Category: Cryptocurrency News

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An influencer on crypto twitter, Pauly0x, has received 300 ETH simply by posting his address and telling his followers they will get nothing. 6 hours ago, Pauly0x posted his address with a gif telling his followers they'll get nothing. He also registered the ENS domain yougetnothing.eth. You can find the wallet here- https://etherscan.io/address/0x8DFD4f307B6011D4CB21007FD5658f0686523938 First tweet…
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Fantom (FTM), a leading Layer 1 (L1) blockchain platform, has launched a new Gas Monetization program to incentivize high-quality Decentralized Applications (dApps) and attract top talent to the ecosystem.  With the recent announcement of the long-term vision for the protocol by Andre Cronje, co-founder of the blockchain platform, the community is buzzing with excitement for the future of Fantom. Fantom’s Gas Monetization, which just went live on May 28th, is one of the most highly anticipated updates for the platform. The governance proposal was first approved in January 2023, with an overwhelming 99.8% of the votes, showcasing the community’s support for the initiative. Related Reading: Bitcoin Miners Receive Inflows Of 7,000 BTC, What Does It Mean? Fantom Launches Gas Monetization Program Gas monetization is an incentive program to reward high-quality dApps for their generated fees. These dApps will receive a 15% kickback on all the gas fees generated, incentivizing development and attracting more developers to the ecosystem. The money for this reward comes from the fact that the FTM burn rate will be reduced from 20% to 5%. This is a win-win situation for both developers and the Fantom network. Developers are compensated for the value they create on the network, while the network benefits from increased adoption and usage. The reduction in the FTM burn rate also helps control inflation and gives more stability to the token’s value. Francesco, a leading figure in the blockchain industry, remarked that this incentivization of development is exactly what Fantom needs to achieve its goals. With Gas Monetization, the platform is taking a significant step forward to become one of the leading L1 giants in the blockchain industry. However, the mechanism could be targeted by spam dApps and malicious actors trying to exploit it. To prevent such exploits, Fantom has implemented certain criteria that dApps must meet to be eligible for Gas Monetization. Fantom’s Eligibility Criteria A dApp must have completed at least 1 million transactions and been live on the Fantom network for at least 3 months to be eligible. These criteria are valid for each smart contract on the Fantom mainnet and may be subject to change during the program based on their effectiveness. Once approved for the program, dApps will receive 15% of the gas fees they generate. The FTM tokens received are unlocked and can be used as the dApps see fit. However, what happens to the 15% share of gas fees made by dApps that do not participate in the Gas Monetization Program? These transactions are ineligible and do not qualify for the 15% share of gas fees. The Fantom Foundation has clarified that only dApps that meet the eligibility criteria can participate in the Gas Monetization Program and receive rewards for their contributions to the network. The Foundation also reserves the right to suspend rewards to participating dApps for any necessary reason, including fraudulent user activity or the overall well-being of the Fantom ecosystem. The Gas Monetization Program is a great opportunity for dApps to showcase their value and be rewarded for their contributions to the network. However, ensuring that spam dApps or malicious actors do not exploit the program is essential. Related Reading: NFT Market Update: Major Collections Suffer Price Slump in 2023 This new approach is just a series of incentives Fantom builds to attract developers and keep them engaged with the ecosystem. The platform’s long-term vision includes creating a decentralized finance (DeFi) ecosystem that is fast, secure, and user-friendly, with various dApps and tools that make it easy for users to interact with the network. Featured image from Unsplash, chart from TradingView.com 

BTC’s historically low volatility could abruptly change in June, with long-term holders making moves and options traders showing an uptick in bearish positions.

A bankruptcy judge denied a motion for an independent examiner in February, leading to an appeal that may now go to the U.S. Court of Appeals for the Third Circuit.

The SEC suit alleged former Coinbase product manager Ishan Wahi and his brother used non-public knowledge to trade digital asset securities.

PEEPanEIP #109: ERC-6059: Parent-Governed Nestable NFT with Steven Pineda Cortés & Jan Turk from RMRK and Pooja Ranjan from Ethereum Cat Herders https://youtu.be/2C7mKNK5f9s ERC6059 talk includes Use cases – Bundling, Collecting, Soulbound, Membership, Delegation, Security & Multiuse prevention Project impl. NPM package Tools for Dapp developers How is this EIP unique? Child management EIP Process…
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THORChain, a decentralized exchange and one of the liquid decentralized finance protocols by total value locked, plans to release “Lending” in 2023.  It is a feature THORChain says will complete their THORFi ecosystem. However, amid this development and community anticipation, RUNE remains under pressure, slipping 32% from April 2023 highs as of writing on May 30. THORChain Lending According to THORChain, Lending will function similarly to other decentralized money markets, including one of the earliest, MakerDAO, which operates on Ethereum.  With THORChain Lending, not only can the borrow deposit collateral, a token or coin already integrated by the platform, but also take loans with zero interest, liquidation, and expiry.  Related Reading: Downside Threat: These Two Crypto At Risk Of Crash Due To Unlocks This arrangement means a borrower would effectively hold a loan without the risk of liquidation, irrespective of the collateral’s volatility. Moreover, THORChain says a user can be short the USD while being long on crypto assets such as Bitcoin and others. Their feature will depart from how other competing decentralized money markets operate. Most require over-collateralization, considering the volatile nature of cryptocurrencies. Borrowers will deposit collateral and create debt at a collateralization ratio (CR) set by the market. A distinction in ThorChain Lending, the protocol clarifies, is that debt will be denominated in TOR. TOR is a stablecoin that tracks the value of USD, irrespective of the collateral used, and will be non-transferable.  There will be limits on collateral and risks contained by, among other factors, “slip-based fees when opening and closing loans, dynamic CR, and a circuit breaker on RUNE supply.” Loan repayment, THORChain adds, can be done at any time and in any supported asset. All repayments will be converted to TOR. Impact On RUNE RUNE serves as the utility token of the THORChain ecosystem. Using the token, users can pay for gas and use it to secure the network. RUNE plays a role in ensuring the platform is decentralized and resistant to attacks from malicious agents.  With THORChain Lending, every new loan is expected to create a deflationary effect on RUNE. However, repaying the loan creates an inflationary impact.  Related Reading: NFT Market Update: Major Collections Suffer Price Slump in 2023 If by the time the loan is created and closed, the price of the collateral has not moved relative to the RUNE price; there will be zero effect.  However, there will be an inflationary effect if the collateral price increases versus RUNE during this time, which could negatively impact the token price if many positions are opened that meet these criteria.  Ahead of this launch, RUNE prices remain flat in the last week of trading. However, it is up 7% from May 2023 lows. As of late May 2023, DeFi activity is yet to recover. According to DeFiLlama data, TVL has stagnated below $50 billion in the last five months. During this time, Uniswap, a popular multi-chain DEX, and Curve, a stablecoin DEX, have dominated activity. THORChain has a TVL of $106 million, with most liquidity from tokenized Bitcoin. Feature Image From Canva, Chart From TradingView