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What is the Hyperbridge Interoperability Protocol?
Blockchain networks usually function as separate ecosystems, which makes interoperability challenging. This fragmentation limits the potential of decentralized applications (DApps) as it hinders the seamless transfer of data and assets between networks. Addressing this gap is imperative for fostering innovation and pushing the adoption of blockchain technology.
Scalability is another major concern, as traditional blockchains often operate on single-threaded systems, limiting their transaction capacity. This results in congestion and high costs. Hyperbridge helps overcome these limitations by providing a more efficient way to verify transactions across multiple blockchains without compromising security. It reduces the computational burden and transaction costs, improving both speed and scalability.
The Hyperbridge Interoperability Protocol facilitates secure and efficient communication between blockchain networks. It supports the independence of each network while enabling the trustless transfer of assets and data. Hyperbridge (short for hyper-scalable bridge) deals with the drawbacks of compartmentalized systems, opening up possibilities for cooperation and scalability in the blockchain industry.
Developed as an interoperability coprocessor, Hyperbridge is designed to scale interoperability across various blockchains, leveraging cryptographic consensus and state proofs. On Nov. 24, Hyperbridge was launched on Polkadot with native support for Ethereum, Base, Gnosis, Optimism, Arbitrum and BNB Smart Chain.
Following its $2.5-million seed funding, Hyperbridge completed two testnet cycles involving 600,000 crosschain messages processed across supported networks and 60 independent relayers joining in facilitating message transfer across chains. Read More
Spectral Labs identifies Syntax vulnerability, pauses contracts
According to Immunefi, year-to-date losses from crypto hacks, exploits and scams have topped $1.4 billion through November.
Spectral Labs said it detected a vulnerability that affected some tokens on its Syntax platform — a no-code environment that lets users create onchain AI agents — allowing a hacker to make off with $200,000.
According to Spectral Labs, access to Syntax was disabled until the issue is resolved, and contracts on the platform were paused to avoid further complications. In a statement to Cointelegraph, Spectral Labs confirmed the source of the vulnerability:
"We suffered a vulnerability in the bonding curve, where the hacker was able to remove tokens at a cheap price. We are fixing the issue and will be running tests thoroughly before resuming."
The Spectral team added that it is working with industry partners to resolve the situation and restore service as quickly as possible. Read More
‘Government has become addicted to indirect regulation’ — Ripple CTO
In a recent Joe Rogan interview, venture capitalist Marc Andreessen revealed that the debanking of tech firms caused the Silicon Valley shift toward Trump.
Ripple chief technical officer David Schwartz recently joined the list of tech founders speaking out against Operation Chokepoint 2.0 — a government-run debanking operation against the crypto industry. Schwartz said the government is "addicted to indirect regulation" and laid out four reasons why de-banking undermines the rule of law.
Schwartz argued that debanked entities switch service providers or take their funds underground — thereby evading surveillance and sanctions control altogether. The CTO also said de-banking undermines due process, freedom of speech, and the right against unlawful search and seizure. Schwartz wrote:
"Our government has become addicted to indirect regulation precisely because of these evils. It is cheaper and easier to pressure someone else to punish me than to charge me with a crime and give me due process, but the government ought not to punish people without giving them due process."
“It is easier to pressure banks to cut off disfavored businesses than to make that business illegal,” The CTO continued before imploring the government to use lawful and above-board processes to regulate businesses. Read More
South Korea retail crypto trading hits $18B, beating local stock market
South Korean retail traders were frenzied over “high momentum” tokens, including XRP, DOGE, ENS and HBAR, in Dec. 2 trading.
Retail trading volumes for crypto assets in South Korea surged to $18 billion in the last 24 hours, outperforming the country’s stock market by 22%, according to 10x Research.
In a Dec. 2 report, 10x Research founder Markus Thielen said retail crypto trading volumes reached their second-highest level of the year on Dec. 2, with South Korean traders in a frenzy over a series of “high momentum” altcoins.
Ripple’s XRP token witnessed over $6.3 billion in volume on the day in South Korea. Dogecoin came in second at $1.6 billion, followed by Stellar at $1.3 billion, Ethereum Name Service at $900 million and Hedera at $800 million.
“These high-momentum cryptocurrencies are being driven predominantly by retail traders, capitalizing on and reinforcing momentum-driven trends.”
XRP, ENS, and HBAR — which belong to a category of older tokens colloquially called “dino coins” by crypto natives — have all been major outperformers when compared with the rest of the crypto market, each respectively gaining 90%, 73%, and 168% in the last week.
Thielen noted that Bitcoin’s funding rate — an indicator of perps activity — was “relatively mild” at just 15% on an annualized basis. Read More
Exploring The IndoEx Cryptocurrency Exchange The First Trading Platform To List The Markethive Token - Hivecoin
The IndoEx exchange aims to cater to a broad spectrum of investors, including newcomers, seasoned traders, and institutional investors, rather than focusing on a specific target audience like most crypto trading platforms. The platform's primary objective is to offer a robust and efficient infrastructure that enables seamless and rapid transactions of crypto assets.
As the IndoEx trading platform is the first crypto exchange to list Hivecoin, this article delves deeper into the platform, exploring it further to bring awareness to the Markethive community. Since its establishment in 2019, IndoEx has gained prominence in the alternative cryptocurrency trading sector due to its reasonable commissions, secure wallets, high trading volume, and fast transactions.
The trading platform, with offices in the United Kingdom and Estonia, provides close to 300 trading pairs, can be used in 150 different countries, and supports a range of cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Ripple (XRP), as well as notable alternative coins like DASH, Chainlink (LINK), and Solana (SOL). Furthermore, it accommodates less mainstream coins and tokens like NEO, Cardano (ADA), and EOS, amounting to 180 cryptocurrencies. Users can exchange these coins for traditional currency or trade them with one another.
The platform provides users exclusive access to newly launched tokens through airdrops, giving them a head start in discovering and acquiring new tokens with the potential for long-term growth. Beyond trading, users can also benefit from receiving free tokens that may significantly impact the global market. Furthermore, the platform hosts trading contests and an initial coin offering (ICO) launchpad, offering crypto enthusiasts a comprehensive suite of features. Read More
Sonic Labs says its layer-1 blockchain will go public ‘soon’
The Sonic blockchain is a new, separate chain to the Fantom Opera network and users will soon be able to swap their FTM tokens for “S” tokens at a 1:1 ratio.
Sonic Labs says its layer-1 blockchain Sonic will publicly launch “soon” after achieving Genesis — the first completed block of transactions on its chain.
“Genesis achieved. Block zero. Infrastructure deploying. Public soon,” Sonic Labs said in a Dec. 2 X post.
Sonic is a speed-focused Ethereum Virtual Machine-compatible blockchain that looks to offer innovators “attractive incentives and powerful infrastructure.“
It is seen as a successor to the existing Fantom Opera network — with the rebranding to Sonic to enhance network performance by reducing latency and transaction fees.
Sonic Labs is also receiving support from the Fantom Foundation — a nonprofit organization that has developed Fantom’s decentralized finance ecosystem since 2019. Read More
Coinbase Cuts Ties With Law Firms Hiring 'Anti-Crypto' SEC Officials
Coinbase CEO Brian Armstrong pointed to Milbank, a global law firm that recently hired a former head of the SEC’s Enforcement Division.
Coinbase CEO Brian Armstrong has drawn a firm line in the sand, announcing the crypto exchange has severed ties with law firms employing former U.S. Securities and Exchange Commission officials who led what he described as a campaign to “unlawfully kill” the crypto industry.
“We’ve let all the law firms we work with know that if they hire anyone who committed these bad deeds in the (soon to be) prior administration, we will no longer be a client of theirs,” Armstrong wrote on X on Monday.
The crypto bull pointed specifically to Milbank, a global law firm headquartered in New York that recently hired Gurbir Grewal, the former head of the SEC’s Division of Enforcement, as a partner.
Grewal oversaw a surge in regulatory actions against crypto firms during his time at the SEC, including lawsuits against Coinbase and Binance. Read More
XRP cuts reserve requirement by 90%, allowing for smaller new wallets
XRP Ledger reduced its reserve requirement from 10 to 1 XRP, letting users fund wallets with as little as $2.56.
XRP Ledger reduced base reserve requirements from 10 XRP ($25.60 at current XRP prices) to just 1 XRP ($2.56) on Dec. 2, blockchain data shows. This allows new network users to fund their wallets with a smaller amount of cryptocurrency, potentially reducing a barrier to adoption. It also allows users to spend some XRP they have otherwise had to hold in reserve.
XRP Ledger reduces base reserve requirements:
The reserve change occurred at 10:45 pm UTC. It was announced on X by the pseudonymous XRP validator operator V
The owner reserve has also been reduced from 2 XRP ($5.12) to 0.2 XRP ($0.51). This means that users only need to keep 0.2 XRP per object held in their accounts. According to XRP Ledger documents, objects can include non-fungible tokens (NFTs), trust lines, signer lists or owner directories. Some oracles also count as objects and require an owner reserve.
The purpose of the reserve was to prevent the size of the ledger from increasing beyond the ability of nodes to store it. Developers wanted to prevent spam accounts from being created that had little to no XRP in them. So, they created the 10 XRP reserve requirement to prevent this. However, the high reserve has been criticized by some developers who say that it has slowed down the adoption of the network. Read More
$113B Asset Manager Seeks SEC Approval to Launch XRP ETF as Market Booms
Wisdomtree, an asset manager with $113 billion in global assets under management, has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) to introduce a spot XRP exchange-traded fund (ETF). This proposed ETF intends to reflect the performance of XRP while accounting for operational costs.
The ETF, under the sponsorship of Wisdomtree Digital Commodity Services LLC, would trade on the Cboe BZX Exchange. Daily share values will be determined using a reference rate that aggregates trading data from prominent XRP platforms. The filing specifies that shares in the ETF will be created and redeemed in sizable blocks by authorized participants, using cash transactions exclusively unless regulatory consent for in-kind XRP dealings is secured.
This SEC filing comes after a prior registration in Delaware and follows the launch of the Wisdomtree Physical XRP (XRPW) on European markets. That initiative promoted the fund as a low-cost method for gaining XRP exposure.
XRP has experienced a remarkable surge, climbing over 400% last month. This rally has elevated XRP’s market capitalization to approximately $150 billion, surpassing tether (USDT) to become the third most valuable cryptocurrency. Investors attribute this growth to expectations of a more crypto-friendly regulatory environment under the incoming administration, especially with the anticipated departure of SEC Chairman Gary Gensler. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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