share of platform revenue and eliminating the need for KYC verification, Pullix attracts traders seeking a new trading experience.
?? Sui’s Total Value Locked Nears $600M, With $310M Inflow in the Past Month.
Sui, a layer 1 blockchain developed by former Meta employees, has experienced a significant increase in total value locked (TVL) this month, surpassing Cardano, Near, and Aptos with $593 million locked. Despite initial challenges, Sui's network performance has impressed investors, with a peak transaction rate of 6,000 per second and low gas prices. The SUI token has risen by over 55% in the past month, trading at $1.74 with a market capitalization exceeding $2 billion.
?? Coinbase Commerce Discontinues Support for Native Bitcoin Payments.
Coinbase has decided to remove support for native bitcoin payments from its merchant platform, Coinbase Commerce. Despite the change, customers with a Coinbase account can still use bitcoin through the platform, with plans to integrate the Lightning Network in the future. The decision to remove native bitcoin support has sparked criticism within the community, as Coinbase Commerce has been a pioneer in offering merchants the ability to accept cryptocurrency payments for years.
?? Forbes Bought Land in The Sandbox Metaverse.
Forbes recently announced its venture into The Sandbox metaverse, acquiring virtual land to establish a permanent presence. Forbes aims to create a community hub with interactive features, showcasing their commitment to embracing technological innovation and providing a visually appealing user environment within the metaverse.
?? Airdrop farmers are now spamming GitHub in light of Starknet, Celestia distributions.
A surge in GitHub comments, largely from airdrop farmers, follows recent token airdrops like Celestia and Starknet, which rewarded code contributors. While airdrop farming isn't new, recent distributions incentivizing GitHub contributions have led to spamming, frustrating developers. Celestia and Starknet allocated portions of their supply to GitHub contributors, with one contributor receiving 1,800 Starknet tokens for a single comment. Projects like Scroll are implementing temporary limits to mitigate spam, but distinguishing genuine contributors from airdrop hunters remains a challenge.
?? Sam Altman’s Worldcoin Wallet App Hit 1M Daily Users as WLD Rallies.
Worldcoin (WLD), the cryptocurrency project co-founded by OpenAI CEO Sam Altman, has seen a significant surge of over 140% in the past week, coinciding with its user base surpassing 1 million daily users. Despite its success, regulatory hurdles and privacy concerns surrounding its iris-scanning technology have cast a shadow on the project's future. The WLD token's gains may be linked to a broader crypto market rally and recent developments from Altman's other venture, OpenAI, including the unveiling of the text-to-video generator, Sora, and plans to raise $7 trillion for chip development.
?? Sam Bankman-Fried's Prison Transformation.
Former billionaire Sam Bankman-Fried, convicted of fraud, is seen sporting a new beard and slimmer figure in a photo taken at New York’s Metropolitan Detention Centre, shared by crypto reporter Tiffany Fong. Bankman-Fried's appearance in prison was described by a former inmate known as G Lock, who noted his weight loss and lack of grooming. Despite the challenges, Bankman-Fried reportedly did not face serious violence in prison, with inmates even jokingly teasing him about his personal life and watching interviews about him.
?? Police Officer accused of Bitcoin theft from Trezor hardware wallet.
The National Anti-Corruption Commission (NACC) of Australia has accused a federal police officer of stealing over $4 million worth of Bitcoin from a hardware wallet during a drug raid. The BTC, initially valued at $309,000, was allegedly moved shortly after the raid, with the currency's trail leading investigators to the crypto exchange Binance. The detective maintains his innocence, preparing to challenge the accusations related to the missing Bitcoins.