Day: December 14, 2023

Flare and Kinetic partner to expand defi capabilities

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Flare, a blockchain optimized for data, is partnering withย Kinetic, a lending and borrowing platform, to bolster the development of decentralized finance (defi) applications on the Flare network. According to an exclusive press release shared with crypto.news, this collaboration aims to introduce lending and borrowing capabilities, deepen liquidity, and help build a robust defi ecosystem on Flare. Under the partnership, Kinetic, backed byย Rome Blockchain Labs, will provide a seamless platform…

Ethereum Supply Turns Deflationary Post-Merge, Here’s How Much ETH Has Left Circulation

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Ethereum has seen its deflationary status once again in the limelight as the network continues to see a significant decline in the number of ETH tokens in circulation. This comes on the back of the belief that the bull run and some other factors could help uphold this trend.ย  More ETH Goes Out Of Circulation According to data from Ultrasound Money, Ethereum has seen a decrease in its circulating supply in the last seven days, with over 14,160 ETH going out of circulation. This is a result of over 30,700…

CTO Sounds Alarm, SUSHI Price Drops 4%

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In a significant blow to the decentralized finance (DeFi) sector, the Sushi DeFi protocol has fallen victim to its second exploit this year. The protocolโ€™s Chief Technology Officer (CTO), Matthew Lilley, has issued a stark warning to users, advising them to refrain from using any decentralized applications (dApps) until further notice. Sushi And Zapper Frontends Compromised The latest breach has prompted concerns about the security and integrity of the Sushi DeFi protocol and other associated dApps. According to Lilley, a widely-used web3 connector has been compromised, allowing malicious code injection…

Crypto catfishers ditch fake exchanges for approval phishing scams

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Crypto romance scammers โ€” a cohort of crypto-stealing smooth-talkers โ€” appear to have a new trick up their sleeves: targeted approval phishing. In a Dec. 14 report from on-chain analytics firm Chainalysis, the firm noted that the technique has seen explosive growth over the past two years, with at least $374 million in suspected stolen crypto in 2023. Approval phishing is a crypto scam where victims are tricked into signing transactions that give scammers access to wallets, allowing them to drain funds. While this isnโ€™t new, Chainalysis said the technique…

Google slashes price of Gemini AI model, opens up to developers

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Alphabet, the parent company of Google, announced on Dec. 13 that it plans to slash the cost of a version of its most advanced artificial intelligence (AI) model Gemini and make it more accessible to developers.ย  According to reports, the company said the price for the pro model of Gemini has been cut 25-50% of what it was in June. Gemini was introduced in three variations on Dec. 6, with its most sophisticated version being able to reason and understand information at a higher level than other Google technology, along…

Bitcoin and Altcoins Market Rally Resumes Following Fed Interest Rate Announcement

Although the price spikes following the Fed announcement cleared recent bearish drawdowns and provided support levels, uncertainty remains over the sustainability of the increases. The prices of major cryptocurrencies, including Cardano (ADA) and Solana (SOL), have seen fluctuations around the latest Federal Reserve announcement on interest rates. On December 13th, 2023, the Fed decided to keep rates within a target range of 5.25โ€“5.50%, leading to an initial boost in the price of Bitcoin (BTC) and some altcoins. Following the news, BTC spiked 2.2% to reach $43,400, reflecting an overall sense…

EOS Network Enhances Its Stablecoins Ecosystem via Partnership with EOS Stable Coin Chain (ESCC)

ESCC will introduce stablecoin-based gas fees and Ethereum compatibility on EOS. EOS Labs and EOS Network Foundation (ENF), the main stewards of the EOS Network have announced a strategic collaboration with EOS Stable Coin Chain (ESCC), an Ethereum-based stablecoin solutions provider. ESCC is a novel smart contract on the EOS Network using a customized implementation of the EOS EVM architecture. According to the partnership details reaching our desks, the three companies aim to integrate an optimized platform for high-speed compliant stablecoin transactions. Together, they aim to provide EOS users with…

JPMorgan Cautious About Crypto Markets in 2024

Cathie Woodโ€™s investment firm, ARK Invest, offloaded a sizeable chunk of Coinbase as the shares of the Nasdaq-listed crypto exchange rose to a 20-month high on Wednesday. ARK sold 283,104 shares worth $42.6 million based on Coinbaseโ€™s last close of $150.46. The firm has sold over $150 million worth of the shares since Dec. 5. On Wednesday, COIN rose more than 7.7% to top $150 for the first time since April 2022. Despite recent sales, the exchange still constitutes over 10% of ARKโ€™s portfolio and retains the top spot on…

Crypto.com Partner Cronos Launches Layer 2 zkEVM Testnet Chain with Matter Labs

Cronos has announced a layer 2 network for the Ethereum blockchain in collaboration with Matter Labs, Crypto.com, Fulcrom, VVS, and Veno. Cronos Labs, the name behind the Cronos blockchain, and a partner to Crypto.com, has announced a new layer 2 platform built for the Ethereum network. Cronos Labs has now joined a growing list of services working on improving Ethereumโ€™s scalability by building and launching off-chain networks. The platform is initially available as a public testnet. ๐Ÿ“– Closing the year with a new #CROFam chapter: Introducing the Cronos zkEVM Chain…

Solanaโ€™s BONK Rockets 40% on Coinbase Listing

Solana, the blockchain network hosting Bonk, has experienced an impressive run in 2023. Earlier this month, SOL saw a remarkable 50% jump in just a few days, indicating a strong bullish trend.ย ย  The crypto market is seeing another boom in the altcoin space as Solana-based memecoin, Bonk (BONK), witnessed a 40% surge in the past 24 hours following the announcement of its listing on the prominent exchange, Coinbase Global Inc (NASDAQ: COIN). This development positions BONK as the third-largest meme coin on the platform, trailing behind the giants Dogecoin (DOGE)ย …