Category: Cryptocurrency News

The Enhanced Dai Savings Rate is based on DSR utilization and could boost the stablecoin yield by as much as 8%.

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Sui Foundation has ended its relationship with the decentralized exchange MovEX following a breach of contract. The foundation alleged that MovEX had released a significant amount of SUI tokens – subject to a contractual lockup – into circulation. Sui Foundation Terminates Relationship With MovEX For Unlocking 2.5 Million Tokens On July 26, 2023, the Sui Foundation released a blog post, explaining the network’s token supply and the essence of its token release schedule. The foundation also announced the termination of its relationship with MovEX after breaching its token lockup contract.  Related Reading: Shibarium Bridge Goes Live In Beta But There’s A Catch According to the foundation, early contributors to the network received SUI tokens that were subject to a lockup period – only to be released based on a preset schedule. MovEX was one of the recipients of this token allocation, collecting 2.5 million SUI tokens as payment for its contribution to the exchange product DeepBook.  However, the decentralized exchange (DEX) was found to have violated the token lockup by moving its entire allotment of tokens in three (625,000 SUI) transactions to three separate wallets.  At the time, these transactions raised questions about the Sui Foundation, with some tweets implying that the foundation “intentionally misrepresented” the token emissions schedule. The foundation denied these claims and has further clarified in its latest post that it didn’t consent to the three transactions by MovEX.  As a result of these events, the Sui Foundation has cut off ties with the decentralized exchange. It also confirmed that no additional SUI tokens will be distributed to MovEX, nor will the DEX remain a contributor to DeepBook. “By July 3, upon Sui Foundation’s request, MovEX had moved the entire allotment of 2.5M tokens to a wallet at a qualified custodian who will release them according to the contractual lockup schedule in compliance with the previously released token emissions schedule,” the foundation noted. According to the analytics dashboard Token Unlocks, a total of 646.25 million SUI tokens have been unlocked so far, with the next unlocking event expected to take place on July 31. SUIUSDT valued at $0.6359 | Source: daily SUIUSDT chart from TradingView MovEX Addresses Community On Situation On Thursday, July 27, the team behind MovEX released a statement on Twitter, addressing its community on the situation. In the tweet, the project acknowledged that it received the SUI tokens – as claimed by the Sui Foundation. Related Reading: Short-Lived Hype: Worldcoin (WLD) Signups Dwindle Less Than A Week After Launch MovEX also stated that it transferred its entire allotment of SUI tokens to “custodian and non-custodian wallets”. While confirming that it has moved the tokens back to a qualified custodian, the DeFi protocol claims to understand the decision of the Sui Foundation. MovEX is a decentralized exchange native to the Sui network. According to the protocol’s whitepaper, it combines an automated market maker (AMM) and order book to create a hybrid liquidity DEX. Featured image from Dreamstime, chart from TradingView

Optimism lost the top spot to Arbitrum in January, after the end of its season one “quest,” but has regained it after Worldcoin launched on July 25.

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The crypto market witnessed heightened volatility last week, with most coins observing steep declines. However, today, June 27, the market has registered a slight recovery as most coins posted a few gains, but SOL’s gain is the most notable among all.  Solana’s native token, SOL, recorded over 3% price growth over the past 24 hours, while others, like Bitcoin, barely crossed 1%, given the significant increase. The Ethereum killer is now number 9 among the top-gaining coins today. However, considering the steep volatility index, whether SOL bulls can sustain today’s rally remains uncertain. SOL Price Outlook Solana saw bearish days in June after the SEC listed it among tokens labeled as securities in its lawsuit against Binance and Coinbase. SOL’s price nosedived, dropping over 41% between June 3 and June 16. The asset’s price consolidated between $15 and $19 until July.  Related Reading: Shibarium Bridge Goes Live In Beta But There’s A Catch However, SOL reached a monthly high of $29.31 on July 13 after news of Ripple’s win against the US SEC in the multi-year lawsuit circulated throughout the industry.  Although the bearish momentum observed in the last seven days snatched some gains from the asset, its 30-day price movement remains bullish, with over 52% price growth. Solana has lost 2.33% of its market valuation over the past seven days before rebounding with notable gains today. On Thurdsay morning, SOL traded at $25.25, with a 3.71% 24-hour price increase. SOL-Based Investment Funds Skyrockets Following Heightened Regulatory Optimism SOL’s trading volume has increased in the last 24 hours. On July 26, SOL recorded a 57.07% increase in trading volume. This growth in trading activity suggests increased interest in SOL and SOL-related products. Following Ripple’s partial victory in the SEC’s securities lawsuit, Solana-based investment products have received massive attention from investors. According to CCData’s digital asset management review, Solana-based investment funds’ assets under management (AUM) increased in July. The report showed that most of the boost happened on July 14, a day after Judge Torres ruled that XRP token sales on the secondary market are not investment contracts. Judge Torres’ ruling acted as a point of reference to other assets, including SOL, marked as securities by the SEC. CCData’s report stated that the AUM for SOL-based investment products increased by 55.7% to $87.8 million in July. This observation could be attributed to SOL’s impressive performance over the past month. Solana DeFi Activity On Bullish Recovery Regulatory uncertainty and the FTX fiasco affected the sentiment around Solana-based dApps, dipping further into the Solana DeFi ecosystem.  DeFi Llama data shows that Solana’s total value Locked (TVL) crumbled from a peak of $9.66 billion in November 2021 to less than $300 million in 2023. But with the partial resolution and the heightened optimism for a clearer regulatory atmosphere, Solana DeFi’s activities have improved.  Related Reading: Is Arbitrum Promise Fading? Downtime, Metrics Decline Raise ARB Price Alarms As of July 14, SOL TVL hit a yearly peak of approximately $1.1 billion before retracing to $313.9 million. A close look at the chart shows SOL TVL has witnessed a slight increase and now stands at $316 million.  Chances that SOL will see a more bullish rebound following a total resolution of ongoing regulatory issues are high. Featured image from Pixabay and chart from TradingView.com

The Republican bill, dubbed FIT for the 21st Century, was drafted by two House committees and passed after strenuous preparations by members of both parties.

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