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dYdX Initiates Token Migration Following Layer-1 Blockchain Inception
Antonio Juliano, the founder of dYdX, announced on Twitter on 28 October 2023, regarding impending substantial transfers of $DYDX tokens in the following days. This alert is in alignment with dYdX Trading Inc. and other locked token holders' plans to migrate tokens to the dYdX Chain, which will be recorded as transfers on both Ethereum and the dYdX Chain. It's pertinent to note that these tokens will remain locked and are not slated for sale.
Following Juliano's announcement, the dYdX Foundation provided further details, anticipating large internal movements of the locked ethDYDX tokens held by investors and team members in the near future. The Foundation has outlined the process of bridging these locked tokens from Ethereum to other blockchains, inclusive of the dYdX Chain, via tweets dated 28 October 2023. Additionally, it is actively monitoring locked token holders’ wallet addresses to ensure compliance with legal agreements. Read More
Animoca Brands Acquires Azarus, Brings Streaming To Web3 Games
In a significant move to expand metaverse gaming, Animoca Brands has acquired Web3 streaming platform Azarus in a bid to merge gameplay streaming, interaction, and blockchain-based rewards.
Azarus, known for its innovative Overlay Games and $2 million in rewards distributions, could significantly elevate the streaming experience.
While the terms of the deal remain under wraps, the move marks a seismic shift in the blockchain and gaming arena. Azarus is pioneering blockchain-based game streaming. The move by Animoca Brands aims to integrate Azarus’ innovative technology into Animoca Brands’ portfolio. This would help further enhance streaming capabilities within Web3 games. Animoca Brands is known to have a reputation for innovation and forward-thinking strategies, and has always had an eye on Azarus.
Animoca Brands had previously invested in the platform, highlighting their belief in their potential. This move brings Azarus completely under the Animoca Brands name, with a future that combines streaming, interaction, and blockchain rewards. Read More
Blockchain in charity, explained
The drawbacks of conventional charity systems, including limited visibility, high transaction fees and slow transaction processing, can be addressed by technologies like blockchain, which offer transparency, lower transaction costs and quick fund transfers.
There are various challenges that traditional charity systems must overcome to function effectively. The lack of transparency in the distribution and use of funds is one of the main problems. There is often limited visibility for donors regarding the use of their contributions, raising questions about possible mismanagement or inefficiencies. This could discourage prospective contributors from making a contribution, which would reduce the total amount of money available for charity endeavors.
In response to these challenges, innovative solutions like blockchain-based fundraising platforms have emerged. By using a decentralized ledger to maintain transparency, they enable contributors to monitor their contributions in real time. Furthermore, blockchain transactions are cheaper and faster, making it possible for charitable organizations to move money quickly and affordably, enabling them to deploy funds effectively and on time. Read More
UK publishes plans for stablecoins regulation
Non-fiat-backed stablecoins will not be allowed into regulated payment chains.
The United Kingdom government has published an update to its plans to regulate fiat-backed stablecoins. The document, published on Oct. 30, aims to facilitate and regulate the use of fiat-backed stablecoins in U.K. payment chains.
According to the document, His Majesty’s Treasury intends to introduce specific legislation to parliament in 2024, bringing the regulation of fiat-backed stablecoins under the Financial Conduct Authority’s (FCA) mandate.
Notably, the Treasury is looking into making the local companies “arrangers of payment,” authorized by the FCA, responsible for ensuring the overseas stablecoin meets the local standards.
Non-fiat-backed stablecoins, including algorithmic stablecoins, will not be allowed into regulated payment chains. However, the document doesn’t impose a direct ban but makes a reservation that “these transactions will remain unregulated.” Moreover, the Treasury considers them subject to the same requirements as unbacked crypto assets. Read More
Great news, Markethivers! The wallet is now installed on the Markethive platform. Markethive has kept its promise and delivered a complete working wallet. This mighty, robust, and secure wallet encompasses all aspects of facilitating your business and securing all your financials within Markethive, like earnings and payments, dividends paid from your ILPs, retail products, etc.
This is a significant step in the right direction for monetizing Markethive’s ecosystem as it endeavours to ensure and restore sovereignty and financial freedom increasingly being stripped from us by a global authoritarian regime. This article will illustrate what you need to know and do to access the now-operational wallet.
Understand that access and functions of the wallet are only for Entrepreneur One (E1) members at this stage. E1 members can now retrieve their Hivecoin (HVC) from their cold storage to their hot wallet. (You can do this in preparation for the forthcoming coin exchanges and your 3rd party self-custody wallet.) You can also transfer HVC to other members within Markethive via the wallet. Read More
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Use LastPass? Own Crypto? You Could Lose Everything If You Don't Act Fast
On-chain analysts have linked a spate of crypto heists to a hack of password manager LastPass. The attackers have stolen $39 million and counting.
Over the last 10 months, more than 100 seemingly secure crypto wallets—many held by high profile, tech-savvy members of the crypto community—have been drained of tens of millions of dollars' worth of cryptocurrency, without any clear indication how. Now, the answer is becoming clearer: The thefts appear to be due to a hack of LastPass, the password management company.
For months, the seamless and consistently repeated attacks baffled security experts, who couldn’t figure out how to stop the theft. Victims did not appear to be falling for scams, or doing anything online for that matter, that risked exposing their private information.
Besides, it turned out, prioritizing wallet security.
On-chain researchers have since concluded—as the attacks continue to persist monthly—that the hacker in question is likely accessing victims’ funds by using wallet passwords and seed phrases exposed during a hack, last winter, into password manager LastPass. Read More
Blockchain Technology Can Guarantee to Consumers 'That Their Diamonds Have Been Ethically Sourced' — Botswana President
According to the president of Botswana, blockchain is one of the innovative solutions that the global diamond industry can use to ensure “blood diamonds” are excluded from formal markets. Using blockchain not only assures consumers but also enables them “to make informed choices and encourages responsible practices throughout the supply chain.”
Minimizing Impact on the Environment:
Botswana president Mokgweetsi Masisi recently touted blockchain technology as an innovative solution which can help the global diamond industry eradicate so-called blood diamonds. Masisi argued that by using this technology, the global diamond industry is able to prove to stakeholders that diamonds in formal markets are sustainably sourced.
In his speech at a recently held meeting of diamond industry stakeholders, Masisi argued that the global diamond industry’s objective of achieving sustainable diamond mining requires investment in research and innovation. Read More
Crypto Adoption in Latin America: A Tool Against Economic Woes and Authoritarianism
Latin America is carving a unique narrative in the global cryptocurrency landscape, with Venezuela and Argentina standing out due to their distinct socio-economic and political contexts. According to a report by Chainalysis, Latin America ranks seventh in the global crypto economy hierarchy, just ahead of Sub-Saharan Africa. The region's preference for centralized exchanges (CEXs) over decentralized exchanges (DEXs) is notable, contrasting with global trends. However, the core attraction lies in how cryptocurrency is morphing into a tool against economic adversities in Argentina and a shield against authoritarianism in Venezuela.
Argentina: Crypto as Economic Safeguard.
Argentina's long-standing economic turmoil, accentuated by a 51.6% devaluation of the Argentine peso up till July 2023, has spurred crypto adoption as a defensive mechanism. In this period, the nation led Latin America in raw transaction volume, with an estimated $85.4 billion in value received, showcasing a strong grassroots adoption. Alfonso Martel Seward, Head of Compliance & AML at Argentina-based cryptocurrency exchange Lemon Cash, elucidates that crypto, particularly stablecoins, has become a vital alternative for savings amidst stringent foreign currency acquisition restrictions. This trend is visually evident in the spike of crypto purchasing as the peso devalued, especially around mid-April, when Argentina's inflation rate hit 100% for the first time in three decades. Read More
Solana Launches Tools to Make It Easier to Create Crypto Games
Solana Labs' GameShift, a toolkit designed to help developers integrate Solana into video games, is now available in beta.
Solana Labs announced the beta launch of GameShift on Tuesday, a new platform aimed at making it easier for game developers to build blockchain-powered experiences on the Solana network.
First revealed in July, GameShift provides a unified API that handles the blockchain complexity behind the scenes, allowing developers to focus on game creation rather than learning how to code in blockchain support.
"Integrating GameShift's API to handle blockchain complexity under the hood allows developers to dedicate more resources directly to game development," said GameShift Product Lead Davis Hart, in a statement. "Even more importantly, developers can provide a Web2-friendly experience to gamers, easing the common Web3 frictions that can deter user acquisition and engagement." 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.
