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THORChain hits $10B monthly volume as Bitcoin maxis debate safety
The decentralized liquidity protocol said March brought record monthly trading volume, while some Bitcoin maxis still have reservations about borrowing on the protocol.
The decentralized liquidity protocol THORChain has notched more than $10 billion in total monthly trading volume for the first time in history. However, Bitcoin maximalists are divided on whether the platform offers enough safety to potential borrowers.
In a March 27 post to X, the official social media account for THORChain announced the milestone, with Runscan data showing that the protocol has since notched $10.26 billion this month.
In a series of follow-up comments and posts, a debate between Bitcoin maximalists broke out over THORChain’s security and potential pitfalls for Bitcoiners looking to take out interest-free loans against their BTC using the platform. Read More
Ethereum ‘BlobScriptions’ lift off and it’s taking Blob fees with it
A new method for inscribing data on Ethereum blobs is wreaking havoc on fees for the data-saving feature.
A viral new method for minting data to the Ethereum blockchain dubbed “BlobScriptions” is pushing up the price of Blob fees — the amount required for a blob to be included in an Ethereum block.
BlobScriptions were introduced on March 27 by a protocol called Ethscriptions, allowing users to inscribe data — from JPEGs to text — directly onto “blobs,” which were introduced to the Ethereum network as part of the network’s Dencun upgrade on March 13.
Less than five hours after the introduction of BlobScriptions, the gas fees for Blobs soared as high as 585 gwei — equivalent to roughly $18, according to data from Ultrasound.money.
This was a far cry from the average gas price for minting data on a blob before BlobScriptions, which averaged around one wei, equivalent to a tiny fraction of $0.01. Read More
UK Regulators Release Guidance for ‘Finfluencers’ and Memes Promoting Financial Products
Regulators in the United Kingdom are releasing new regulations for influencers and memes that promote financial products.
In a new press release, the UK’s Financial Conduct Authority (FCA) is giving out new guidelines on how social media can be used to promote financial products, including fintech and digital assets, as a means of combating fraud.
According to the FCA, in the future, influencers may not be allowed to promote financial products – including through memes – without the approval of an FCA-authorized person.
“The FCA has set out how adverts across social media channels must be fair, clear and not misleading, meaning they must have balance and carry the right risk warnings, so people can make well-informed financial decisions. Social media has become a central part of firms’ marketing strategies.
Firms are on the hook for all their promotions, and the FCA has warned they need to ensure influencers they work with communicate to their followers in the right way.
And influencers are reminded that promoting a financial product without approval from an FCA-authorized person with the right permission could be a criminal offense.” Read More
Crypto Coalition Advocates for Bitcoin Emoji Adoption
Over 20 leading crypto organizations band together to petition for an official Bitcoin emoji, emphasizing its cultural impact on society.
More than 20 influential crypto organizations have coalesced to champion a novel cause in the digital space – the introduction of a Bitcoin emoji. Their mission is to embed the emblem of Bitcoin into the lexicon of digital communication, proposing its existence on keyboards worldwide.
The push for a Bitcoin emoji is spearheaded by Nexo, a prominent crypto lender, and has garnered the support of a spectrum of industry stalwarts including BTC Inc, Bitget, and Chainalysis. The campaign, termed the 'Bitcoin Deserves an Emoji' movement, marks a significant stride toward the mainstream acknowledgment of Bitcoin's triple identity as a currency, technology, and cultural phenomenon.
The movement is currently unfolding through a 50-day petition hosted on Change.org, which will segue into a formal proposal to the Unicode Consortium within their 2024 submission period. This endeavour, previously rejected in 2020, underscores blockchain's omnipresence in everyday life and symbolizes the community's undeterred resolve. Read More
As the crypto industry gears up for the next bull run, Markethive isn't just sitting on the sidelines – it's rolling up its sleeves and diving into the action, poised to shine on the high-performance stage of the Solana blockchain. At the heart of this venture is Markethive's native cryptocurrency, Hivecoin (HVC), a key player ready to unlock the industry's full potential. Solana's reputation for speed and scalability provides the perfect playground for Markethive's ambitious goals.
Cryptocurrency and blockchain have shaken the business world, creating a new era of possibilities. And Markethive? Well, it's not trailing behind; in fact, it's leading the charge. This unique platform, grounded in blockchain technology, caters to entrepreneurs, marketers, and business owners, offering them a suite of tools and services to navigate this brave new world.
Now, to make things even more exciting, Markethive has introduced the HVC into the mix. This token isn't just any token; it's intricately woven into the fabric of Markethive's ecosystem. And guess what? It's riding the Solana blockchain wave. Why does that matter? Buckle up because we're about to dive into the juicy details of why this move is a game-changer.
Ready to uncover the magic behind Markethive's strategic choice? Let's jump into the discussion and explore the manifold benefits of having the HVC token on the Solana blockchain. Read More
Fantom (FTM) Foundation CEO Reveals Exciting Plans for Sonic's Launch and Future Development
Michael Kong, CEO of Fantom Foundation, has unveiled the highly anticipated launch of Sonic, a groundbreaking blockchain technology that promises unparalleled scalability and security. With plans to create a shared sequencer for L1 and L2 chains and introduce simplified staking and liquid staking support, the Fantom team is poised to revolutionize the world of blockchain. Stay tuned for more exciting updates and partnerships in the coming weeks.
Michael Kong, CEO of Fantom Foundation, has revealed the exciting launch plans and future development of Sonic, a revolutionary blockchain technology. Kong highlighted the significant advancements made since the debut of the Opera network in 2019, which laid the groundwork for Sonic's creation.
The Opera network, based on concepts studied by Andre Cronje, offered improved scalability and time to finality compared to Ethereum at the time. However, as the network gained popularity, it faced challenges during times of high demand, leading to congestion and a deteriorating user experience. Read More
Coppola-Backed Decentralized Pictures to Launch DCP+ Film Streaming Service
The in-app streaming service will enable DCP creators to distribute their content fairly, with on-chain revenue distribution.
Blockchain-based film funding platform Decentralized Pictures is gearing up to launch its own in-app streaming service, DCP+, with a beta release "in the next month or so."
"With the power that is in the hands of some of the distribution channels these days, it's very important to give folks a way to showcase their work to the world and monetize it in a fair and transparent way," Decentralized Pictures co-founder Leo Matchett told Decrypt.
He explained that the 501(c)(3) non-profit's streaming offering would enable filmmakers to "distribute their content 100% free, on-chain and auditable and immutable."
DCP+ will be integrated into Decentralized Pictures' platform, with users able to rent films using its FILMCredits token—which can either be purchased with fiat or earned through community participation, such as reviewing scripts and trailers. Read More
Prisma Finance $11.6M hacker claims it was a ‘whitehat rescue’
The hacker’s on-chain message came approximately six hours after the hack occurred. However, blockchain security firms noted the hacker had also started swapping the stolen funds for Ether.
The hacker behind the $11.6 million exploit of decentralized finance (DeFi) protocol Prisma Finance is claiming it was a “whitehat rescue” and is enquiring about returning the funds, according to on-chain messages.
“Hi, this is a whitehat rescue, who can I contact to refund,” the exploiter said on March 28, around 6 hours after the attack. The message came from the address “0x2d4…7507a” — which was earlier identified as being one of three addresses linked to the attack.
A white hat hacker refers to a person who uses their hacking ability to find security vulnerabilities in software code. In the broader cybersecurity world, these security experts often notify the creator of the attack vector rather than exploiting it themselves. Read More
Web3 dev platform Mirror World launches first gaming rollup chain on Solana
The software development kit allows Solana games to settle "millions of requests" during game sessions and settle them back to Solana L1 for faster processing.
Web3 application development platform Mirror World is launching the first gaming rollup on Solana.
According to the March 29 announcement, the novel Solana Virtual Machine (SVM) computation engine, dubbed “Sonic,” will allow developers to deploy game engines or virtual machines of their choice on Solana via its software development kit (SDK) and power in-app transactions. At the same time, HyperGrid, the core technology of the Sonic SVM developed by Mirror World, enables gaming platforms to create their own on-ramp and cross-chain decentralized exchange (DEX) aggregators for Solana in-game interactions.
Currently, the Mirror World SDK has been deployed to 50 gaming clients as initial distribution nodes. Three games, Mahjong Meta, Matr1x Fire and Seraph/ActozSoft, with over $30 million raised in their series rounds, have seen more than 200,000 traffic and transaction engagements generated during their gaming sessions after incorporating the Mirror World SDK. “Sonic provides natively integrated tools for payment & settlement infrastructure, as well as user engagement tools necessary to build a successful Web3 game,” Mirror World wrote. 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.
