Author: Sincerity Jahswill

  • Tron Founder Justin Sun Slams Coinbase Over Listing Requirements

    Tron Founder Justin Sun Slams Coinbase Over Listing Requirements

    Justin Sun, the founder of Tron (TRX) and advisor to the HTX crypto exchange, has expressed dissatisfaction with Coinbase’s project listing requirements. The criticism comes after the crypto mogul praised the Binance exchange for its zero listing charges.

    Justin Sun Slams Coinbase

    The drama started with Simon Dedic, the CEO of Moonrock Capital, who commented on Binance listing fees. He claimed a Tier 1 project that had raised nearly $100 million was asked to pay 15% of its total token supply worth over $50 million for a listing in the largest crypto exchange.

    The Moonrock Capital executive condemned this practice, citing its unaffordability for projects and contribution to market volatility. Coinbase CEO Brian Armstrong responded, claiming that listing assets on Coinbase was always free. 

    However, Justin Sun, founder of Tron, contradicted the Coinbase CEO’s claim. He revealed that the Tron team had paid 500 million TRX (worth $80 million) and was required to deposit $250 million in Bitcoin into Coinbase Custody, contrasting with Armstrong’s assertion of free listings.

    Meanwhile, Sun’s comment about Binance’s free listing was met with a response from Dedic, who argued that things have changed in the exchange currently. The Moonrock Capital executive said that was “ages ago,” likely referring to 2018, when TRX first traded on the platform. 

    Crypto Community Reacts to Listing Saga

    The controversy surrounding exchange listing requirements has resulted in crypto users expressing concerns. In response to Sun, Binance CZ highlighted the need for unity and focus on innovation, saying: “We should try to reduce these types of “quote attacks” in the industry. Bitcoin never paid any listing fees. Work on the project, not the exchange.”

    Another crypto entrepreneur, Alex Davis, emphasized the need for crypto users to adopt decentralized exchanges while urging centralized platforms to make its listing requirements clear. He added, “The point of crypto was to disintermediate from 3rd parties, not create new ones raking in their own fees.”

    While the exchange listing requirements seem to concern some, others are more interested in how the upcoming U.S. elections will affect the crypto industry. Recently, VanEck’s head of digital assets research, Matthew Sigel, shared his bullish sentiment about the price of BTC post-election. At press time, the asset was trading at $68,710, which is 6.87% from its peak.

  • BNB Foundation Destroys $1B Worth of BNB in Latest Quarterly Burn

    BNB Foundation Destroys $1B Worth of BNB in Latest Quarterly Burn

    The BNB Foundation has completed its 29th quarterly auto-burn, eliminating over 1.77 million Binance Coin (BNB) worth $1.02 billion from the market. Previously reimbursed coins lost due to incorrect address transfers on Binance Smart Chain (BSC) and excluded from the last burn were included in this latest burn.

    Why Burn BNB?

    Token burn is a process where a certain number of crypto coins or tokens are intentionally removed from circulation, reducing the total supply. The primary method of burning tokens is transferring them to a null address, often known as a black hole.

    The BNB Foundation transitioned the token from Ethereum to BNB Chain, claiming to reflect its “Build and Build” philosophy and drive ecosystem development. Its Auto-Burn system aims to reduce the total supply to 100 million BNB and ensure transparency with quarterly adjustments based on the coin’s price and BSC block generation.

    Aside from the quarterly auto-burns, BNB also implements a real-time burning mechanism, where a fixed ratio of gas fees collected in each block is burned. According to a recent official blog post, the feature has removed approximately 242,000 BNB from circulation, reducing inflation and increasing the asset’s scarcity. 

    Generally, token burns boost investor confidence by highlighting a project’s commitment to managing its token economy. This transparent process shows investors that the project team prioritizes stability over short-term gains. As a result, investors often feel more secure, leading to increased investment and improved market sentiment.

    BNB’s Historical Growth

    At its launch, $15 million was raised from its Initial Coin Offering (ICO). The token was used to reduce trading fees on the Binance exchange. Its utility expanded in 2019 by migrating to BNB Chain as the native token. The introduction of Binance Smart Chain (BSC) in 2020 enabled smart contracts, further expanding BNB’s use cases. 

    According to data from CoinMarketCap aggregator platform, BNB ranks among the top cryptos with a market capitalization exceeding $83 billion. Currently trading at $577 amidst a dip in the crypto market, BNB has a circulating supply of over 100 million, with 30.5% of tokens still eligible for future auto-burns.

  • TON Foundation to Launch New Governance Model Society DAO

    TON Foundation to Launch New Governance Model Society DAO

    The Open Network Foundation, in partnership with the TON Society, has announced the launch of Society DAO, a new management model aimed at driving more user engagement in the TON Blockchain ecosystem. The announcement comes during the TON Gateway 2024 event held in Dubai to celebrate the TON Ecosystem and reveal significant updates.

    A decentralized Autonomous Organization (DAO) is a self-governing, blockchain-based organization that operates without central authority. DAOs enable decentralized decision-making, transparency, and community-driven management. Some existing ones include JupiterDAO and Sky (formerly Maker DAO).

    Why Launch Society DAO?

    TON Foundation argued that blockchain ecosystems usually face governance challenges because direction and support are sourced from a central body. It further noted that this centralized model becomes restrictive, making it difficult for projects to succeed without official backing. This stifles competition and innovation, resulting in operational inefficiencies.

    To overcome this, the foundation highlighted the need for decentralized and community-driven governance models to distribute resources efficiently. It claims these models ensure the ecosystem’s long-term health and resilience. TON Foundation believes Society DAO is the right instrument that will enable the blockchain to support diverse projects and contributors.

    How Society DAO Works

    Society DAO will serve as the organizing body for TON’s core ecosystem functions and enable collaborative growth. It will publish ecosystem goals, allowing members to propose strategies and critical results. Specialized working groups will then evaluate these proposals.

    The TON Foundation will support it by providing resources, ensuring compliance, and reporting on goals and strategies. After the approved proposals receive funding from the foundation, the teams responsible for them will execute them as planned. 

    In 2025, Society DAO will launch its public debate and voting platform that will utilize TON Society on-chain badges, earned by over 3.6 million users, as a reputation marker. Active community members will have a voice in decision-making to foster collective engagement.

    As the DAO grows, it will expand to include other community teams and welcome contributors from various fields, such as marketing, app development, technology, stablecoin integration, DeFi, and community growth. The TON Foundation hopes this decentralized model will empower the community to become key stakeholders in TON’s development and adoption.

  • Crypto Firms Lay Off Staff Amidst Bullish Market Trends

    Crypto Firms Lay Off Staff Amidst Bullish Market Trends

    This week, the crypto industry has witnessed a surge in staff layoffs despite the ongoing market surge. This development surprises investors, as it contradicts the typical narrative of a bull market. Usually, crypto companies expand their workforce during periods of growth and optimism.

    Crypto Firms Lay Off Staff

    Consensys, a blockchain technology company and creator of the popular non-custodial wallet MetaMask has announced a significant restructuring effort. The company will lay off approximately 20% of its workforce. Its co-founder, Joseph Lubin, assured the company would provide comprehensive support to impacted employees.

    The layoffs at Consensys coincided with a similar restructuring move by the decentralized derivatives platform dYdX, which also announced a 35% staff reduction. Notably, this marks another significant development for the firm this year. Earlier, its CEO, Anthonio Juliano, temporarily stepped down from his executive role, returning in October to address the company’s direction.

    The latest operational restructuring comes from Kraken, an American-based crypto exchange that announced the layoff of 15% of its workers and the appointment of a new co-chief executive, Arjun Sethi. Interestingly, the company’s latest move comes after it revealed its plans to launch its layer-2 blockchain in 2025.

    Why Crypto Firms are Reducing Workforce

    Currently, the crypto industry is facing regulatory uncertainty more than ever in its history, leading to increased compliance costs, reduced investor confidence, and delayed product launches. Companies like Consensys claim to mitigate these challenges by resorting to layoffs. Its CEO criticized the U.S. Securities and Exchange Commission for overstepping its authority.

    On the other hand, Kraken claimed that its layoffs are intended to achieve its mission of becoming the largest crypto platform. It acknowledged that its growth to over $1 billion in net revenue led to the creation of unnecessary organizational layers, which resulted in managers prioritizing their success over the company’s. The exchange believes the staff cut makes it “leaner and faster.”

    Surprisingly, this supposed crypto bull market is unlike previous ones due to increased regulation, approved crypto ETFs, and growth in DeFi. Despite the market’s upward trend, layoffs have occurred, reflecting the industry’s transformation. As crypto continues to grow, users may expect more unusual occurrences.

  • MetaMask Dev Consensys Blames “SEC’s Abuse of Power” for Latest Staff Cut

    MetaMask Dev Consensys Blames “SEC’s Abuse of Power” for Latest Staff Cut

    Consensys, a blockchain technology company and developer of the non-custodial wallet MetaMask, recently announced its decision to lay off 20% of its staff. This move comes amid tensions with the United States Securities and Exchange Commission (SEC).

    Consensys Blames “SEC’s Abuse of Power”

    Consensys claims its latest staff cut is a response to regulatory uncertainty, as unclear frameworks in crypto markets have created difficulties for blockchain innovators and investors. While trying to buttress this point, the company’s CEO, Joseph Lubin, attributed the blame to the SEC’s abuse of power. He said:

    “Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC’s abuse of power and Congress’s inability to rectify the problem. Such attacks from the U.S. government will end up costing many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars.”

    Notably, the controversy between Consensys and SEC focuses on the regulatory classification of Ethereum (ETH), which the first believes should not be considered a security. However, the SEC’s chairman, Gary Gensler, has made statements that suggest otherwise, leading to confusion and uncertainty among users.

    It is essential to mention that regulatory woes are not the only reason for the staff cut. Lubin claimed the move is also a strategic response to the challenging macroeconomic environment, driven by rising interest rates, inflationary pressures, and tightening liquidity. The company believes that by reducing costs, it will thrive amid economic and regulatory uncertainty.

    Consensys Pledges to Support Affected Staff

    During the announcement, Lubin claimed the company would support employees impacted by the staff cut, helping them transition smoothly to their next job opportunity. The proposed support offering includes generous severance packages based on tenure, extended stock option exercise windows, and career outplacement services.

    These services include one-on-one coaching, networking opportunities, and interview guidance. Additionally, Consensys will continue healthcare benefits in applicable regions. Lubin added that these support measures aim to appreciate the valuable contributions of departing employees and empower them for future success.

    Meanwhile, the SEC and its chairman have been facing intense backlash lately. During a hearing, a congressman called Gensler the most destructive chair, and Commissioner Mark Uyeda labeled the SEC’s crypto approach a disaster. Even Coinbase’s CEO Brian Armstrong joined the chorus of dissatisfaction, stating that the next chairperson should publicly apologize to Americans.

  • Solana’s Liquid Staked Tokens Hit Record High of Over $5B Market Cap

    Solana’s Liquid Staked Tokens Hit Record High of Over $5B Market Cap

    The total market capitalization of liquid stake tokens (LST) on Solana has reached an all-time high of $5.5 billion. Data from Dune, a blockchain analytics platform, reveals an over 17% increase from its peak of $4.57 billion in July.  This milestone shows a surge in the adoption of LSTs on Solana.

    Solana LSTs are tokens representing staked SOL, issued to participants in exchange for locking up their tokens. Like other crypto, LSTs are tradeable, transferable, and useable across decentralized applications.

    What is Driving Solana LSTs?

    Since Marinade’s mSOL launch in August 2021, LSTs have thrived on Solana. Users’ ability to earn staking rewards on their staked SOL plus additional tokens incentivizes them to interact with LSTs in the network, increasing market capitalization.

    The hassle-free staking is another catalyst for LSTs’ market capitalization. With LSTs, users are freed from staking-related concerns such as deactivating stake accounts, waiting for one epoch, and remembering to claim rewards. Instead, they can easily switch validators with a simple trade.

    This stressless feature simplifies staking, making LSTs attractive to users and fueling the market cap growth. By eliminating complexities and providing flexibility, LSTs have become a compelling option for Solana users seeking efficient, flexible staking solutions.

    Solana validators, responsible for verifying transactions, can issue their LSTs, creating a sense of community around a specific LST and fostering loyalty and incentives. Currently, Blaze is using its bSOL to run a reward program that incentivizes users to hold its LST. Similar initiatives from others have led to more ownership of LSTs as most users eye potential airdrops.

    Top Solana LSTs

    Solana offers various liquid staking solutions, providing users with flexibility and rewards. At the top of the list is jitoSOL, which represents nearly 45% of LSTs with $2.5 billion in market cap. Jito’s liquid stake tokens allow users to earn staking and MEV (Maximal Extractable Value) rewards over time, compounding yields.

    Though the first to introduce LSTs, Marinade comes second in the list with an over $936 million market cap representing 17% staked tokens. It offers liquid and native staking options, with mSOL being its liquid-staked SOL.

    Interestingly, centralized platforms like Binance and Bybit have entered Solana’s LST market with their offerings, bnSol and bbSol. Collectively, these tokens boast a market capitalization of over $447 million, injecting liquidity into the ecosystem.

  • Crypto Payment Platform Alchemy Pay to Launch Layer-1 Blockchain

    Crypto Payment Platform Alchemy Pay to Launch Layer-1 Blockchain

    Alchemy Pay, a crypto payment solutions platform, announced plans to launch its Layer-1 blockchain, Alchemy Chain. The innovation aims to support the growing needs of its business operation.

    Why Alchemy Chain?

    According to Alchemy Pay’s official post, bridging the gap between blockchain-based transactions and traditional off-chain storage systems is necessary. The innovators claim the blockchain will facilitate seamless interaction between these payment systems.

    It further boasts that the blockchain will not only eliminate friction between fiat and crypto and create a unified system but also enhance transparency, security, and efficiency in global transactions. Its fast and cheap settlements will benefit users, including financial institutions. The team believes the move will foster the adoption of blockchain technology in traditional finance.

    Proposed features of Alchemy Chain

    The Alchemy team claims its blockchain will feature high-scalability infrastructure that will allow rapid and efficient transaction processing, ensuring reliability as the user base grows. Additionally, Alchemy Chain’s Trusted Proof-of-Authority (TPoA) mechanism will ensure the integrity and speed of validating nodes, providing security and transparency.

    Built on Solana Virtual Machine (SVM) architecture, Alchemy Chain will have a native token, ACH, to facilitate transactions by covering gas fees. Users can pay fees with either ACH or fiat and convert profits and on-chain earnings into fiat. Additionally, the blockchain will feature a stablecoin revenue mechanism, enabling users to generate yield.

    At launch, the blockchain will feature two developer tools, the Meme Launchpad and the Meme Telegram Bot. The first will simplify the creation of meme-based projects with an intuitive interface. At the same time, the latter will enable developers to navigate and interact with the ecosystem, making it easier to build and engage with Alchemy Chain’s ecosystem.

    Blockchain Creation on the Rise

    Creating blockchain is no longer uncommon in the crypto industry. Pioneered by Binance, the world’s largest exchange that launched its blockchain, others have followed suit. This month alone, headlines have been made about Kraken and Uniswap’s blockchains.

    Coinbase’s blockchain, Base, has grown significantly since its inception in 2023. Factors like anticipated airdrops, wrapped tokens, and name services have contributed to its success, reaching an all-time high of over 2 million daily active addresses.

  • Metaplanet Now Holds Over 1000 BTC Following Latest Purchase

    Metaplanet Now Holds Over 1000 BTC Following Latest Purchase

    Japanese investment company Metaplanet has just reached a significant milestone of holding 1,018.17 bitcoins. This comes after the firm revealed its latest acquisition of 156.78 BTC for approximately $10.4 million.

    MetaPlanet Acquires 156.78 BTC

    Metaplanet recently completed its 11th series of stock acquisition rights, which allowed management to purchase company shares at a predetermined price. The rights issue was fully subscribed, with 13,774 shareholders exercising their rights. As a result, Metaplanet generated $65.59 million in proceeds, part of which was used to execute its latest BTC purchase.

    In its public “Notice of Additional Purchase of Bitcoin, the company reminded the community of its commitment to accumulating BTC as a treasury reserve asset. The firm noted that the mission is being accomplished by utilizing funds from capital market activities and operational income, including the 11th series of stock acquisition rights.

    The Japanese MicroStrategy uses BTC yield, a key performance indicator (KPI), to measure the success of its Bitcoin acquisition strategy. This metric calculates the percentage change in its total Bitcoin holdings per fully diluted shares outstanding over a specific period. According to the company’s latest report, its BTC yield for Q3 2024 is 41.7%.

    Metaplanet Explores Different Strategies to Boost BTC Holdings

    Beyond stock acquisition rights, Metaplanet is actively exploring other options to acquire Bitcoin. By diversifying its acquisition strategies, the company aims to increase its Bitcoin holdings and accrue profits for shareholders.

    In August, the Japanese company took a $6.8 million loan from its major shareholder, MMXX Ventures, to purchase bitcoins. Interestingly, the loan requires no collateral, a 0.1% annual interest rate, and a six-month term. Metaplanet hopes to repay the loan in a lump sum at maturity.

    Earlier this month, Metaplanet acquired 23.9 BTC worth $1.4 million through an options sale with QCP Capital, a Singapore-based digital asset trading firm. The company sold put options for 233 Bitcoins at a $62,000 strike price, expiring December 27, 2024. In exchange, QCP Capital paid Metaplanet 23.97 BTC as an insurance fee.

    Meanwhile, Metaplanet’s Bitcoin acquisition strategy has caught the attention of influential figures in the crypto industry. Michael Saylor, executive chairman of MicroStrategy, publicly praised Metaplanet’s approach, encouraging other institutions to adopt Bitcoin as a treasury reserve asset.

  • 2024 Set to Record New 4-Year-Low of $464M in DeFi Exploits: IntoTheBlock

    2024 Set to Record New 4-Year-Low of $464M in DeFi Exploits: IntoTheBlock

    This year is on track to become remarkable for decentralized finance (DeFi) security. According to IntoTheBlock, the year’s exploits are currently worth $464.11 million and may hit a four-year low. This significant drop is a welcome relief, especially after the over $1 billion stolen in DeFi hacks in 2023.

    2024 Top Exploits

    Orbit Bridge experienced the first and largest hack of the year, losing over $81 million in crypto. Despite using multisig wallets, considered a best practice for security, the attackers exploited compromised private keys to generate unauthorized transactions. Suspicion falls on the notorious Lazarus Group, infamous for high-profile hacks.

    Munchables suffered the second-largest hack of 2024, losing $62.5 million in ETH. The attacker exploited an upgradeable proxy contract, controlling the deployer address. After an upgrade, users deposited sufficient ETH, and the hacker transferred the assets into owned wallets. Investigator ZachXBT tied the hack to the notorious Lazarus Group.

    This month, Radiant Capital lost $58 million to hackers exploiting its multi-sig wallet, marking the third-largest crypto hack this year. The attackers used malware to trick signers into approving malicious transactions, allowing them to upgrade contracts and access user funds on the BNB Chain and the Arbitrum network.

    Notably, the protocol’s latest loss follows a $4.5 million breach earlier this year. The newest incident cumulates its losses to $62.5 million. It now shares the stage with Munchables in a competition for the second-most hacked protocol of the year.

    Further Insights Into 2024 Exploits

    According to IntoTheBlock data, lending protocols, and bridge platforms incurred the largest share, accounting for over 50% of total losses. Lending protocols suffered the most, losing 29.80% of total funds. This is due to their inherent complexities and risk exposures, making them more vulnerable to exploits than other decentralized applications (dApps).

    Nearly half of the exploits targeted vulnerabilities in smart contracts, most perpetrated in Ethereum and its layer-2 networks. Several platforms, including Deltaprime and Banana Gun, were unaudited by blockchain security firms. January, March, and September saw the highest number of incidents, with the first losing the most value.

    DeFi exploits are declining due to improved security, increased awareness, and government regulations; however, continued vigilance is necessary.

    Meanwhile, time will tell if the DeFi sector will unlock this feat as two months remain this year.

  • Lugano City Honors Bitcoin Creator Satoshi Nakamoto with a Statue

    Lugano City Honors Bitcoin Creator Satoshi Nakamoto with a Statue

    In partnership with Tether, Lugano has unveiled a commemorative statue honoring Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The figure in the city’s picturesque Parco Ciani was uncovered during the annual Plan ₿ Forum, an event that attracts the Bitcoin community from around the world.

    Satoshi Statue Unveiled in Lugano

    At the unveiling, the city’s mayor, Michele Foletti, reaffirmed Lugano’s commitment to becoming a global hub for crypto and blockchain. He said:

    “This statue is a tribute to the revolutionary vision of Satoshi Nakamoto and the transformative power of Bitcoin. Lugano is proud to honor the legacy of a figure who has changed the financial landscape forever.”

    Footage posted by WatcherGuru, a media outlet, reveals the statue’s unveiling at the event. The figure depicts a glowy man sitting cross-legged, clad in a hood, intensely focused on a laptop while backing the waters of Lake Lugano.

    The statue, designed by Valentina Picozzi, plays with perception, erasing from the eyes as the observer’s gaze shifts. This mirrors Nakamoto’s voluntary retreat from the public eye after inventing Bitcoin.

    Reflecting Nakamoto’s pseudonymity, the statue symbolizes the shared identity of the Bitcoin community rather than a single individual. The inscription on the figure, “We are all Satoshi,” serves as a reminder that Bitcoin’s ownership and legacy belong to all.

    Crypto Community Reacts

    The recent unveiling of the Satoshi statue in Lugano, Switzerland, has garnered enthusiasm from the crypto community. An X user reacting to the update said, “It’s more than just a statue, it’s a symbol. Putting up a statue of Satoshi Nakamoto is a nod to the entire idea of decentralization, freedom, and financial innovation.”

    “Lugano honoring Satoshi Nakamoto with a statue? This is more than just a tribute—it’s a bold statement embracing the future of decentralized finance. While some governments are still resisting, Switzerland’s already immortalizing the person (or people) who changed the game. Crypto isn’t just a trend—it’s becoming history!” another X user stated.

    Lugano Keeps Supporting Crypto

    Lugano has been actively promoting Bitcoin and blockchain technology through its Plan ₿ initiative, which aims to make the city a hub for blockchain technology. The city has partnered with Stablecoin firm Tether to create a 100M+ Swiss Franc investment pool for crypto startups and to promote the relocation of existing businesses. 

    The city’s ongoing Plan ₿ Forum event brought together technologists and entrepreneurs to discuss Bitcoin adoption and financial freedom. The event already featured prominent crypto figures as speakers, including Nick Szabo and Adam Back, co-founder of Blockstream — a blockchain technology company.

    Meanwhile, the Lugano-based statue is not the first one in honor of the pseudonymous blockchain developer. Budapest, Hungary, is home to the world’s first Satoshi statue, unveiled by local crypto enthusiasts.