The Twitter move came from Binance, the world’s largest cryptocurrency exchange. Serum, a Solana-based DEX, plans to make changes to the management of the DAO. Celo Blockchain has raised $77.3 million to support various business ventures. Ripple reports that its XRP holdings are below 50% for the first time. Keep reading us for the details of the news about altcoin projects.
Big news from big altcoin projects…
Binance becomes a Twitter investor
Binance CEO Changpeng Zhao (CZ) has confirmed that he will join Elon Musk’s Twitter takeover as an equity investor. CZ noted that Binance transferred approximately $500 million “two days ago” as part of the move. The Binance founder made the following statement:
We’re excited to help Elon realize a new vision for Twitter. We aim to play a role in bringing together social media and Web3 to expand the use and adoption of crypto and Blockchain technology.
serumSerum considers changes in DAO management
Serum, a decentralized exchange on the Solana network, is currently considering a proposal to change the management structure of the project. Solana and Serum developers TDM Blockchain developed the proposal. Accordingly, he presented his recommendations to the Serum DAO forum on Thursday. If accepted, this will result in the creation of a new community token for the Serum DAO.
The altcoin project already has a native token called SRM. This new community token will be an unlocked version of SRM called gSRM. Both tokens have a 1-to-1 relationship. This means that users will be able to receive an equivalent number of gSRM for each locked SRM token.
Celo raises $77.3 million in funding
Celo Blockchain supports mobile-first DeFi payment infrastructure. Several projects built on the platform received venture funding. Projects built on the Celo Blockchain have collectively raised $77.3 million to support various business ventures. Thus, he underlined the increasing adoption of the payment-oriented developer network.
cryptocoin.comAs we reported, Celo announced on October 27 that it has secured funding for influenceMarket, Loam, Tatum, Circular Impact, Sanergy, Hyperlane, RedStone and Jia projects to advance the adoption of their Web3 business models.
Ripple reports that its XRP holdings have dropped below 50%
The firm announced that its sizable XRP ownership is declining. It also highlighted that it only operates 4 of the 130+ validating nodes in XRPL. Ripple Lab’s XRP token holdings have dropped below 50% of the total circulating supply for the first time in the company’s history.
Ripple has faced some criticism in the past, raising questions about the company’s significantly large ownership of XRP and arguing that it gives the company centralized control over the XRP Ledger (XRPL). In a Q3 report released on October 27, Ripple once again denied this criticism. He also noted that XRP holdings continue to decline. Accordingly, he stated that it fell below 50 billion tokens, or 50% of the total supply. Ripple CEO Brad Garlinghouse made the following statement:
below 50%. This is a big turning point! For 10 years, Ripple has focused on using XRP and XRPL in our products for its speed, security and scalability for value movement. More customers are using XRP in their payment flows. It is clear that there is a real benefit here.
Below 50% – a huge milestone! For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use XRP in their payments flows, it’s clear there is real utility here. https://t.co/jKZwye17uZ
— Brad Garlinghouse (@bgarlinghouse) October 27, 2022
