Day: September 6, 2023

OKX Announces Largest-Ever Trading Competition with 2M USDT and Tesla Model 3 as Prizes

by Blockchain News

OKX, a global Web3 technology company and crypto exchange, has launched its most ambitious trading competition to date, featuring a prize pool exceeding 2 million USDT and a Tesla Model 3. The competition, part of the company’s “Trade Like a Pro” campaign, is set to commence on September 20 and will focus on trading USDT perpetual contracts.

Team-Based Competition with Eligibility Criteria

The competition is designed to foster community engagement and will be conducted in a team-based format. OKX affiliates who have completed their KYC process can apply to become team leaders. To qualify as a team member, users must hold at least 100 USDT in assets. The first 200 qualified participants to register will receive a 10 USDT contract voucher.

Registration for team members is open from September 8 to October 3, while team leaders can register until September 20. The competition itself will run from September 20 to October 3.

Unlockable Prizes for Mass Participation

Should the competition attract more than 25,000 qualified participants, additional prizes such as an Apple Watch S8s, Airpods Pros, and iPhone 15 Pros will be made available, alongside the Tesla Model 3.

Prize Distribution Details

Upon the competition’s conclusion, a prize pool of up to 1.5 million USDT will be distributed among the top 20 teams based on their profit and loss percentage (PnL%). An additional 500,000 USDT will be awarded to the top 15 individual traders, also based on PnL%. The team leader who amasses the highest number of team members will receive up to 16,000 USDT.

Strategic Move in OKX’s Brand Campaign

Haider Rafique, OKX Global Chief Marketing Officer, stated, “This trading competition is a planned next step to our latest ‘Trade Like a Pro’ campaign. Our goal is ultimately to have the best traders on our platform. This competition brings the best talent together in the OKX trading grounds.”

The “Trade Like a Pro” campaign was initially launched on August 14 and features real users sharing their experiences with OKX products in 45- and 15-second video spots.

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Coinbase Suspends Trading for $MULTI, $VGX, $OOKI, DDX, JUP, BOND

by Blockchain News

Key takeaways

* Coinbase suspends trading for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).

* The decision was based on “recent reviews” to ensure the assets meet Coinbase’s listing standards.

* Users can still access and withdraw their funds in the suspended assets.

Coinbase, one of the world’s largest cryptocurrency exchanges, announced the suspension of trading for six cryptocurrencies: BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX). The suspension took effect on September 6, 2023, at approximately 9 AM PT, according to a statement released by the company.

Regulatory Compliance and Listing Standards

Coinbase stated that the decision was made after “regularly monitor[ing] the assets on our exchange to ensure they meet our listing standards.” The company did not elaborate on the specific reasons for the suspensions but emphasized that it was part of their ongoing compliance efforts. The announcement received 8,862 views, 8 reposts, 4 quotes, 25 likes, and 1 bookmark within hours of being posted.

User Impact and Next Steps

For users holding any of the six affected cryptocurrencies, Coinbase assured that “your funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.” The company directed users with further questions to their help center at help.coinbase.com.

Market Response

The delisting of these coins are announced on 24 August. Typically, the delisting of a coin from a major cryptocurrency exchange triggers a downtrend for that asset. For instance, Multichain (MULTI) experienced a significant surge on September 4, spiking over 115% to reach a high of $2.447. However, before its suspension from Coinbase, the coin has retraced to $1.286.

Similarly, Ooki (OOKI) saw a 2.5% increase with a price amplitude of 19%, reaching $0.002282 on September 4. Before the delisting, it has declined to $0.00189.

Given these market responses, it’s crucial for investors to monitor coins that are slated for delisting and consider selling off their holdings when prices pump prior to the suspension.

Implications for the Cryptocurrency Industry

The suspension of these six assets highlights the ongoing challenges that cryptocurrency exchanges face in balancing regulatory compliance with a diverse asset offering. It also raises questions about the criteria used by exchanges like Coinbase to evaluate the cryptocurrencies they list.

Conclusion

Coinbase’s decision to suspend trading for six cryptocurrencies underscores the exchange’s focus on regulatory compliance. While the immediate market impact remains to be seen, the move serves as a reminder of the evolving landscape of cryptocurrency regulations and the importance of due diligence for both exchanges and investors.

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Coinbase CEO Proposes Web3 Version of LinkedIn

by Blockchain News

Brian Armstrong, the CEO of Coinbase, took to Twitter on September 6, 2023, to share that the company has received over 150 applications for its inaugural Coinbase Ventures Summit. The summit, scheduled for October in Malibu, California, aims to bring together a select group of crypto entrepreneurs and builders. Armstrong also introduced a novel concept: a Web3 version of LinkedIn.

A Web3 LinkedIn: The Future of Professional Networking?

In a tweet, Armstrong outlined the idea of a decentralized LinkedIn platform built on Web3 technology.

It would be great if companies could issue soulbound NFTs to verify employment or credentials,

Armstrong tweeted. He also suggested building a front-end interface to explore both employee and employer profiles and emphasized the need to “develop a way to bootstrap the network effect.”

The CEO mentioned the challenge of network bootstrapping could potentially be solved by allowing users to mint their own NFTs if they can verify a “.com email from the company, etc.”

The Inaugural Coinbase Ventures Summit

The Coinbase Ventures Summit aims to be a breeding ground for new ideas in the crypto space. Armstrong had previously shared 10 ideas he was excited about in crypto, inviting startups and builders to apply for the summit to discuss these ideas and more. The summit’s application portal is hosted on cbvsummit.com.

Third-Party Perspective

While Armstrong’s idea of a Web3 LinkedIn is intriguing, it also raises questions about the scalability and adoption of such a platform. The concept of using NFTs for employment verification is novel but would require widespread corporate adoption to become a standard. Moreover, the challenge of bootstrapping a network effect for a new platform is not trivial and has been a stumbling block for many startups in the past.

Conclusion

The Coinbase Ventures Summit and Armstrong’s latest tweet indicate a proactive approach from Coinbase in fostering innovation in the crypto space. The idea of a Web3 LinkedIn could be a game-changer for professional networking, but it remains to be seen how the concept will evolve and if it will gain the traction it needs to become a reality.

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Solana Gum Protocol Shuts Down

by Blockchain News

The Gum protocol on Solana ecosystem announced its shutdown today. The team behind Gum and its associated product, Wordcel, cited challenging market conditions and difficulties in generating revenue as the primary reasons for the decision.

Gum initially gained traction after winning the Web3 track of the 2022 Solana Riptide Hackathon. Launched in February 2022, Wordcel, the team’s first project, had garnered a healthy user base during its beta phase. The protocol aimed to serve as the foundational layer for consumer decentralized applications (dApps) on Solana (SOL) and web3 platforms.

Despite the initial success and community support, Gum faced challenges.

Like many other projects, we too have been affected by the challenging market conditions and negative industry events in recent times,

the team stated in their official announcement. These market conditions led the team to reevaluate their future direction, particularly concerning the adoption of their Session Keys toolset.

Data points to consider include the project’s start date in February 2022, the announcement of its shutdown on September 6, 2023, and its key products, Wordcel and Session Keys. The project also won the Solana Riptide Hackathon in 2022.

The team has made efforts to simplify the migration process for existing users. All software, from frontend to indexers and on-chain programs, will be open-sourced. The Magicblock team will maintain the open-sourced Session Keys protocol going forward. The Wordcel app hosted on wordcelclub.com will be taken down on or before October 1, 2023. Users can migrate to a self-hosted version of the Wordcel frontend.

The shutdown of Gum raises questions about the sustainability of protocol-layer projects in the Solana ecosystem, particularly those that struggle with revenue generation. However, the team remains “bullish on the future of consumer dApps on Solana,” indicating that while this chapter may be closing, the story of consumer dApps on Solana is far from over.

The shutdown of Gum serves as a cautionary tale for emerging projects in the volatile crypto market. While the team’s work will continue to exist in an open-source format, the challenges they faced highlight the difficulties of transitioning from a community-supported project to a sustainable business.

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Ethereum Founder Vitalik Buterin Co-Authors Paper on Blockchain Privacy and Compliance

by Blockchain News

Ethereum’s Vitalik Buterin, along with researchers and privacy advocates, published a paper on September 6, 2023, titled “Blockchain Privacy and Regulatory Compliance: Towards a Practical Equilibrium.” The paper introduces “Privacy Pools,” a smart contract-based protocol designed to reconcile financial privacy with regulatory compliance. The news was shared to Blockchain.News by Ameen Soleimani.

Key Details

Authors: Vitalik Buterin (Ethereum Foundation), Jacob Illum (Chainalysis), Matthias Nadler (University of Basel), Fabian Schar (Center for Innovative Finance, University of Basel), Ameen Soleimani (Privacy Pools)

Publication Date: September 6, 2023

Abstract: The paper focuses on “Privacy Pools,” a protocol that employs zero-knowledge proofs to allow users to prove the lawful or unlawful origin of their funds without revealing their entire transaction history.

Keywords: Blockchain, Privacy, Regulation, Smart Contracts, Zero-Knowledge Proofs

Full Paper: SSRN

Additional Information: Dropbox Paper

Protocol’s Objective

The paper aims to address the perceived incompatibility between privacy and regulatory compliance in blockchain transactions. It introduces “Privacy Pools,” a protocol that uses smart contracts to enhance privacy while allowing for regulatory oversight.

How It Works

The protocol enables users to publish a “zero-knowledge proof” to demonstrate that their funds do not originate from known unlawful sources. This is achieved without revealing the user’s entire transaction graph, thereby maintaining privacy.

Implications for Users

Honest Users: The protocol incentivizes honest users to prove the origin of their funds, separating them from dishonest users who cannot provide such proof.

Regulatory Compliance: The protocol can be adapted to meet various regulatory requirements, making it easier for users to comply without sacrificing privacy.

Future Outlook

The authors view this paper as a stepping stone towards a future where financial privacy and regulatory compliance can coexist. They aim to foster a constructive dialogue on this subject, shifting the conversation in a more positive direction.

For further inquiries, contact ameensole@gmail.com.

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SBI Remit Expands Ripple XRP Based Remittance Services

by Blockchain News

Today, SBI Remit, a subsidiary of SBI Group that specializes in providing services for international money transfers, made the announcement that it would expand its remittance services that are based on XRP to bank accounts in the Philippines, Vietnam, and Indonesia. These three countries are: Philippines, Vietnam, and Indonesia. The digital asset known as XRP is used by the service in the capacity of a bridge currency to facilitate real-time, low-cost international payments.

SBI is making calculated moves into the cryptocurrency market. Recently, the Japanese financial conglomerate led a $36 million Series A funding round for Zodia Custody, as reported by Blockchain.News, a cryptocurrency custody subsidiary of Standard Chartered. With this investment, SBI Holdings has reportedly become the second-largest shareholder in Zodia Custody.

The Situation

Since 2017, SBI Remit has been able to improve the quality of its international money transfer services by integrating Ripple Payments. The firm launched a crypto-enabled solution in 2021 that made use of XRP, making it the first product of its sort to be released in Japan. The service at first focused on cryptocurrency wallets located in the Philippines.

The expansion into Southeast Asian markets

According to the most recent release, the scope of SBI Remit’s XRP-based remittance services will now be expanded to cover bank accounts in the Philippines, Vietnam, and Indonesia. “These countries have a high share of bank account-based remittances, and we expect accelerated adoption in the future,” the business said in a statement.

Ripple’s technology is increasingly becoming a go-to solution for remittance services, thanks to its real-time, low-cost transaction capabilities. In 2021, Blockchain.News reported that Ripple entered into a strategic partnership with MoneyGram, a leading player in the global remittance market.

Specifications and Formulas

As part of the recently implemented plan, SBI Remit will be responsible for transmitting client remittance requests to the firm, which would then prompt a real-time transfer of XRP. Customers will now have the ability to receive monies in their respective local currencies as a result of the company’s partnership with TRANGLO Pte. Ltd., a market leader in the sector of money transfers.

Advantage over Competitors

SBI Remit’s goal is to provide quick and inexpensive money transfer services to its customers by using XRP as a bridge currency. According to the official statement, “The system may have the capability of enhancing competitiveness in the international money transfer business.” SBI Remit uses a technology called Ripple Payments, which has the ability to reduce the costs associated with money transfers and allow real-time settlements.

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Why MOVR, RSS3, FTT, C98, MLN, CVC Are the Coins to Watch After PERP and FORTH’s Surge

by Blockchain News

Market Capitalization Overview

According to CoinMarketCap, among the top gainers, only SNX finds itself within the top 100 in terms of market capitalization, currently ranking at 48th place.

* In the 101-200 market cap range, ENJ has experienced a surge of around 20%.

* In the 201-300 range, DORA led the pack with a 15% increase. Additionally, four other coins—HPO, UNFI, DODO, and PEG—posted gains of 70%, 17%, 14%, and 10%, respectively.

* In the 301-400 range, six coins—TSUKA, CEL, BAKE, TLM, LEVER, REEF—saw increases of around or above 10%, with gains of 28%, 11%, 11%, 10%, 10%, and 10%, respectively.

* In the 501-600 range, no coin increased by more than 10%, although RFR did show a modest increase of 9.3%.

A Historic Decline

It’s crucial to note that all these coins have depreciated by over 90% in value since 2021, underlining the extreme volatility and associated risks in the cryptocurrency market.

One Key Factor to Observe

Most of these coins have surged by over 20% in the last two months.

* SNX previously surged by 25%, with an amplitude of 52%, on July 14.

* FORTH saw a 14.5% surge with a 46% amplitude on July 18, and again by 36.6% with a 55.6% amplitude on July 27.

* DODO experienced a 36.3% surge with a 43% amplitude on August 7.

* BAKE increased by 31% and 15% consecutively on August 13 and 14.

Additional Info

Top 10 Gainers in the Last 24 Hours on Binance:PERP, FORTH, UNFI, ENJ, SNX, DODO, BEL, BAKE, REEF, TLM.

Coins to Watch

Based on the following criteria:

1. Having surged over 20% in the previous two months,

2. Not having surged in recent days,

3. Holding a market cap between ranks 300-400,

Some coins to keep an eye on include: MOVR, MLN, RSS3, FTT, CVC, C98.

Conclusion

While the top gainers on Binance offer promising prospects, it’s essential to remember the inherent volatility of the cryptocurrency market. Investors are advised to conduct their own research and consider various factors before making any investment decisions.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice.

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OKX NFT Adds Base, Linea Support, Beyond Ethereum, Optimism, Polygon

by Blockchain News

OKX, a key player in the Web3 technology landscape, broadened its NFT Marketplace’s capabilities by integrating support for Base and Linea blockchains on September 5, according to press release shared with Blockchain.News. This move follows the company’s earlier decision to include Base and Linea in its wallet services, thereby extending the marketplace’s compatibility to 17 different blockchains.

OKX has already supported NFTs on Ethereum, Solana, Binance Smart Chain, Polygon, OK Chain, Immutable X, Aptos, Optimism, Klaytn, Arbitrum and Avalanche Chain.

Base and Linea: A Technical Overview

Base, an Ethereum Layer 2 (L2) solution, is built on the open-source Optimism Stack. It aims to tackle the blockchain trilemma of scalability, security, and decentralization by offering interoperability and composability for participating rollups. The inclusion of Base also brings liquidity from OpenSea, a major NFT marketplace, into the OKX ecosystem.

Linea, a project by ConsenSys, employs Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) cryptography technology. The Ethereum L2 solution is designed to enhance transaction throughput while maintaining a secure environment, aligning with the broader push for scalability in the Ethereum network.

OKX’s Multichain Strategy

The OKX NFT Marketplace is notable for its extensive multichain support, accommodating over 11 blockchain networks. It serves as a centralized hub for NFT transactions, including buying, selling, trading, and collecting, making it one of the most comprehensive platforms in the Web3 space. Major NFT marketplaces like OpenSea, LooksRare, and Magic Eden are among those supported.

Strategic Implications

While OKX has been known for its partnerships with high-profile brands and athletes, including Manchester City F.C. and McLaren Formula 1, the company’s core focus remains on technological innovation. Its recent global brand campaign, “The System Needs a Rewrite,” underscores its commitment to challenging the status quo through Web3 technologies.

The integration of Base and Linea is more than a mere addition of new features; it’s a strategic move that could have ripple effects across the NFT and blockchain sectors. By supporting a diverse range of blockchains, OKX positions itself as a versatile platform capable of adapting to the evolving needs of the Web3 community.

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Binance Announces 50K Point Challenge with Exclusive Rewards

by Blockchain News

Binance, its native taken being BNB, a leading cryptocurrency exchange, has launched a week-long Challenge offering a pool of 500,000 Binance Points and exclusive rewards. The Challenge is set to run from September 6, 2023, 00:00 (UTC) to September 12, 2023, 23:59 (UTC).

How to Participate

To get started, participants are required to visit the Challenge landing page and click the “Do it” button next to the mission they wish to complete. The missions must be completed within the specified Activity Period to earn Challenge attempts. Any other methods of completing a mission will not be recognized.

Prize Categories

The Challenge offers various prize categories, ranging from 5 to 200 Binance Points. Additionally, there is an equal share of a 155,000 Binance Points Rewards Pool for all eligible participants who qualify for this prize category. Points will be distributed within 72 hours after the Activity ends.

Earning Challenge Attempts

Participants can unlock Challenge attempts by completing specific missions:

Refer one friend to sign up for a Binance account and complete KYC to unlock two Challenge attempts.

Trade at least 100 USDT equivalent in total volume on any spot trading pairs to unlock one Challenge attempt.

Trade at least 100 USDT equivalent in total volume on any margin trading pairs to unlock one Challenge attempt.

Each mission can only be completed once by each participant during the Activity Period.

Terms and Conditions

All participants must complete KYC procedures to be eligible for the Challenge. Binance Points earned from the Challenge will be distributed upon completion and can be redeemed via Account > Rewards Hub. Note that each Binance Point will expire on the last day of the same month when it was first distributed a year later if not used.

Binance also clarified that sub-account trading volumes will not be combined with the master account’s standard trading volume. The exchange reserves the right to disqualify trades that are considered wash trades or illegally bulk registered accounts.

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Shiba Inu SHIB Price Plummets Over 30% in Summer of Shibarium, Here is Why

by Blockchain News

Despite a promising start to the much-anticipated “Summer of Shibarium,” Shiba Inu’s native cryptocurrency, SHIB, has experienced a dramatic 36% price drop. This article explores the rollercoaster ride of SHIB’s price, the technological advancements in the Shiba Inu ecosystem, and the market factors contributing to this decline.

What Was the Summer of Shibarium?

On July 15, Shiba Inu’s official Twitter account, @Shibtoken, heralded the arrival of the “Summer of Shibarium.” The announcement promised a series of exciting updates and urged the community to brace for “a splash of thrilling releases.” The summer was expected to be a pivotal season for Shiba Inu, featuring the launch of Shibarium, a Layer 2 blockchain solution.

Initial Market Response

Following the “Summer of Shibarium” announcement, SHIB’s price surged to $0.00000853. Although it experienced a slight correction to $0.00000756 two days later, the token soon embarked on an upward trajectory, peaking at $0.00001136 on August 12, a 50% increase.

Technological Advancements

The Shiba Inu project has been busy with numerous updates, the most noteworthy being the development of Shibarium. This Layer 2 solution aims to enhance the Shiba Inu ecosystem, which already includes a decentralized exchange (ShibaSwap) and multiple tokens (SHIB, LEASH, BONE). Shibarium is seen as a crucial step in fulfilling the project’s decentralized vision.

The Downfall: Tied to Bitcoin?

However, the euphoria was short-lived. As Bitcoin’s price dropped by 13% on August 17, SHIB followed suit, plummeting by 12% on the same day. The token’s price fell to $0.00000725, even lower than its lowest point during the “Summer of Shibarium,” marking a 36% decline.

shiba inu.JPG

Source: Binance

Market Indicators

On the day SHIB reached its peak, Blockchain.News reported that trading volumes and open interest showed unusual activity. SHIB’s 24-hour trading volume on Binance skyrocketed over 100% to $1.32 billion, ranking third behind Bitcoin and Ethereum. In the meantime, open interest in Shiba Inu surged by over 33% to $101.65 million.

What’s Next?

With SHIB currently consolidating at a price of $0.00000765 and given that historical data suggests Bitcoin often underperforms in September, the future outlook for SHIB remains uncertain. Investors should closely monitor the upward trending support line for potential price movements.

Lessons and Future Outlook

As autumn sets in, the key takeaway from this summer’s events is to be prepared for the next “Summer of Shibarium” but to exercise caution and consider selling before potential price drops.

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Bitcoin (BTC) $ 39,681.63 2.33%
Ethereum (ETH) $ 2,159.95 2.82%
Litecoin (LTC) $ 71.77 0.16%
Bitcoin Cash (BCH) $ 227.14 0.68%