Day: November 28, 2023

Chainlink opens v0.2 staking with 45 million LINK pool

Chainlink has announced its Staking v0.2 is live, with a pool size of 45 million LINK. 
v0.1 stakers are eligible to migrate their staked LINK from November 28.
Minimum stake for community is 1 LINK and for node operators 1,000 LINK.

Chainlink has officially upgraded its staking mechanism, with the new Staking v0.2 going live on November 28.

The v0.2 staking will feature a 45 million LINK pool, with this accounting for 8% of the blockchain project’s circulating supply.

Announcing that v0.2 was now live on the Ethereum mainnet, the Chainlink team said that existing v0.1 stakers were eligible to migrate their staked LINK with effect from November 28. The group’s accrued v0.2 rewards will give them access during a 9-day Priority Migration phase.

LINK holders will have access from December 7, with this subject to “predefined eligibility requirements”, while general access is scheduled to kick off from December 11.

#Chainlink Staking v0.2 is officially live on mainnet ⬡

Starting today, existing v0.1 stakers have a nine-day window to migrate their staked LINK and accrued rewards to the 45M LINK v0.2 pool, with guaranteed access before Early Access begins.

🧵https://t.co/pcFAVXct3L

— Chainlink (@chainlink) November 28, 2023

Minimum stake for community is 1 LINK

Staking plays a crucial role as a core initiative in the economic structure and security of the Chainlink network. With staking, network participants such as node operators back the ecosystem by locking up their LINK, thereby helping secure the oracle services. In return, stakers earn rewards.

According to details in today’s press release, the staking limits will be a minimum of 1 LINK and maximum of 15,000 LINK for the community. Meanwhile node operators will have the opportunity to stake a minimum of 1,000 LINK and maximum of 75,000 LINK.

Anyone can stake up to the said limit amounts as long as the pool remains open. 

Of the 45 million LINK, a pool size share of 40,875,000 LINK has been allocated to the community members. The rest, 4,125,000 LINK will be open to node operators that are currently servicing the Chainlink Data Feeds.

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FSB calls for global regulation of multifunction crypto firms

The Financial Stability Board (FSB) says multifunction crypto-asset intermediaries (MCIs) are critical to the cryptocurrency ecosystem.
However, their business models have vulnerabilities and risks that may negatively impact global financial stability.
The FSB recommends a global approach and cooperation on regulation of these MCIs.

The Financial Stability Board (FSB), an international organisation that monitors and makes recommendations about the global financial system, is seeking for greater cooperation among national regulatory bodies when it comes to the regulation of crypto.

In particular, the FSB has called for cross-border collaboration between different regulators across the globe in the supervision of multifunction crypto-asset intermediaries (MCIs). While critical to the crypto ecosystem, there are risks and vulnerabilities linked to crypto behemoths that combine services and products.

These risks can be impactful on global financial stability, the FSB said.

MCI vulnerabilities

In its report published on Tuesday, the FSB describes MCIs as “individual firms, or groups of affiliated firms – such as FTX (prior to its failure) – that combine a broad range of crypto-asset services, products, and functions.”

Per the Swiss-based organisation, these services and products typically marks a trading platform’s operations and bear similarities to those handled in traditional finance.

However, unlike in crypto, traditional finance platforms do not usually offer all these under the same entity. Often, restrictions are applied “to prevent conflicts of interest and promote market integrity, investor protection, and financial stability.”

While it says vulnerabilities in crypto, including leverage, liquidity mismatch, and technology, are not dissimilar to those in traditional finance, a combination of functions only works to exacerbate the potential vulnerabilities.

Examples of combined functions at MCIs include proprietary trading, market making and lending and borrowing. FSB pointed to the collapse of crypto-friendly banks this year as an indicator of how growing interconnectedness could pose risks.

Allowing crypto firms to combine different activities as is with MCIs risks vulnerabilities that can have negative impact on the global financial system, FSB warned in its report. A global approach to regulatory enforcement across the crypto-asset markets is therefore needed, the agency recommended.

Concerns and issues in the latest report are a follow up on FSB’s February 2023 report on risks of decentralised finance (DeFi) on financial stability. The FSB also released a global regulatory framework for crypto, which the G20 endorsed in September this year.

As highlighted last week, crypto exchange Binance agreed a historic $4.3 billion penalty as settlement with US authorities, with its founder and then CEO stepping down.

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Changpeng Zhao resigns from Binance.US board

Changpeng Zhao has reportedly resigned from the Binance.US Board of Directors.
The former Binance CEO has also relinquished his voting rights in the US affiliate and will not participate in any governance decisions.

Binance.US has announced that Changpeng Zhao, who recently resigned as the CEO of the global crypto exchange Binance, has stepped down as Chairman of the Board of Directors.

CZ has also transferred his voting rights and will no longer be involved in the US-based crypto platform’s governance, according to a statement posted on X on Tuesday.

“As CZ transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer be involved in our governance,” the company said in the post.

The update by the Binance.US team also pointed out that while it may share the Binance brand and technology stack with the global company that agreed a $4.3 billion settlement with the US authorities, that’s as far as it goes.

“Binance.US is not a party to the settlements announced last week, nor do we have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC.”

According to the statement, Binance.US is “fully operational” and will continue to serve its customers, offering the same products and services they did before the recent developments.

SEC sued Binance and Binance.US

The US Securities and Exchange Commission (SEC) sued Binance, founder Changpeng Zhao and its US affiliate Binance.US in June.

SEC’s charges include allegations that Binance operates unregistered exchanges, broker-dealers and clearing agencies. The world’s largest cryptocurrency exchange by trading volume also misrepresented trading controls to let high-value US customers trade on the Binance.com platform.

The regulator also alleged the crypto platforms offered and sold unregistered securities. 

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dYdX trading and launch rewards live after governance vote

dYdX trading and launch rewards went live on the dYdX Chain on November 28.
dYdX users can now earn rewards for using the dYdX Chain, with $20 million set for launch rewards.

dYdX trading rewards are live on the dYdX Chain, the decentralised derivatives trading protocol announced on Tuesday.

This comes as the platform began its full trading after progressing from the beta stage, with the move made possible following a community vote. 

dYdX Chain progresses to full production trading

The dYdX Chain’s mainnet beta went live on November 14, with trading available across 33 markets and offering leverage of up to 20x. The platform recorded more than $1.86 million in trades across some 14k transactions over the two weeks.

1/ Trading and Launch Rewards are live on dYdX Chain! ✨

Traders can now earn rewards when they use dYdX Chain available via the @dydx_ops_subdao!

Let’s dive into the details:https://t.co/MGiRUzBSMV pic.twitter.com/BinqsKw5x7

— dYdX (@dYdX) November 28, 2023

With 100% of trading fees accrued by traders, the launch of full production trading on November 28 opens up trading rewards distribution to users. Unlike staking rewards, trading and launch rewards were inaccessible to traders during the beta stage. 

Rewards are paid in the native DYDX token.

Following the conclusion of the governance vote earlier today, trading rewards are now fully enabled. Staking rewards for validators and stakers will continue to be paid in USDC and DYDX,” the dYdX Chain team wrote in a blog post.

Approximately 50,000 DYDX are available to traders as rewards each day and will be distributed immediately rather than traders having to wait for a month.

$20 million approved for launch incentives program

Other than the trading rewards, the community is also poised to benefit from a launch incentives program. Chaos Labs, an economic security and risk management platform for DeFi protocols, will manage the program while the dYdX Foundation will handle the distribution.

$20M of DYDX was approved for the incentives, with the funds taken from the dYdX Chain Community Treasury. The rewards will be distributed to the community over the next six months – 80% of which will be for trading activity and 20% for market maker activity.

According to today’s announcement, the launch incentives program will monitor the protocol, with possible adjustments to the above weights taken in tandem with the activity on dYdX Chain.

Full trading on the dYdX Chain will initially support four markets – Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and Chainlink (LINK). 

New markets will be added continuously over the next few weeks, with these available via the dydx.trade frontend operated by the dYdX Ops subDAO, a community-run dYdX DAO.

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Animoca Brands now largest Validator in TON Network after strategic investment

Animoca Brands has secured its position as the largest validator on the TON blockchain.
Animoca Brands actively supports third-party gaming projects within the TON ecosystem.
Telegram’s endorsement of TON as its blockchain of choice for Web3-related developments in September adds weight to TON’s prominence.

Hong Kong-based venture capital firm Animoca Brands has made a significant move in the blockchain and gaming space, solidifying its position as the largest validator on the TON (Telegram Open Network) blockchain.

The strategic investment aligns with Animoca’s focus on gaming and metaverse projects, contributing to the TON ecosystem’s development.

Animoca Brands’ investment in TON

In a recent announcement, Animoca Brands confirmed its investment in the TON ecosystem, refraining from disclosing specific details regarding the terms of the investment. The firm is actively supporting third-party gaming ventures within the TON ecosystem, emphasizing its backing for TON Play, the blockchain network’s dedicated gaming infrastructure project.

In September, TON received a notable endorsement from Telegram, designating it as the preferred blockchain for Web3-related developments. This endorsement positioned TON as a significant player in the blockchain space, especially given the vast potential audience of Telegram, boasting a user base of 800 million. With Animoca Brands’ investment and involvement in TON, the gaming and metaverse sectors may witness increased innovation and collaboration within the TON ecosystem.

This strategic move by Animoca Brands underscores the growing intersection of blockchain and gaming, with TON providing a robust infrastructure for decentralized applications (DApps) in the gaming industry. As TON continues to gain support from influential players like Animoca Brands, it reinforces the blockchain’s position as a key player in the evolving landscape of Web3 technologies.

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HSBC and Hang Seng join Standard Chartered and Fubon Bank in China’s Digital Yuan Pilot

HSBC and Hang Seng Bank have officially joined China’s digital Yuan pilot.
HSBC China customers can now utilize their debit cards to access personal digital Yuan wallet services.
There have been collaborative efforts between foreign banks and China’s financial authorities.

International banking giants HSBC and Hang Seng Bank have officially joined China’s digital Yuan pilot, signalling a pivotal moment for foreign banks in the digital currency space. This comes barely a month after HSBC launched digital asset custody services.

This move underscores a growing trend of traditional financial institutions embracing central bank digital currencies (CBDCs) globally.

Foreign banks enter Digital Yuan pilot program

Being foreign banks, HSBC and Hang Seng Bank have made headlines as part of the first group of foreign banks to officially announce their participation in China’s digital Yuan pilot.

Reports from the 21st Century Business Herald reveal that the banks have embarked on this journey, embracing the innovative technology behind the digital Yuan.

HSBC China customers wielding debit cards can now leverage the official digital Yuan app for personal wallet services. This includes the ability to activate and deactivate wallets seamlessly. Moreover, these customers can utilize their conventional debit cards to top up their digital RMB wallets, marking a practical integration of traditional and digital financial services.

Standard Chartered, another international banking heavyweight, has confirmed its involvement in the digital yuan pilot. The bank’s Mainland China arm has successfully accessed the digital Yuan interconnection platform, enabling it to offer digital Yuan exchange services to its customers. This move underscores a strategic push by foreign banks to play a pivotal role in China’s evolving CBDC landscape.

Collaborative efforts and CBDC adoption

Standard Chartered’s collaboration with a Mainland Chinese chartered clearing organization overseen by the People’s Bank of China emphasizes the collaborative efforts between foreign banks and China’s financial authorities. This aligns with the broader trend of HSBC and Hang Seng intensifying their CBDC adoption plans, not only within Hong Kong but also on a global scale.

These developments mark a watershed moment in the integration of traditional banking institutions into the digital currency landscape, emphasizing the increasing importance of CBDCs in the evolving financial ecosystem.

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Jito Foundation unveils governance token for Solana MEV development

Jito Foundation Launches Governance Token (JTO).
Impactful Solana MEV Mitigation by Jito Labs.
The JTO token will have a total supply of 1 billion.

Jito Foundation, the driving force behind Solana MEV developer Jito,  has made a significant move with the launch of a governance token, JTO.

This move aims to not only manage the protocol but also foster development in the Solana ecosystem. With a total supply of 1 billion JTO tokens, this initiative seeks to democratize decision-making within the Jito Network, allowing community members to play a pivotal role.

Empowering Solana’s liquid staking with JTO tokens

In a bid to address challenges posed by Maximum Extractable Value (MEV) on Solana, Jito Labs, backed by the Jito Foundation, has taken a proactive approach by launching a governance token, called JTO, for the Jito Network.

1. Introducing $JTO: A New Era of Community-Led Governance.

The Jito Foundation is thrilled to unveil the $JTO governance token to enable community-driven leadership. pic.twitter.com/98lI7Y3NVm

— Jito (@jito_sol) November 27, 2023

The Jito MEV network, consisting of validators, has now garnered over 40% of the Solana network’s stake weight. This statistic underscores the practical impact of Jito Labs in mitigating MEV-related issues on the Solana blockchain. Jito’s software enables Solana to run more efficiently and earn MEV rewards.

With a carefully crafted tokenomics model, the Jito Foundation has allocated 34% of the JTO tokens for community growth, emphasizing the importance of grassroots involvement. Additionally, 10% of the tokens are earmarked for an airdrop, a gesture recognizing the vital contributions of community members in bootstrapping the network.

With JTO, users can set fees for the JitoSOL stake pool, update delegation strategies by controlling StakeNet parameters, manage the DAO treasury of JTO tokens and revenue from JitoSOL, and contribute to the enhancement of the Jito Network.

Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs, are among notable investors in Jito Labs, which successfully raised $10 million in a Series A funding round last year.

This governance token launch by the Jito Foundation aligns with the broader trend of decentralized decision-making within blockchain projects. By involving the community in protocol management and development decisions, the Jito Network aims to strengthen its position within the Solana ecosystem.

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Shiba Inu dips by 4% this week: is the dip an opportunity to buy more meme tokens?

Key takeaways

Shiba Inu is down by 4% over the last seven days as the market undergoes a correction.

Shiba Memu’s presale has now raised more than $4.6 million as more investors troop in.

The cryptocurrency market is undergoing a slight correction after its excellent performance in recent weeks. However, Shiba Memu’s presale continues to hit new highs. 

Shiba Inu could slip below $0.000008

SHIB, the native token of the Shiba Inu ecosystem, is down by 4% over the last seven days. The poor performance comes as the broader cryptocurrency market undergoes a correction.

At press time, the price of Shiba Inu stands at $0.000008077 per token. If the bearish trend continues, SHIB could drop below the $0.000008 level in the near term. 

What is Shiba Memu?

Shiba Memu is a new Web3 project that is launching as a meme token. The project continues to attract interest from investors as the broader cryptocurrency market continues to record an excellent year. 

Its presale recently surpassed the $4.5 million mark and could soon hit the $5 million milestone if the interest continues. 

Shiba Memu is a project that seeks to help individuals and entities handle marketing campaigns. According to their whitepaper, the Shiba Memu platform will leverage blockchain and AI to offer marketing services to users.

The use of AI and blockchain technology would allow Shiba Memum to become a self-sufficient marketing powerhouse. With this platform, users can carry out a wide range of marketing activities. 

The platform will operate 24/7 thanks to its use of AI. It will also identify ideal creative scenarios and develop excellent marketing campaigns for users.

The team revealed that its launch as a meme token is due to the fact that they intend to take advantage of the hype around meme projects. Meme coins have become important in the crypto industry, growing from a market cap of $0 in 2019 to $35 billion in 2023. 

What separates this project from the thousands of other meme coins available in the market is that it offers utility to users. The Shiba Memu AI technology will help users develop their marketing strategies, write their PRs, and promote their services and products on relevant forums and various social media platforms. 

At launch, Shiba Memu will only be available to users on the BNBChain and Ethereum blockchains. 

Shiba Memu’s presale surpasses $4.6 million

Although the broader crypto market is having a poor start to the week, Shiba Memu’s presale continues to hit new milestones. The project has raised $4.615 million so far. At this rate, the Shiba Memu presale will hit the $5 million mark. 

The team will use the funds to develop its AI technology and a suite of other products. 

Click here to find out more about Shiba Memu’s presale event. 

Should you increase your Shiba Memu investment?

Shiba Memu is an excellent project that has a lot of prospects. Investors have been pouring funds into the project over the past few months thanks to its unique value proposition.

If you have invested in Shiba Memu before, you can purchase more of its tokens as the project could be one of the biggest winners in the upcoming bull run. The token could gain massive adoption over the coming months or years, and that could see its price soar higher. 

Listing on cryptocurrency exchanges and gaining massive adoption could see the SHMU token rally to new highs in the coming months and years. 

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Should you buy more Memeinator tokens as Bitcoin slips below $37k?

Key takeaways

BTC’s price has dropped below the $37k level as the bears gain control of the market.

The Memeinator presale has officially crossed the $1.5 million milestone.

The cryptocurrency market has been bearish since the start of the week, with Bitcoin and other major cryptocurrencies trading in the red zone. However, the Memeinator presale has just hit a new milestone and is set to go higher. 

Bitcoin and altcoins underperform

Bitcoin and altcoins have been underperforming over the last few days. BTC has lost more than 1% of its value over the last 24 hours. At press time, the price of Bitcoin stands at $36,912 per coin. 

Leading altcoins including Ether, BNB, Solana, ADA, DOGE, and TRX, have all lost more than 2% of their value over the last 24 hours.

What is Memeinator?

Memeinator is a Web3 project designed to help content creators generate better content. It intends to change how people view memes. The project intends to leverage the hype around meme coins by providing users with numerous use cases.

According to their whitepaper, Memeinator’s job is to destroy worthless memes, ensuring that there is a higher level of quality content available to users. 

The project differs from thousands of other meme tokens because it offers users real-world utility. Per the whitepaper, Memeinator will use AI  to identify worthless memes, allowing users to know them and steer clear of them.

The goal is to ensure that Memeinator becomes a $1 billion market-cap crypto project, turning it into one of the biggest meme coin projects in the Web3 ecosystem. The development team has also published a detailed roadmap that shows how Memeinator will reach the $1 billion market cap. 

The Memeinator presale is currently in its seventh stage and has raised more than $1.5 million so far. In the first presale stage, the MMTR was sold for $0.01, but it has been increased to $0.014 in the current stage. The price will rise to $0.0485 by the end of the presale, giving early investors a whopping 132% ROI at listing. 

Memeinator’s presale will soon enter the eighth stage

The Memeinator presale will round up its seventh stage over the next few hours or days. So far, the team has raised more than $1.51 million of its $1.8 million target in the current stage. 

Its native MMTR token can be purchased using ETH, USDT and USDC stablecoins. At the moment, the token is available to users on the Ethereum and BNChain blockchains. 

Purchasing the MMTR token is easy as it involves connecting any of the supported wallets to the Memeinator website and buying the tokens using ETH, USDT and USDC coins. 

Click here to read more about the Memeinator presale.

Why is the Memeinator presale growing so fast?

The Memeinator presale is growing so fast thanks to the increasing interest from investors. The project offers real-world utility to users and its MMTR token will power several activities on the platform. 

Thanks to its utilities, Memeinator could gain massive adoption from degens, crypto natives, and speculators. The team believes that Memeinator’s use cases go beyond the crypto space, as content creators could use its services to gain access to quality memes. 

Memeinator will take advantage of its AI technology to analyse and evaluate memes across the internet, identifying lower-quality memes to replace or destroy them. 

MMTR holders will enjoy numerous incentives thanks to the token’s excellent features. The token has deflationary mechanisms and rewards for holders. Furthermore, the Memeinator team has allocated 20% of the tokens for marketing, CEX listing and liquidity. 

Is the Memeinator a good project for investors? 

Memeinator could become one of the biggest winners in the bull market if the project gains the right level of adoption. 

This project will be leveraging AI and blockchain technology to provide excellent value to investors over the coming months and years. With the right level of adoption and the goal to reach a billion-dollar market cap, early investors would be the biggest winners.

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