Lưu trữ cho từ khóa: #DeFi

Bitcoin

Australia implements sweeping ban on credit and crypto for online betting

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The Australian government is banning the use of credit cards and cryptocurrencies for online betting in its latest bid to mitigate gambling problems troubling the nation.

According to a local report on June 11, the ban extends to credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and any other novel forms of credit. This means Australians can no longer place bets through borrowed funds or anonymous digital currencies.

The latest regulation for online betting aligns with that of physical casinos, which have also banned the use of credit cards. However, the regulations do not apply to online lotteries, which still allow credit card payments.

Kai Cantwell, CEO of Responsible Wagering Australia, is urging the government to expand this ban to include forms of gambling that are currently exempted.

“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior,” said Cantwell.

Last year, lawmakers voted to approve the amendment to the Interactive Gambling Act 2001. The act prohibits gambling providers from offering certain online services to people in Australia.

Following this, gambling service providers were given a six-month transition period to comply with the changing regulations. Companies that fail to comply with the ban risk fines of up to AU4,750 (around 5,000).

The communications regulator has also been granted greater authority to enforce these restrictions.

Additionally, the federal government is mulling over a proposal that will see the elimination of gambling advertisements over three years. This suggestion was one of 31 recommendations floated during a parliamentary inquiry on gambling issues plaguing the nation.

Communications Minister Michelle Rowland mentioned that the government would announce more rules it plans to implement to prevent gambling in the future.

“Australians should not be gambling with money they do not have,” she said.

In the past, Australia had a flourishing market for online casinos accepting payments via digital currencies like Bitcoin. The fast and anonymous transactions offered by these cryptocurrencies were appealing to gamblers.

One study even revealed that in 2019, a substantial 30.7% of Australian gamblers engaged in online gaming using cryptocurrencies.

Recently, tax officials from the land Down Under have been targeting millions of crypto investors, seeking their personal information and details from crypto exchanges.

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Theo Crypto News

DeFi

Jellyverse launches DeFi 3.0 tools on Sei

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Jellyverse, the DeFi platform that serves as Balancer’s exclusive partner on the Sei blockchain, has launched a new decentralized exchange (DEX) as it targets further growth within the DeFi space.

The Jellyverse team revealed the new ecosystem via a press release shared with Crypto.news on Monday.

Announced features include a DEX protocol called JellySwap; staking solution JellyStake and a synthetics protocol dubbed ‘jAssets’.

Jellyverse integrates DeFi 3.0 tools

The decentralized finance market continues to see remarkable resurgence following the bear market impact of the last cycle.

As the cryptocurrency industry takes greater strides with the fresh traction in lending, staking, real-world assets and others, Jellyverse says its latest move aims at creating a new way for the community to diversify their portfolios.

DeFi 3.0 is that goal, with tools such as jAssets, the DEX protocol JellySwap and JellyStake key to achieving this.

JellySwap is a Balancer friendly-fork that introduces ‘WeightedPools’ and will support up to eight different tokens. There’s also ‘composable stable pools’ that users can tap into to customize their investment ratios, leveraging up to five tokens for every pool.

Meanwhile, JellyStake will offer an opportunity for stakers to earn rewards.

jAssets, on the other hand, provides for a synthetics protocol where users can create tokens and track price feeds of Real-World Assets (RWAs), including stocks to commodities.

“Our mission is to redefine DeFi by connecting it with real-world assets, ensuring robust and sustainable growth regardless of market trends,” Santiago Sabater, the co-founder of Jelly Labs AG, said in a statement.

The DeFi 3.0 tools stand to enable a new path to portfolio diversification in the crypto market, Sabater added.

Jellyverse unveils inaugural Pool Party event

As Jellyverse marks this milestone, it’s planned a new token offering for the community. The platform’s first Pool Party event will commence June 11 at 12 pm UTC, providing a unique chance for users to land Jelly Tokens ($JLY).

Interested community members will be able to buy SEI tokens, with these then pooled with JLY to generate the first liquidity pool.

The offer will be open for four days, or until the JLY tokens run out.

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Theo Crypto News

DeFi

Jupiter founder: Memecoins are user-generated money 

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Jupiter’s founder said memecoins could be a gateway for attracting new Web3 users en masse and an on-ramp for understanding the larger cryptocurrency stack.

According to Jonathan Oggiono, commonly known as “Were Meow,” Solana memecoins and similar tokens on other blockchain networks herald a new user value proposition paradigm. 

“In the web2 era, it was all about user-generated content. In the web3 era, it’s all about user-generated money,” said Oggiono via a June 10 thread on X.

Memecoin mania 2024

Meme tokens, especially on Solana (SOL) and Base, have all but claimed the spotlight in this year’s market uptrend alongside institutional adoption like spot Bitcoin ETFs. 

While skeptics scrutinize the so-called ‘casino behavior,’ users speculate on the memetic crypto market. Some traders have turned a few bucks into hundreds of thousands of dollars; others have even made millions from early-stage memecoin investments. 

New projects such as Dogecoin (DOGE) and Shiba Inu (SHIB) have also challenged market leaders from previous cycles.

Per CoinGecko, new tokens like Dogwifhat (WIF), Brett (BRETT), Book of Meme (BOME), and Dog.Go.To.The.Moon (DOG) broke into the top 10 memecoins per market cap within weeks to months of launching. 

Diving into web3

Oggiono also opined meme protocols are positioned to offer first contact with the broader web3 ecosystem. Jupiter’s founder believes memes can open a deeper understanding of crypto infrastructure, decentralized finance (defi), and even more niche sectors like real-world assets. 

The remarks echo sentiments shared by Solana co-founder Raj Gokal at Consensus 2024. As crypto.news reported, Gokal stated that crypto meme projects could “intuitively onboard users.” 

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Theo Crypto News

DeFi

Squads Labs announces first ever Solana smart wallet

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Squads Labs, the platform behind the multisig and Solana Virtual Machine (SVM) smart account standard Squads Protocol, has announced the launch of Fuse.

Fuse is the first smart wallet on the Solana blockchain, the Squads Protocol core contributor noted in a blog post on Monday.

First smart wallet on Solana

Fuse is a retail-focused wallet app that is now available on iOS devices via a public TestFlight.

The wallet leverages smart accounts to redefine a user’s crypto asset management. It reimagines the functionality of crypto wallets to cater to users’ personal crypto assets management needs.

“For the first time, Solana users can access the same smart account technology used by Solana’s largest protocols, teams and investors,” Squads Labs wrote.

With Fuse, users can tap into a wallet mechanism that offers dual-layered security, bolstering wallet security. The wallet utilizes two primary keys, or Active Keys.

There’s a “Device Key” that stays on a users’ phone, and taps into Apple’s biometric authentication (Face ID) for security.

Meanwhile, the “2FA Key” ensures all transactions go through two-factor authentication for all transactions. While Fuse automatically sets the 2FA key to the user’s iCloud, one can reset this to Ledger as part of their upgrade.

Having every transaction require both verification methods helps remove the single point of failure that characterizes traditional wallets, the Squads team explained. 

Squads Labs secures million funding

As well as the news on Fuse, Squads Labs also announced it secured million in a funding round led by venture capital firm Electric Capital.

The funding round also attracted the participation of major crypto venture firms, including Coinbase Ventures, Placeholder VC, L1 Digital and RockawayX.

Squads Labs also raised money from Mert Mumtaz, the co-founder and CEO of Helius, a Solana-based RPC platform.

The latest funding sees Squads Labs reach a total of .5 million across four rounds. It’s capital injection that Squads plans to plough into products like Fuse and a developer toolkit for SVM-compatible smart accounts.

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Theo Crypto News

DeFi

Gas abstraction layer Zyfi closes $2m private funding round

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ZkSync-based Zyfi received financial backing to bootstrap paymaster services across the Ethereum ecosystem.

Gas abstraction layer Zyfi raised million in a private funding round to bootstrap native account abstraction on zkSync and, by extension, the larger decentralized finance (defi) landscape. 

Although blockchain and crypto adoption has advanced in recent years, tools like self-custodial wallets such as MetaMask and executing on-chain transactions remain tricky to some. 

A major roadblock to defi activities is gas, the fee users pay to miners or validators for confirming transactions. Zyfi plans to deploy capital from investors toward solving this problem by simplifying gas options across protocols and solutions. 

Zyfi’s account abstraction thesis

The zkSync-powered layer allows users to pay gas in Ethereum (ETH) or any ERC-20 token, creating a generalized answer to the gas conundrum. Zyfi achieves this by leveraging native account abstraction.

Ethereum’s co-founder Vitalik Buterin has touted account abstraction as the next step for driving adoption and seamlessly onboarding more Web3 users. 

Standard wallet addresses, otherwise known as Externally Owned Accounts (EOAs), have limited functionality. As Buterin and other developers have explained, account abstraction removes this limitation, and enables EOAs to operate like smart contracts. 

The unlocked features mean users have greater flexibility and can do more with their wallets, like customizing gay payments, spending limits, and social recovery. 

According to a Dune Analytics dashboard, Zyfi has already deployed this technology for nearly one million transactions and for more than 110,000 users on zkSync. Zyfi founder Gauthier Vila said the investments will help ensure that “developers can concentrate on enhancing their products” for end-users. 

Firms like Everstake Capital, Tenzor Capital, Apvc.capital, Criterionvc, NxGen, Majinx Capital, v3ntures, and Momentum8, to name a few, participated in the private fundraiser.

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Theo Crypto News

DeFi

Mantra (OM) hits all-time high amid strategic expansion in UAE

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OM, the native token of defi solutions platform Mantra, has risen as the top gainer among the leading 100 cryptocurrencies as it attained its all-time high of .0924.

At the time of writing, OM is still up 13% in the last 24 hours, exchanging hands at a price of .06. The token also experienced a 234% surge in its trading volume, bringing it to 8 million within the same timeframe.

OM 24-hour price chart | Source: CoinMarketCap

Moreover, the token’s market cap also surpassed 0 million, marking it as the 90th largest cryptocurrency at the time of reporting.

Mantra’s OM token serves two main purposes within the blockchain platform, which is focused on real-world assets:

OM holders can use their tokens to engage in various defi activities on the Mantra platform, including lending, borrowing, and earning rewards. Additionally, they have the right to vote on proposals that influence the platform’s future direction.

The latest OM surge comes after Mantra has signed a Memorandum of Understanding (MOU) with UAE-based bank Zand.

Under this agreement, both entities will work closely together to frame clear rules for RWA tokenization to ensure compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).

The strategic initiative will promote the seamless tokenization of real-world assets in the UAE, hence improving the efficiency and transparency of asset management procedures.

Michael Chan, CEO of Zand, disclosed that the collaboration marks a crucial step in their journey to integrate blockchain technology with their robust financial offerings.

Through the integration, the bank aims to provide its clients with greater control over their investments, enhanced security, and clearer insights into the lifecycle of their transactions.

“We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market,” added Chan.

Earlier in March, Mantra completed an m funding round led by Shorooq Partners. The round also saw participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone.

The funds will be used to double down on Mantra’s efforts to promote large-scale RWA tokenization.

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Theo Crypto News

DeFi

South Korea to classify some NFTs as Virtual Assets ahead of new crypto regulations

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South Korea’s Financial Services Commission (FSC) is changing its stance regarding nonfungible tokens (NFTs), looking to classify some of them as Virtual assets.

NFTs are primarily unique assets that cannot be replicated, traits that differentiate them from cryptocurrencies would be treated as virtual assets, a June 10 report by South Korea’s FSC noted.

Specifically, the report that NFTs are divisible, can be produced in masses, or can be used as a means of payment, all of which are now classified under South Korea’s newest framework.

Businesses that issue NFTs classified as virtual assets are now obliged to report it to the South Korean watchdog.

The new directive comes ahead of the nation’s first crypto regulatory framework set to be implemented on July 19.

According to Jeon Yo-seop, the FSC’s Financial Innovation Planning head,  NFT collections minted in huge quantities are most likely to be used as payment.

As an example, the official stated that if one million NFTs were issued in a collection, they could be traded and used as payment, just like cryptocurrencies.

He suggested that there wouldn’t be one single standard to classify NFTs as virtual assets. Rather, the FSC will make the distinction via a case-by-case review approach.

Further, if an NFT possesses characteristics of financial security as detailed in the country’s Capital Markets Act, they may be classified as securities.

With the implementation of the new guidelines, some NFTs may even be eligible to receive interest when deposited in an exchange. This is per a notice from the FSC, issued late last year, that mandates virtual assets deposited on crypto exchanges to be eligible for interest generation.

However, regular NFTs and CBDCs are excluded from this benefit.

The new framework is a part of South Korea’s crypto legislation dubbed the Virtual Asset User Protection Act. Set to come into force a week later, it seeks to criminalize malpractices such as using undisclosed information for crypto investments, manipulating market prices, and engaging in fraudulent transactions.

The bill was passed in 2023 by the nation’s National Assembly. Cryptocurrency-focused entities were subsequently given a one-year grace period to comply with the regulations.

To complement these efforts, South Korean regulators have also launched a crypto crimes unit. Dubbed the Joint Virtual Asset Crime Investigation Unit, the entity comprised 30 experts from seven national agencies. 

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Theo Crypto News

DeFi

Notcoin (NOT) price jumps 12% amid user surge and new incentives

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Notcoin (NOT), a TON-based clicker game on Telegram, has seen its price climb by 12% in the past 24 hours to reach .01957.

At the time of writing, NOT has a 24-hour trading volume of 3 million per data from CoinMarketCap. The crypto asset has also witnessed a 12% rise in its total market cap to push it past the billion mark.

NOT 24-hour price chart | Source: CoinMarketCap

Notcoin’s recent surge follows on the heels of an announcement from the Notcoin team, which outlined a major surge in user adoption and new incentives offered to further boost their user engagement.

In a June 9 X thread, the Notcoin team shared their feat of attaining 40 million users across the globe.

The team also noted that users referred to as “Explorers”, have earned over .5 million USD from 20 campaigns. Notcoin introduced the new mission type, “Explore,” in May, allowing players to passively earn crypto token rewards. These “earning missions” differ from previous tasks, as they enable players to earn NOT tokens passively rather than receiving a one-time reward.

While the Explore feature is still in its beta phase, the Notcoin team expects a tenfold rise in campaigns and Notcoins earned per month once automated campaigns are launched.

Further elaborating on their future plans, Notcoin announced several additional features and incentives. These include the introduction of levels for new users and a referral system where users earn a percentage of their referred friends’ earnings.

Gold and Platinum users will also gain exclusive access to top-tier token launches. The highest level, Platinum, provides the most NOT tokens as rewards.

Additionally, the automation of “Explore campaigns” will allow projects to launch their own campaigns. This, in turn, would lead to an overall surge in user engagement and rewards.

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Theo Crypto News

DeFi

Tornado Cash TVL, token price surge despite market downturn

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Tornado Cash (TORN) price and defi total value locked (TVL) surged while the broader crypto market has been consolidating in bearish condition.

TORN is up by 11.8% in the past 24 hours and is trading at .36 at the time of writing.

The asset’s market cap surpassed the million mark with a daily trading volume of ,000. TORN is currently the 957th-largest cryptocurrency.

TORN price – June 9 | Source: Santiment

Moreover, the asset briefly touched an intraday high of .39 earlier today, at around 08:40 UTC.

Despite the current price rally, TORN is still down by 99.23% from its all-time high of 7.41 on Feb. 13, 2021. Notably, the Tornado Cash token touched an all-time low of .31 on Jan. 10 — five months ago.

The TORN price rally comes while the global crypto market capitalization recorded a 0.5% decline in the past 24 hours and is currently hovering at .67 trillion.

According to data provided by Defi Llama, the TVL in the Tornado Cash defi protocol increased by 7% over the past day, reaching 4.18 million — a level last seen on May 5, 2022. Wrapped Ethereum (WETH) has the largest token allocation in the protocol.

Data shows that the Tornado Cash defi protocol, an Ethereum-based privacy tool, witnessed .63 million in USD inflows today. 

Tornado Cash’s downfall started in August 2022, when the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the platform over money laundering. Notably, authorities arrested its founder, Alexey Pertsev, in the Netherlands a few days after the announcement of the sanctions. 

On May 30, Ethereum co-founder Vitalik Buterin donated 30 ETH to the Juicebox campaign “Free Alexey & Roman,” showing support to the Tornado Cash developers. 

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