“At the time, no one cared about them due to the negativity around [initial coin offerings] and the massive bear market,” Hayes said. “This led to a surge of projects claiming to be the next Uniswap, Compound,or Aave, but many were based on something less substantial. Investors were willing to put money into these projects, knowing they could exit in a few months after getting their tokens,” Hayes added. Source
Digital Currency Group’s (DCG) Foundry will soon stop offering free services to its customers. The Bitcoin mining firm will begin charging a pool fee from its members starting April 19, 2023. Foundry has provided its mining pool services for free since its inception in 2019. Foundry, the Bitcoin mining firm owned by the Digital Currency Group (DCG) is set to suspend free services for its clients later this month. The decision to start charging fees is likely motivated by the losses and liquidity issues that Barry Silbert’s crypto conglomerate has…
Following Bitcoin’s (BTC) stellar start to 2023, SkyBridge Capital founder Anthony Scaramucci believes “we’re through the bear market” and expressed confidence in his firm’s crypto investments. However, “the Mooch” qualified the statement by adding, “That is a guess. We don’t know.” In an April 6 interview with Yahoo Finance, Scaramucci noted that Bitcoin has consistently outperformed every other asset class over longer periods of time, saying: “But any time that you’ve held Bitcoin in a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed…
Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly asked Binance to share more information about the crypto exchange’s ownership structure and its auditing procedures. According to reports, Dubai regulators are still keen on fostering innovation but without comprising the security of users’ funds. Binance Asked to Provide More Information The collapse of the crypto exchange FTX prompted Dubai regulators to ask for more information from crypto license applicants such as Binance, a Bloomberg report has said. According to the April 5 report, officials from Dubai’s Virtual Assets Regulatory Authority (VARA)…
Dogecoin is apparently spiking because people believe that Elon Musk could soon integrate a permanent dogecoin payment system on Twitter, the microblogging platform he overpaid for ($43 billion). Twitter has several million daily active users, many of them high-profile, and if even just a small percentage begin transacting in DOGE – as a joke or not – it’s not completely irrational to speculate on that translating into a higher price. Mind you, Twitter already has payment/tipping features using the U.S. dollar and the Bitcoin Lightning network. The latter is rarely…
Arbitrum Foundation, the Ethereum layer 2 network, has introduced two new proposals with significant changes after its initial governance proposal faced backlash from the community. The Foundation plans to keep 700 million ARB tokens, which were left in the administrative budget wallet until the DAO approves an appropriate spending plan. 1/10 With the ArbitrumDAO reaching consensus against AIP-1, it’s now time to incorporate community feedback, and move forward with new AIPs and documentation that address key areas of concern. Details below🧵👇 — Arbitrum (💙,🧡) (@arbitrum) April 5, 2023 The new…
The U.S. Department of Treasury issued a stark warning, stating that the rise of decentralized cryptocurrency markets poses a significant threat to national security, with concerns ranging from illicit activities to financial stability risks. The U.S. Department of Treasury (DoT) recently released a statement expressing concern over the impact of decentralized cryptocurrency markets on national security. The statement, which can be found on the DoT ‘s website, outlines the potential risks associated with the growing popularity of cryptocurrencies and the challenges they present to existing financial systems and regulatory frameworks.…
Matter Labs, the team behind Ethereum layer 2 scaling solution zkSync, has denied that 921 Ether (ETH) worth $1.7 million will be “stuck forever” in one of its new projects. The statement comes as one zkSync project is currently experiencing issues in transferring the funds that it accumulated during its token sale. In a response tweet, Matter Labs confirmed that they’re working to solve the problem and will soon publish a “detailed update.” Not stuck forever. We are working with the team to help them solve the problem and will publish…
Adrienne A. Harris, the superintendent of New York’s Department of Financial Services, has branded as “ludicrous” the claims that the closure of Signature Bank was related to its crypto business. Harris insisted that the bank’s “high percentage of uninsured deposits” and insufficient liquidity were some of the reasons why it was closed. Signature Bank’s Liquidity Challenges Head of the New York State’s Department of Financial Services (DFS), Adrienne A. Harris, recently reiterated the regulator’s stance that the closure of Signature Bank had nothing to do with its crypto banking business.…
The Solana Foundation has revealed that minting 1 million NFTs on Solana now costs much less, owing to a new technology that helps to substantially lower costs by introducing an innovative mechanism to store NFTs on-chain. Solana introduces state compression Despite its comparably low fees, the price of minting NFTs on Solana can still be a barrier for some artists and collectors. A new technology will be helpful in this situation. Recently, there have been advances in the Solana ecosystem that could make NFT minting prices even lower. State compression…