Lưu trữ hàng tháng: Tháng sáu 2024

DeFi

DeFi protocol Morpho becomes first L2 to launch on Base

Để lại phản hồi

Morpho, a decentralized finance (DeFi) lending and borrowing protocol on Ethereum, has become the first layer-2 to launch on Base, an L2 scaling network for Ethereum that Coinbase introduced in 2023.

While Morpho initially launched on the Ethereum blockchain, its going live on Base to tap into a growing DeFi ecosystem.

Morpho is a protocol that offers a peer-to-peer platform for liquidity, with users able to tap into a more robust capital utilization rate.

Morpho is first L2 on Base

Paul Frambot, the CEO of Morpho Labs, commented on the deployment on Base, noting that while he originally opposed the idea of expanding onto a second chain, “things have changed.”

In a post on X on Tuesday, Frambot said that Morpho now has the capacity to become the top lending and borrowing protocol on Base.

“Today, Morpho is launching on Base, the first L2 in its history. For the past two years, I have been opposed to deploying on any other chain because I wanted Morpho to maintain a narrow focus. At the time, we couldn’t envision a new deployment doubling Morpho’s TVL. But things have changed.”

In any case, the protocol’s Base platform could outpace the Ethereum version in the next one year, the Morpho Labs CEO added.

Earn, borrow, build

Morpho’s launch on Base brings several features that the community can look to leverage. It includes MetaMorpho Vaults, a feature that provides for optimized yields via passive lending.  Users earn when they deposit assets into a vault.

Users can also borrow from Morpho Markets, accessing this when they deposit a collateral. For instance, the cbETH/USDC market allows one to borrow the USDC stablecoin with cbETH as collateral.

With Base seeing greater adoption across the market, the potential onboarding of the next wave of users will be crucial to Morpho’s growth.  

Currently, DeFiLlama data indicates Morpho has a total value locked (TVL) of .82 billion.

At the start of the year, the TVL stood at approximately 7 million, which suggests the on-chain P2P layer has recorded a TVL increase of nearly 205% year-to-date.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Will crypto regulation change after the SEC’s head of the crypto left?

Để lại phản hồi

David Hirsh, the former head of the Cryptocurrency and Network Division at the U.S. Securities and Exchange Commission, has left his position.

In his LinkedIn post, he called securities trading a “team sport.” He thanked his SEC colleagues for their cooperation and joint efforts to achieve a common goal.

“As I often say, securities enforcement is a team sport, and that was certainly true throughout my tenure. Every success I was a part of was the direct result of collaboration and combined efforts towards a common goal. Thanks to all of you!”

David Hirsh, the former head of the Cryptocurrency and Network Division at the SEC

He did not specify the details of further employment. However, he wrote that he would take a break and travel with his family.

Nine years in the SEC

Hirsch was an advisor to SEC Commissioner Caroline Crenshaw and has worked on issues related to law enforcement, digital assets, and cybersecurity.

Throughout his SEC career, he has provided training on issues related to digital assets and cybersecurity, including to fellow regulators and law enforcement officials.

Hirsch worked for the SEC for about nine years in total. He joined the organization as a staff lawyer but subsequently headed the department dealing with crypto exchanges and decentralized finance (defi) projects.

New role or rumors?

The meme coin project Pump.Fun wrote that Hirsch is joining the project as Head of Trading. The team noted that David had concluded that his job as a regulator was no longer fulfilling and that he had to start a new chapter.

Pump.Fun also noted that David has allegedly launched over 100 coins himself and will now be in charge of Pump.Fun’s new internal trading department will be responsible for launching over 1,000 coins per day. However, Hirsch later denied this statement.

The role of Hirsch and the SEC in crypto regulation

Hirsch took charge of the division in October 2022, when the crypto market was in its worst position in recent years. During that period, several large crypto companies went bankrupt at once, and the culmination of the crisis was the collapse of the large FTX exchange, which reduced the coin industry to local minimums during the latest bearish trend.

While Hirsch served as head of the department, the SEC began an aggressive law enforcement campaign against several companies in the industry. Kraken, Coinbase, Binance, Ripple, and many other blockchain industry giants came under pressure.

The lawsuits against Coinbase and Binance, filed separately within days, have led to lengthy legal battles. Kraken reached a settlement agreement with the Commission after paying a million fine.

What’s next for cryptocurrency in the U.S.?

Hirsch’s departure rids the industry of a significant figure who has openly advocated for strict cryptocurrency regulation. However, the question of who will lead the cryptocurrency industry after Hirsh leaves remains open.

The upcoming presidential elections in America in the fall may play a significant role in this process, and the country’s new leader will largely determine the SEC’s policy for the years to come. A survey commissioned by Grayscale showed that Americans have become more actively interested in cryptocurrencies ahead of the U.S. presidential election — 53% of respondents are ready to vote for a candidate who understands cryptocurrencies.

Source: Grayscale

Now, the administration of U.S. President Joe Biden is trying its best to earn the loyalty of voters who own digital assets. Several recent initiatives, including adopting spot Ethereum ETFs, signal this.

Biden’s primary opponent, former President Donald Trump, previously called himself the “crypto president” and promised to do many good things for the industry if elected. He also vowed to end the war on crypto that Biden started and make every effort to ensure the future of Bitcoin (BTC) and other cryptocurrencies in America.

However, Gary Gensler, who likes to call all cryptocurrencies except for BTC, still holds the post of SEC Chairman. Perhaps, it will be possible to achieve an improvement in what is happening after the American elections.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Nansen: Top 41% ZKsync airdrop recipients hit sell

Để lại phản hồi

Nearly half of the top recipients of ZKsync’s airdrop liquidate the governance tokens on day one. 

Data from Nansen shows that over 41% of 10,000 wallets sold full allocations received from Ethereum scaling zero-knowledge (ZK) protocol, ZKsync. 

According to the analytics firm, more than 4,160 addresses hit sell after claiming the ZK token. Around 30% of top recipients sold partial allocations, and less than 29% of claimers still hold tokens after the airdrop. 

As crypto.news previously reported, ZK token sell-offs caused a % drop in the coin’s price, which traded around 20 cents at press time. Nansen reported that airdrop claimants have sold almost 0 million worth of ZK in the open market, although the top recipients compromise a fraction of the total distribution plan.

ZKsync plans to share 3.67 billion tokens with 695,232 addresses, meaning that the top 10,000 wallets will receive only 1.44% of the allocation. As of June 17, less than half the eligible wallets had claimed under 50% of the airdrop. 

ZK token claims for top 10,000 wallets | Source: Nansen

Are ZKsync ZK sellers Sybil farmers?

Lackluster Sybil filtering was singled out as one of the biggest issues associated with ZKsync’s airdrop. Sybil airdrop farming happens when a single user utilizes hundreds or even thousands of wallets to amass protocol activity.

The end goal is to garner as many tokens as possible from the airdrop that would have otherwise gone to single-user wallets and eventually dump them after the token lists on crypto exchanges.

Crypto community members have long lamented the practice. While protocols like LayerZero have doubled down on stemming Sybil participation, ZKsync adopted a different approach. 

Analysts noted that several Sybil addresses blacklisted for LayerZero’s airdrop received thousands of ZK tokens. However, a Nansen representative told crypto.news that it remained unclear if Sybil farmers were mostly behind token dumps. 

Whatever the case, ZKsync developer Matter Labs seems unbothered by the activity. The firm’s CEO, Alex Gluchowski, reportedly said more airdropped tokens streaming into open markets means more ZK coins are available to actual government participants. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Toncoin price analysis ahead of the TapSwap launch

Để lại phản hồi

Toncoin price trended lower on Tuesday as the altcoin meltdown continued. It plunged by almost 10%, bottoming at , its lowest level since June 12th. Toncoin is now down more than 15% from its highest level, meaning it has moved into a correction and is trending towards crash territory. 

Toncoin’s token joined other altcoins on Tuesday that moved into a deep sell-off. Bitcoin price nosedived below ,000 while notable tokens like Solana, Fantom, Worldcoin, Brett, and Chilliz retreated by over 15%. Historically, altcoins follow Bitcoin’s lead lower. 

Still, Toncoin’s ecosystem is doing modestly well. Data compiled by DeFi Llama shows that the total value locked (TVL) in the DeFi ecosystem stood at over 0 million, making it the 11th largest network in the industry. It has passed other networks like Polygon, Sui, Cronos, and Near Protocol. Also, the number of TON addresses have surged to a record high recently.

The other possible catalyst for the Toncoin price will be the upcoming launch of TapSwap, the popular Telegram tap-to-earn platform. In a recent statement, the developers noted that they had selected Toncoin, a blockchain known for its speed and low transaction costs. 

TapSwap is the biggest competitor to Notcoin, which debuted recently and attained a market cap of over .8 billion. Data on its app shows that the number of users has grown to over 53 million. In my article last week, the network had over 49 million users.

TapSwap’s daily users have jumped to over 17.9 million users, making it the most active social platform in the industry.

Like Notcoin, TapSwap users generate coins by just tapping on the button. Ultimately, the token will be launched in exchanges, where users can redeem them for fiat currencies.

Toncoin price prediction

TON daily chart

On the daily chart, we see that the TON price has suffered a harsh reversal as the crypto sell-off intensifies. This sell-off happened after the token formed a rising wedge chart pattern. It has now moved slightly below the lower side of this pattern and the 25-day moving average.

Toncoin token’s Relative Strength Index (RSI) has now dipped below the neutral point at 50. Therefore, this sell-off will likely continue for a while as sellers target the key support at , its lowest point on May 23rd. At that point, investors will look for a bounce back and await further confirmation if a rally can be sustained or not.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Australia’s largest bank shuts down stablecoin project: report

Để lại phản hồi

The National Australia Bank has reportedly stopped developing its own stablecoin called AUDN just a year after it first disclosed such plans.

The National Australia Bank (NAB), one of the four largest financial institutions in Australia, has quietly stopped working on its Ethereum-based stablecoin, with the team responsible for the development reportedly having left the bank, the Australian Financial Review has learned without disclosing sources.

The report says the team behind AUDN is now working on a new stablecoin named Ubiquity, supported by Animoca Brands, Merit Circle, and Concave, among others. The Ubiquity team will reportedly also collaborate with another Australian bank ANZ Bank, which is developing an Australian stablecoin A$DC.

As of press time, NAB made no public statements on the matter. Crypto.news reached out to the bank and we’ll update the article if we hear back.

NAB had planned to become the second Australian financial institution to launch a stablecoin on the Ethereum and Algorand blockchains. In January 2023, crypto.news reported that the bank intended to enable customers to settle transactions with AUDN on blockchain in real time using Australian dollars. The stablecoin was also expected to facilitate various applications, including “carbon credit trading, overseas money transfers and repurchase agreements.”

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Bitcoin ETF outflows continue, total amount falls below $15b

Để lại phản hồi

Spot Bitcoin (BTC) exchange-traded fund (ETF) outflows continued as the week started. Consequently, the total net inflows of the investment products in the U.S. dropped below the billion mark.

According to data provided by Farside Investors, spot Bitcoin ETFs recorded a net outflow of 5.9 million on Jun. 17. Most of the outflows came from the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB), worth million and million, respectively.

Moreover, the VanEck Bitcoin Trust (HODL) and Grayscale Bitcoin Trust (GBTC) also had smaller shares of .8 million and million in outflows, respectively.

Despite the bearish market sentiment and continuous outflows, the Bitwise Bitcoin ETF (BITB) still recorded .9 million in inflows on Jun. 17, data from Farside Investors shows. The remaining ETFs stayed neutral.

It’s important to note that the spot Bitcoin ETFs recorded 0.6 million in net outflows last week alone. The massive outflows came after four weeks of consecutive net inflows in the investment products, amounting to a total of roughly billion.

The latest series of outflows have brought the total amount of net inflows in spot BTC ETFs to .96 billion, according to data from Farside Investors.

The outflows come as the broader crypto market is witnessing increased FUD (fear, doubt and uncertainty) with the BTC price falling below the ,000 mark. Per the report, the global cryptocurrency market capitalization plunged by 2.6% over the past day and is sitting at .485 trillion.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

ZKsync slumps 21% after airdrop amid sustained selling pressure

Để lại phản hồi

ZKsync, the Ethereum-based layer-2 blockchain platform, has witnessed a significant 21% drop in its token value following the recent airdrop, as selling pressure mounts.

The much-anticipated distribution of “ZK” tokens initially placed the market capitalization of the asset near an impressive 0 million, per market data. However, the excitement was short-lived as the token’s value has plummeted by 21% since then and 26% from its peak of .3098.

ZK price as of Jun. 18 | Source: Santiment

Notably, the ZKsync team executed the token airdrop on Jun. 17 following the initial controversy, with Binance immediately announcing the token’s listing, a move that provided a venue with ample liquidity for trading activity. 

ZKsync is down by 21.76% in the past 24 hours and is trading at .2245 at the time of writing. Trade volume has spiked 1,970% to .3 billion in the last 24 hours, reflecting surging trading activity. The token’s market cap currently sits at 1 million.

The decline in value is attributed to the immediate sell-off by airdrop recipients, reflecting a common trend observed in the crypto market where beneficiaries rush to liquidate their holdings for quick gains. This rush to sell, especially with sufficient liquidity on platforms like Binance, has exerted considerable downward pressure on the token’s price.

This pattern was observed with Notcoin (NOT) following its airdrop last month. Notably, NOT collapsed by nearly 40% a week after its airdrop due to a surge in selling pressure. Interestingly, the token has recovered from this drop, now up 134% over the past month.

However, there is no guarantee that ZKsync would follow a similar trajectory. Despite technical issues and backlash regarding its token distribution strategy, nearly half of the ZK tokens were claimed shortly after the airdrop commenced. 

The platform’s technical challenges and concerns over Sybil attacks — where one user creates multiple accounts to receive more tokens — cast shadows over the event.

The initial response from the crypto community was one of enthusiasm, with pre-market pricing on perpetual exchange Aevo valuing ZK at .67 at some point, which would place the airdrop’s fully diluted value (FDV) above .41 billion. However, this sentiment quickly shifted as selling pressure took hold.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Bitcoin falls below $66k, exchange activity rises

Để lại phản hồi

Bitcoin (BTC) has witnessed a strong bearish momentum after three days of consolidation, leading to its price fall below the ,000 mark.

Bitcoin is down by 0.9% in the past 24 hours and is trading at ,600 at the time of writing. The asset’s market cap also dropped below the .3 trillion mark for the second time this month. Bitcoin’s daily trading volume, however, increased by 125%, reaching .3 billion.

BTC price, RSI, exchange activity and exchange balance as of Jun. 18 | Source: Santiment

According to data provided by Santiment, the BTC exchange inflow surged by 137% over the past day — rising from 19,172 BTC to 45,356 BTC. 

Data from the market intelligence platform shows that the amount of Bitcoin leaving exchanges has also significantly increased. Per Santiment, the BTC exchange outflow surged by 119% in the past 24 hours — rising from 19,871 BTC to 43,493 BTC.

Per Santiment, the Bitcoin supply on exchanges also increased from 937,240 BTC to 939,230 BTC over the past day. This shows an exchange net inflow of 1,863 BTC over the past day. The heightened inflows come as the broader cryptocurrency market weathers bearish momentum.

Moreover, the global crypto market capitalization declined by 2.6% in the past 24 hours and is currently hovering at .485 trillion, according to data from CoinGecko. Per data provided by the price aggregator, 96% of the leading 300 cryptocurrencies, including meme coins, are wandering in the red zone.

According to Santiment data, the BTC relative strength index (RSI) is sitting at 46 at the reporting time. The indicator shows that the leading cryptocurrency is slightly undervalued.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Uphold ceases support for USDT, GUSD, TUSD due to European new law: report

Để lại phản hồi

Cloud-based multi-asset platform Uphold has begun notifying some of its customers about its decision to suspend support for Tether’s USDT, and Gemini’s GUSD among other stablecoins.

Multi-asset trading platform Uphold will cease support for a basket of stablecoins due to the European new regulatory framework known as the Markets in Crypto-Assets Act (MiCA).

According to an Uphold email notification shared in an X post by Commercializing Blockchain Research Centre (CBRC) founder Antony Welfare, the New York-headquartered firm will no longer support USDT, GUSD, DAI, FRAX, TUSD, and USDP starting from Jul. 1, referring to “new European Union rules on stablecoins” as the reason behind the move.

As of press time, Uphold made no public statements on the matter. Crypto.news reached out for comments and we will update the article if we hear back.

Following the suspension, Uphold will continue to support Circle‘s stablecoins USDC and EURC, as well as PYUSD issued by Paxos for PayPal. The company urged customers to convert their holdings in the affected stablecoins by Jun. 27. Any remaining balances in these stablecoins will be automatically converted to USDC on Jun. 28, Uphold added.

‘Extremely vulnerable’ regulation

MiCA entered into force in June 2023, though the provisions related to the asset-referenced tokens and e-money tokens will apply from Jun. 30. Under the new regulation, no stablecoins can be offered in the European Union to the public or “admitted to trading on a trading platform for crypto-assets,” unless the issuer is authorized in the region and publishes a “white paper” approved by the national competent authority.

The new regulatory landscape has sparked concerns among some crypto executives. Tether CEO Paolo Ardoino, in an interview with The Block, said that MiCA “could not only render the job of a stablecoin issuer extremely complex but also make EU-licensed stablecoins extremely vulnerable and riskier to operate.”

Crypto exchange Binance said in early June that while it wouldn’t delist unauthorized stablecoins from its spot market, it would limit their availability to certain products for European Economic Area (EEA) users and promote regulated stablecoins as alternatives.

In mid-May, reports surfaced saying Kraken, a U.S.-headquartered crypto exchange, was also “actively reviewing” delisting plans for USDT, a stablecoin issued by Tether. Later on, Kraken’s global head of asset growth & management business Mark Greenberg denied the delisting rumors, saying the exchange is still examining “all options to offer USDT under the upcoming regime.”

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News