Stellar XLM Rises 8%: What It Means for TON, XMR, and ARB

Stellar (XLM) Experiences Over 8% Uptick

As of September 4, 2023, Stellar ($XLM) has seen an 8% increase in its price, indicating a potential mini breakout. This comes at a time when the asset has been consistently “shorted by the crowd,” according to data from Santiment. The uptick in price could be further fueled by liquidations.

Market Watchlist: TON, XMR, ARB

Based on data from Santiment, investors should closely monitor the cryptocurrencies TON, XMR, and ARB, as these assets are also being “shorted by the crowd.”

As of the latest data, XMR’s market value stands at approximately $21.3 million, a significant increase from $11.7 million on August 21. The long/short ratio for XMR is 1.44, indicating a balanced market sentiment. This suggests that XMR is less likely to experience liquidity issues in the long positions.

ARB’s Declining Open Interest

In contrast, ARB has seen a decline in open interest. It reached a high of around $60 million on August 28 but has since dropped to $48.7 million. Despite the decrease, the open interest remains substantial. However, ARB’s long/short ratio of 3.78 serves as a warning signal for long traders, indicating potential liquidity risks.

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Breaking: 299,998 ETH Transferred to Coinbase

Coinbase, a leading cryptocurrency exchange, has just received two significant Ethereum (ETH) transfers, totaling 299,998 ETH, or approximately $486,482,166 USD.

These transactions were reported by Whale Alert, a blockchain monitoring service. 

Coinbase was the recipient of two separate transactions, each consisting of 149,999 ETH, bringing the total to 299,998 ETH. The combined value of these transactions is estimated at around $486.5 million USD. The origin of these high-value transfers remains unknown.

Source: whale-alert

Both transfers to Coinbase were executed within the same minute, indicating a coordinated effort to move a substantial amount of Ethereum into the exchange. Transferring such large amounts to a crypto exchange often implies increased selling pressure, which could be bearish for the asset’s price.

Source: whale-alert

In a separate transaction, 15,000 ETH, amounting to $24,579,443 USD, was transferred to the crypto exchange

Ethereum co-founder Vitalik Buterin has been actively moving and selling assets, including Ethereum and Maker, over the past month. As reported by Blockchain.News, he transferred 999 ETH to a different address and deposited ETH into Bitstamp. Most recently, he sold 500 Maker (MKR) tokens for 350 ETH, valued at around $581,000, via the decentralized exchange CoWSwap. This marks his first MKR sale in two years, and the received ETH was transferred to an address with the prefix 0x3f6.

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OKX (OKB) Expands Institutional Trading Capabilities with New Features on Nitro Spreads

OKX, a global crypto exchange trusted by over 50 million users and recognized for its contributions to Web3 technology, announced a series of significant updates to its institutional trading tool, Nitro Spreads, according to press release shared with Blockchain.News by OKX. The enhancements aim to expand the platform’s capabilities and include the introduction of crypto-margined spreads, WebSocket trading, and a broader range of market options. It remains uncertain how the new features will impact OKX’s platform token, OKB.

OKX has added crypto-margined spreads to Nitro Spreads, a feature that allows traders to hedge their positions more effectively. This addition is expected to enhance OKX’s Liquid Marketplace, a liquidity network for over-the-counter (OTC), futures spreads, and options. The integration of WebSocket trading enables quicker transactions compared to platforms that solely rely on REST APIs, aligning Nitro Spreads with the high-frequency trading capabilities already available on the main OKX exchange.

The platform now also offers a wider array of market options, including spreads on weeklies and quarterlies of inverse contracts.

Spreads on these futures did not exist on OKX before the introduction of Nitro Spreads,

the company stated. This addition is part of OKX’s ongoing strategy to diversify its product offerings and better cater to the needs of institutional clients.

Since its launch, Nitro Spreads has seen a cumulative trading volume of US$500 million, with some of the largest trades involving hundreds of BTC and 1,000-2,000 ETH. The platform is currently available to select institutional traders who apply for early access, and it will be opened to all of OKX’s institutional clients in the coming weeks.

OKX recently released the first report in a series of institutional market analyses, titled ‘How OKX’s Nitro Spreads tool can help institutional investors navigate volatile markets.’ The report found that Bitcoin delivered 98% of its returns on just eight trading days out of 180 from January 1 to June 30, 2023, emphasizing the difficulties of timing stable returns in volatile markets.

The exchange is known for its speed and reliability and publishes its Proof of Reserves on a monthly basis. OKX also collaborates with various sports and entertainment entities, including English Premier League champions Manchester City FC and McLaren Formula 1, as part of its broader initiative to engage more creators in the Web3 space.


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Binance to Support Upcoming Network Upgrades for Shentu and Conflux

Cryptocurrency exchange Binance has announced its support for the forthcoming network upgrades and hard forks for Shentu (CTK) and Conflux Network (CFX). The upgrades are scheduled to take place within the next week, and they come with specific timelines for suspending and resuming deposits and withdrawals for the respective tokens.

Shentu Network Upgrade Details

The Shentu (CTK) network upgrade and hard fork are set to occur at block height 14,875,800, approximately on September 6, 2023, at 13:30 UTC. Binance will suspend deposits and withdrawals of CTK starting from 12:30 UTC on the same day. The exchange clarified that “the trading of CTK will not be affected during the network upgrades and hard forks.”

Conflux Network Upgrade Details

Similarly, the Conflux Network (CFX) will undergo its network upgrade and hard fork at the Conflux epoch of 79,050,000. Deposits and withdrawals for CFX will be temporarily halted starting from September 7, 2023, at 16:00 UTC. As with the Shentu upgrade, trading for CFX will continue uninterrupted. (See Exclusive interview with Conflux CEO by Blockchain.News)

Technical Requirements and Token Stability

Binance has assured its users that it will “handle all technical requirements involved for all users holding CTK and CFX in their Binance accounts.” Notably, neither of the network upgrades will result in the creation of new tokens.

Resumption of Services

The exchange will reopen deposits and withdrawals for both CTK and CFX once it assesses the upgraded networks to be stable. Binance has stated that it “will not notify users in a further announcement” regarding the resumption of these services.

Additional Information

For those interested in more technical details, the upgrades are associated with Shentu Release v2.7.2 and Conflux v2.3.0 Hardfork Upgrade. Voting outcomes for these proposals have also been documented.


The network upgrades are crucial for both Shentu and Conflux Network as they aim to improve scalability, security, and overall performance. While Binance’s support provides a level of assurance for token holders, it’s essential for users to be aware of the timelines to manage their assets effectively.

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FTX Financial Filings Uncover Executive Transactions Prior to 2022 Collapse

According to new court filings, prior to the collapse of the cryptocurrency exchange FTX in November 2022, a series of financial transactions were carried out, all of which seemed to be to the direct profit of key personnel at FTX and Alameda Research. FTX’s payment of $2.51 million to the American Yacht Group in March of 2022 is one key transaction that has taken place.

This transaction was beneficial to Sam Trabucco, who had served as a co-CEO of Alameda Research in the past. Trabucco confirmed possession of a boat in a following tweet that was sent in August 2022, just before to the announcement that he would be retiring from the industry.

Caroline Ellison, former  Alameda Research CEO and Sam Bankman-Fried’s girlfriend, commented Sam Trabucco’s resign,

It’s been an incredibly formative experience working with @AlamedaTrabucco . I’ve missed having him around in recent months, but I’m proud of all the other Alameda employees who have stepped up and more excited than ever about our future. I hope he has a great time on his boat!

In the year leading up to the collapse of the exchange, Trabucco and a number of other execs who had previously worked at FTX received cash settlements. These executives include people like Gary Wang and Sam Bankman-Fried, among others. Both Bankman-Fried and Wang made significant investments in Robinhood shares during the months of April and May 2022.

The remaining 10% of the shares were held by Wang via their company, Emergent Fidelity Technologies; nonetheless, Bankman-Fried maintained a 90% ownership position in the company. However, the U.S. Department of Justice seized these Robinhood shares in January.

Bankman-Fried is currently facing allegations from the Department of Justice, including the embezzlement of customer funds. He was returned to jail in August after attempting to contact a witness.  

Recently, Robinhood Markets Inc. has completed a $605.7 million share buyback deal with the United States Marshal Service, as reported by Blockchain.News. The agreement encompasses the purchase of 55.3 million shares, each priced at $10.96, formerly held by Emergent Fidelity Technologies, a company owned by Sam Bankman-Fried. The U.S. District Court for the Southern District of New York has granted approval for the transaction.

It’s important to note that both FTX and the court filings indicate that the disclosed transactions pertain only to fiat currency, leaving the extent of crypto transactions unclear. The court filings were submitted to the United States Bankruptcy Court for the District of Delaware, and FTX debtors have stated that the accuracy and completeness of the disclosed data cannot be guaranteed.

This report aims to provide a factual, third-party perspective on the financial activities of FTX and its executives, devoid of promotional or subjective language.

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Arbitrum Alert: Whale Moves Nearly 3 Million ARB Tokens into Binance

A transaction involving ARB tokens has caught the attention of the cryptocurrency onchain analysts. ARB is the native token of Arbitrum network.

A whale with address 0xe04d0484ffb9e0b4567794008e5b8a7c7f6b7e6d transferred 2,689,046 ARB tokens into Binance just a few hours ago. 


Source: arbiscan

Just 3 days ago, the same whale sent 2 Million ARB to Binance.

The whale address has 6,750,000 ARB tokens, equivalent to $8.34 million. These ARB token are withrawn from Binance, OKX, and Coinbase Prime between March 29 and May 17, 2023. The average price of these tokens at the time of withdrawal was $1.235 each, according to onchain analyst EmberCN.

If these tokens were to be sold at the current market rate, the whale would incur a loss of approximately $850,000.

Key Transaction Details

The transaction was confirmed on the blockchain with the hash 0x87a286a17c0f1e792a5e46f4f38e62b2e3aa2c6c0b81cb65cea0a43cb5bec20a.

The funds were transferred from address 0xe04d0484ffb9e0b4567794008e5b8a7c7f6b7e6d to address 0x3c2efda2a31660cbf0645d1d9cd442a1588723d4.


Source: arbiscan

It was successfully processed in block 127878480, with 1204 Level 1 block confirmations. The timestamp indicates that the transaction occurred at 07:27:33 AM UTC on September 4, 2023.

Market Implications

While the reasons for these large transactions remain unclear, they do raise questions about market sentiment surrounding ARB tokens. The activity comes amid a period of market uncertainty, where large moves into crypto exchanges by single entities can have a negative effect on token prices and investor confidence.

Recenly, Blockchain.News reported “Arbitrum Proposes 75 Million ARB Short-Term Incentive Program”.

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Arbitrum Proposes 75 Million ARB Short-Term Incentive Program

Arbitrum ($ARB) Incentives Working Group released a proposal outlining a Short-Term Incentive Program. The initiative aims to distribute up to 75 million ARB tokens from DAO-funded incentives to active protocols on the Arbitrum network. The proposal is the result of multiple community calls and workshops involving various stakeholders.

Objectives and Rationale

The program is designed to achieve four primary goals:

Support Network Growth: Accelerate the distribution of incentives to Arbitrum decentralized applications (dApps) to foster network and ecosystem expansion.

Experiment with Incentive Grants: Uncover new incentive strategies to boost user engagement, transaction volume, and liquidity.

Find New Models for Grants and Developer Support: Generate maximum activity on the Arbitrum network.

Create Incentive Data: Collect data on the effectiveness of distributed grants to inform future incentive programs.

The proposal aims to increase volume, transactions, users, and liquidity in the Arbitrum ecosystem. It serves as an experimental program with the primary objective of promoting innovative incentive strategies while ensuring basic safeguards.

Financial and Operational Details

The program will have a budget of 75 million ARB earmarked for incentive grants. Additional allocations include:

A 37,000 ARB operational budget for community and project facilitation.

20,000 ARB to @tnorm for community moderation.

12,000 ARB for PL-ARB Grants Safety Multisig.

5,000 ARB for delegate contributions.

Eligibility and Evaluation Guidelines

Grantees are required to meet specific criteria, including providing a spending plan, pro forma, and the grant’s objective. They must also commit to sharing data on distributions, transactions, and key metrics like daily Total Value Locked (TVL), transaction volumes, and unique addresses.

The program offers four grant categories:

Beacon Grants: Up to 200K ARB for protocols live on Arbitrum for at least two months and meeting specific TVL or volume criteria.

Siren Grants: Up to 750K ARB for protocols live for at least four months and meeting higher TVL or volume criteria.

Lighthouse Grants: Up to 2M ARB for protocols live for at least six months and meeting even higher TVL or volume criteria.

Pinnacle Grants: Over 2M ARB for protocols live for at least 12 months and meeting the highest TVL or volume criteria.

Timeline and Approval Process

The program will undergo a three-week approval process across two cycles, each consisting of an application period, review period, and voting period. The first cycle begins on September 15, 2023, with funds distributed by October 6, 2023. The second cycle commences on October 6, 2023, with funds distributed by October 27, 2023.

Outstanding Questions

The proposal addresses concerns about exceeding the budget and plans for excess funds. If the budget is exceeded, funding will be allocated on a first-come, first-serve basis. Excess funds will be returned to the Arbitrum Treasury.


The Arbitrum Short-Term Incentive Program aims to catalyze network growth and user engagement through a one-time, community-driven initiative. With specific eligibility criteria and evaluation metrics, the program seeks to ensure transparent and effective distribution of incentives. The initiative offers a glimpse into Arbitrum’s strategic approach to fostering a dynamic ecosystem.

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Binance Introduces “Word of the Day” Game to Enhance Crypto Literacy and Offer Rewards

The world’s largest cryptocurrency trading platform, Binance, has introduced a new feature to its website known as “Word of the Day” (WOTD), which is designed to educate consumers on various crypto-related terminology, according to official annoucement. In addition, participants have the opportunity to earn Binance Points, which may later be redeemed for a variety of other prizes. This promotion’s activity window runs from September 4, 2023 at 00:00 Coordinated Universal Time (UTC) through September 10, 2023 at 23:59 Coordinated Universal Time (UTC).


The WOTD feature is an educational word-guessing game designed to help users expand their cryptocurrency vocabulary while keeping abreast of market trends. The theme for the week starting September 4 is “Recurring Trading.” Binance has invested significantly in trading education. Yesterday, Binance issued a tweet cautioning against emotional trading, accompanied by an article titled “Trading Psychology: How to Trade Without Emotions.”

How to Participate

According to the official announcement, all users are eligible to play up to two WOTD games per day. To be eligible for a share of the 500,000 Binance Points pool, participants must get a total of five correct answers during the activity period. These points can be used to redeem rewards at Binance’s Rewards Hub.

Additional Features

After completing the first WOTD game, users can unlock a second game by sharing one of the selected articles of the day on social media. The second game is accessible once the shared link is clicked.

New User Incentives

New users who register for a Binance account using the referral code “WOTD2023” during the activity period will receive a 10% discount on spot trading fees. Additional welcome rewards can be earned by completing tasks at the Rewards Hub within 14 days of registration.

Terms and Conditions

The terms and conditions for this activity specify that only users from qualified regions who complete account verification are eligible to participate. All Binance Points will be distributed within two weeks after the activity ends. Each Binance Point will expire on the last day of the same month when it was first distributed a year later if not used at the Rewards Hub.


This initiative by Binance serves as both an educational tool and a rewards program, potentially increasing user engagement on the platform. However, it’s worth noting that the products and services mentioned may not be available in all regions.

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Gala Games Updates: GalaChain, Dev Tools and Social Media Rep

Gala Games, a blockchain-based gaming and entertainment company, has just provided a detailed update on its ongoing projects and future plans. The information comes directly from the company’s official Twitter account, @GoGalaGames, and covers a range of topics from its proprietary blockchain technology to its expansion into social media and entertainment.

Gala Tech: A Fully Operational L1 Blockchain

Gala Games announced that it has a 

fully operational L1 Blockchain running multiple games.

This is a significant milestone for the company, as it indicates a mature and robust infrastructure. Additionally, the company revealed that its social media platform, Rep, is in the “QA phase of its migration from NEAR.” This suggests a strategic move to consolidate its various services under its own blockchain, known as GalaChain.

The company also stated that it has 

deployed its sixth production channel this week.

This is indicative of the ongoing development and scaling of the GalaChain. Furthermore, Gala Games plans a “full migration of the Gala Platform to GalaChain by EOY (end of year),” which means the platform aims to become more autonomous and less dependent on external blockchains.

Developer Tools and Onboarding

Gala Games is also focusing on

streamlining onboarding and developer tools to enable full self-service to external teams by end of year.

This move is aimed at making it easier for third-party developers to build on the GalaChain, thereby expanding the ecosystem.

Gaming Milestones and Upcoming Releases

In the gaming sector, the company’s @oneuniverseCA game “broke 70,000 installs in the first week with a 10% conversion from web2 to web3 user.” Another game, @PokerGOPlay, “launched last week on iOS and will be featured in the WSOP Finals.” These statistics demonstrate the company’s ability to attract a significant user base quickly.

Gala Films and Music: Diversifying the Portfolio

Gala Films has completed filming and editing for “RZR,” and “Ghosts of Ruin” had an unveiling at ComicCon. Similarly, “Witchboard” received high praise at the same event. On the music front, new drops from artists like Earl Sweatshirt and The Alchemist, as well as Jordin Sparks, were announced.

Changing Industries with Blockchain

Gala Games stated,

We are here to change industries and redefine what blockchain can do around the world.

While the statement is ambitious, the company’s recent updates indicate a multi-pronged approach to achieving this goal.

Recently, Gala Games, as reported by Blockchain.News, has encountered internal challenges as its co-founders have filed lawsuits against each other over an alleged $130 million in cryptocurrency theft. Following this news, the company’s native token, $GALA, experienced a decline of over 10%.

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Binance Finalizes Maverick Protocol Integration on BNB Smart Chain

Key Takeaways

Binance completes integration of Maverick Protocol on BNB Smart Chain.

Deposits and withdrawals for MAV tokens are now enabled.

Users can locate their MAV deposit address on the Binance platform.

Binance, a leading cryptocurrency exchange, announced today that it has successfully integrated Maverick Protocol (MAV) into its BNB Smart Chain. The integration allows for deposits and withdrawals of MAV tokens on the BNB Smart Chain, which operates on the BEP20 standard.

What is Maverick Protocol?

Maverick Protocol is a decentralized finance (DeFi) infrastructure designed to optimize liquidity for traders, liquidity providers, DAO treasuries, and developers. It is powered by Maverick AMM, the first Dynamic Distribution AMM in the DeFi space. The protocol aims to maximize capital efficiency by automating the concentration of liquidity as prices fluctuate. This feature not only offers better prices for traders but also reduces gas fees for liquidity providers.

Details of the Integration

According to an official statement released by Binance, the integration process has been finalized, and users can now perform deposits and withdrawals of Maverick Protocol (MAV) tokens. The tokens will be supported on the BNB Smart Chain, which is built on the BEP20 token standard.

The announcement specifies that users can find their “assigned Maverick Protocol (MAV) deposit address on BNB Smart Chain (BEP20) within the Deposit Crypto page” on the Binance platform. Additionally, the smart contract address for Maverick Protocol on the BNB Smart Chain is made available, although the exact address was not disclosed in the announcement.

Implications for Users and the Ecosystem

The integration of Maverick Protocol into the BNB Smart Chain could potentially offer more liquidity and utility for MAV tokens. It also expands the range of assets supported on Binance’s native blockchain, thereby enhancing its ecosystem. (Read more on Blockchain.News exclusive interview with BNB Smart Chain)


Today’s integration marks a notable development in the ongoing expansion of assets supported by the BNB Smart Chain. As deposits and withdrawals for Maverick Protocol are now enabled, users have more options for asset management on the Binance platform. 

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