Clabs, the developer behind Celo Blockchain, has passed a proposal to migrate to Ethereum Layer-2. Clearpool has announced its integration with Polygon zkEVM. Binance’s LTC Hashrate has halved. And there is more hot news from altcoin projects.
Last minute developments from altcoin projects…
Celo’s proposal to migrate to Ethereum Tier-2 passed
CLabs, the developer behind Celo Blockchain, announced Monday morning that its proposal to migrate Celo from a standalone layer-1 blockchain to an Ethereum layer-2 solution passed. The change aims to simplify the sharing of liquidity between Celo and Ethereum while improving security. According to the proposal page, 128 of the participants voted in favor of the transition. On the other hand, two of the participants voted against and one abstained. The cLabs team announced the proposed transition to the community in a Twitter thread on July 16. He said this came after “months of research and initial discussions with members of the Celo and Ethereum community.”
Clearpool integrates with Polygon ZkEVM
Clearpool is a leading decentralized finance (DeFi) protocol. The altcoin project has announced its integration with Polygon zkEVM. Thus, it marked the protocol’s third Blockchain solution that will integrate with the lending marketplace. This exciting development will bring high-speed transactions, lower fees and improved security to Clearpool’s expanding ecosystem. This integration will empower financial solutions in Polygon, the Tier-2 solution. So, it will be extremely beneficial for the DeFi community.
Binance’s LTC Hashrate Halves
Litecoin (LTC) mining hash rate in Binance’s pool has dropped from 69 terahash/second (TH/s) in January to 28 TH/s as miners face block rewards imminent halving. The pool has fallen from its dominant position in January to become the seventh largest LTC producer. As a result, Binance Pool only accounts for 3.6% of the LTC hashrate despite its links to its namesake exchange, which is the largest exchange by trading volume. At the same time, Poolin, F2Pool and viaBTC absorbed a share of Binance. Also, their hashrate shares have all increased since the beginning of 2023.
Binance CEO criticizes USDT and answers questions
Changpeng Zhao (CZ), CEO of Binance, the world’s largest crypto exchange, held an AMA session today. CZ said that Binance will announce another dollar-backed stablecoin partnership in addition to FDUSD. He also mentioned a small team of Binance experimenting with algorithmic stablecoins. On the other hand, Tether (USDT), the largest stablecoin, was criticized. He argued that USDT did not have a satisfactory audit report. Finally, he stressed that Binance will work with as many stablecoins as possible to mitigate risk.
Curve Finance is up 500% on Bithumb
Decentralized exchange Curve Finance faced a vulnerability late Sunday. However, today its native token CRV is trading significantly higher on the South Korean-based digital asset exchange Bithumb. Thus, the CRV/KRW pair listed on South Korea’s Bithumb exchange diverged from the CRV/USD pairs listed on Western exchanges, which exhibited price weakness.
PancakeSwap launches revenue sharing pool
One of the biggest DEXs in crypto is launching a game-changing liquidity initiative for its community. Generous rewards are now available for all CAKE stakers, not just “incentive” pools. The team of PancakeSwap (CAKE), the flagship DEX of BNB Chain, shared this development with the official announcement. Accordingly, the huge Revenue Sharing Pool is now in service for all CAKE holders.
🥞Introducing Revenue Sharing Pool: Earn real yield from PancakeSwap’s v3 Trading Fee Revenues!
🌎Fixed-Term CAKE stakers now get to share in the growth and success of PancakeSwap directly. https://t.co/2MEbNE4hgR pic.twitter.com/b3BDgPiWXw
— PancakeSwap🥞Ev3ryone's Favourite D3X (@PancakeSwap) July 31, 2023
Tether announced a profit of $ 850 million in the second quarter
Tether Holdings Limited, the issuer of the USDT stablecoin, posted a profit of $850 million in Q2. It also increased its total surplus reserves to $3.3 billion. According to the report, Tether has approximately $72.5 billion worth of US Treasury Bonds backing the USDT stablecoin. A spokesperson for Tether said, “$850 million represents this quarter’s retained earnings, which contributed to the growth of Tether’s excess reserves. It is basically additional capital in the company to further strengthen Tether,” he said.
Binance lists new trading pairs
Binance offers users more options to trade and borrow in the crypto market. In this context, Binance announced that AGLD and T are new loanable assets on the Cross Margin platform. It also announced the addition of new trading pairs ARKM/TUSD and AUCTION/USDT to the Isolated Margin platform.
SEC about Hex founder launched an investigation
The United States Securities and Exchange Commission has filed a lawsuit against Richard Schueler, better known in the crypto space, as Richard Heart, alleging unregistered ‘securities’ of three tokens. The SEC alleges that Richard Heart used more than $12 million in investor funds to purchase “a 555-carat diamond, expensive watches and high-end cars.” In addition, the SEC alleges that Heart violated federal securities laws. Moreover, he claims to have defrauded individual investors both in the US and abroad.
Ripple is frying US SEC’s Gary Gensler!
Following the historic Summary Judgment in the XRP lawsuit, Ripple has raised the bar in its fight against the US Securities and Exchange Commission (SEC). On Monday, Stuart Alderoty, Ripple’s chief legal officer, released a video that could be the first of many videos as part of the ‘After Hours’ series. The video aims to clear confusion about securities, investment contracts and digital assets. cryptocoin.comAs you follow, on July 13, Judge Analisa Torres ruled in the Ripple and SEC case that XRP is not a security when sold to individual buyers.
Lookonchain: This whale sells Ethereum and buys Uniswap
According to the on-chain analytics platform Lookonchain, a large whale has made a large purchase of UNI. The whale spent $2 million on this purchase. On the other hand, the whale sold Ethereum (ETH) to make this purchase. “A whale has bought 308,793 UNIs in the last 24 hours at an average price of $6.44,” Lookonchain said. He spent 1,067 ETH ($2 million) for this purchase,” he shared.
A whale spent 1,067 $ETH($2M) to buy 308,793 $UNI at an average price of $6.44 in the past 24 hours.https://t.co/bOqZ9Ynqzb pic.twitter.com/MQvVf5Q5rC
— Lookonchain (@lookonchain) July 31, 2023
Space ID announces its new upgrade
In the fast-paced world of Web3, where innovation knows no bounds, the SPACE ID community continues to be at the forefront. In this direction, it is moving towards a revolutionary way of navigating the decentralized environment. Space ID shared the SPACE ID 3.0 upgrade on its official Twitter account today. It is worth noting that the altcoin project is on Binance’s list.
We’re thrilled to present SPACE ID 3.0, a permissionless name service protocol for all #Web3 communities.
The upgrade aims to empower every community to launch their own Web3 Top-Level-Domain, w/ the enhanced platform & governance structure🚀
Learn more: https://t.co/2BoqHB0GG1
— SPACE ID (@SpaceIDProtocol) July 31, 2023
