Author: News Room
Ethena Labs, the creators of USDe, have incorporated Bitcoin (BTC) as backing into their synthetic dollar-pegged offering. This move aims to scale USDe’s supply from its current $2 billion mark. BTC to Boost Scalability and Liquidity The announcement, made through an April 4 thread on X, highlighted the strategic importance of incorporating BTC as a backing asset. Excited to announce that Ethena has onboarded BTC as a backing asset to USDe This is a crucial unlock which will enable USDe to scale significantly from the current $2bn supply pic.twitter.com/FOZRWBrVZV — Ethena Labs (@ethena_labs) April 4, 2024 Ethena Labs emphasized BTC’s…
While Bitcoin counts the days for the highly anticipated halving, the price continues to be crushed under the pullback. At this point, while it was down 18% after the rally in March, popular cryptocurrency analyst Rekt Capital argued that this correction was healthy. At this point, comparing previous halving cycles, the analyst said that Bitcoin is in the first stage of the halving cycle and is progressing in line with the predictions. Stating that the Bitcoin halving consists of three stages, Rekt Capital stated that these stages are “the last withdrawal before the halving, reaccumulation and parabolic rise”. “The first…
A new governance proposal for SushiSwap proposes moving the assets from the ‘DAO’ controlled treasury to a new ‘Sushi Labs’ and will make sure that all future airdrops are directed to the ‘Labs’ instead of the ‘DAO.’ The funds the proposal would transfer to the new entities are effectively the entire treasury for the project. However, the proposal also seems to include assets that aren’t included in the ‘Treasury’ wallet listed on the governance page for SushiSwap. Indeed, the proposal lists both 168 ether and 1,228 ether, but the wallet in question only seems to contain 168. Additionally, it doesn’t…
JPMorgan has projected a confident stance regarding the US Securities and Exchange Commission’s (SEC) eventual green light for spot Ethereum exchange-traded funds (ETFs). Despite earlier this year giving a no more than 50% chance for approval by May, optimism persists within the firm. Ethereum ETF Approval Odds Improve Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, expressed that a delay beyond May could trigger a litigation process akin to previous legal battles involving Grayscale. He anticipates the SEC could face a defeat in such litigation. This could pave the way for the eventual approval of Ethereum ETFs, albeit…
After completing successful Financial Intelligence Unit (FIU) registration in India, KuCoin, a popular crypto exchange, was slammed with allegations of compromising user privacy. Hence, it issued a statement to clear doubts of its users. KuCoin addressed the rumors of sharing user data with the Government of India to attain FIU registration. Read the full article here
March was a favorable month for BNB Coin, with the cryptocurrency achieving two new highs for the year within just a few days before experiencing a correction. After a nearly two-week period of recovery, BNB Coin is showing signs of potentially reaching a new high in 2024. But is such a milestone achievable? BNB Looks Promising Following a rebound from the $550 support level, the value of BNB Coin has risen to $581 at the time of this analysis. This improvement reflects a recovery in the altcoin’s risk-return profile, which had been in a downtrend for several weeks. The Sharpe…
Do Kwon and Terraform Labs were found liable for fraud in a securities lawsuit. Before the verdict was announced, the jury was deliberating whether Kwon and his company were liable for allegedly misleading investors about the stability of Terra USD (UST) and its integration with a Korean mobile payment app. The SEC began its closing argument by explaining to the jury why they should find Do Kwon and Terra responsible for defrauding investors. They argued that there were significant omissions in what Terra told investors about Chai and UST’s algorithm. Using the metaphor of selling someone a car whose brakes…
FTX’s administrators have sold a significant portion of its Solana (SOL) assets, fetching nearly $1.9 billion. This transaction saw between 25 million and 30 million SOL tokens, part of a larger $2.6 billion cache, being sold at a 60% discount, for $64 each. The sale’s timing is critical, considering SOL’s current market price hovered around $172. It indicates a hefty concession but promising a potentially lucrative return for the buyers. 30 Million Solana (SOL) Tokens Sold The sale attracted notable firms from Galaxy Trading to Pantera Capital. Therefore, it showcased the deep interest and potential confidence in Solana’s future. This…
On Friday, Zack Guzmán, founder of Coinage Media, announced that Terraform Labs’ co-founder Do Kwon and his startup were deemed responsible for fraudulent activities in its legal battle against the U.S. Securities and Exchange Commission (SEC). The lawsuit spanned approximately two weeks. The trial culminated in the jury’s decision in a federal courtroom subsequent to […] Read the full article here
Uniswap, the decentralized exchange (DEX) pioneer, has achieved a significant milestone by surpassing $2 trillion in all-time trading volume. This achievement marks a historic moment for the platform, occurring five and a half years after its launch in November 2018. Uniswap’s $2 Trillion Milestone According to data from a Dune Analytics dashboard compiled by Uniswap’s strategy and operations lead, Zach Wong, the DEX’s all-time trading volume stands at $2,000,002,099,397 with its 24 hour trading volume being $2,873,869,703. The data also reveals that the $2 trillion milestone was reached at approximately 11:55 a.m. UTC on April 5. The trading volume figure…