Coinspeaker Coinbase Chief Legal Officer Paul Grewal Backs Crypto Mixer Tornado Cash Defending Right to Privacy

Paul Grewal, the Chief Legal Officer (CLO) of the Coinbase exchange has spoken out in support of popular crypto mixer Tornado Cash. The mixer has been in a drawn out legal battle with US authorities over money laundering allegations. In a recent thread posted on X, Grewal announced Tornado Cash’s response to the United States Treasury, indirectly highlighting that Coinbase is in support of the mixer.

“We continue to support a critical legal challenge to preserve Americans’ right to privacy. Today, the Tornado Cash plaintiffs replied to Treasury’s arguments in the Fifth Circuit Court of Appeals with a very strong brief,” wrote he.

Grewal Details Tornado Cash Response

Grewal points out that the Treasury needs to establish that its case is against an association comprising people with a common purpose. The CLO also added that in an attempt to further its case against the mixer, the agency has shifted its argument supposedly explaining that Treasury, its team of developers, and all TORN token holders, share a common goal.

According to the response from Tornado Cash, the Treasury is trying to control the mixer. The agency is claiming authority to do so under the International Emergency Economic Powers Act (IEEPA). However, the filing states that the IEEPA does not apply in this case as the Treasury has failed to satisfy the statutory requirements for it to apply. Tornado Cash’s filing reads:

“It is now clear that the Department of the Treasury is asserting the unprecedented power to prohibit American citizens from interacting with immutable, open-source software code that cannot be deleted, edited, or controlled in any way.”

Grewal explains that immutable and open-source software code does not qualify as “property.” Unfortunately for the Treasury, this is a bit of a problem because the agency is “authorized to regulate only ‘property’ in which a foreign national has an interest.” One of the CLO’s posts states that the Treasury must receive authority from Congress. The Coinbase exec says this is necessary to regulate the use of Tornado Cash and other open-source software code. Grewal said:

“Bending old laws past their breaking point is not the way. We look forward to the Fifth Circuit’s careful consideration.”

Coinbase is Behind Tornado

Last April, Coinbase supported action seeking a reversal of the Tornado Cash ban. However, Judge Robert Pitman, of the US District Court for the Western District of Texas, dismissed the case in August, without going to trial. According to the judge, the sanctions had no direct effect on the plaintiffs, which include Ethereum core developer Preston Van Loon. Judge Pitman also ruled that the Treasury Department has a constitutional right to sanction Tornado Cash. 

The judge also dismissed the argument that smart contracts do not qualify as property because they are “immutable and therefore cannot be owned.” Pitman pointed out that “contracts of any nature whatsoever” is included in the Treasury’s Office of Foreign Assets Control’s definition of property.

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Coinbase Chief Legal Officer Paul Grewal Backs Crypto Mixer Tornado Cash Defending Right to Privacy

Coinspeaker Franklin Templeton Bets on Runes Token Standard to Boost Bitcoin DeFi Activity

Apart from being just a store of value, the Bitcoin blockchain ecosystem is gaining popularity for DeFi and NFT activities taking place on the network. Investment firm Franklin Templeton believes that the launch of Runes, the new fungible token standard for Bitcoin, could be a game changer for the ecosystem.

As per Franklin, Runes would help Bitcoin close the gap with Solana and Ethereum in the fungible digital assets space. Speaking on the development further, the investment firm added:

“Currently the fungible token market for Bitcoin is quite small in comparison to ETH and SOL.However, with the launch of a more efficient token standard (Runes), Bitcoin is positioned well to close the gap between its fungible market cap versus that of other blockchains.”

Responding to Franklin Templeton’s tweet, Runestone spokesperson Leonidas said: With “1.4 trillion [assets under management], Franklin Templeton is bullish on Runes, and somehow I know most of you guys will mid-curve this”.

1.4T AUM Franklin Templeton is bullish on Runes and somehow I know most of you guys will mid curve this

— Leonidas (@LeonidasNFT) April 15, 2024

In the past, Franklin Templeton acknowledged the role of the BRC-20 standard in the rapid surge of fungible tokens hosted on the Bitcoin blockchain. However, the firm added that the burn and the minting process of the BRC-20 standard creates a large amount of junk UTXO, or Unspent Transaction Output (UTXO).

UTXO usually bloats the network while driving fees higher as some Bitcoin fragments persist even after the transactions. This leads to the accumulation of unspent funds within the subsequent transactions.

Runes Protocol to Solve the UTXO Problem

As per the Franlink Templeton Digital Assets, the launch of the Runes protocol will come with several improvements while eliminating any junk UTXOs. The Runes protocol will reduce the dependency on any off-chain data or additional tokens while simultaneously offering greater privacy and compatibility within the Bitcoin Lightning network.

Runes are not the sole emerging digital asset capturing Franklin Templeton’s interest. Just this month, the firm praised Ordinals for igniting a “Renaissance in BTC activity,” spotlighting NodeMonkes, Runestone, Bitcoin Puppets, Ordinal Maxi Biz, and Bitmap, collectively boasting a market capitalization of $1.11 billion. Previously, the Franklin Templeton Digital Assets noted:

“In the past year, Bitcoin innovation and development has seen a renaissance in activity. Positive momentum in innovations is primarily driven through Bitcoin NFTs, known as Ordinals, new fungible token starts such as BRC-20 and Runes, Bitcoin Layer 2s, and other Bitcoin DeFi primitives.”

While Bitcoin halving 2024 is just a few days away, the BRC-20 tokens have witnessed sharp correction beforehand. For e.g. in the last seven days, the Ordi. (ORDI) token price has dropped by 40%.

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Franklin Templeton Bets on Runes Token Standard to Boost Bitcoin DeFi Activity

Coinspeaker Bitcoin Bull Samson Mow Uncovers Reasons behind Recent Market Crash

Renowned Bitcoin (BTC) supporter Samson Mow has highlighted reasons for the recent price downturn in the crypto market.

In a recent post on the X platform, Mow stated that investors reduced their crypto exposure over the weekend due to the fear of war in the Middle East. However, he noted that Bitcoin was the only asset that traded globally on weekends.

Samson Mow Identifies Reasons for Bitcoin Price Slump

In addition to this, Mow emphasized that market participants lack an understanding of the implications of the Bitcoin halving event. For those aware of the implications of the event, Mow stated that they are unsure how it will affect the price of Bitcoin.

Typically, the Bitcoin halving event holds relevance for both the cryptocurrency and miners. This is because as the block reward decreases, miners’ incentives decrease, potentially affecting network security and hash rate. This situation has led to concerns about the viability of mining operations from investors.

Fear of war triggered derisking on the weekend, with the only asset that trades globally on weekends, #Bitcoin. TradFi markets had to have their bit of panic today. All of this is an overreaction and will wash over soon. Then it will be Omega time.

— Samson Mow (@Excellion) April 16, 2024

In Mow’s opinion, investors have chosen to adopt a wait-and-see approach, refraining from making investment decisions until there is more clarity about the market’s direction following the halving, thus leading to the recent crash in the market.

Despite these concerns, Mow noted that the halving event would ignite massive supply shock in the market. According to him, investors are closely monitoring the inflows and demand of the newly introduced spot Bitcoin Exchange-Traded Fund (ETF) in the United States and, thus, should know the implications of the halving event on Bitcoin’s price.

Another notable event pointed out by Mow that could influence the price of Bitcoin is the potential launch of a spot ETF in Hong Kong. Per earlier reports from Coinspeaker, the Hong Kong Securities Regulatory Commission approved the first spot Bitcoin ETF on April 15. Mow concluded that investors still accumulating Bitcoin are the lion amidst a herd of sheep.

BTC Price Movement

On Monday, Bitcoin price surged to $67,000 during Asian trading hours, following the approval of spot Bitcoin ETFs in Hong Kong. However, this euphoria was short-lived as rising US Treasury yields impacted market sentiment, pushing Bitcoin back to $62,500.

As of this writing, Bitcoin is still experiencing drawbacks as it trades at $63,282, representing a decrease of 4.49% in the last 24 hours. However, the trading volume is slightly up by 1.2% to $43.97 billion. The Bitcoin price forecast sentiment is currently pessimistic, with the Fear & Greed Index reading 65 (Greed).

Kris Marszalek, CEO of Crypto.com is still bullish on Bitcoin. The CEO claims Bitcoin could continue on its downward movement up to the halving event. Nonetheless, he believes the event could cause the price of the leading cryptocurrency to climb to a new height.

“I expect pretty decent action within the six months following the Bitcoin halving,” says Marszalek.

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Bitcoin Bull Samson Mow Uncovers Reasons behind Recent Market Crash

Coinspeaker Binance Futures Introduces Up to 75% Leverage Perpetual Contracts on Arbitrum, Neo, Filecoin

Binance has unveiled new additions to its trading offerings with the launch of three new USDC-margined perpetual contracts. These contracts will provide traders with leveraged exposure to cryptocurrencies such as Arbitrum (ARB), Neo (NEO), and Filecoin (FIL), utilizing USDC as collateral. They will be granted the opportunity to amplify their positions with leverage of up to 75 times their initial investment.

Gradual Launch Process and Leverage Information

The first contract, ARBUSDC Perpetual, based on the Arbitrum cryptocurrency, will go live on April 18, 2024, at 07:00 UTC, offering traders up to 50x leverage. Shortly after, at 07:15 UTC, the NEOUSDC will commence trading with the same maximum leverage of 50x. Lastly, the FILUSDC will be introduced at 07:30 UTC, granting traders the opportunity to amplify their positions with a leverage of up to 75x. This gradual launching approach allows traders to plan their strategies efficiently and manage their risk exposure across multiple assets, and even more, it allows users of the platform to become familiar with the new contracts.

Perpetual contracts are a unique type of derivative product that enables traders to speculate on the future price movements of an underlying asset without the obligation of physical delivery. Unlike traditional futures contracts, it does not have an expiration date, eliminating the need for rollover or settlement upon expiration. This feature provides traders with greater flexibility and allows them to maintain their positions indefinitely, catering to both long-term and short-term trading strategies. Furthermore, the new trading instruments will be available for trading 24/7, offering traders around-the-clock opportunities to capitalize on market movements.

Binance Futures has designed these new contracts to cater to the diverse needs of its user base while implementing measures to mitigate the inherent risks associated with leveraged trading. The feature includes a capped funding rate of 0.45%, ensuring a controlled cost of holding positions. Additionally, the funding fee settlement frequency is set to occur every eight hours, providing traders with regular updates on their positions and enabling them to make informed decisions.

Multi-Assets Mode and Fee Incentives

To further enhance trading flexibility, the exchange has also incorporated the Multi-Assets Mode for these new additions. This feature will allow traders to utilize various margin assets, subject to applicable haircuts, enabling them to trade the ARB, NEO, and FIL using margin assets like Bitcoin (BTC), in addition to USDC. This versatility caters to traders with diverse portfolio compositions and risk appetites.

More so, in fostering a favorable trading environment, the exchange has put in place zero maker fees and a reduced taker fee of 0.017% for all trades on USDC-margined futures contracts since April 3. This fee structure aims to incentivize market participation and liquidity provision, benefiting traders across various strategies.

However, it is important to note that Binance Futures reserves the right to adjust the specifications of these futures contracts based on prevailing market risk conditions. This measure ensures that the exchange can respond promptly to market dynamics and maintain a resilient trading environment for all participants.

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Binance Futures Introduces Up to 75% Leverage Perpetual Contracts on Arbitrum, Neo, Filecoin

Coinspeaker Bored Ape NFT Floor Price Falls Over 90% from ATH, Hits Lowest Level since 2021

Bored Ape Yacht Club (BAYC) NFTs are currently experiencing what may be the worst downturn in their history. This follows after the floor price of the once-popular set of NFTs fell to 10.9 ETH (approximately $34,000) on Monday. The BAYC floor price hit 9.5 ETH in early August 2021, so its current level hasn’t been seen since that same month.

BAYC: A Grace to Grass Story?

For anyone who knows, the collection was once the rave of the moment. Once it launched in April 2021, it quickly catapulted to success and became the giant of the NFT space.

The success of BAYC held firm even when the overall NFT market became depressed. So much so that its community continued to be engaged while it boasted popular iterative collections, confirming its status as an undisputed leader of the pack.

BAYC became even more popular when celebrities started associating with the NFTs. The likes of popular comedian Kevin Hart and singer Justin Bieber did acquire NFTs from the collection even though they later sold them for a significantly lesser amount than their original price.

In late 2022, trouble soon began when Bored Apes investors’ filed a class action lawsuit against alleging that celebrities publicly promoted Bored Apes and MoonPay without clearly stating that they had received compensation for the promotion. MoonPay is the crypto startup that helped Hart to procure a BAYC in 2022. The firm also reportedly gifted other celebrities, including Snoop Dogg, Madonna, and Jimmy Fallon, among others, BAYC NFTs in exchange for promoting its business.

MoonPay denied those allegations, saying it never gave out any NFTs for free. However, the plaintiffs seek a jury trial and more than $5 million in damages.

Per charts, BAYC remains the top NFT collection in the collectibles market in terms of sales volume. At least, according to what Cryptoslam data suggests, its all-time sales volume exceeds $3 billion. Nonetheless, the sudden change in the fortunes of this collection is something that boggles the mind.

NFT Market Outlook

Without a doubt, the NFT market is a shadow of what it used to be in the pandemic era. It may be because the market is already oversaturated with different kinds of NFTs. However, as Forbes detailed in a January report, buyer interest in NFTs has significantly reduced, hence the falling market prices. The broader economic environment also plays a major role. Recall that the NFT boom coincided with economic uncertainty.  However, with normalcy gradually returning to world economies, it is only expected that people will have reduced interest in high-risk investments.

Generally, the prices of NFTs, including collectibles like Bored Ape Yacht Club (BAYC), can fluctuate based on various factors. They include market demand, rarity, and trends within the crypto and NFT communities. However, for BAYC, whose floor price once peaked at 128 ETH, it appears to be more than just a fluctuation. Rather, it looks increasingly like a sustained downward spiral that is headed for the rocks.

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Bored Ape NFT Floor Price Falls Over 90% from ATH, Hits Lowest Level since 2021

Coinspeaker Railgun (RAIL) Soars on Vitalik Buterin’s Endorsement: What Makes This Project Stand Out?

Railgun (RAIL) traders and investors have been beneficiaries of a major price surge in the crypto industry. This rally was sparked by an endorsement from Vitalik Buterin, the co-founder of Ethereum and one of the most influential figures in the crypto space.

Privacy is normal.

Railgun uses the privacy pools protocol ( https://t.co/DekkatsMR5 ) which makes it much harder for bad actors to join the pool without compromising users' privacy.https://t.co/MG0huDzpAu

— vitalik.eth (@VitalikButerin) April 15, 2024

In the span of a few hours, RAIL’s price skyrocketed from $0.54 to $1.98, representing a huge increase of over 250%. At the time of writing, the coin is trading at $1.29, but it seems that the bulls remain firmly in control and bullish sentiment continues to drive the market.

Buterin’s Endorsement Sparks a Railgun (RAIL) Price Explosion

This price movement stands in sharp contrast to RAIL’s performance in early March, when it reached a high of $1.23 before succumbing to bearish pressure and dropping to a low of $0.5. While it experienced a brief bullish moment, it was short-lived as the bears regained control. However, the past 48 hours have been a good run for the bulls, with on-chain metrics and fundamentals like trading volume remaining green. Buterin’s endorsement has further bolstered confidence in the coin.

The Ethereum co-founder’s endorsement came in the form of a post on the social media platform X, where he not only reaffirmed his support for Railgun but also praised its innovative approach to privacy.

Vitalik Buterin (vitalik.eth) transferred 100 ETH (approximately $325,000) to Railgun at 17:40 UTC+8 today. Railgun is a EVM privacy protocol that enables DeFi private transactions. Over the past six months, Vitalik Buterin has been interacting with the Railgun using small…

— Wu Blockchain (@WuBlockchain) April 15, 2024

Further fueling the sentiment, a blockchain news channel on X revealed that Buterin had transferred 100 ETH, which is about $325,000, to Railgun. Additionally, it was revealed that he had been contributing smaller amounts of ETH to the project over the past six months, a fact he himself confirmed in response to the post, stating his support for privacy initiatives.

Vitalik’s endorsement and financial contributions show his belief in the importance of privacy in the cryptocurrency ecosystem. As the crypto community continues to deal with issues of privacy and security, innovations like Railgun’s privacy pool protocol are sure to garner increasing attention and support from influential figures like Buterin.

The impact of his endorsement was also immediately seen in the surge in trading volume surrounding the coin. According to data from CoinMarketCap, RAIL’s 24-hour trading volume has increased by more than 9,500%, reaching over $15 million at the time of writing. This significant increase in trading volume comes as little surprise, considering the level of influence that Buterin wields in the crypto space and the market’s responses to his past and his endorsements.

What Makes Railgun’s Privacy Protocol so Innovative and Worthy of Buterin’s Endorsement?

Railgun’s security network enables users to conduct truly private cryptocurrency transactions by obscuring four critical identifying details: the sender of the transaction, the recipient, the asset being sent, and the amount of that asset. The crypto network achieves this level of privacy by utilizing private balances, an anonymous pool of funds from which transactions appear to originate. These private balances form an anonymity set, meaning that to an outside observer, any transaction could have been sent by anyone who has contributed funds to the pool.

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Railgun (RAIL) Soars on Vitalik Buterin’s Endorsement: What Makes This Project Stand Out?

Coinspeaker Fiji’s Central Bank Issues Warning against Crypto Purchase and Investments 

With the crypto market gradually recovering following the weekend debacle, the central bank of Fiji has issued a cautionary warning to the public regarding the use and trading of digital assets within the country.

In an official press release on Monday, the Reserve Bank of Fiji (RBF) clarified that cryptocurrencies such as Bitcoin (BTC), Ethereum (Ether), and Tether USD (USDT) are not recognized as legal tender in the country and should not be used for transactions involving goods and services within the nation.

Cryptocurrencies Are Illegal in Fiji

The bank cited the RBF Act of 1983, stating that Fiji’s legal tender is limited to currency notes and coins issued or authorized by the RBF alone. Therefore, any attempt to use cryptocurrencies for payment purposes within the country is deemed illegal under current legislation.

The bank also disclosed that it is illegal for residents of the country to engage in any form of crypto trading using funds held within Fiji, as virtual assets are not recognized as investment offerings.

The RBF said the rule also extends to corporate institutions. Individuals and companies are prohibited from investing in or purchasing digital assets within the nation, popularly known as the “soft coral capital of the world.”

The bank further stated that the prohibition extends to using credit and debit cards locally issued in the country to acquire or invest in digital assets.

The central bank warned that violations of the RBF’s directives regarding the use and promotion of digital assets may result in penalties under both the RBF Act of 1983 and the Exchange Control Act of 1950.

The RBF also warned that citizens outside the country who invest in crypto without obtaining approval from the central bank may attract penalties under the Exchange Control Act.

No Company Is Authorized to Offer Crypto Services in Fiji

RBF governor Ariff Ali said the warning regarding the use, trading, and investing in cryptocurrencies emanated from the growing trend of digital asset investment schemes being promoted within Fiji.

According to Ali, the asset class is being advertised to the country’s residents through social media platforms, whereas the country prohibits its citizens from engaging with the emerging economy.

The RBF governor also emphasized that the bank has not authorized any individual or entity to offer crypto-related investment products to people in the region.

The country is one of the many nations worldwide that has frowned against embracing financial innovation. Through the central bank and the Fijian Competition and Consumer Commission, the government has issued several warnings regarding the use and trading of digital assets in the region.

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Fiji’s Central Bank Issues Warning against Crypto Purchase and Investments 

Coinspeaker BIT Exchange Unveils EigenLayer Points Program, Redefines Market Dynamics

BIT Exchange, one of the top cryptocurrency trading platforms in the industry, has given users something to cheer about with the launch of EigenLayer Points (ELP)/USDT trading on the spot market on its Points Program system. The platform will facilitate engagement with the Eigenlayer network ahead of the planned Token Generation Event.

The news of the launch shared by the exchange details how EigenLayer has become a pivotal player in Ethereum’s evolution. With this growth, early adopters can now engage with the EigenLayer.

EigenLayer, a Catalyst for Ethereum’s Evolution

EigenLayer operates on the Ethereum blockchain and has garnered widespread acclaim for its unique approach to restaking and network security. With a staggering Total Value Locked surpassing $15 billion and a surge in interest, EigenLayer is a key player in the ongoing evolution of Ethereum.

The expansion of the Ethereum network is due to the widespread acceptance of its Web3 platforms, spearheaded by Uniswap (UNI) for decentralized exchange and now, EigenLayer for liquid restaking. The idea of the EigenLayer Points Program is to incentivize and reward early adoption activities within the EigenLayer network.

Participants can earn EigenLayer Points by engaging in various activities, such as restaking liquid staking tokens (LSTs). Notably, the quantity and duration of tokens restaked determines the points earned at the end of the day. The points accumulated will serve as eligibility criteria for the highly anticipated EigenLayer Airdrop. This incentivization scheme offers holders the opportunity to receive valuable rewards in the future.

Just last week, EigenLayer, officially debuted on the mainnet. This mainnet launch solidifies the years of work put into developing the protocol altogether.

BIT Exchange EigenLayer Support To Empower Users

BIT Exchange became the first centralized exchange to offer a market for purchasing EigenLayer Points ahead of the Token Generation Event with the launch of the EigenLayer Points (ELP)/USDT. All holders of EigenLayer Points on BIT Exchange will receive the new token once the EigenLayer Airdrop is initiated, based on the official conversion rate.

“The introduction of the EigenLayer Points Program marks a significant milestone for BIT and the wider crypto community,” said LAN, Co-founder, and COO of BIT Exchange, “We are excited to give our users the opportunity to engage with new and innovative protocols like EigenLayer and participate in the early stages of a new and prominent DeFi application.”

At this time, there is no official date for the EigenLayer Airdrop yet. Nonetheless, there is widespread anticipation for the event in the crypto space as it offers participants the chance to be part of a groundbreaking initiative at the forefront of blockchain innovation.

Following the Mainnet launch, notable exchanges like Coinbase Global Inc (NASDAQ: COIN) and Google Cloud became part of the initial operators on EigenLayer while announcing readiness to partner users interested in restaking their Ethereum or Liquid Staking Tokens.

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BIT Exchange Unveils EigenLayer Points Program, Redefines Market Dynamics

Coinspeaker Arbitrum Set to Unlock 92.65 Million ARB Tokens in ‘Cliff Unlock’ Event

Arbitrum, a major layer-2 blockchain system, is getting ready for another big event on April 16, 2024, dubbed “Cliff Unlock.” According to Token Unlocks, Arbitrum will unlock around 92.65 million ARB tokens, which is about 3.49 percent of the total number of tokens in circulation. At the time of writing, this huge sum is worth approximately $116.73 million on the market.

This event has been labeled as a “Cliff Unlock”, which means that no tokens will be released until the specified date, also called the “cliff” or unlock date. A huge number of tokens will be released to the market all at once on this date.

Arbitrum unlock progress and countdown to next unlock. Photo: Token Unlocks

 Effects of the ‘Cliff Unlock’

These kinds of events can have a big effect on the market, often making it more volatile and full of trading activity. Traders often speculate how prices will move around these events with the goal to make money from possible price changes. In the case of ARB, the market response to the previous Token Unlock was big. The price of the token dipped considerably, but then it soared again.

The crypto community is looking forward to the “Cliff Unlock” and making predictions about what it will mean. Traders and buyers are paying close attention to how the market is moving because the sudden influx of ARB tokens could cause big price changes. The community is split; some people think prices will go up after the unlock, while others remain cautious given the likelihood of higher volatility.

Lessons from Previous Arbitrum ARB Unlocks

Arbitrum’s previous Token Unlock event, during which 1.11 billion ARB tokens were released, teaches us a lot regarding how the market might respond. Soon after the open, the price of the token dropped sharply, but it quickly rose again. Based on this trend, the unlock event may cause short-term price changes, but it’s not clear what will happen to the token’s value in the long term.

ARB’s price dropped for four days in a row after the last Token Unlock event, losing more than 25% of its value. TradingView shows that the asset linked to Arbitrum’s layer-2 blockchain dropped from $1.96 on March 16 to $1.44 by March 19.

In addition to Arbitrum, a number of other projects are gearing up to unlock tokens this week. Axie Infinity, for instance, is set to release around 10.87 million AXS tokens on April 16. This release represents about 7.6% of the project’s circulating supply, with a total value of approximately $1.055 billion. Additionally, Immutable X is set to release 34.19 IMX worth $76.59 million into the market this week, accounting for 2.4% of the circulating supply.

These tokens were originally allocated for various purposes, including the project’s foundation, community, core contributors, and investors.

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Arbitrum Set to Unlock 92.65 Million ARB Tokens in ‘Cliff Unlock’ Event

Coinspeaker PancakeSwap Burns Over 9.2M CAKE Worth More than $27M, Signaling Huge Bullish Uproar Soon

In a bid to ensure token deflationary, PancakeSwap (CAKE), the leading decentralized exchange (DEX) on the Binance Smart Chain (BSC), announced that it has already incinerated 9,219,752 $CAKE units worth more than $27 million. As a result, PancakeSwap has so far burned more than 1.25 billion CAKE tokens, worth more than $3.7 billion, thus representing around 76.4 percent of the total circulating supply.

Direct Impact on CAKE Prive Action

Amid the ongoing crypto recovery following a choppy weekend, CAKE price has rebounded more than 8 percent in the last 24 hours to trade around $2.94 on Monday during the early New York session. According to on-chain data, CAKE has more than 1.63 million non-zero addresses, which have already made nearly 200 million transfers.

Notably, the CAKE token is a mid-cap altcoin that has a fully diluted valuation of about $1.1 billion and a daily average trading volume of around $116 million.

With the high demand for CAKE, which has liquidity of over $86 million in top-traded digital assets, the underlying value will continue to rally toward an all-time high (ATH). From a technical standpoint, CAKE’s price against the US dollar has been forming a bullish megaphone, which will eventually yield a rally towards double digits.

Moreover, Bitcoin’s dominance will drop to a historical low soon after forming a falling divergence on the weekly Relative Strength Index (RSI).

#Altseason will Start after Bitcoin Halving. ⌛️

HODL your Altcoin Bags with Patience, Avoid Panic Selling, Altseason is yet to come! #Crypto #Altcoins #Bitcoin pic.twitter.com/mrNVMZL8R9

— Captain Faibik (@CryptoFaibik) April 13, 2024

Growing PancakeSwap (CAKE) Ecosystem

The PancakeSwap platform has inked strategic partnerships in the recent past to enable seamless adoption of digital assets. On Monday, PanecakeSwap announced a strategic partnership with Aperture Finance to help in the automation g liquidity pool (LP) management.

Through the integration with Aperture Finance, PancakeSwap users can now tap on AI-powered tools to optimize LP management on different chains.

The PancakeSwap DEX has grown to a multi-chain trading platform available on Ethereum, Aptos, Polygon zkEVM, Arbitrum, Linea, and Base, among others. With the growing on-chain activity on most layer one and layer two chains fueled by meme coins, PancakeSwap has significantly benefited.

Furthermore, PancakeSwap enables anyone to benefit by providing liquidity to different pools. Additionally, the DEX platform has low and affordable trading fees that enable it to compete with other similar exchanges in the industry.

🐰Last week at PancakeSwap

1⃣Arbitrum & Base 1B cumulative trading volume🆕CLAMM Options Trading🆕TWAP and Limit orders2⃣Q2 Roadmap Released & AMA🆙Position Manager Enhanced Rewards🆒Arbitrum LTIPP application approved

— PancakeSwap v4🥞 (@PancakeSwap) April 15, 2024

Regulatory Scope

Despite being a decentralized financial platform, PancakeSwap faces possible regulatory hurdles similar to its Ethereum-based counterpart Uniswap (UNI). As Coinspeaker recently reported, the United States Securities and Exchange Commission (SEC) is after Uniswap for allegedly operating without necessary regulatory approval.

Notably, the US SEC has stood firm on most crypto assets falling under securities law, despite the court finding the matter otherwise.

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PancakeSwap Burns Over 9.2M CAKE Worth More than $27M, Signaling Huge Bullish Uproar Soon

Coinspeaker Norway Begins CrackDown on Crypto Data Centers

Henceforth, Norway is set to keep a close eye on the operations of data centers within its borders. This follows after the country recently announced its decision to put forward new legislation that will regulate its data center industry.

As detailed in a local news report, Digitalization Minister Karianne Tung confirms that this is the country’s first attempt at scrutinizing the crypto mining industry. However, it is also the first time any European country is putting forward such a framework, Tung added.

According to the report, the new legislation will require that all data centers in the country are duly registered. That is after they must have filed details, including information about the owners, and top managers of these centers, as well as the type of services they offer.

According to officials, the new legislation is not exactly an attempt to stifle innovation. Rather, it is a way for the country to determine what projects align with its infrastructural ambitions or not. Tung said partly:

“The purpose is to regulate the industry in such a way that we can close the door on the projects we do not want.”

Norway’s Energy Minister Terje Aasland also shared the same sentiment. He said that the new legislation allows the country to get a good overview of which services are offered in these data centers. “It is the socially useful data centers that we want. They are important for infrastructure,” he added.

Norway Data Centre Law: Trouble for Bitcoin Miners?

From the statements of Tung and Aasland, it might be safe to conclude that Norway is set to shut the door on Bitcoin mining activities within its shores. Aasland stated:

“Cryptocurrency… is an example of a type of business we do not want in Norway.”

Presently, Northern Norway is home to several Bitcoin mining firms, and that is all thanks to its relatively cheap electricity. In 2023, a local media outlet, Dagsavisen, reported that Kryptofabrikken used almost as much electricity as the entire Lofoten district.

Norway may not have shown crypto mining firms an exit door yet, but the new legislation is expected to do so. By making it mandatory for data centers to report their businesses, local politicians in Norwegian municipalities now have the authority to say yes or no to the establishment of a center in their municipalities.

Moreover,  the recent statements from top government officials such as Tung and Aasland may already signal the stance of Norway. That is as it pertains to crypto mining.

Meanwhile,  Aasland also did a bit of clarification on Norway’s data center law. He said that the country is open to working with data centers that are beneficial to its social structure. For example, centers that operate as storage servers.

So, essentially, the data center industry is an industry that Norway greatly desires and needs. However, having gone unregulated for a long time, the government now wants to exercise more control over it.

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Norway Begins CrackDown on Crypto Data Centers

Coinspeaker Adidas Joins Forces with Crypto Fitness App Stepn to Launch NFTs and Merchandise

The worlds of sportswear and Web3 continue to collide as sportswear giant Adidas joins forces with Solana-based move-to-earn app Stepn. Announced on April 15, 2024, this innovative partnership promises a unique blend of digital and physical experience­s for fitness enthusiasts and crypto natives alike­.

The collaboration initiates with a limited-edition Non-Fungible Tokens (NFTs) collection calle­d the “Stepn x Adidas Gene­sis Sneakers.” Comprising 1,000 NFTs inspired by Adidas’ iconic running silhoue­ttes, this collection marks the be­ginning of a year-long partnership. According to Stepn’s state­ment, users can await furthe­r NFT drops and physical wearable items throughout the­ collaboration.

“This genesis collection is the first of a series of co-branded activities between Stepn and Adidas over a one-year partnership that will see further NFT drops and physical, wearable items on the roadmap,” said Stepn.

Schedule­d for launch on April 17, 2024, through Ste­pn’s sister platform, the Mooar NFT marketplace, the­ Genesis collection marks a significant milestone. This isn’t Adidas’ first foray into crypto and Web3 space. Pre­viously, the sportswear giant has collaborated with the­ cryptocurrency exchange Coinbase­, the renowned Bore­d Ape Yacht Club, and even the­ luxury carmaker Bugatti.

Fitness Meets Crypto Rewards

Stepn, the­ selected partner, holds a prominent position within the move-to-e­arn (M2E) space. This innovative app motivate­s participants by rewarding cryptocurrency (GMT tokens) for outdoor walking or running activitie­s. Boasting over 5 million re­gistered users, Ste­pn partnered with renowne­d footwear brand Asics in 2022.

The Adidas partne­rship shows a shift­ in the move-to-earn industry. The strategic collaboration, combining the­ digital and physical e­xperiences betwee­n a widely-used lifestyle­ app and a renowned brand like Adidas, shows the evolving nature­ of lifestyle rewards.

Ste­pn’s CEO, Shiti Manghani, showed in the­ company’s press release­ that this physical-digital (“phygital”) collaboration could expand the appeal of M2E apps be­yond crypto enthusiasts, attracting fitness-oriente­d individuals seeking additional motivation and potential e­xclusive rewards.

Adidas & Stepn’s Year-Long Plan

Looking beyond the­ initial NFT drop, the year-long collaboration between Adidas and Ste­pn holds promising prospects. The roadmap shows the­ potential introduction of physical Adidas merchandise, comple­menting the digital NFTs, potentially cre­ating a unique blended phygital e­xperience for colle­ctors and fitness enthusiasts.

The outcome of this collaboration depends upon the­ overall crypto market’s resilie­nce and user adoption. Although Ste­pn has gained significant traction, there are concerns regarding M2E models and in-app token valuations. However, this partnership shows a bold step towards fitness, fashion, and Web3, paving a path for interactive­ and potentially rewarding fitness experiences.

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Adidas Joins Forces with Crypto Fitness App Stepn to Launch NFTs and Merchandise

Coinspeaker Crypto Investment Products Registered $126M in Outflows Last Week, What’s Next?

Cryptocurrency investment products registered net outflows during the last week amid a tepid market sentiment. With Bitcoin and the broader cryptocurrency market showing major volatility, the total outflows from crypto investment products stood at $126 million, as per data from CoinShares.

Although the trading volumes picked up from $17 billion to $22 billion on a week-on-week basis, the total ETF/ETP activity dropped in comparison to the overall market. This clearly represented a cautious stand among investors ahead of approaching the Bitcoin halving event.

If we look at the regional bifurcation, the United States witnessed the largest outflows totaling a staggering $145 million. Other markets like Canada and Switzerland followed with outflows to the tune of $6 million and $5.7 million respectively. On the other hand, investors from Germany capitalized on the market opportunity registering net inflows of $1.7 million.

On the other hand, the total flows happening into the spot Bitcoin ETFs have also been very volatile during the last month. during the last week, the total inflows in the nine Bitcoin ETFs registered in the US were $572 million, excluding the GBTC flows.

Inflows to the 9 new bitcoin ETFs, ex. GBTC, were just $572 million this week, the worst week to date. pic.twitter.com/pMzS5gH26I

— Joe Consorti ⚡ (@JoeConsorti) April 13, 2024

On the other hand, the Grayscale Bitcoin ETF GBTC continued to bleed heavily registering more than $767 million worth of outflows. Meanwhile, BlackRock has maintained its stance, with assets under management for IBIT Bitcoin ETF surpassing $15 billion. Consequently, BlackRock has significantly narrowed the gap in Bitcoin reserves with Grayscale. It’s highly likely that a considerable portion of the outflows from GBTC has been directed towards BlackRock.

Altcoins See Net Outflows

With a subdued market sentiment around Bitcoin, the altcoins also witnessed net outflows during the past week. The world’s second-largest cryptocurrency Ethereum (ETH) witnessed net negative outflows standing at $29 million.

Apart from Solana experiencing $3.6 million in outflows last week, altcoins had a positive week overall. Some lesser-known names saw inflows, including Decentraland, Basic Attention Token, and LIDO, which received $4.9 million, $2.9 million, and $1.8 million respectively, reported CoinShares.

Over the last weekend, Bitcoin and the border cryptocurrency market witnessed major turbulence amid rising geopolitical tensions and the escalating Iran-Israel conflict. However, for now, investors have decided to look past it looking forward to the upcoming Bitcoin halving event.

The Bitcoin price has bounced back above $66,000 while altcoins have gained anywhere between 8-15% in the last 24 hours.

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Crypto Investment Products Registered $126M in Outflows Last Week, What’s Next?

Coinspeaker Toncoin (TON) Surges 18% amid Expectations of Major Announcements at TOKEN2049 on April 19

In a surprising turn of events, Toncoin (TON), the cryptocurrency associated with The Open Network is showing signs of strength, soaring above 18% despite the recent crypto market downturn and utility boost updates.

Toncoin Shining Bright amid Utility Boom

As of the latest data from CoinMarketCap, TON is trading at $7.09, demonstrating an increase of 7.17% in the past 24 hours. Notably, TON has now risen to become the 8th largest cryptocurrency, eclipsing Dogecoin (DOGE) with its market capitalization standing at $24.7 billion.

Amid this recent resurgence, the community is anticipating the first, real, and valuable use case for TON would be revealed to 900 million Telegram users on April 19.

Making crypto – actually – useful! 🔥

What will @durov, CEO & Founder of @telegram, unveil at #token2049dubai this Friday? 👀

Get ready for crypto’s first real-world, really valuable use case. Available to all 900M monthly active Telegram users.

We're on the brink of something… pic.twitter.com/bIkNncZGtG

— TON 💎 (@ton_blockchain) April 15, 2024

In another positive development for the project, the TON Foundation said it had formed a strategic alliance with Hashkey Group to expand the adoption of the cryptocurrency in Asia.

According to the announcement from Coinspeaker, both Hashkey and the TON Foundation aim to increase the overall adoption of cryptocurrency and Web3 projects. The partnership will also ensure seamless access to fiat currencies via Telegram-based on and off-ramping services. This partnership together with Durov’s recent announcement seems to be contributing to the price of TON increasing astronomically.

Another factor that may be contributing to TON’s soaring increase is rumors of Telegram going public. In March, Durov said the firm had received offerings above $30 billion in valuation from potential investors. He, however, pointed out that he preferred to launch an Initial Public Offering (IPO) directly.

Moreover, in a much-anticipated revelation expected at the forthcoming TOKEN2049 event that will take place in Dubai, Durov together with Tether’s Paolo Ardoino are poised to unveil the integration of USDT into the TON Blockchain. While this integration is yet to be actualized, the idea opens up so many possibilities for the TON project.

Toncoin’s Journey to Surpass XRP

Toncoin’s rise in the crypto market has been one of the signs of its determination and resilience. The cryptocurrency was first developed by Telegram but was later entrusted to the open-source community following regulatory challenges.

Notably, Toncoin has an ambition of surpassing Ripple’s XRP in the long term. Achieving this feat is not impossible for TON as it recently displaced DOGE to the sideline. Toncoin’s growth has extended to a weekly gain of 22.4% compared to DOGE’s weekly decline of 21%.

Considering Toncoin’s current market outlook, its market capitalization is only about $4 billion different from XRP’s market capitalization of $28.5 billion. If Toncoin continues with its recent bullish momentum, its valuation could reach or even climb above XRP soon.

Toncoin has been on a parabolic move since the beginning of this year. Its growth in the Year-to-Date (YTD) now stands at 201.85%, far above Bitcoin’s 116.7% increase. Following TON’s outstanding performance, Global Web3 investment firm Mirana Ventures announced the acquisition of $8 million worth of TON from the secondary market. Related support from major investors is a boost toward TON’s growth pursuits.

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Toncoin (TON) Surges 18% amid Expectations of Major Announcements at TOKEN2049 on April 19

Coinspeaker Ethereum Whales Display Unwavering Confidence: Continue ETH Accumulation despite Recent Dip

Ethereum (ETH) whales have embarked on a buying spree, with large wallet holders accumulating substantial amounts of the coin. This move comes in the wake of a recent dip experienced by most cryptocurrencies over the weekend, during which ETH also faced a decline.

Prior to the market downturn, analysts had predicted that Ethereum was well-positioned to reach its previous all-time high. However, the coin took an unexpected turn, plummeting to $2,800, its lowest level since February, marking a dip of over 19% between Friday and Saturday.

Despite this setback, the whales have not faltered, seizing the opportunity to buy the dip. An analysis released by Lookonchain, an on-chain analyst on X, revealed that a particular whale address spent $3.15 million to acquire 1,000 ETH from Binance. Undeterred, the same whale then spent an additional $25 million to accumulate 8,300 ETH after the market dipped, showcasing the optimism and confidence held by these large wallet holders.

This whale accumulated 1,000 $ETH ($3.15M) from #Binance at the bottom again, accumulating 8,300 $ETH ($25.12M) after the market dropped.https://t.co/ZXrwpz1g6D pic.twitter.com/bONUrSKbyl

— Lookonchain (@lookonchain) April 15, 2024

Corroborating this trend, another report from the same on-chain analyst revealed that another whale spent 70 million USDC to purchase 23,790 ETH at $2,942 after the coin experienced a drawback. The on-chain analyst further revealed that the wallet holder might even buy more of the coin. This move further shows the resilience and conviction of these whales in the face of market volatility.

Hong Kong ETF Approval Causes a Spike in ETH Price

The whales’ resilience in continuing to buy appears to be yielding positive results, as the Ethereum market has witnessed a bullish resurgence, amassing over a 14% gain in the last 48 hours. Moreover, the confidence exhibited by the whales in their continued buying stemmed from the hopes that the Securities and Futures Commission of Hong Kong would approve spot Bitcoin and Ether ETFs this week, which has already happened.

The crypto regulator’s approval has further fueled bullish momentum, with the coin continuing its upward trend and currently trading above $3,200. Additionally, it has gained an additional 2% increase since the announcement. The approval will grant greater access to institutional demand during Asian trading hours, paving the way for financial giants to invest more heavily in the coin, potentially propelling the coin’s market to appreciate. Commenting on the approval of the coin, a crypto analyst on X KatieePCrypto.pls, who boasts over 40,000 followers, anticipates that this approval will result in a bullish rally. Therefore, traders should be prepared. She stated:

“Hong Kong just approved #ETH ETFs, $20k Ethereum is programmed. Prepare for a massive bull run.”

Despite the cryptocurrency market’s volatility, the actions of these Ethereum whales testify to their steadfast belief in the coin’s long-term potential and its potential to reach new highs. In a follow-up post, KatieePcrypto echoed this sentiment, advising traders not to yield to fear and uncertainty (FUD) as the last weekend dip. She stressed that the opportune time to buy is when FUD emerges, urging traders to resist market manipulators.

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Ethereum Whales Display Unwavering Confidence: Continue ETH Accumulation despite Recent Dip

Coinspeaker UK to Roll Out New Crypto and Stablecoin Legislations in July

The government of the United Kingdom (UK) is planning to roll out new legislation to regulate crypto and stablecoins issuance and usage in the British nation. According to a CoinDesk report on Monday, the UK’s Economic Secretary, Bim Afolami, disclosed plans for the new crypto regulations at the Global Summit on Innovative Finance on April 15, 2024. Speaking at the event, Afolami mentioned that the regulations are scheduled to be introduced in a few months between June and July this year.

UK to Regulate Trading and Staking Cryptocurrencies

The British minister said the law would cover different areas of the emerging economy, including trading digital assets on exchanges, operating as a virtual asset service provider (VASP), and crypto custodianship.

“We are now working at pace to deliver the legislation to put our final proposals for our regime in place. Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets and other things, will come within the regulatory perimeter for the first time,” Afolami said at the summit.

The law will also extend to other activities in the industry, such as staking, which allows users to earn passive income from their digital asset holdings.

In February 2024, the economic secretary hinted at a Coinbase event in London that the UK plans to wrap up the implementation of the rule within six months. At the time, Afolami failed to provide details of the upcoming legislation.

UK’s Crypto Ambitions and Regulatory Developments

The planned introduction of the crypto and stablecoin rules in July is part of the UK’s efforts to become a global crypto hub.

Earlier in 2022, British Prime Minister Rishi Sunak unveiled a plan to turn the UK into a leading financial center that supports crypto companies in their operations, investments, innovation, and scalability.

In July 2023, the UK’s Law Commission introduced four major recommendations to overhaul domestic crypto laws. The move set the stage for the country to recognize stablecoins and other cryptocurrencies as regulated financial activities.

That same year, in February, the UK’s Financial Conduct Authority (FCA) and the Bank of England (BoE) embarked on consultations to further advance the government’s agenda of becoming a global financial centre.

The consultation aimed to establish a regulatory framework for stablecoins. The BoE said it would be in charge of supervising large stablecoin providers that could impact the financial system, while the FCA would be responsible for regulating the entire crypto space.

Despite these promising developments, the UK’s upcoming general election has introduced an element of uncertainty in crypto regulations in the country. Should the Conservatives lose power, their crypto-related plans might face delays or revisions, given that the Labour Party is currently favored to win the election.

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UK to Roll Out New Crypto and Stablecoin Legislations in July

Coinspeaker Toncoin (TON) Surpasses Dogecoin (DOGE) with 10% Gain, Eyes $10 Price Target

In the cryptocurrency arena, Toncoin (TON) has become a market leader, overtaking Dogecoin (DOGE) to take the eighth position in terms of market value. The coin’s resilience and potential for future development were demonstrated when its value reached an all-time high of $7.10, after an astounding 10% rise.

Toncoin exceeded Dogecoin as the market started recovering following a weekend of steep losses.

Toncoin’s Strong Performance and Market Cap Surge

Photo: CoinMarketCap

In the last 24 hours, the price of toncoin has gone up by 16.1%. It is now worth $7.10 as of this writing. With this gain, it has now gained 19.58% in a week. DOGE, on the other hand, has dropped 19.1% within the same time frame. Because of how well it has done, TON has risen above DOGE and other coins in terms of ranking.

Toncoin’s value has grown by 92.73% in just one month and by more than 180% since the beginning of March. This makes it one of the best-performing cryptocurrencies out there. Toncoin’s value has grown significantly since it was first released. It is now the eighth-largest cryptocurrency market by market size.

The economic future for Toncoin looks good right now with The Relative Strength Index (RSI) pointing up. Along with that, candlesticks with long tails that are close to the support line show a lot of buying action. If the price goes up above the support level at $7.50, it could lead to a big rise toward the goal price of $10.

Key Developments Driving Toncoin’s Surge

There are reports that Telegram might go public, which is reportedly linked to the rise in the price of Toncoin. Telegram CEO revealed that the chat app is receiving deals worth $30 billion.

In an attempt to make money from Telegram, ads will be integrated into chats, and users will get Toncoin as a reward. With TON-based ads, advertisers will have more say over where and how much their ads show up.

Toncoin’s link with HashKey has made investors even more secure, triggering its price to also going up. Toncoin’s growth has also been helped by the general positivity in the cryptocurrency market, which has been sparked by Bitcoin’s recent price rises.

Looking Ahead

Toncoin has ambitious goals and it could potentially beat XRP in the future. To reach this point, Toncoin had to be resilient, as demonstrated when it eclipsed Cardano (ADA) earlier this month to join the top 10 cryptocurrencies by market value.

The Toncoin ecosystem is doing very well thanks to its enthusiastic users. This community is a big part of what drives innovation and moves the network forward.

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Toncoin (TON) Surpasses Dogecoin (DOGE) with 10% Gain, Eyes $10 Price Target

Coinspeaker Crypto Miner Moves $3M Worth of BTC after 14 Years of Inactivity

After lying dormant for well over a decade, a wallet linked to a Bitcoin miner from the Satoshi era has suddenly come back to life. According to Blockchain data, the wallet just transferred a staggering $3 million worth of BTC, marking its only activity since April 2010.

As of publication, the identity of the wallet owner is not yet known. However, the sudden activity appears to have sparked curious speculations within the crypto community as enthusiasts wonder what could be the motive behind the transfer.

While some speculate that the wallet may be linked to the mystery Bitcoin creator Satoshi Nakamoto, others believe that it’s simply a case of lost private keys that the miner may have just rediscovered.

Whatever the case is, it is noteworthy that the transfer is coming at a time when Bitcoin price is surging. So, it is also possible that the owner saw an opportunity to cash out or diversify their holdings.

According to an X post by analysis tool, Lookonchain, the wallet transferred the holdings to the crypto exchange Coinbase. But this kind of wallet activity is not exactly an isolated scenario. Several wallets from the Satoshi era, the period between 2009 and 2011 when Satoshi Nakamoto was still online, have been waking up from dormancy since last year.

In July, a wallet that had been inactive for 11 years suddenly transferred $30 million worth of BTC to other wallets. A month later, another wallet transferred 1,005 BTC to a new address. In December 2023, after 13 years of dormancy, another early miner moved 1,000+ BTC to trading desks and custodian services.

BTC Transfer to Impact on Market

Clearly, the latest 50 BTC transfer thins in comparison to other major transfers that have been taking place since 2023.  However, the sudden movement of such a significant amount of BTC is nonetheless expected to have an impact on the crypto market. Although the exact effects are still unfolding, it is a popular belief that increased activity could lead to increased volatility. That is, at least, in the short term.

Meanwhile, it is not exactly clear what the wallet owner intends to do with the transferred assets. However, whether it’s a strategic financial move, the re-emergence of a long-lost miner, or something else entirely, their latest action once again underscores the absolute unpredictability that comes with the crypto space.

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Crypto Miner Moves $3M Worth of BTC after 14 Years of Inactivity

Coinspeaker Crypto Exchange OKX to List Solana-based Meme Coins WIF and MEW on April 15

OKX, one of the leading offshore crypto exchanges in the industry, will be listing two new meme coins on its platform for spot traders.

In an official press release dated April 15, the company announced plans to add support for the trading of dogwifhat (WIF) and cat in a dogs world (MEW) on its exchange starting today at 9 AM and 8 AM UTC, respectively. However, withdrawal for the Solana (SOL) based meme coins has been scheduled to start 24 hours after the listing on April 16, 2024, at 10 AM UTC.

OKX Adopts a New Listing Approach

OKX said it has opened deposits for the two tokens and trading will begin promptly at the specified times. The two meme coins have joined the growing list of over 350 digital assets listed on the platform.

The exchange recently expanded its digital asset offerings, reflecting a shift in token listing policies. However, the specific reasons for this change were not disclosed.

WIF, also known as “Dogwifhat”, started trading on other exchanges a few months ago amidst growing interest in meme coins as investors look to make the most of the market resurgence which saw Bitcoin (BTC) hit a new all-time high of $73, 000 in March.

The playful and whimsical digital asset, featuring a dog in a hat, surged nearly 30% following its listing on Binance last month. Since its introduction to the crypto market in December 2023 at a floor price of $0.004, WIF peaked at $4.83 on March 31, 2024.

However, unlike WIF, MEW is a newly launched token aiming to challenge dog-centric meme coins with its unique cat-centric theme.

The memecoin is currently listed on Huobi Global which recently rebranded to HTX. The exchange announced the listing earlier this month.

MEW Experiences over 97% Surge in 24 Hours

MEW’s innovative features and narrative have garnered significant attention in the industry, propelling it to the top ten meme coins on CoinMarketCap. On April 2, 2024, the token ranked as the sixth-largest meme coin in the crypto space.

the revolution begins… if we work together we can finally escape this dog world… https://t.co/yV0fMvZvYM pic.twitter.com/qSHDlnHcPi

— MEW (@MewsWorld) April 2, 2024

Following the news of its listing on OKX, MEW surged to $0.005558, marking a remarkable 97% increase in the past 24 hours from its previous trading level below $0.0047.

The token’s market capitalization has also soared to $497 million with a 24-hour trading volume of $232 million.

On the other hand, WIF has seen a modest increase of over 13% on CoinMarketCap, currently trading around $3.05 at the time of writing.

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Crypto Exchange OKX to List Solana-based Meme Coins WIF and MEW on April 15

Coinspeaker TRON Hits Strategic Crossroads: To Deprecate or Not to Deprecate ‘SELFDESTRUCT’ Opcode

TRON has hit a strategic crossroads, debating whether or not to deprecate the ‘SELFDESTRUCT’ opcode, as highlighted in the latest Core Dev Community Call 14.

The potential move to deprecate this opcode mirrors previous Ethereum Improvement Proposals (EIPs) and involves significant implications impacting both developers and TRON network security.

“The purpose of this TIP is still to give the community and developers time, as changes to this instruction will have a wide-ranging impact. It’s still necessary to make this declaration,” TRON Core Developer Elton said.

The ‘SELFDESTRUCT’ Opcode

The ‘SELFDESTRUCT’ opcode enables a smart contract the ability to delete itself, effectively removing itself from the blockchain, providing gas refunds, and freeing up space.

According to TRON Core Developer  Andy, “TIP-652 corresponds to EIP-6049, which was mentioned in the Shanghai upgrade. In the Cancun upgrade, the SELFDESTRUCT instruction was restricted to within a single transaction, greatly reducing its scope of use”.

#TRONICS, catch the latest from the Core Devs Community Call (April 11, 2024)! We're diving deep into adapting to the Ethereum Dencun upgrade with key discussions on:

🔹 The adaptation plans to the Ethereum Dencun upgrade🔹 Support the debug_traceCall API🔹 TIP-650: Implement…

— TRON DAO (@trondao) April 15, 2024

TRON Improvement Proposal (TIP) 652 aimed to discuss TRON network’s handling of the ‘SELFDESTRUCT’ opcode, and whether to follow Ethereum’s phased approach.

The concern surrounding TIP-652 is that developers and the community could misinterpret the term “deprecate” – believing that TRON is set to remove the command entirely.

To mitigate the potential misunderstanding, TRON Core Dev Jake suggested the term “adjustment” be used instead – better reflecting TRON’s intentions to modify the command, not remove it.

“…if TRON wants to be compatible with Ethereum and follow its changes, perhaps it’s more appropriate to use terms like “adjustment” instead of “deprecation” in this TIP?” added he.

The Implications Deprecation

The removal of the ‘SELFDESTRUCT’ opcode through deprecation carries several implications, both negative and positive.

The Good

Improved Security: TRON could reduce attack risks in scenarios where smart contracts are deleted maliciously.

Improved Trust: Contract code effectively becomes immutable without the ability to be erased with the opcode.

The Bad

Gas Inefficiency: The opcode incentivizes devs to remove obsolete smart contracts by providing gas refunds.

Storage Inefficiency: The opcode makes it possible to reuse space occupied by obsolete smart contracts.

The Ugly

Regulatory Hurdles: Without the flexibility to retire/update smart contracts, immutability can prevent compliance with regulatory changes or requirements.

Potential Forks: Community consensus is required to deprecate opcodes. Disagreements can result in both soft and hard Forks in the blockchain.

Deprecation vs. Adjustment

Despite EIP-6049, Ethereum has not yet deprecated the ‘SELFDESTRUCT’ opcode. However, it has significantly limited both its use and use cases.

The term “adjustment” being used instead of “deprecate” demonstrates TRON’s commitment to keeping up with Ethereum’s updates.  Use of the opcode is set to be only adjusted for now until discussed further in future Core Dev Community Calls.

The Cancun-Deneb (Dencun) Ethereum upgrade, activated on March 13, 2024,  introduced a new transaction type called “blobs”. These blobs enable “rollup providers to store data more cost-effectively”.

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TRON Hits Strategic Crossroads: To Deprecate or Not to Deprecate ‘SELFDESTRUCT’ Opcode