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Creators of Fortnite-Like Ethereum Game 'OpenSeason' Reveal Token Airdrop
Fractional Uprising NFT holders will not only receive the airdrop, but also have a say in funding future games from the OpenSeason maker.
The makers of OpenSeason, a crypto-themed battle royale shooter game built around Ethereum NFT access passes, announced details Monday for the studio's upcoming token airdrop to players—and revealed that the giveaway is coming this week.
At some point this week, holders of Fractional Uprising Studios NFT membership passes—which are currently required to play OpenSeason—will automatically receive some portion of the 62.1 million “FU Money” tokens that have been earmarked for this week’s initial airdrop, according to a company blog post. Read More
Venezuela Likely to Keep Using Crypto to Bypass New Set of US Sanctions
Venezuela will keep using crypto to avoid the new set of sanctions imposed by the U.S. last month, dissidents and cryptocurrency watchers say. Cryptocurrency might be the tool used by Nicolas Maduro’s administration to combat the influence of the oil and gold sanctions reimposed on the government in May, as has been the case before.
The sanctions were reimposed as the Biden administration alleges that Maduro has not fulfilled the agreements reached with the U.S. government to guarantee a fair climate for the upcoming presidential election, set to happen on July 28.
Andrew Fierman, head of national security intelligence at Chainalysis, a blockchain security firm, confirmed that crypto has been used before, combined with a “wide array of methods over the years.” “When you’re talking about regimes that are subject to sanctions, they’re typically going to look for a variety of ways to evade those sanctions,” he stated. Read More
Digital Asset Funds Witness Major Shake-up Amid Fed's Hawkish Stance: Coinshares
Coinshares’ report highlights that the outflows were predominantly concentrated in bitcoin (BTC), with a staggering $621 million exiting the market. This shift in investor sentiment has also spurred a notable $1.8 million inflow into short-bitcoin positions, reflecting a strategic pivot among traders.
Meanwhile, other cryptocurrencies such as ethereum, LDO, and XRP bucked the trend, collectively drawing inflows of $16 million, suggesting a diversified reaction across different digital assets. Regionally, the U.S. bore the brunt of the outflows, shedding $565 million.
This sentiment was echoed, albeit to a lesser extent, in Canada, Switzerland, and Sweden, which also experienced capital withdrawals. Read More
Brian Armstrong Says Coinbase Aiming To Become People’s ‘Primary Financial Account’ of the Future
The chief executive of Coinbase says that he wants the top US crypto exchange platform to eventually become their customers’ go-to financial account.
In a new interview on CNBC Television, Coinbase CEO Brian Armstrong says that his company plans to roll out new features that could compel customers to use the platform as their main financial account over their bank account.
“In the banking world, they do something called fractional reserve and it has its own regulatory requirements for that. We’re not intending to become a bank, but we are intending to become people’s primary financial accounts.
And so, the digitization of money and having mobile money on your phone – your phone is your bank account in the future. There’s going to be a whole generation of kids who grew up and they’re not going to have a bank branch on the corner with a checkbook in the way that maybe you and I did growing up. Their phone is going to be their wallet. That’s how they get paid. It’s how they live their lives and borrow money if and when they need to. Read More
Understanding The Cryptocurrency Token and Network Equity Within The Markethive Ecosystem And Beyond
Since the inception of Bitcoin, it has been regarded as the trailblazer and the gold standard of the cryptocurrency realm. Its influence extends beyond being a digital store of value, as it is often used as a reference point for other digital assets in the crypto finance industry. The emergence of thousands of crypto tokens has led to a plethora of use cases, but the Securities and Exchange Commission's (SEC) tendency to classify most tokens as securities might be misguided, as they have not fully appreciated the groundbreaking potential of these tokens.
The concept of tokens is a foundational permutation in blockchain technology, and it is essential to explain this new concept in a way that is easy to understand. Doing so increases the likelihood that the general public, regulators, and the myriad of established entities will grasp the importance of this paradigm shift. This article aims to demonstrate the various aspects of a cryptocurrency token and why it is crucial for those in positions of authority to gain a deeper understanding.
The complexity of understanding the token stems from its nature as a multi-functional abstract. We are not accustomed to encountering something that possesses multiple functional properties, represents diverse units of value, and exists in a digital form that unifies it all. Tokens are a relatively novel concept, and if we persist in attempting to categorize or categorize them using our previous frameworks, we will miss their potential. In essence, tokens can simultaneously embody the characteristics of currency, equity, financial instruments, rewards, rights, and, since blockchain, digital assets. Read More
dYdX gets isolated margin, isolated markets, and Raydium support in latest upgrade
The protocol also announced an Android app allowing users to trade on the mobile phone platform, among other upgrade features.
After a community vote earlier this month, version 5.0.0 of the dYdX protocol is live, introducing several new features, including isolated margin, isolated markets, and support for Raydium Markets.
Isolated margin breaks with the traditional model of collateralized pools by enabling traders to assign collateral to a specific trade rather than exposing those funds to price movements across several trades.
Charles d’Haussy, CEO of the dYdX Foundation, highlighted the benefits of segregating collateral and ensuring that each collateral pool has dedicated insurance. In a statement to Cointelegraph, the CEO explained, “Isolated margin introduces the option for traders to trade any market as an isolated position.” The executive continued:
"Traders now have the ability to confine collateral to a specific position, and manually adjust their collateral for that given position. This enhancement creates more options for traders, safeguards the protocol’s stability, and allows the listing of over 800 new markets subject to governance.” Read More
TON-based DEX aims to simplify cross-chain swaps by removing bridging and wrapping
A DEX for the TON blockchain focuses on user convenience and simplifies cross-chain transactions without requiring complex tools.
Addressing the critical challenges of the DeFi ecosystem, STON.fi seeks to provide efficient cross-chain transactions without relying on wrapping and bridging.
Decentralized finance (DeFi) eliminates dependence on intermediaries, offering users greater control over their assets compared to traditional models. However, the lack of interoperability between blockchain networks restricts access to the innovative trading opportunities that DeFi offers.
Users have to rely on third-party services when transferring between blockchains. Entrusting their assets to third-party custodians may expose users to security breaches during the transaction and risk losing their assets. Additionally, converting crypto assets can be costly, and security procedures may delay or interrupt transactions.
On the other hand, a multichain structure could add unique value to the Web3 space by providing users with a convenient way to transact tokens between networks without the need for an additional service. Read More
Ethena Tokenomics Change Sparks Community Outrage
A hefty 50% lock-up requirement has prompted a drop in the price of the ENA token.
Ethena Labs has announced an overhaul to its tokenomics, which now requires airdrop recipients to lock up at least half of their ENA tokens. This unexpected move caught users off-guard and caused an uproar.
Under the new rules, ENA airdrop recipients will have to lock up 50% or more of their airdropped tokens or risk losing their unvested ENA tokens. The rule went into effect on June 17—several months after the April ENA airdrop.
The team said that by enforcing this rule, they want to encourage long-term holders instead of attracting “mercenary capital”—funds used by investors or traders to make a quick profit at the expense of the long-term stability of the protocol. Read More
Tether Launches Alloy, Opening the Gates for Issuing Gold Standard Compliant Assets
Tether, the company behind the largest stablecoin in the crypto market, has launched Alloy, a new line of cryptocurrency assets that seek to return to the gold standard. Alloy was engineered by Moon Gold NA, S.A. de C.V. and Moon Gold El Salvador, S.A. de C.V., two companies that are part of the Tether group, and its name comes from the concept of combining two assets to create a new one.
Alloy bases its inner workings in the concept of “tethered assets,” which track the value of other currencies but are collateralized by another liquid asset. Tether states this allows for “consistent value and stability between the reference asset and its tethered counterpart.”
The first asset launched by Tether in the Alloy lineup was AUSDT, a token that tracks the price of the U.S. dollar and is backed by gold. Tether backs this token with Tether Gold (XAUT) to over-collateralize the token value backed by physical gold held by the company in Switzerland. Users can mint ASUD tokens, depositing Tether Gold as collateral. 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.
