DeFi News

Recently, the Worldcoin Foundation unveiled the launch of its community grants program, beginning with its first phase, Wave0. In the crypto economy, Worldcoin’s WLD token has not experienced the growth that other crypto assets have enjoyed, declining over 3% in the past fortnight. This downturn followed the departure of CEO Sam Altman from Openai, a notable Worldcoin backer.

Worldcoin Debuts Three-Tiered Grants Program

The community grants program, as outlined by the Worldcoin Foundation, commits an initial pool of two million WLD across three distinct grant tracks in its initial stages. Worldcoin details that these tracks include community grants, project grants, and open track grants, each catering to different scales and scopes of community projects.

Community grants, capped at 5K WLD, focus on events, sponsorships, and hackathon projects. The announcement details that project grants, offering up to 25K WLD, target larger-scale initiatives. The largest of the grant projects fall under open track grants, which have no predefined budget limit.

The native token WLD took a hit losing 3% against the U.S. dollar when Sam Altman was let go by Openai’s board members. However, after frenzied discussions about the future of the company, he was reinstated and has returned to Openai as the CEO. Altman helped co-create Worldcoin as he is the chairman and co-founder of Tools for Humanity, the firm that’s been building and scaling the Worldcoin project.

Worldcoin’s latest announcement discusses decentralization and the “Worldcoin Tech Tree.” At the time of writing, 980,401 unique wallets hold the WLD token. However, the top 100 wallets command 90.68% of the supply. The project’s grants initiative excludes individuals or companies based in the United States and other specified restricted territories. The application period for the grants is set from December 6 to December 22, 2023, with recipients to be announced in January 2024.

What do you think about the Worldcoin grants program? Share your thoughts and opinions about this subject in the comments section below.

Alvaro Fernandez, the Chief Operations Officer (COO) at Lumoz, has stated that while zero-knowledge rollups have demonstrated exceptional security and scalability, the technology is still not user-friendly. To address this issue, networks should opt for ZK Rollups-as-a-Service (ZK-RaaS) because this simplifies the creation process for a single ZK-Rollup. This makes them “more accessible for developers and projects to use,” Fernandez added.

Zero-Knowledge Versus Optimistic Rollups

In his written answers sent to Bitcoin.com News via Telegram, Fernandez argued that by offering what he called “a seamless experience” ZK-RaaS can also quicken the “implementation of secure and scalable networks.” While ZK-RaaS are believed to be more secure, Optimistic Rollups-as-a-Service, on the other hand, are favored for their simplicity and cost-effectiveness.

Regarding industry sectors most suited for ZK-RaaS, the Lumoz COO identified decentralized finance (defi), gaming platforms, and non-fungible token (NFT) marketplaces. In decentralized finance, ZK-RaaS mitigates challenges relating to traditional platforms’ “high fees and sluggish transaction speeds.” By using ZK-RaaS, gaming platforms and NFT marketplaces can reduce transaction costs and increase transaction speed, while ensuring the security and privacy of their users’ data.

Below are Alvaro Fernandez‘s answers to all the questions sent to him.

Bitcoin.com News (BCN): Zero-knowledge (ZK) rollups have proven to be especially effective in creating secure and scalable networks yet the technology is seemingly not user-friendly. Can you tell our readers what these zero-knowledge rollups or ZK-RaaS are all about and why they are considered to be critical for scalability?

Alvaro Fernandez (AF): Absolutely, while ZK-Rollups have demonstrated exceptional security and scalability, their user-friendliness has been a challenge. ZK-RaaS addresses this concern by providing a user-friendly platform that abstracts the complexities of ZK Rollup technology.

ZK-RaaS simplifies the creation process of a single ZK-Rollup, making it more accessible for developers and projects to use. As what Lumoz provide, It’s a total no-code process, even ordinary people can use the ZK-RaaS launch base to generate their own ZK Rollup in minutes with bridges and explorers. One of the biggest challenges for most of the ZK projects is the prover cost, usually it’s the main cost of running a ZKRollup and its project needs to spend much effort and time maintaining the machines. Lumoz proposed this decentralized prover network that takes care of all the computing power stuff, which is free to projects.

This approach is critical for scalability because it lowers the entry barrier, encouraging a broader adoption of ZK Rollup technology. By offering a seamless experience, ZK-RaaS accelerates the implementation of secure and scalable networks.

BCN: There are two types of Rollups-as-a-Service — Optimistic Rollups and ZK-Rollups that are widely adopted by blockchain projects. What’s the difference between them and what are the pros and cons of each?

AF: Optimistic Rollups and ZK-Rollups are key Rollups-as-a-Service in blockchain. Optimistic Rollups assume transaction validity unless disputed, offering flexibility and cost-effectiveness. However, the arbitration process may introduce delays. ZK-Rollups use Zero-Knowledge Proofs for private transaction verification, excelling in privacy and security with faster finality. Yet, they may have higher setup costs due to computational needs. The choice hinges on project priorities: Optimistic Rollups for simplicity and cost-effectiveness, ZK-Rollups for heightened privacy and security.

BCN: Your company Lumoz uses a hybrid Proof-of-Work/Proof-of-Stake network to facilitate ZK-proof mining and enable developers to generate a customized zero-knowledge EVM chain. Could you tell us how this hybrid model works and why it’s needed in the first place?

AF: While proof of stake is primarily associated with the DA aspect, various DA providers like Celestia, Avail, Radius, and Espresso populate the market. Projects are encouraged to freely choose any for seamless integration including Lumoz DA.

However, proof of work stands out as a core strength and a distinctive advantage of Lumoz. As mentioned earlier, the generation of zkps in all zk-rollups necessitates computing power. Thanks to our decentralized prover network, miners can contribute their computing power, participate in zkp generation, and earn rewards through the POW process. Leveraging Lumoz’s extensive experience in mining, we’ve crafted this prover network to reduce barriers for projects seeking to adopt zk technology, while also facilitating miners to make valuable contributions and receive rewards.

BCN: With more and more people entering the Web3 space, why do you think decentralized applications (dapps) deployed on legacy Layer-1 chains and Layer-2 solutions need to consider using ZK-RaaS?

AF: Ethereum L1 is too congested, which is why Vitalik proposed the need for L2 to reduce transaction fees and increase TPS, improving the overall user experience. The differences between ZK and OP have been mentioned earlier, with ZK being more secure. Lumoz’s zk-raas addresses the issues of ZK computation power and deployment, enabling everyone to easily create customized zk-rollups.

The advantages of having one’s zk-rollup are evident — all on-chain resources serve the project, avoiding contention. This results in high TPS, low transaction fees, and an excellent user experience.

BCN: How does cross-rollup interoperability work with ZK-RaaS? Can you talk about Lumoz’s Native Cross Rollup Communication (NCRC) protocol that claims to provide a trustless solution for rollup interoperability?

AF: Cross-rollup interoperability is crucial in the ZK-RaaS framework, and Lumoz’s NCRC protocol ensures a seamless and trustless solution. This allows direct communication between ZK-Rollup chains, fostering a decentralized and secure environment without intermediaries. NCRC 2.0 enhances this by enabling cross-contract calls between second-layer networks, facilitating atomic cross-rollup contract calls.

Lumoz prioritizes user experience by integrating the first-layer network seamlessly, ensuring asset concentration without compromising decentralization. The NCRC protocol, especially in its latest version, exemplifies Lumoz’s commitment to achieving trustless cross-rollup interoperability, addressing challenges, and enhancing the blockchain ecosystem’s connectivity.

BCN: What industry segments are the most likely to benefit from ZK-RaaS? And how useful could it be for the Web2 companies that want to build their custom appchains?

AF: ZK-RaaS showcases its broad applicability across diverse industry segments, extending its benefits beyond the blockchain realm. In the financial and decentralized finance sectors, ZK-RaaS has the potential to transform transactions by ensuring security and scalability, mitigating challenges related to high fees and sluggish transaction speeds on traditional platforms.

Gaming platforms and NFT marketplaces can leverage ZK-RaaS for scalable and cost-effective transactions involving in-game assets and unique digital assets represented as NFTs. Additionally, in identity management, ZK-RaaS can play a crucial role in authenticating users without exposing sensitive information, making it valuable for industries requiring robust identity solutions.

As Web2 companies venture into building custom Appchains, ZK-RaaS emerges as a multifaceted solution, offering scalability, privacy preservation, customization, cost-effectiveness, and interoperability. This comprehensive set of features positions ZK-RaaS as a versatile choice for enhancing capabilities and meeting diverse needs in the evolving digital landscape.

What are your thoughts on this interview? Let us know what you think in the comments section below.

Rewarding hackers who agree to return a portion of the stolen funds not only “creates a moral hazard” but potentially “leads to more security breaches,” a Web3 expert has argued. The recent attacks on Kronos and Kyberswap, as well as the subsequent attempts to engage the hackers, are said to demonstrate why victims of attacks should not rely on appeasing the exploiters.

Effectiveness and Importance of Code Audit

According to the latest Immunefi crypto losses report, cybercriminals successfully siphoned over $1.7 billion from decentralized and centralized digital asset exchange platforms in the first eleven months of 2023. The thefts have been carried out via hacking, phishing attacks, and outright fraud.

Such attacks have increased in their frequency and boldness over the past few months, leading many, including proponents of decentralized platforms, to question the effectiveness of code audits or how users’ funds are secured. Still, others like Davinder Singh, the CTO at the crypto platform Rocketx, concur with those who argue against rewarding hackers. According to Singh, rewarding hackers who agree to return a portion of the stolen funds “inherently creates a moral hazard.”

Although they are intended to help decentralized finance (defi) platforms improve their security and protect users from malicious attacks, Singh told Bitcoin.com News that offering such rewards “inadvertently incentivizes malicious actors and potentially leads to more security breaches.”

The recent attacks on Kronos and Kyberswap, as well as the subsequent attempts to engage the hackers, potentially demonstrate why exchange platforms should not rely solely on appeasing them. For instance, the malicious actor behind the Kyberswap exploit recently made several seemingly outrageous requests, including demanding full control over Kyber.

As reported by Bitcoin.com News, the hacker is seeking a more favorable arrangement than the Kyberswap team’s offer. This example could lend to the argument that defi platforms should be more focused on finding ways to prevent the attacks.

Tracking Hackers

However, Fraser Edwards, the CEO of the privacy-preserving payment network, Cheqd, told Bitcoin.com News that besides helping platforms recover some of the funds, the offer to reward hackers also helps exchange platforms identify perpetrators of the attacks.

“The offer and any response creates the chance of getting more information on the hacker which could give them away. E.g. do they communicate via specific channels or using usernames which could lead to a real identity? A good example here is how Ross Ulbricht of Silk Road was identified through his username/handle being linked across multiple forums, eventually to his real identity,” Edwards explained.

Meanwhile, Nikolay Angelov, Blockchain Head at crypto lender Nexo, insists that while bug bounties are useful in helping decentralized exchange platforms recover stolen funds, they also help cleanse the hackers’ money. Additionally, in some of the known high-profile cases in which hackers have agreed to return the stolen funds, the sum ultimately recovered has been less than 90%.

Declining User Confidence

When hackers can easily get away with stealing millions of dollars, this inevitably erodes confidence in digital asset platforms. To restore trust, Angelov said platforms must utilize “real-time software code inspections to prevent vulnerabilities.”

While the so-called white hat hackers may be motivated by the challenge or reward, state-backed hackers, on the other hand, have no desire to return the funds. Therefore, bug bounties may not be an effective way of attempting to recover funds. According to Angelov, operators who are at the receiving end of attacks orchestrated by state-backed actors such as the North Korean-affiliated Lazarus Group should “actively seek cooperation with government agencies to prevent stolen funds from entering their platforms.”

Singh, who shares similar sentiments, urged defi players to collaborate by sharing threat intelligence and adopting advanced defence strategies. He added:

“This collective effort is essential to safeguarding the decentralized financial ecosystem against sophisticated state-sponsored threats.”

What are your thoughts on this story? Let us know what you think in the comments section below.

A bill has been introduced in the U.S. state of New Jersey to classify all cryptocurrencies issued and sold directly to institutional investors as securities. In contrast, the U.S. Securities and Exchange Commission (SEC) has previously stated that bitcoin is not a security, but SEC Chairman Gary Gensler views all other crypto tokens as securities.

New Jersey Bill 5747

New Jersey Assembly Bill 5747, sponsored by Representative Herbert Conway, was introduced on Nov. 30 in the New Jersey State Assembly to classify all cryptocurrencies issued and sold to institutional investors as securities. According to the text of the bill:

This bill classifies all virtual currencies issued and sold to institutional investors as securities.

Under the proposed rules, virtual currencies issued and sold directly to institutional investors will be subject to the state’s “Uniform Securities Law” and any regulations promulgated by the Bureau of Securities in the Division of Consumer Affairs to effectuate the purposes of the bill.

The bill has been referred to the Assembly Financial Institutions and Insurance Committee, which will review the bill and conduct hearings for public input. If the committee approves the bill, it will then be sent to the full Assembly for a vote.

The regulatory status of cryptocurrencies remains uncertain at the federal level, with no clear guidance on which tokens are considered securities. While SEC Chairman Gary Gensler has repeatedly stated that most crypto tokens, excluding bitcoin (BTC), fall under the definition of securities, he has refrained from explicitly commenting on ether (ETH). However, a recent court ruling in the SEC v. Ripple case determined that XRP, as a standalone asset, is not a security. Ripple’s chief legal officer, Stuart Alderoty, explained: “As a matter of law — XRP is not a security … The only thing the court found constitutes an investment contract is past direct XRP sales to institutional clients.”

The SEC has identified a number of crypto tokens as securities in lawsuits against various crypto firms, including Kraken, Coinbase, Binance, and Bittrex. These tokens include ADA, AXS, ALGO, ATOM, BNB, BUSD, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, NEXO, OMG, SAND, SOL, TKN, and VGX.

What do you think about this New Jersey bill seeking to classify all crypto tokens, including bitcoin, as securities? Let us know in the comments section below.

PRESS RELEASE. The TEAMZ WEB3 / AI SUMMIT represents an evolution from the TEAMZ WEB3 SUMMIT 2023, previously recognized as one the most significant and influential events in Japan’s Web3 landscape. For 2024, we’re expanding our focus to encompass both the burgeoning realms of Web3 and AI, two domains that have seen explosive growth recently.

With our rallying cry, “WEB3 / AI: The Future”, we aim to facilitate vibrant discussions on the trajectory of the Web3 sector post-2024 and the emerging societal and economic paradigms being shaped by AI. Thought leaders, pioneers, and experts in Web 3 and AI, hailing from both Japan and overseas, will offer a kaleidoscope of insights on technological applications, market dynamics, and innovative solutions. Additionally, interactive sessions are planned to deepen the discourse among attendees from diverse industries and nations.

This summit anticipates a gathering of over 100 VCs and investors, more than 100 exhibitors, and 120+ esteemed experts and scholars from the Web3 and AI sectors. We also expect a global audience of over 5,000 attendees.

Our objective remains clear: to champion the introduction and evolution of both Web3 and AI. Through highlighting the groundbreaking solutions offered by pioneers in these sectors we aspire to foster their wider acceptance and tangible impact in the real world.

【Web3 / AI：New Key to Japan’s Breakthrough】

The Japanese government has designated Web3 as a crucial element of its growth strategy and is actively cultivating the Web3 business environment through a range of measures, such as regulatory flexibility. In addition to this, the Japanese government has publicly stated that it will develop an aggressive approach to the use of AI and aims to be a world leader in the field.

Web3 and AI have a high affinity for each other, and their integration has unlimited potential. The application of blockchain technology to AI training data and the use of AI data analytics in decentralized finance (DeFi) lending protocols, are just a few of the possibilities.

By building an ecosystem that integrates Web3 and AI, Japan has the potential to pioneer related projects on the world stage.

Japan’s advancement in Web3 and AI necessitates the expansion of its business sectors. In alignment with this major companies are aggressively investing in Web3 and AI projects. Furthermore, a myriad of industries, including telecommunications, finance and manufacturing, are integrating these technologies into their operations. Concurrently, there is a surge in Web3 and AI projects initiated by startups. This has led to the creation of innovative business models related to daily life, such as NFT concert tickets featuring exclusive videos and AI-driven apps that allow users to virtually try on clothes.

Let’s usher in a renaissance in Japanese society by fusing Web3 and AI in the transformative year of 2024!

【About Event Detail】

Event Name：TEAMZ WEB3 / AI SUMMIT 2024

Dates：2024/4/13,14

Venue：TORANOMON HILLS FORUM

Host：TEAMZ, Inc

Audience：5000+

Speaker：120+

Summit Sponsor：100+

VC & Investor：100+

Media Partner：50+

Community Partner：50+

Summit Home Page：https://web3.teamz.co.jp/

【What to expect at the event】

MAIN STAGE

Eminent leaders making strides in the Web3 and AI sectors will grace the stage, offering profound insights into current advancements, industry projections, specific applications and pioneering business concepts.

PANEL DISCUSSION

A confluence of experts and industry frontrunners in the Web3 and AI realms will converge to deliberate on technological prospects, sectoral challenges, business avenues, and varied viewpoints, all aimed at sparking novel ideas and groundbreaking innovations.

VIP CONFERENCE

An exclusive segment spotlighting all speakers and panelists from the Summit Here, VIP attendees will be accorded the unique privilege of obtaining firsthand guidance and input from the crème de la crème of the industry.

EXHIBITION

The Summit’s exhibition area will be a hub of innovation, featuring over 100 standout Web3 and Ai initiatives. These projects will present their groundbreaking solutions and engage in productive interactions with investors and attendees.

RED CARPET GALA

Marking the Summit’s grand conclusion, this event promises a splendid change to network with guest orators, specialists, and global investors. Revel in delectable beverages and gourmet cruising. Adorn your best attire and revel in a splendid evening set against the mesmerizing Tokyo night vista.

TOKYO WEB3 / AI WEEK

Spanning five days from April 11th to 17th, TOKYO WEB3 / AI Week is set to captivate attendees with close to 100 eclectic side events, all centered on the Web3 and AI sectors. Participants can anticipate a whirlwind of thrilling experiences and fresh perspectives.

【Past Speakers】

Tim Draper (Founder / Draper Associates)

Masaaki Taira (Former Vice Minister of the Cabinet Office)

Yuzo Kano (President / bitFlyer Blockchain, Inc.)

Ciara Sun (Founder / C2 VENTURES)

Hironao Kunimitsu (Representative Director / Financier, Inc.)

Kensuke Amo (Managing Executive Officer / Coincheck K.K.)

Yoshiaki Ueno (Executive Officer / Group CDO and General Manager / Corporate Planning Department / Mitsubishi UFJ Financial Group, Inc.)

※Please refer to the summit website for other past speakers.

【Past Sponsors】

LINE, Microsoft Japan, IBM, Fujitsu, animoca BRANDS, NTV WANDS, Zaif, STEP’N, Accenture, Deloitte Tohmatsu, DMM Bitcoin, Quoine, Litecoin, HUBLOT, LOOT a DOG, etc.

※Please refer to the summit website for past sponsors.

【About Summit Sponsor and Partner】

As we gear up for this event, we’re on the lookout for individuals and companies to collaborate with in the following capacities:

・Summit Sponsor

・Community Partner

・Media Partner

If you, or any company or organizations you’re familiar with, are interested in these roles, we would love to hear from you. Participating in this event offers a golden opportunity to engage with industry trailblazers, stay abreast of the latest updates, and broaden your business horizons.

For further details or to get in touch with our team, please visit our official website as mentioned in the company profile. Alternatively, you can reach out to us directly at the email address provided below.

[email protected]

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

A Kenyan parliamentary committee has reportedly approved a bill that proposes to widen the definition of securities to include cryptocurrencies. The bill proposes a tax on crypto exchanges and digital wallets as well as a capital gains tax on users who realize a capital gain from the sale of their crypto assets.

Bill Just Two Readings Away From Presidential Assent

A Kenyan parliamentary committee recently voted to approve the publication of a bill that proposes to include cryptocurrencies in the definition of securities, according to a report. The bill, sponsored by Abraham Kirwa, a member of parliament (MP) for Mosop, is now set to go to the Kenyan National Assembly for a second reading. Legislators are expected to debate and make further amendments at the third reading stage.

Once the bill, known as the Capital Markets (Amendment) Bill, 2023, is approved, it will be sent to the Kenyan president for his assent. Kimani Kuria, whose committee approved the bill, said regulating the crypto space is especially crucial in a country that boasts millions of users.

“This is a very critical law that will guard our country against proceeds of crime and terrorism financing. Cryptocurrencies are already being traded by millions of Kenyans yet we have no law to govern it. We approve this Bill for publication,” Kuria, an MP for Molo, reportedly said.

Capital Gains Tax on Crypto

As explained in the report, the Kenyan Capital Markets (Amendment) Bill, 2023 seeks to introduce taxes on crypto exchanges and digital wallets. The bill also proposes a capital gains tax on users who realize a capital gain from the sale of their crypto assets.

The sponsor of the bill, Abraham Kirwa, a member of parliament (MP) for Mosop, insisted that this bill will help ensure that Kenyans are shielded from risks commonly associated with cryptocurrencies. Kirwa also accused the Central Bank of Kenya of dragging its feet and not doing enough to ensure crypto users are protected.

The Central Bank of Kenya (CBK) has seemingly adopted a lukewarm approach towards cryptocurrencies even as their popularity grows. Also, the former governor of the CBK Patrick Njoroge repeatedly spoke out against crypto and bitcoin during his tenure. However, despite this, many Kenyans have embraced crypto assets, and the country is now widely seen as one of Africa’s biggest crypto markets.

Meanwhile, among some of the bill’s key proposals is the requirement that would compel any person possessing cryptocurrencies to furnish Kenya’s Capital Markets Authority with details such as the amount of proceeds from the transaction, any costs related to the transaction, and the amount of any gain or loss on the transaction.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Tau Net, a gamechanger in blockchain & AI innovation since its 2015 inception, is redefining the landscape with its Software as Sentences advanced formal methods approach. This project, long admired for its dedication within the community, aims to steer the world towards a transparent and collaborative decentralized AI.

Introducing Tau Net

Tau Net is a groundbreaking blockchain network that holds significant promise for building decentralized AI, where the combination of knowledge in a way that deduces new facts and even scientific breakthroughs, alongside its solving of decentralized development, is the fastest path to Decentralized Artificial General Intelligence (AGI). Tau Net redefines software and ultimately blockchain development with its innovative Software as Sentences complete formal specification method, very much unlike other blockchain networks that rely on code, and in some cases, e.g. Cardano, use formal verification.

A New Paradigm: Software as Sentences

Software as Sentences is Tau Net’s novel development approach that allows its entire user base to give software requirements in simple, logical sentences. These formal specifications are executable, so the desired description of the software works as the software itself.

Tau Net pulls ahead of every other blockchain in two ways. Firstly, It’s entire system is developed using its advanced formal specification method, meaning that development is rigorous, entirely bug-free and correct-by-construction, so its software will always be correct and aligned, according to the users requirements. Secondly, development is rapid, as all users collaboratively build Tau Net together, allowing multiple users to work on the same part of Tau Net at scale with zero bottlenecks with integrations.

Executable Formal Specifications: The Elegant Engine in Tau Net

Tau Net logically detects the agreements and disagreements between its entire user base. What agreement means is also user defined within its system, it allows for Tau Net to be governed in different ways for different parts of the system, it’s all rule based. As the “agreed” software specification works as software itself, Tau Net puts its own update as the next block in its blockchain, and users continuously evolve it from block to block.

Collective Intelligence: Rapid Global Knowledge Aggregation

Tau Net logically connects and reasons over all pieces of knowledge contributed by its users into its evolving Knowledgebase. This vast potential allows users to discover solutions to complex problems, and even distribute, monetize and automatically integrate their knowledge into smart contracts.

Tau Net is the fastest road to Decentralized AGI by accelerating the aggregation of human knowledge in a way that new facts are instantly discovered and reasoned over, while giving control of that knowledge to its entire user base.

Smarter Contracts & DAOs: Driving Transparent AGI on Tau Net

Smart contracts and Decentralized Autonomous Organizations (DAOs) are better on Tau Net, as they don’t rely on traditional coding complexities that limit their potential, and instead use simple written descriptions of exactly what you want. As these descriptions are executable, your desires are machine accessible, enabling Tau Net to act as your personal smart broker, creating and executing smart contracts for you automatically in its marketplace, interacting with people and other smart agents autonomously.

DAOs go on further, allowing you to create networks of knowledge, assets and computer resources with anyone on Tau Net, yielding a whole new sense of empowerment, discovery and creativity in an autonomous manner.

The Future of Software is Specified

Tau Net’s innovative Software as Sentences approach, grounded in formal specifications, is set to significantly enhance blockchain development. By transforming complex coding into clear, understandable language, it not only democratizes blockchain technology but also paves the way for the aggregation of the vast knowledge necessary for AGI.

This method ensures that every step in the development process is transparent and correct, essential for building trust in these advanced systems. Tau Net’s approach marks a pivotal shift in how we develop and interact with blockchain and AI technologies, moving us closer to the realization of truly intelligent, transparent, and reliable decentralized systems.

Shaping Agoras: User-Driven Tokenomics on Tau Net

Tau Net introduces user-controlled tokenomics, allowing its community to shape the economic model of its native currency, Agoras ($AGRS). This feature enables users to propose and agree on the token’s dynamics. For instance, if users like Joe, Jane, and Alex agree on a deflationary approach, Tau Net’s AI assimilates this consensus. It’s able to implement changes such as burning 50% of transaction fees for deflation and rewarding active users by redistributing the remaining fees. This approach exemplifies Tau Net’s commitment to an adaptable economic system that’s genuinely user-driven.

The Road to Decentralized AGI

Tau Net, with its unique take on software development and its emphasis on clarity, transparency, and collaboration, is poised to make significant waves in blockchain. It’s a scientific and engineering breakthrough spanning artificial intelligence and software development itself, built by the best minds in these key areas.

Tau Net extends an invitation to every blockchain, AI and tech nerd. Get involved, as Tau Net will need the knowledge necessary for real AGI, be a part of this breakthrough. Your voice, like every sentence on Tau Net, counts.

Visit the Tau Net website to learn more about the project. Join the Tau community discussions on Telegram

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

PRESS RELEASE. [Istanbul- 05.12.2023] – BRN Metaverse, a groundbreaking project at the intersection of Artificial Intelligence, Metaverse and WEB3 Gaming, has officially announced a monumental token burn of 90% with a groundbreaking move. This strategic decision, announced through the official channels of the project, will see the total token supply drop from 254 million to just 30 million, setting a historical precedent in the cryptocurrency space.

With its commitment to redefine market dynamics, BRN Metaverse aims to raise its value proposition by implementing a bold token burning strategy. The phased approach, which is scheduled to start with the first burning of 25 million coins on December 7, positions BRN Metaverse as an industry innovator.

The BRN Metaverse, which released the first burn, will announce the MEME Token and participate in its community through a pre-sale opportunity, where participants can participate by burning $brn. After the MEME Token pre-sale, the project will start a second burn, which will ultimately eliminate another 199 million tokens, reducing the total supply to 30 million.

Beyond the token burn, BRN Metaverse is preparing to launch WEB3 Game closed betas, where token holders can gain exclusive access. The closed beta phase promises a unique opportunity for players to participate in events and receive a share of the USDT pool of $10,000 for 15 days. The issues identified during the closed beta will be resolved quickly within three months, which will lead to the game being released to the public with advanced features during the month-long open beta.

The BRN Metaverse is currently traded on six major exchanges, including Mexc, Gateio, Bitmart, XT, Latoken and Pancakeswap. with plans to expand its presence in the Sunday in 2024, the project aims to further consolidate its position as a leading player in the cryptocurrency landscape.

About the BRN Metaverse:

BRN Metaverse has a comprehensive ecosystem that integrates Artificial Intelligence, Metaverse and WEB3 Games. Uniquely, the project realized its initial proposal exclusively through WEB3, demonstrating its commitment to the latest technologies.

In October, in addition to gaming innovations, BRN Metaverse is leading the way in wearable technology development. The project aims to create an immersive gaming experience by introducing XR (Extended Reality) instead of traditional VR. While XR wristbands convey in-game activities, XR glasses designed for real-world use take the gaming experience beyond the virtual realm.

The BRN Metaverse team is addressing a key challenge in the GameFi sector by offering player rewards in USDT, striking a balance between in-game transactions and the token economy.Dec. Fifty percent of the revenue generated from sales in the game is allocated to BRN, ensuring a sustainable token value, while the remaining 50% fuels further development in the gaming ecosystem.

Marker Metrics After Burn:

Maximum Supply: 30,000,000

Total Supply: 30,000,000

Circulation Source: 20,000,000

Market Value: $3,000,000

Website: https://www.brnmetaverse.net/

Exchanges: Mexc, Gateio, Bitmart, XT, Latoken, PancakeSwap

Telegram: https://t.me/BrnTokenGlobal

Twitter: https://twitter.com/BrnMetaverse

All social networks: https://linktr.ee/brntoken

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: the Colombian president met with a group of blockchain proponents, the Brazilian Senate passed a law taxing investments in foreign exchanges, and the Fintech Chamber proposed a tokenization framework in Argentina.

Colombian President Gustavo Petro Held a Meeting With Blockchain Experts

Gustavo Petro, president of Colombia, recently met a group of blockchain experts to examine the possibilities of adopting this tech in state projects and its benefits.

Different blockchain proponents, including JAN3 CEO Samson Mow, JAN3 Marketing Director Raul Velasquez, JAN3 CMO Edwin Rivas, RSK Labs co-founder Diego Gutierrez, Bingx International Operations Consultant Cristian Quintero, and Tropykus co-founder Mauricio Tovar discussed the implementation of systems leveraging this tech in health billing and land registry applications.

Petro also hinted at utilizing bitcoin to finance free work cooperatives in popular areas, stating that these tools “can be promising for the prosperity of the people.”

Brazilian Senate Passes Law Taxing Cryptocurrency Purchases Made Using Foreign Exchanges

The Brazilian Senate approved Bill 4,173/2023, which defines certain taxes that must be applied to Brazilians investing abroad, including cryptocurrency purchases. The proposal, now pending presidential sanction, modifies the current cryptocurrency income tax gain rate, taking it to 15% for any amount of income perceived.

However, the bill is still somewhat broad in the eyes of experts, who still have doubts about the bill’s applicability and which exchanges will be considered offshore.

Maria Carolina Sampaio, head of the tax area and partner at GVM Advogados, told O Globo that the bill is broad and unclear, given that it does not define which assets will be taxed and does not define what constitutes a foreign investment.

Fintech Chamber Presents Tokenization Regulation Proposal in Argentina

The Argentine Fintech Chamber revealed a set of proposals focused on regulating the tokenization of real-world assets (RWA) in the country. In a document presented to Argentine President Javier Milei, the organization proposes to adopt a limited sandbox to test the functionalities of the tokenization approach for several use cases.

In the same way, the chamber proposes to include the processes to confirm that the issued tokens are linked to the promoted assets, letting issuers know the taxes and processes needed to complete the tokenization of these assets. This would include allowing notaries to provide physical examination services for these assets.

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November marked a significant milestone in the 2023 revenue generated by bitcoin miners, reaching a peak of $1.16 billion. This month not only stood out in terms of total earnings but also set a record for the highest monthly fees collected by miners within the year.

Bitcoin Mining Fees Soar to Yearly High in November, Fueling Revenue

In November, bitcoin (BTC) miners experienced a prosperous period, bolstered by increased prices and a substantial uptick in transfer fees. Data reveals that miners amassed a total revenue of $1.16 billion, with fees contributing $142.19 million to this sum.

This performance eclipsed the former zenith reached in May 2023, where total earnings were $919.22 million, inclusive of $125.92 million in fees. From May to November 2023, bitcoin miners experienced a fluctuation in earnings, with fees escalating from about $17 million to a peak of $38 million in June.

The total revenue in November surpassed May’s figures by approximately 26.19%. Yet, the hash price, defined as the revenue generated per petahash per second (PH/s) each day, was more favorable in early May compared to November’s peak values.

On May 8, 2023, data revealed that a single PH/s of hashpower was valued at $124.17. Contrastingly, the apex value in November, recorded on the 18th, was slightly lower at $96.36 per PH/s.

November witnessed a marginal increase in bitcoin (BTC) transaction processing over May, with 16.42 million transactions in November slightly edging out May’s count of 16.3 million. Furthermore, Bitcoin’s onchain daily volume in USD terms reached notable heights in the past month, though it fell short of the year’s highest peak, which occurred on October 29, 2023.

What do you think about miners recording the highest revenue month in 2023 in November? Share your thoughts and opinions about this subject in the comments section below.

Recent data reveals that Lido, the leading liquid staking protocol (LSP), now holds over 9 million ethereum within its system. This figure represents a significant 77.81% of the total ethereum value locked in current LSPs, underscoring Lido’s dominant position in the market.

Lido and Rocket Pool Reach New Heights with 9 Million and 1 Million Ether Milestones

The industry of liquid staking, now valued in the billions, is led by Lido, the leading liquid staking protocol in today’s decentralized finance (defi) landscape. Liquid staking, at its core, involves staking tokens while the assets remain “liquid” or “unlocked,” allowing for diverse applications. This method allows stakers to earn rewards while maintaining access to their funds.

For an extended period, Lido has been at the forefront of this market, and on November 21, 2023, it reached a significant milestone by surpassing 9 million in ether deposits. As of December 3, 2023, Lido holds a substantial 9.28 million ethereum (ETH) in deposits. In the preceding 36 days, dating back to October 27, 2023, the platform saw an influx of 490,000 ether.

The current total value locked (TVL) in the protocol is estimated at $20.05 billion, based on prevailing exchange rates. Among the 25 liquid staking protocols (LSPs), Lido accounts for a commanding 77.81% of the market share. The second-largest player, Rocket Pool, recorded a deposit of 49,214 ether in the same 36-day period.

Additionally, Rocket Pool recently celebrated a significant achievement, surpassing the 1 million ETH mark in TVL. While Lido and Rocket Pool observed deposits of 490,000 and over 49,000 ether respectively, Binance’s LSP experienced a more modest increase of 3,459 ETH since October 27.

In the realm of staking token derivatives, Lido’s STETH ranks among the top ten crypto assets on some market aggregation platforms, such as coingecko.com, although it’s not listed in the top ten on coinmarketcap.com. Were STETH to be recognized among the top ten crypto assets today, its market capitalization would rank it as the eighth largest.

Meanwhile, Rocket Pool’s RETH token is currently positioned as the 52nd largest among more than 10,000 listed crypto assets. Moreover, LSPs account for more than 52% of the TVL in defi today, according to defillama.com. Lido and Rocket Pool’s milestones highlight that together, these protocols now control a combined total of 10 million in locked ether worth $22.28 billion.

What do you think about Lido crossing the 9 million mark and Rocket Pool surpassing 1 million ether? Share your thoughts and opinions about this subject in the comments section below.

The total value locked (TVL) in decentralized finance (defi) is on the brink of surpassing the $50 billion threshold, standing at $48.91 billion currently. This figure marks a significant rebound from the low of $36.39 billion recorded 46 days ago, on October 18. Over this period, the TVL in defi has experienced a robust growth of 34.40%.

Defi TVL Set to Break $50 Billion Barrier

In recent times, the top ten defi protocols have shown remarkable performance, with the leading two liquid staking applications spearheading this growth. Lido, the frontrunner in defi protocols, witnessed a notable 20.17% surge in its 30-day metrics, while Makerdao experienced a 5.46% increase in the same timeframe.

Tron’s Justlend protocol enjoyed a 6.93% uptick, and Aave’s TVL climbed by 8.61%. Not to be outdone, Uniswap, ranking fifth in terms of TVL size, grew by 15.16% this month, closely followed by Summer Finance with an impressive 18.62% leap. The only exception in the top ten was STUSDT, which saw a marginal decline of 0.33% over the month.

The defi landscape also witnessed significant double-digit growth in Spark and Blast. However, Juststables encountered a 29.95% decrease in its TVL value over the last 30 days, and Tron’s SUN protocol also recorded a 23.77% reduction in the same period. As of Sunday, Ethereum dominates the defi space, holding 56.52% of all value, followed by Tron with 15.74%, and BSC with 6.13%. While Ethereum’s TVL rose by 26.48%, Tron’s saw a dip of 3.29% during the month.

Other chains following BSC in the top ten TVL rankings include Arbitrum, Polygon, Optimism, Solana, Avalanche, Cronos, and Base. Bitcoin secures the 11th spot in the ranking of the largest TVLs by blockchain. Notably, Solana (SOL) exhibited the most significant increase in TVL per chain, soaring by an impressive 69.33% this month.

What do you think about the latest defi market action? Share your thoughts and opinions about this subject in the comments section below.

Institutional investors seeking to earn rewards from digital asset token staking must be aware of the associated risks and should take steps to protect their clients, Andrew McFarlane, CTO at the Web3 infrastructure company Validation Cloud, has said. According to McFarlane, slashing, which is a penalty imposed on tokens staked on a validator who contravenes the rules of the network, is one particular risk asset managers must be aware of.

The Importance of SOC2 Attestation Reports

To limit the chances of being adversely impacted by the actions of a rogue validator, asset managers should ensure that their chosen validator has the requisite experience. In his written answers sent to Bitcoin.com News via Telegram, the Validation Cloud CTO said asset managers “should engage staking-as-a-service providers with strong security and slashing insurance.”

Another way asset managers can reassure their clients that their staking-as-a-service provider is a bona fide industry player is by choosing an audited staking platform. Staking service providers are either issued the SOC2 Type 1 or Type 2 attestation reports. While both attestations are valuable, McFarlane told Bicoin.com News that he sees SOC2 Type 1 as a better attestation report.

Meanwhile, when asked about the Ethereum network’s low staking ratio, McFarlane said its only because the “complete” staking became effective after the so-called Shapella upgrade in April. The CTO revealed that since the upgrade there has been an “over 50% growth in staked Ethereum over the last six months.”

Below are Andrew McFarlane‘s answers to all the questions sent.

Bitcoin.com News (BCN): What is staking-as-a-service and how does it differ from the complex decentralized staking protocols like Lido, and why would institutional asset managers want this?

Andrew McFarlane (AM): The Staking-as-a-Service product enables asset managers to support the operations of a blockchain network, without the burden of launching, maintaining, and scaling the necessary infrastructure – in return, asset managers earn significant rewards generated by the network.

The ability to provide this service without taking custody (non-custodial) of the tokens is the defining characteristic of a Staking-as-a-Service solution. This is in contrast with protocols like Lido or centralized exchanges, which require asset managers to deposit funds into these systems first, rather than staking directly from their wallets/custodians.

Institutional asset managers typically have strict obligations to hold assets with qualified custodians and procure tech partners who are SOC2-compliant. Staking-as-a-Service uniquely satisfies both of these obligations, allowing asset managers to keep their tokens in a custodian while being serviced by secure, compliant infrastructure.

BCN: In your opinion, what are the most common risks institutional asset managers face today with staking and how can they, or the staking service providers they use, eliminate such risks?

AM: The main risk in Proof of Stake (PoS) networks is slashing, which refers to the penalty imposed on tokens staked on a validator who contravenes the rules of the network – the severity of the penalty can vary depending on the protocol. Institutional asset managers should be aware of the specific slashing risks for the networks in which they stake.

Validators are responsible for proposing and validating new blocks of transactions, yet proposing more than 1 block (double signing), proposing invalid blocks, or prolonged downtime can result in slashing by the network. While such events are rare, experienced operators significantly reduce this risk. Institutional asset managers should engage Staking-as-a-Service providers who have strong preventative (e.g. security) and corrective (e.g. slashing insurance) measures in place for their clients.

BCN: Your company Validation Cloud recently introduced an institutional staking-as-a-service platform to offer on-demand deployment and rewards automation, among other things. What is on-demand deployment and reward automation and why should Web2 asset managers care about this?

AM: Validation Cloud’s platform was purpose-built to onboard institutional assets – the largest asset managers in the world are rapidly entering Web3 and in the near future, there will be over a trillion dollars in assets staked. As an example of scale, in order to facilitate the next $100M in staked Ethereum, 1.5M additional validators are needed. Furthermore, asset managers demand real-time infrastructure to stake/unstake, in order to facilitate dynamic, programmatic portfolio management. With respect to rewards automation, Validation Cloud has simplified the flow with on-chain smart contracts, which eliminates intermediaries and counterparty risk – driving superior experience and performance.

BCN: Validation Cloud’s staking platform claims to be SOC2 Type 1 compliant. Could you tell our readers what this is all about and how it differs from the SOC2 Type 2 certification that other staking providers like Consensys have received?

AM: Acknowledging that compliance is critical for institutional asset managers and traditional enterprises, Validation Cloud prioritized SOC2 – completing its audit with SF-based Sensiba LLP in August. Remarkably, only a small fraction of Web3 companies have achieved SOC2, in fact, Validation Cloud is the only company providing Staking and Node API to achieve SOC2. Within Web3, SOC2 holds pivotal importance for bridging the gap with traditional enterprises, aligning industry standards with those of Web2.

SOC2 defines criteria (security, availability, integrity, confidentiality, privacy) for managing customer data. The main difference between SOC 2 Type 1 and Type 2 lies in the duration of evaluation. Type 1 focuses on security controls at a specific point in time, whereas Type 2 covers those controls over a period of time, typically several months. Validation Cloud’s Type 2 observation period will conclude at the end of 2023.

BCN: According to Staking Rewards, only about 23% of the eligible ETH is currently being staked or delegated to the network. In contrast, other proof-of-stake networks like Solana, Cardano and Aptos have a staking ratio of over 60%. What explains Ethereum’s relatively low staking ratio and how would the increased institutional adoption of staking affect it?

AM: Ethereum has a lower staking ratio since its complete staking mechanism has only been in effect since April 2023 when the Shapella upgrade enabled the ability to unstake Ethereum. While “The Merge” in September 2022 ushered in the proof-of-stake consensus mechanism and the ability to stake Ethereum, it was impossible to unstake that Ethereum until the Shapella upgrade. Shapella was the inflection point for institutional asset managers, driving over 50% growth in staked Ethereum over the last six months.

What are your thoughts on this interview? Let us know what you think in the comments section below.

JPMorgan Chase CEO Jamie Dimon has warned that something bad may happen in the U.S. economy. “I’m not trying to scare people. I’m more in the category that something could go wrong,” he stressed. “A lot of things out there are dangerous and inflationary. Be prepared … Interest rates may go up and that might lead to recession.”

Jamie Dimon Says ‘Be Prepared’

The CEO of JPMorgan Chase, Jamie Dimon, issued several warnings regarding the U.S. economy this week at the 2023 New York Times Dealbook Summit in New York and the Global Investment Summit organized by British Prime Minister Rishi Sunak in London.

Elaborating on his recent warning of “the most dangerous time the world has seen in decades,” Dimon said at the Dealbook Summit on Wednesday: “If you look at history and you open a newspaper of any month, any year, of course, there’s always tough stuff going on — wars, depressions, recessions….” He explained that the current situation, including the war in Ukraine, the huge humanitarian crisis, and the nuclear blackmail, is affecting all, including oil and gas, migration, food costs, as well as international military and economic relationships. “That’s pretty tough and that’s before the terrorist attack in Israel,” Dimon opined.

Noting that these events are “dangerous,” the JPMorgan executive emphasized: “If you look at the history of battles like this, they’re unpredictable. You don’t know the full effect.” He continued:

I look at a lot of things out there … both dangerous and inflationary. So I just say: be prepared. … The rates may go up — both the short rate and the 10-year rate, and be prepared that might lead to recession.

Commenting on the current state of the economy, Dimon described: “When people look at the current economy and things are going good … We’ve had a little bit of drugs injected directly into our system called ‘fiscal stimulation,’ the largest we’ve ever had in peacetime … But they are drugs running through the system, and they create this kind of sugar high, and we’re in a sugar high.”

The JPMorgan boss further shared: “Corporate profits are up because people are spending a lot of money. Where do they get the money? The government gave it to them. Well, of course, profits are up … So, I’m quite cautious about the economy.” Dimon further asserted that the world isn’t ready for a 7% interest rate.

Dimon Anticipates ‘Something Could Go Wrong’

At the Global Investment Summit organized by Prime Minister Sunak on Tuesday, Dimon warned that something economically bad may happen. Cautioning that the world is now facing a “dangerous cocktail” of risks that could prove “explosive” for the global economy, the JPMorgan CEO said:

You can’t sit here and say that something bad may not happen. I’m not trying to scare people. I’m more in the category that something could go wrong.

He cautioned that inflation is likely to persist at elevated levels for longer. “We’re on this sugar high and I’m not saying this ends in a depression [but] I think there’s more inflationary forces out there … There’s a higher chance that rates go higher, inflation doesn’t go away, and all these things cause more problems of some sort,” the executive detailed.

Earlier in the current month, Dimon expressed his view that the Federal Reserve might increase interest rates further, stating: “I suspect that they may not be done.” He added: “I think there’s a chance that inflation is just a little stickier than people think and their fiscal and monetary stimulus in the last several years is more than people think. Unemployment is very low.” Back in September, Dimon had cautioned that the Fed could potentially raise interest rates to 7%, which might lead the U.S. economy into stagflation. In October, he disclosed his observation of two “extraordinary” storm clouds impacting the U.S. economy. “One is the fiscal money being spent is so big, the largest in peacetime ever — America and kind of around the world — with very high deficits and QT we’ve never had,” the executive detailed, clarifying: “The biggest storm cloud is geopolitical.”

What do you think about the warnings by JPMorgan CEO Jamie Dimon about the economy? Let us know in the comments section below.

Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers.

While Amassing $660M, L2 Blast Project Searches for Developers

In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman, the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million.

Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation.

Pacman has also countered the Ponzi scheme allegations and further clarified that Paradigm played no role in shaping Blast’s market entry strategy. In a mere five-day period following these events, Blast witnessed its TVL swell to $660 million, bolstered by an additional infusion of $104 million.

Notably, on November 30, when the TVL reached $634 million, Blast broadcasted its intent to expand its team, announcing open positions for hiring.

“Hiring announcement,” Blast stated. “Blast has reached $634m TVL across 67,757 community members. We’re hiring a senior devops engineer and senior protocol engineer. Reach out if you would like to contribute to Blast.”

The hiring announcement sparked skepticism upon its release, as observers questioned the project’s lack of engineering staff. “No mainnet, no testnet, no code, no employees, $634m TVL,” mocked one commentator, sharing an image of Pepe the frog.

Skepticism continued to mount on social media platform X, where another user exclaimed, “This cannot be real LOL.” Doubts persisted, with a further remark stating, “Yea this ain’t gonna end well.” The situation’s gravity led another individual to inquire, “Do you need a lawyer?”

Another person replied in jest:

Does anyone know how to make an L2? We needz help!

Currently, Blast holds a portfolio of 198,733 ether, 73,518 staked ether (STETH), and considerable amounts of stablecoins: 39.56 million USDC, 30.66 million tether (USDT), and 15.6 million DAI tokens. The role of senior protocol engineer, as outlined in the job specification, is pivotal.

This individual will significantly contribute to the team’s adaptation of the open-source OP Stack, which is rooted in go-ethereum. The OP Stack represents a unified, shared, and open-source development framework that fuels Optimism, under the stewardship of the Optimism Collective. Several L2 forks are based on the OP Stack.

What do you think about the L2 project Blast? Let us know what you think in the comments section below.

Beginning in mid-July 2023, the stablecoin from Avara (previously known as Aave), a decentralized finance firm, consistently traded below its target $1 peg, reaching a low of $0.917 on October 24. Nonetheless, in recent weeks, the Liquidity Committee of the project undertook efforts to rectify this gap, setting a goal to elevate the stablecoin’s value to around $0.98 by the end of November. Thus far, the initiative has proven successful, as the committee managed to increase the token’s value to the targeted range.

Avara’s GHO Stablecoin Nears $1 Mark

Since its inception, the decentralized finance (defi) stablecoin from Avara struggled, initially trading at $0.99 per unit on its first day. However, it has not reached that level again. Over the subsequent 141 days, the project’s team and Liquidity Committee brainstormed strategies to enhance the coin’s value.

Their efforts included bolstering liquidity through the Maverick Protocol, creating a Bunni pool for GHO/USDC, and launching Uniswap Merkl campaigns for GHO/USDC and GHO/USDT pools. From November 24 to November 28, 2023, the value of GHO surged from the $0.95 mark to the $0.98 level, a first since October 1.

Since November 28, the stablecoin has consistently maintained a value of $0.983 per coin. As of December 2, 2023, GHO ranks as the 26th largest fiat-based stablecoin by market capitalization.

On Saturday, the circulation of GHO tokens stands at roughly 34,830,945. However, with GHO trading below one U.S. dollar, its market valuation is at $34.26 million.

Currently, 980 unique addresses hold GHO, with the top ten addresses controlling 61.01% of the total supply. Moreover, the top 100 holders of GHO stablecoin collectively possess 99.47% of all circulating GHO.

While GHO has not yet climbed back to the $0.99 or $1 mark, the likelihood of reaching these levels appears increasingly favorable. Currently, the stablecoin has risen 7.29% from its all-time low of $0.917 per coin, recorded on October 24, 2023.

What do you think about GHO’s parity struggles? Share your thoughts and opinions about this subject in the comments section below.

In September and October 2023, a surge in activity was observed as numerous dormant bitcoin wallets from 2012 reawakened, transacting millions in bitcoin after lying inactive for more than ten years. Despite this flurry of activity, there were no further movements from these wallets for the majority of November, following a modest transfer of ten bitcoins on Halloween. However, on November 30, an intriguing development occurred when a vintage bitcoin address from 2012, which had been inactive for nearly eleven years, suddenly became active again, spending $3.77 million.

After Years of Dormancy, Bitcoin Wallet Reactivates With a $3.77 Million Move

The resurgence recorded in September saw a significant number of these 2012 wallets come back to life, marking a noticeable shift in the pattern of older bitcoin wallets. Transfers from 2009 wallets are practically non-existent, and those from 2010 are becoming increasingly rare, making the recent activities of 2011 and 2012 wallets stand out.

Furthermore, October saw some interesting transfers from 2012 as well but the last one that occurred was on October 31, 2023. That particular transaction involved the movement of ten bitcoins from a wallet established on December 13, 2012.

Fast forward to 29 days after the last dormant bitcoin activity from 2012, and on November 30, 2023, another notable event unfolded. An address from that same year executed a significant transfer, moving 100 BTC valued at $3.77 million.

This transaction was detected by the blockchain parser btcparser.com on a Thursday afternoon. The bitcoin address, known as “18e2L,” initially appeared on the blockchain scene on Christmas Day, December 25, 2012.

At that moment, the total value of the owner’s BTC hoard was a mere $1,338, with each bitcoin priced at $13.38. This translates to a significant appreciation of approximately 282,234% against the U.S. dollar from the time of acquisition.

The transaction’s privacy, as assessed by Blockchair’s privacy tool, scored a “moderate” 60 out of 100, indicating a reasonable level of anonymity. In essence, the user employed the “send everything” function, potentially for payment purposes or to transfer the assets to a new wallet.

Occurrences of ‘sleeping bitcoin’ spends are few and far between, yet they seem to surge when BTC values rise, as observed during the latter part of 2020 and the 2021 bull market. Year-to-date, bitcoin has witnessed a 128% increase against the U.S. dollar, with a 9.44% rise over the past month alone.

The precise reasons behind these transfers remain unclear, but the heightened value of BTC appears to be a driving factor for owners of these vintage coins. It’s important to note that these transactions indicate the movement of the bitcoins, with no definitive way to ascertain whether the coins are being sold or merely shifted to another address.

What do you think about the 2012 bitcoin transaction transferred on Thursday? Share your thoughts and opinions about this subject in the comments section below.

In the wake of Kyberswap, a decentralized exchange (dex) platform, suffering a $47 million loss due to a cyberattack, the perpetrator indicated a readiness to engage in negotiations. Yet, despite expressing an openness to resolution, the hacker lamented encountering primarily “received (mostly) threats, deadlines, and general unfriendliness.” They warned that if such hostility persists, the Kyberswap team might face delays in resolving the issue.

Kyberswap Hacker Demands Cordiality in $47 Million Heist Talks

Five days ago, Kyberswap, a decentralized finance (defi) trading platform, fell victim to a cyber attack, resulting in a loss of $47 million. The team announced that its market maker, Kyberswap Elastic, had “experienced a security incident.” Since the attack, they have established communication with the perpetrator, and an onchain message indicates the hacker’s openness to negotiate the return of the funds.

Yet, the hacker claims to have faced unjust treatment and warns that if such circumstances persist, the team may need to postpone the negotiations to a later date. “Dear Kyberswap executives, employees, token holders, and LPs,” the hacker wrote. “I said I was willing to negotiate. In return, I have received (mostly) threats, deadlines, and general unfriendliness from the executive team. That’s ok, I don’t mind. I have prepared a statement concerning our (potential) treaty. I plan to release it on Nov. 30 at Noon UTC, sharp.”

The Kyberswap attacker added:

Under the assumption that I am treated with further hostility, we can reschedule for a later date, when we all feel more civil. You need only say the word. If not, we proceed as planned on Nov. 30. Thank you.

The hacker’s message gained momentum on social media platforms. One individual who circulated the message commented, “We need a professional negotiator it seems.” It appears that the negotiation process hit a snag following the disclosure of the bounty’s percentage and the mentioning of potential legal consequences for failing to respond. Nevertheless, should the Kyberswap team successfully foster a cooperative atmosphere and smooth out any issues, the attacker might announce positive news on Thursday at noon UTC.

What are your thoughts on this story? Let us know what you think in the comments section below.

Economist Peter Schiff has warned that the U.S. dollar is “on the verge of a historic crash.” He stressed that there won’t be a soft landing for the U.S. economy, predicting a “crash & burn” scenario. Schiff highlighted the potential for increased inflation, rising interest rates, and elevated unemployment. “The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation,” he noted.

Peter Schiff’s Latest Economic Warnings

Economist and gold bug Peter Schiff is back with gloomy economic predictions in a series of posts on social media platform X. He wrote on Tuesday:

The U.S. dollar is on the verge of a historic crash. This will be a game changer for the Fed and the economy, as it will send inflation, interest rates, and unemployment soaring. Forget about a soft-landing. It’s crash & burn.

He added: “The U.S. dollar is toast. As inflation heats up, to avoid getting burned the world will turn to gold as the most viable alternative.”

On Wednesday, the economist explained on X: “The U.S. economy is already in recession. Though Q3 GDP grew by 5.2%, government spending contributed 5.5%. So without that spending, GDP would’ve contracted by .3%. Government spending borrowed money doesn’t reflect real economic growth. It will only lead to higher inflation.”

In another post on Wednesday, Schiff detailed: “Bonds are rallying on the Fed’s Beige Book acknowledgment that the economy is slowing. Bond investors should be careful what they wish for.” He continued:

The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation.

Schiff has consistently raised concerns about the U.S. economy and the fall of the U.S. dollar. In October, he stated: “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He cautioned that individuals holding U.S. dollars would face significant losses. Furthermore, the economist has warned of the potential for a severe recession, an inflationary depression, an “unprecedented” financial crisis, and a tragic ending. In September, he said a “massive crisis” will lead to a rush to exit the U.S. dollar.

What do you think about the statements by economist Peter Schiff? Let us know in the comments section below.

PRESS RELEASE. London, United Kingdom, 29th November, 2023. Bondex, the groundbreaking decentralized professional talent network, is proud to announce the launch of its innovative Job Portal, marking a paradigm shift in the recruitment landscape. In partnership with some of the biggest names in the space for their first external marketing campaigns, including names like Coinlist and Chainlink, Bondex will be able to become the leading talent platform in Web 3.

The platform introduces an innovative referral reward system, democratizing the hiring process and creating a symbiotic ecosystem where talent, employers, and recruiters converge for mutual benefit and potential financial gains that offers users a new means of gaining passive income. The ongoing campaign with Coinlist for the next three months will give users the potential to boost their airdrop eligibility, giving them the opportunity to receive more financial rewards.

The Bondex platform and app, available on GooglePlay, and the Appstore, has over three million downloads, four million registered users, and a thriving million monthly active users. As a gamified decentralized token-based professional talent network, Bondex incentivizes user participation for career advancement, talent referrals, networking, and skill development. The platform shares the resulting economic value with its participants, creating a decentralized professional network where reputation dictates user participation.

Through an open referral rewards system, Bondex’s Job Portal redefines traditional recruitment by providing users with incentives to become recruiters. By leveraging their professional networks, users can profit from hiring companies’ bounties. By utilising the combined reach of user networks, this crowdsourced method guarantees the best possible matches between employers and candidates, differentiating Bondex from outdated Web 2 leaders.

About Bondex

Bondex is a decentralized professional talent network and job portal that empowers users to become recruiters, connecting talent with employers through a unique referral rewards system. With a gamified approach and over three million downloads, and four million registered users, Bondex disrupts traditional recruitment models, fostering a symbiotic ecosystem for mutual benefit.

For media inquiries, please contact:

Dina Mattar, CEO of DVerse

[email protected]

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.