Month: September 2023

Metaverse land sales update a year-low at $4.1m

DappRadar analysts say the industry and observers need to internalize the evolving utility of metaverses. Blockchain-based virtual worlds are struggling to weather the storm as on-chain data indicate a continued trade decline. According to a monthly overview report by DappRadar, in August 2023, there were only 8,329 land sales (worth $4.1 million in total) in virtual reality projects, a decline of 23% compared to Jul. 2023. Trading volume in virtual worlds | Source: DappRadar In addition to regulatory pressure from U.S. regulators, the decline in sales comes when the whole…

Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count

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Ethereum might be the king of smart contracts and the world’s primary hub for decentralized finance (DeFi) and non-fungible tokens (NFTs) activity but onchain data suggests that Bitcoin is ahead in user engagement, interpreted by the number of daily active users, and network activity is at acceptable, healthy levels, reading from the number of daily transactions confirmed.  Bitcoin Leads Ethereum In Daily Active Addresses According to Artemis Terminal data on September 15, Bitcoin, despite being predominantly a transactional layer, enabling the peer-to-peer (P2P) transfer of value between addresses, has more…

BNB and Uniswap fall, investors considering Pomerdoge

The crypto market is volatile and bearish, with Binance Coin (BNB) and Uniswap (UNI) posting deep losses. Amid this crash, Pomerdoge (POMD) is being explored, attracting investor attention. BNB trades above $200 support Binance, the largest centralized crypto exchange, remains unfazed by increasing regulatory pressure.  Bifinity, the crypto-to-fiat processing unit of Binance, records show, is Lithuania’s second largest corporate taxpayer, with over $45 million paid, excluding VAT, in 2022. BNB Chain Labs also recently launched a new layer-2 network, opBNB.  Despite supportive fundamental factors, BNB is under pressure, recently falling…

Gemini Files Court Statement Accusing Digital Currency Group Of Fraudulent Actions

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In a Friday 15 court filing, Gemini, the US-based crypto exchange platform, has accused Digital Currency Group (DCG) of engaging in “fraudulent activities” and attempting to evade responsibility for the harm caused to creditors.  The filing directly responds to a statement made by DCG regarding a proposed agreement between DCG, the debtors, and the Official Committee of Unsecured Creditors. Gemini Seeks Justice For Creditors Affected By The Collapse Of Genesis According to Gemini, DCG devised a $1.1 billion promissory note to conceal the significant financial losses caused by the collapse…

BNB.WIN, a rebasing protocol on BNB Chain, releases RWA product

This year has brought about changes in the global economy and regulations for virtual assets. Even so, the crypto industry is still progressing by introducing new products that meet the demands of users and the community. One of these new developments is real-world asset (RWA) tokenization, which can offer a fresh opportunity for value capture. As this wave gains momentum, native decentralized finance (defi) protocols like MakerDAO and Aave are actively moving to embrace RWA.  BNB.WIN recently launched its first RWA product, BNB.WIN. After monitoring their performance for several weeks, many are questioning…

Binance CEO responds to rumors, says US executive is ‘taking a deserved break’

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Binance Holdings CEO Changpeng Zhao (CZ) has shot down speculation surrounding the departure of Binance.US CEO Brian Shroder, noting that he is “taking a deserved break” after a successful stint at the company.  Binance.US is a subsidiary of Binance Holdings, and the U.S. based exchange has seen a handful of other top executives recently step down from the firm amid lawsuits from the Securities and Exchange Commission and Commodities Futures Trading Commission.  In a Sept. 15 statement via X (Twitter), CZ urged people to “ignore FUD” around the recent shuffling…

Ethereum Surges Ahead Of Bitcoin In Active Addresses, What Does This Mean?

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Since its inception, Ethereum has continuously been compared to Bitcoin with the former being hailed as a better option to the latter in some cases. As the years have flown by, the competition has gotten even fiercer, especially with ETH growing rapidly. Eventually, Ethereum seems to be catching up with Bitcoin, especially in terms of active addresses. Ethereum Active Addresses Surpass Bitcoin On Thursday, September 14, on-chain data tracker Santiment revealed a surprising update on the fierce rivalry between Bitcoin and Ethereum. In the X post, the tracker revealed that…

Binance Begins Process Of Axing BUSD Stablecoin

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Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were…

Hong Kong regulator warns on crypto firms mislabeled as ‘banks’

The Hong Kong Monetary Authority has cautioned the public against crypto firms that describe themselves as banks or offer products termed as deposits. On Sept. 15, the Hong Kong Monetary Authority (HKMA) issued a public statement expressing concern over crypto companies labeling themselves as “banks” and offering what they describe as “deposits.” According to HKMA, such categorizations may contravene Hong Kong’s Banking Ordinance, which strictly forbids unlicensed entities from using the term ‘bank’ or making any representations that suggest they are conducting banking activities in the region. The authorities consider…

Government objects to ‘unnecessary,’ ‘prejudicial’ SBF jury selection questions

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On Sept. 15, the United States government responded to questions the defense has suggested posing to potential jurors during their selection for the case against former FTX CEO Sam Bankman-Fried. He faces seven charges of fraud and money laundering in connection with the collapse of the cryptocurrency exchange that could land him in prison for decades. The sides submitted their proposed questions to the court on Sept. 11 and showed drastically different standards for selection. In a letter addressed to Judge Lewis Kaplan of the U.S. District Court for the…