Day: June 1, 2023

Synthetix (SNX) Approves Plan to Nudge Positions Off Soon-to-Shut Version One of Its Perpetuals Market

The change highlights Synthetix’s focus on its v2 perpetuals markets, which had $22 million in volume over the past day, data from a dashboard created by the Synthetix community shows. Synthetix’s v2 perpetuals markets, which launched in December, increases capital efficiency and improves risk management for market liquidity providers, representing a “significant upgrade” from v1, according to a blog post. Source

Mysten Labs’ Sui Network partners with F1 Red Bull racing team

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The Sui Network, backed by Mysten Labs, has announced a multi-year partnership with the Red Bull Formula One Racing Team less than a month after the blockchain’s mainnet went live. In a June 1 announcement, Sui Network said it would be the official blockchain partner of the racing team, scheduled to compete in Spain on June 4. Greg Siourounis, Managing Director of the Sui Foundation, said the partnership was aimed at “demonstrat[ing] how web3 enables human connections,” while the announcement suggested “immersive digital experiences” for fans in the coming months.…

Bitcoin price slips under $27K, but data shows BTC whales counter trading DXY strength

As the summer season arrives, an unexpected heatwave is gripping financial markets This heat is coming in the form of the US Dollar (DXY) which has been on a remarkable uptrend since late April, reaching levels unseen since early March’s banking crisis when the dollar wrecking ball wreaked havoc on asset prices. This surge in the dollar has raised concerns among market participants due to its high inverse relationship with Bitcoin (BTC), a topic many macro and crypto analysts have discussed repeatedly in 2023. The implications of this inverse correlation…

OKX introduces BRC-30 token standard for bitcoin and BRC-20 token staking

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied OKX, a leading web3 company, has proposed the industry-first BRC-30 token standard, which enables users to stake BRC-20 tokens and bitcoin, allowing them to earn BRC-30 tokens. This open-source protocol, combined with OKX Wallet’s support, offers users new opportunities to participate in the Bitcoin ecosystem and generate passive income. OKX proposes BRC-30 token standard OKX, a leading web3 and crypto exchange company, has unveiled its proposal for the BRC-30 token standard, a new protocol that facilitates…

CoinDesk Turns 10: The ICO Era – What Went Right?

The ICO boom is remembered as an orgy of fraud and scammy behavior. But ICOs funded many crypto success stories – and might still have benefits, says David Z. Morris. This story is part of our series looking back at the biggest stories from the last decade. The ICO boom is our choice for 2018. Source

What will Binance Australia services look like after debanking?

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Binance users in Australia now have a narrowed pool of options to purchase cryptocurrencies amid the ongoing global debanking of crypto businesses. Since 5:00 pm local time on June 1, fiat on-ramps and off-ramps by bank transfers have been halted in Australia. The suspension includes trading for Australian dollar (AU$) pairs.  The shutdown of deposits and withdrawals is tied to previous developments impacting Binance in Australia. In February, Binance’s local derivatives arm abruptly notified its users that certain positions and accounts would be closed for those who didn’t meet the requirements…

Bitcoin (BTC) Miners Gain More Support in Texas Legislative Session

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“More miners in the [demand-response] program means more load can be reliably called on to help balance the grid,” said Dennis Porter, who leads another industry advocacy group, Satoshi Action Fund. “We are increasing communication with the PUC and ERCOT which will improve transparency and publicly available data on mining which ultimately is good for the industry,” he noted. Original

Hong Kong-based First Digital Group launches redeemable USD-backed stablecoin

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First Digital Group, a Hong Kong-based qualified custodian and trust company, announced the launch of its First Digital USD (FDUSD) United States dollar-pegged stablecoin on June 1. The new stablecoin is programmable and described as being capable of executing contracts, escrow services and insurance without intermediaries. It will operate on the BNB Smart Chain. FDUSD is being issued by First Digital Labs, a subsidiary of digital asset custodian First Digital Trust, which is regulated under the Hong Kong Trustee Ordinance. Under the law, FDUSD will be backed one-for-one with U.S.…