Some major news in the past 24 hours include:
- Filecoin Foundation denies that FIL is a security of the US SEC
- Coinbase One opens free trading registration in 35 countries
- Uniswap proposes deploying to layer-2 Base of Coinbase
- Uniswap proposes deploying to layer-2 Base of Coinbase
- Changpeng Zhao is surprised that Dogecoin is still alive
- 1INCH co-founder confused by MetaMask's tax deduction mechanism
- NFT sales expected to fall below $1 billion in May
- STEPN cooperates with Japanese Anime 'Ghost In The Shell SAC_2045' to provide exclusive sneakers
- Bitcoin mining difficulty hits record high as hash rate continues to rise
- MicroStrategy eyeing Bitcoin Ordinals
The Filecoin Foundation has refuted the U.S. Securities and Exchange Commission's (SEC) assertion that its FIL token is a security.
On May 17, Grayscale said the SEC asked it to withdraw its registration statement for the Filecoin Trust because the token meets the definition of a security.
The Filecoin Foundation has described the blockchain network as “a decentralized, peer-to-peer network for storing files” and unequivocally stated that FIL is not a security.
“Over the past decade, thousands of people around the world have contributed to this open source project to create a decentralized, efficient, and powerful platform for humanity's most important information. That includes hundreds of organizations and teams building on the network, thousands of hosting providers and 13,000 Github contributors, building the foundation layer for the next generation of the web.”
At the time of writing, the FIL price is down more than 3%, largely influenced by Bitcoin's slide below $27,000.
Meanwhile, this is not the first time the SEC has described a crypto project as a security. In April, the Algorand Foundation rejected the Commission's classification of its ALGO token as a security.
Coinbase will launch Coinbase One in 35 countries, including the US and UK. The first groups of countries also included Germany and Ireland.
Accordingly, they will open subscriptions with various features, from zero transaction fees, to pre-filled tax return documents Form 8949 and access to 24/7 customer support. According to its website, Coinbase will also offer $1 million in account security.
Coinbase previously rolled out free trading last March, as part of a beta launch. Coinbase One keeps the beta price of $29.99/month and will include continuously updated add-ons. According to a blog post, Coinbase One subscribers will soon receive 20% of tickets to Blockworks' Permissionless II taking place in September.
The service will launch in 31 countries in the coming months, though an exact time has yet to be announced.
The new move comes after Coinbase struggled to maintain transaction fees, which used to be the main source of income. The company reported earnings in early May, noting that total subscription and services revenue totaled $362 million, up 28% QoQ compared to Q4 2022.
“The balance of their businesses is testament to the potential power of momentum the company is trying to build,” said Dan Weiskopf, co-portfolio manager of the Amplify Transformational Data Sharing ETF (BLOK). , share.
The company's move to offer a subscription service also followed its confrontation with the SEC in March of this year. A court ordered the SEC to respond to Coinbase, and the Commission replied, “Only a few months have passed since Coinbase's lawsuit was filed and even less time since Coinbase added the filing. profile".
Chainlink essentially serves as an off-chain data transport to several blockchains, including BNB Chain, Avalanche, and Polygon. Chainlink's use of the Oracles protocol also helps DeFi platforms gain access to the data needed to execute smart contracts. With DeFi controlling more than $74 billion in total locked value, the function of Oracles is crucial.
In a public statement, Coinbase explained that “timely, reliable, and accurate data” is essential for Web3 to become the standard. Coinbase is also in a “strong” position to operate the Oracle Chainlink node thanks to its “multi-cloud” and “multi-regional” infrastructure.
Coinbase says it can “support competitive uptime, ensure Oracle nodes stay up and process data requests without missing a beat.” Additionally, Coinbase runs nodes on networks like Aptos, Solana, Ethereum, Algorand, and Flow.
Other high-profile Chainlink node operators include Amazon Web Services and T-Systems Multimedia Solutions, a subsidiary of telecom giant Deutsche Telekom.
On May 17, three major Uniswap contributors including she256, Michigan Blockchain and GFX Labs proposed Coinbase's layer-2 Base integration, further expanding the DEX's growth potential.
Specifically, if the proposal is approved, GFX Labs will be the main unit responsible for the technical aspects of smart contracts on Base, GFX Labs has also previously supported Uniswap v3 deploying to Binance Smart Chain, Gnosis and Moonbeam. Meanwhile, she256 will fund the budget, purportedly over 2.5 million UNI, the proposal said.
Currently, Uniswap v3 is integrating on several EVM compatible chains like Ethereum, Celo, BNB Chain and layer-2 like Arbitrum. Base could be the next possible destination for the DEX.
Launched by Coinbase in February 2023, Base is a Layer 2 (Layer-2) scaling solution for Ethereum, built on top of OP Stack technology from Optimism, with secure, cost-effective features. Low cost, developer friendly.
Base is currently still in beta, but it is revealed that it will launch Mainnet in 2023. Additionally, Coinbase said there are no plans to issue tokens for Base.
According to an announcement on the evening of May 17, the Near Protocol and Wormhole team are jointly developing light clients that support cross-chain transactions based on Zero-Knowledge (ZK).
From here, Near Protocol will integrate the Wormhole bridge for all its future cross-chain operations, replacing Rainbow Bridge. This means that Wormhole will become the main bridge for cross-chain asset transfers between NEAR and Ethereum.
In addition, NEAR will also use ZK to enhance the security of the platform. ZK supports transaction validation without exposing any additional information. However, the process is computationally heavy, requiring the use of a light client, the NEAR Foundation explains. The light client is a full version of a node in the network, but only downloads a small portion of the entire blockchain, while still being able to verify transactions and ensure system integrity.
Both projects plan to build a light client, aiming to delegate most of the computation requirements through ZK Proofs. This strategy will then optimize storage and computing resources for the platform.
“Through Wormhole integration, we want to enhance our multi-chain interoperability with the power of the Zero-Knowledge (ZK) client. This is an important step towards increasing strong connectivity with other blockchains.” – NEAR Foundation concludes.
Two months ago, Near Protocol launched the “Blockchain Operating System” (BOS), a platform that brings together all blockchain-compatible Web3 operations, to enhance the user experience. This step shows that the project is shifting its focus from working hard to build layer-1 to creating a user-centric ecosystem. This is a positive signal for NEAR after a challenging 2022.
Changpeng Zhao, CEO of Binance, expressed surprise that Dogecoin (Doge) is still thriving despite its supposed lack of utility.
During an AMA session on May 17, Zhao stated:
“I am really surprised about Dogecoin. It has shown an amazing degree of persistence, as I think it should be gone by now. However, Elon Musk has contributed to prolonging the life of this memecoin.”
In recent weeks, a new wave of coin meme, led by PEPE and LADYS, has emerged. CZ this week stated that he really doesn't understand the appeal of memecoins and is not interested in holding them, as he prefers tokens with obvious utility.
Zhao warns:
"It seems common right now, but it should be noted that it also carries significant risks."
However, the Binance CEO clarified that he is not hostile to the currency. In fact, Binance recently listed PEPE.
“We are simply responding to the needs of our users,” emphasized CZ, reiterating his previous stance.
Dogecoin, one of the original memecoins created in 2013 emblazoned with a Shiba Inu dog, was initially seen as a hilarious imitation of Bitcoin. However, no one could have predicted that Tesla CEO Elon Musk would become Doge's "DogeFather", actively advocating and promoting cryptocurrencies on social networks. Musk's participation attracted a large number of Dogecoin fans, turning it into a market phenomenon.
Musk first mentioned Doge publicly in 2019 when he tweeted, “Dogecoin might be my favorite cryptocurrency. It's pretty cool.”
Two years later, Musk shared a photoshopped photo from "The Lion King," in which he hugs a Shiba Inu dog.
Additionally, Doge is part of Musk's crypto portfolio, along with Bitcoin and Ethereum. Musk even bought some Dogecoin for his youngest son. Last year, Tesla started accepting Dogecoin to pay for some products. Most recently, Musk surprised the Twitter community by replacing the platform's logo with the Dogecoin icon.
Musk's statements and actions have had a significant impact on the Dogecoin price. Currently, Doge ranks 8th globally, with a market capitalization of over $10 billion and trading around $0.073.
The crypto community is once again bewildered, this time by an update regarding tax deductions on MetaMask. Anton Bukov, co-founder of 1INCH, recently expressed his concerns about the revised tax service terms for popular digital wallets through a series of tweets.
The revised MetaMask Terms of Use, provided by ConsenSys, introduced in April 2023, outline the principles of service use. Of particular note is section 4.3, which deals with tax obligations. Under this section, responsibility for determining and complying with government-imposed taxes rests with both the user and MetaMask.
In addition, the terms state that any fees paid to MetaMask will be tax-free, unless otherwise expressly stated. This statement has led to confusion among investors, who wonder what exactly MetaMask means when it says “We reserve the right to withhold taxes”.
Essentially, this means that MetaMask has the right to withhold taxes if required by law. However, since MetaMask is primarily a cryptocurrency wallet that provides digital asset management through browser extensions and mobile apps, users have questioned about it. the need for its service. The platform also provides browser compatibility for NFT, the latest addition to its services.
It is worth noting that the burden of paying the relevant taxes often rests with the investors themselves as MetaMask's decentralized trading (DEX) algorithm works across multiple jurisdictions and is fully automated.
However, MetaMask has clarified that wallet providers may deduct tax to a reasonable extent from payments or transactions, if it is deemed appropriate. In such cases, the foundation will be responsible for the withholding tax.
The recent controversy surrounding MetaMask follows another incident last month. ConsenSys, the company behind MetaMask, reported a data breach in which the personal information of MetaMask users was compromised by a third-party service provider. This case attracted considerable interest in the community.
According to a recent report by DappRadar, NFT's trading volume is decreasing. However, despite this drop, the number of transactions and traders entering the NFT market remains substantial, indicating a shift towards a smaller trader base.
The report, released on May 18, highlights that NFT sales in May are expected to fall below $1 billion for the first time this year, with just $333 million recorded. received up to the current time of the month. While this drop may be cause for concern, it is important to note that the number of 'Daily Unique Active Wallets (dUAW)' linked to NFT activity, has actually increased by 27% in the month. 5, reaching 173,000.
One factor contributing to this dUAW growth has been the fervor surrounding the My Lady NFT collection, which includes Japanese cartoon-style profile pictures and is published by digital art team Remilia.
Interestingly, the number of NFT sales in May remains remarkably high, currently at 2.3 million. Analysts at DappRadar, such as Sarah Gergelas, expect May's overall figures to equal or even surpass levels recorded in the previous month.
Gergelas explained that despite the decrease in trading volume, the increase in sales implies that the number of traders entering the NFT market has not decreased; instead, their behavior changed. This analysis shows an increase in the presence of small traders, indicating a potential shift in the dynamics of the NFT market.
Fitness app “STEPN” made an exciting announcement on May 18 about a collaboration with the popular Japanese anime “Ghost in the Shell SAC_2045”.
This partnership introduces a series of anime-themed digital sneakers, which will be sold through a lottery system. These sneakers are co-branded with Solana and have been offered on the NFT e-marketplace as “MOOAR”.
The collaboration between GHOST IN THE SHELL: SAC_2045 and STEPN has generated a lot of buzz. Not only does it bring Solana co-branded STEPN Sneakers Lottery exclusively on MOOAR, but it also gives fans the chance to purchase 100 Genesis co-branded sneakers along with 1900 OG. The lottery is divided into two categories: Genesis Sneakers and OG Sneakers, with distinct designs inspired by characters like Motoko, Batou, Togusa, Tachikoma and others.
Lottery for Genesis Sneakers will take place from 12:30 on May 18 to 12:30 on May 30 Vietnam time. Participants can purchase lottery tickets for 3,500 GMT (STEPN's native token) per pair of sneakers. Each design will be raffled for three consecutive days.
Similarly, the lottery for OG Sneakers will also take place from 12:30 on May 18 to 12:30 on May 30 Vietnam time. These sneakers will be available for 300 GMT each and have 12 great designs to choose from. Just like Genesis Sneakers, each design will be continuously drawn daily.
STEPN provided additional information for participants. Users have the option to automatically reroll (replay) their losing entries and GMT can only be withdrawn after the event has ended. However, users who do not choose the auto reroll option can withdraw their GMT at any time. Winners will find their prize in the MOOAR dashboard.
This partnership marks another major milestone for STEPN, as the finess app quickly gained popularity in Japan after its release. Realizing the importance of the Japanese market, the Stepn team has been actively looking for opportunities to attract Japanese users.
In April 2022, they successfully held Initial Game Offering (IGO) in partnership with major Japanese sports brand ASICS, introducing co-branded NFT sneakers. The event has garnered considerable attention and participation.
In August of the same year, STEPN announced a memorandum of understanding with LINE Xenesis Corporation, further strengthening its presence in Japan. Yawn Rong, co-founder of STEPN's Find Satoshi Lab operator, expressed his commitment to providing Japanese users with more opportunities to enjoy the world of Web3, recognizing Japan as one of the major consumer markets of LINE with about 92 million users.
With the latest collaboration with “Ghost in the Shell SAC_2045”, STEPN continues to push boundaries and deliver a unique user experience that connects the worlds of fitness, animation and digital assets.
In the volatile world of crypto, Bitcoin price has dropped 2.1% to $26,850 at the present time. The drop below the 50-day moving average has revealed the weight of the price above, indicating a weak trend with a possible retracement near the Sanson neckline.
At the same time, Bitcoin's mining difficulty increased by 3.22%, setting a new record high. Mining difficulty is adjusted approximately every two weeks, playing an important role in controlling the Bitcoin supply and maintaining the stability and security of the network. This adjustment process depends on hashrate, computing power on the network, and automatically adjusts the time it takes to mine a block, usually around 10 minutes.
As the hashrate continues to rise, cryptocurrency miners have joined the fray, even amid a sluggish Bitcoin price. The average hashrate, which represents mining speed, has increased significantly. It is currently above 350 EH/s, up 86% from 190 EH/s in January and 40% above the 250 EH/s average seen 7 months ago. The momentum of the crypto miners does not appear to be faltering, fueled by sanitize machine performance and increased transaction fees associated with the BRC-20 token response.
As AZCoin News recently reported, Bitcoin mining reserves have seen a drop of over 2,000 BTC in the past 24 hours, indicating that miners have sold around $54 million worth of BTC .
In addition, cryptocurrency mining companies are benefiting from the reduced prices of miners, specialized equipment used for complex calculations. As the global shortage of semiconductor chips caused by the COVID-19 crisis has been resolved, the price of high-performance GPUs installed in personal computers has dropped. This reduction in operating costs allows cryptocurrency mining companies to upgrade equipment and sanitize their profitability.
However, the cryptocurrency mining industry is currently facing potential challenges from the proposed tax policies of the US government. President Biden has proposed increasing taxes on cryptocurrency mining companies operating in the country, imposing a 30% tax on mining-related electricity costs.
Fred Thiel, CEO of Marathon Digital, one of the major US cryptocurrency miners, expressed concern about the proposal, saying such a policy could drive businesses away without necessarily generate increased tax revenue or promote the use of renewable energy.
Upcoming, around May 2024, Bitcoin is expected to undergo a “halving event” in which the mining reward for miners will be cut in half. This event is likely to increase the selling pressure on the Bitcoin supply in the market.
Sharing in an interview with Decrypt at Bitcoin 2023 Miami, MicroStrategy founder Michael Saylor said the company is not only eyeing Ordinals, the emerging protocol on the Bitcoin network, but also how it is creating. fever in the crypto community over BRC-20 tokens.
Mr. Saylor did not say what he would approach Ordinals for. However, he said the idea of writing data to the Bitcoin blockchain opens up a lot of potential future applications. Specifically, Saylor cited DocuSign, an application that allows businesses and individuals to conveniently sign contracts electronically, but it is still a third-party application.
An ardent supporter of Bitcoin, he believes that “third-party security layers are currently weaker than Bitcoin.” Besides that, Saylor is also quite optimistic about developing applications on blockchain that can push more people, businesses and governments to accept Bitcoin.
Responding to his comment on whether to participate in censorship of activities on Bitcoin, this person clearly stated his stance:
“If someone wants to change the protocol to censor other people operating on Bitcoin, then I don't think that aligns with the values of the community. I believe in decentralized rules.”
The question to Michael Saylor alludes to a discussion among Bitcoin Core developers — the group of programmers responsible for maintaining and overseeing the Bitcoin code — about censoring non-Taproot-standard transactions in order to solve the problem. resolved the congestion on the Bitcoin network due to the sudden emergence of the Ordinals/BRC-20 wave.
MicroStrategy is the world's largest BTC holder, with 140,000 BTC since its addition in early April 2023. The company also just released its first-quarter financial report, showing that it narrowed its loss from $197.6 million last quarter to just $18.9 million.
The Teleman.
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