Day: October 27, 2023

dYdX launches layer 1 blockchain, validators and stakers set to receive all fees

Decentralized cryptocurrency exchange dYdX has launched its layer 1 blockchain with the creation of its genesis block which will operate using native DYDX tokens. The dYdX Chain is set to distribute all fees to validators and stakers in USD Coin (USDC). This includes trading fees denominated in USDC as well as gas fees for DYDX-denominated transactions or USDC-denominated transactions. The proof-of-stake (PoS) blockchain network was built using Cosmos’ software development kit and makes use of CometBFT as its consensus protocol. Validators stake DYDX in order to secure the blockchain and…

FLOKI Outmuscles Top 100 Cryptos, Soars 134%

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FLOKI, in the dynamic and continually evolving world of cryptocurrency, stands as a noteworthy contender, demanding serious consideration within the distinctive and inherently speculative market of meme coins. FLOKI, a cryptocurrency that draws inspiration from Elon Musk and derives its name from his Shiba Inu companion Floki, has exhibited a notable surge in value, with a 26% price appreciation observed over the course of the past 24 hours. At the time of writing, FLOKI was trading at $0.000038, and registered a commanding 134% increase in the last seven days, surpassing…

Sam Bankman-Fried Set to Testify Before Jury in FTX Fraud Trial

“Friedberg, the chief regulatory officer of FTX International, in combination with Fenwick & West, one of our outside law firms, was – were the ones who drafted the incorporation documents, had incorporated and also corresponded with banks about opening up bank accounts for it,” Bankman-Fried said about North Dimension on Thursday. Source

Moonveil raises $5.4m in seed funding for web3 gaming

Moonveil Entertainment, a web3 gaming studio, has unveiled a $5.4 million seed investment round, co-headed by Gumi Cryptos Capital and Arcane Group. The investment was spearheaded by Gumi Cryptos Capital and Arcane Group, with additional contributions from Longhash, IOSG, and Infinity Ventures Crypto. Established in the final quarter of 2022, Moonveil has been operating under the radar until its recent announcement. The studio’s leadership comprises industry experts who have previously worked with renowned companies such as Riot Games and Tencent. Moonveil is presently focused on developing two major projects: Astrark,…

How major German firms like Mercedes and Lufthansa are using NFTs

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For the most part, nonfungible tokens (NFTs) have two primary use cases: Buying and selling digital products (digital art, virtual fashion items) and building digital communities (exclusive memberships, access to events).  These use cases can be easily adopted by brands and companies, such as fashion brands selling digital clothes, various companies offering NFT-based club memberships and musicians holding exclusive concerts for their fans. Traditional German companies are also jumping on the bandwagon, recognizing the potential of NFT technology to innovate and market their products and services. Deutsche Post combines NFTs…

Elon Musk’s X aims to revolutionize finance as a central hub

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Elon Musk’s venture, X (formerly known as Twitter), aims to position itself as a central financial hub, encouraging individuals to consider using X as their primary financial solution instead of traditional bank accounts for various financial requirements. According to reports, during the inaugural all-hands meeting on Oct. 26, Elon Musk articulated his vision for transforming the platform into a financial hub with a roadmap to implement new features by the end of 2024.  Elon Musk envisions X as an all-encompassing financial platform, covering every aspect of users’ financial lives, from…

Analyst Sets $45,000 Target And It’s Closer Than You Think

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Bitcoin rallied above $35,000 on the back of the euphoria of the possible approval of a Spot Bitcoin ETF. Although the rally seems to have cooled off, a particular crypto analyst’s prediction suggests that the bulls could enjoy total dominance soon enough in what will see the flagship cryptocurrency rise to $45,000.  Bitcoin’s Incoming Phase Could See It Hit $45,000 In a post shared on their X (formerly Twitter) platform, crypto analyst CryptoCon shared his prediction on Bitcoin’s future trajectory. The analyst mentioned that Bitcoin was currently at the “Mid-Cycle…

FLOKI price soars 140% in a week — Are memecoins like DOGE, PEPE finally waking up?

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Bitcoin’s (BTC) rise to as high as $35,000 this week has also lifted a number of memecoins, including Floki (FLOKI), which has beaten its top rivals in percentage gains. FLOKI price up 140% amid Bitcoin ETF hype, TokenFi launch As of Oct. 27, FLOKI had surged over 140% to $0.00004261, its highest level in five months. The memecoin, known for its controversial marketing tactics, rallied after New York-based Grayscale Investments filed for a new spot Bitcoin exchange-traded fund (ETF) on NYSE Arca, as shown below. FLOKI/USD daily price chart. Source: TradingView Looking…

Bitcoin and Ether Options Activity Hits $20B

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The crypto options market is booming. The notional open interest, or the dollar value locked in active bitcoin and ether options contracts on leading exchange Deribit has risen to $20.64 billion, according to data tracked by Switzerland-based Laevitas. The tally nearly parallels the peak registered on Nov. 9, 2021, when bitcoin traded above $66,000, 90% higher than the going market rate of $34,170. In other words, the current open interest in contract terms is significantly higher than in November 2021. “The milestone has been achieved with nearly double the number…