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TRUMP, STRUMP, MAGA, MVP: How Meme Coins Reacted After Shooting At Ex-President’s RallySeveral meme tokens surged in value by double digits following an assassination attempt on former U.S. President Donald Trump. Trump hurt in Pennsylvania shooting The meme coin market has seen significant gains in tokens linked to Trump. The dramatic price movements come in the wake of the recent shooting incident in Pennsylvania involving Trump.  His campaign confirmed that the Republican presidential hopeful is “doing well” despite the attack, which pierced the upper part of his right ear.  Furthermore, authorities confirmed that at least two people, including the shooter, were killed. Others are reportedly wounded. However, as it often does, the crypto market reacted to the news, with several meme coins playing on the Trump name and his Make America Great Again (MAGA) movement soaring by double figures. MAGA skyrockets 58% Among the biggest gainers following the incident was the MAGA (TRUMP) coin, which, at the time of writing, was up nearly 58% and trading at $9.88 per unit. MAGA 24-hour price chart | Source: CoinGecko The token’s market cap stands at a robust $450,128,557, with a fully diluted valuation of $446,326,440. Its 24-hour trading volume is equally noteworthy, hitting $37,436,858. The price surge is evident across several other time frames. Over seven days, MAGA’s value has gone up 57.3%, while it has jumped by a more modest 38% in the last fortnight. However, it is still about 24% lower than a month ago. You might also like: Meme coins bounce back: Shiba Inu leads market surge with 6.4% gain Super Trump jumps 51% Another Trump-themed meme coin that went green in the aftermath of the Pennsylvania incident is Super Trump (STRUMP). The meme coin is currently up 51.2% and is trading at $0.01296. Key metrics include: BTC Value: 0.062151 BTC, up 45.6% ETH Value: 0.054031 ETH, up 47.5% 24h Range: $0.008571 – $0.01308 Super Trump 24-hour price chart | Source: CoinGecko The coin has a market cap of $30,624,792, and its fully diluted valuation matches this figure. Its 24-hour trading volume is $4,131,626, and the circulating supply is 2,339,600,235.  Those who have held the coin for at least seven days have seen its value increase by 50%, while over two weeks, the price improvement is significantly lower at 4.3%.  However, over the past 30 days, the current price of STRUMP has remained in the red, nearly 30% lower than its level a month ago. MAGA Hat up 35% The MAGA Hat token (MAGA) also saw a significant jump of 35.7%, driven by heightened investor interest in the wake of the Trump shooting. It is now priced at $0.0002451. MAGA Hat 24-hour price chart | Source: CoinGecko With a market cap of $96,248,672 and a fully diluted valuation of $96,964,134, MAGA’s trading volume over the past 24 hours has reached an extraordinary $100,043,133 as the frenzy following the Trump shooting continued unabated.  Its circulating supply is also substantial, standing at 410,290,333,126, which nearly matches its total and maximum supply figures. MAGA VP increases 6.5% Finally, the MAGA VP (MVP) meme coin saw a more modest 6.5% increase and is now trading at $0.2585. Details include: BTC Value: 0.054232 BTC, up 1.8% ETH Value: 0.00007933 ETH, up 3.2% 24h Range: $0.2313 – $0.2651 MAGA VP 24-hour price chart | Source: CoinGecko The coin’s market cap has risen to $11,334,535, and its fully diluted valuation now stands at $12,113,003.  The price uptick was accompanied by a 24-hour trading volume of $1,499,933, pushing the MVP token’s circulating supply to 44,447,310 out of a total supply of 47.5 million.  MVP’s value has increased by 0.7% over seven days, while over two weeks, it is a more respectable 8.5%.  Still, like the other meme coins above, MVP’s 30-day price change is negative, being 26.3% lower than previous levels despite the prevailing political climate. Read more: Aave rallies 25% in 7 days, 5% in past 24 hours despite fewer holders

TRUMP, STRUMP, MAGA, MVP: How Meme Coins Reacted After Shooting At Ex-President’s Rally

Several meme tokens surged in value by double digits following an assassination attempt on former U.S. President Donald Trump.

Trump hurt in Pennsylvania shooting

The meme coin market has seen significant gains in tokens linked to Trump. The dramatic price movements come in the wake of the recent shooting incident in Pennsylvania involving Trump. 

His campaign confirmed that the Republican presidential hopeful is “doing well” despite the attack, which pierced the upper part of his right ear. 

Furthermore, authorities confirmed that at least two people, including the shooter, were killed. Others are reportedly wounded.

However, as it often does, the crypto market reacted to the news, with several meme coins playing on the Trump name and his Make America Great Again (MAGA) movement soaring by double figures.

MAGA skyrockets 58%

Among the biggest gainers following the incident was the MAGA (TRUMP) coin, which, at the time of writing, was up nearly 58% and trading at $9.88 per unit.

MAGA 24-hour price chart | Source: CoinGecko

The token’s market cap stands at a robust $450,128,557, with a fully diluted valuation of $446,326,440. Its 24-hour trading volume is equally noteworthy, hitting $37,436,858.

The price surge is evident across several other time frames. Over seven days, MAGA’s value has gone up 57.3%, while it has jumped by a more modest 38% in the last fortnight. However, it is still about 24% lower than a month ago.

You might also like: Meme coins bounce back: Shiba Inu leads market surge with 6.4% gain

Super Trump jumps 51%

Another Trump-themed meme coin that went green in the aftermath of the Pennsylvania incident is Super Trump (STRUMP). The meme coin is currently up 51.2% and is trading at $0.01296. Key metrics include:

BTC Value: 0.062151 BTC, up 45.6%

ETH Value: 0.054031 ETH, up 47.5%

24h Range: $0.008571 – $0.01308

Super Trump 24-hour price chart | Source: CoinGecko

The coin has a market cap of $30,624,792, and its fully diluted valuation matches this figure. Its 24-hour trading volume is $4,131,626, and the circulating supply is 2,339,600,235. 

Those who have held the coin for at least seven days have seen its value increase by 50%, while over two weeks, the price improvement is significantly lower at 4.3%. 

However, over the past 30 days, the current price of STRUMP has remained in the red, nearly 30% lower than its level a month ago.

MAGA Hat up 35%

The MAGA Hat token (MAGA) also saw a significant jump of 35.7%, driven by heightened investor interest in the wake of the Trump shooting. It is now priced at $0.0002451.

MAGA Hat 24-hour price chart | Source: CoinGecko

With a market cap of $96,248,672 and a fully diluted valuation of $96,964,134, MAGA’s trading volume over the past 24 hours has reached an extraordinary $100,043,133 as the frenzy following the Trump shooting continued unabated. 

Its circulating supply is also substantial, standing at 410,290,333,126, which nearly matches its total and maximum supply figures.

MAGA VP increases 6.5%

Finally, the MAGA VP (MVP) meme coin saw a more modest 6.5% increase and is now trading at $0.2585. Details include:

BTC Value: 0.054232 BTC, up 1.8%

ETH Value: 0.00007933 ETH, up 3.2%

24h Range: $0.2313 – $0.2651

MAGA VP 24-hour price chart | Source: CoinGecko

The coin’s market cap has risen to $11,334,535, and its fully diluted valuation now stands at $12,113,003. 

The price uptick was accompanied by a 24-hour trading volume of $1,499,933, pushing the MVP token’s circulating supply to 44,447,310 out of a total supply of 47.5 million. 

MVP’s value has increased by 0.7% over seven days, while over two weeks, it is a more respectable 8.5%. 

Still, like the other meme coins above, MVP’s 30-day price change is negative, being 26.3% lower than previous levels despite the prevailing political climate.

Read more: Aave rallies 25% in 7 days, 5% in past 24 hours despite fewer holders
Memecoins, Galaxy Fox to Benefit From Solana’s $1M Bug BountyDisclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Galaxy Fox, a play-to-earn game, opts for Ethereum’s robust smart contracts platform, citing its 100% uptime and global transaction processing. TDLR: Solana aims to fix reliability challenges Firedancer bug bounty goes live with a $1 million reward Galaxy Fox and memecoins to benefit from infrastructure upgrade Public blockchains like Ethereum, Bitcoin, and Litecoin all have one thing in common: They are highly reliable. After launch, they continue to maintain a 100% uptime, processing all transactions regardless of time and location. Their robustness and security, as seen on Ethereum, a smart contracts platform, is why Galaxy Fox, a play-to-earn game, decided to deploy its smart contracts. Solana fixing reliability challenges, Firedancer bug bounty program is live While Solana boasts high transaction speeds and low fees, the network is fragile and unreliable compared to Tron or Ethereum. Jump Crypto has been building the Firedancer validator client from scratch to address this concern. Like Besu or Geth on Ethereum, the validator client will aid transaction processing and keep the network decentralized and secure. The Firedancer validator client will complement the existing client, meaning Solana node operators have an option, leading to a more diversified environment. Most importantly, since Firedancer is powered by new code, its creators said it aims to make Solana more performant. This is necessary because, over the months, Solana has emerged as a choice platform for memecoins, attracting both developers and traders. Some quarters say through Firedancer, Solana will now process upwards of 1 million transactions every second. Weeks after the Firedancer validator client page went live, Jump Crypto recently announced a 42-day bug bounty program. All developers planning to participate must submit their details as part of KYC. On offer is a $1 million bug bounty. Depending on the criticality of the flaw picked out; developers can receive the whole lot or a portion of the Reward. The excitement around Firedancer is evident. Analysts are upbeat that once this Solana client officially launches and existing node operators upgrade and adopt this new infrastructure, memecoins stand to benefit the most. You might also like: US SEC defeated again; here’s how crypto and Galaxy Fox will benefit Security will provide tailwinds for Galaxy Fox and memecoins Since meme culture is sweeping across the board, Galaxy Fox, a play-to-earn (P2E) game integrating memecoins, will be one of the biggest beneficiaries. Since launching its blockchain game in May, Galaxy Fox has been rapidly rising up the ranks. It is easy to see why: While the game is straightforward, allowing players to nurture and battle digital foxes (existing as valuable NFTs), active players are rewarded with GFOX. As designed, all victories translate to rewards, incentivizing participation and helping build a very vibrant community.   GFOX is an ERC-20 token available for trading on Uniswap, one of the leading DExes on Ethereum. It was listed in April after an overwhelmingly successful presale, which saw the project raise millions across the community. The strategic fusion of gaming and memecoins is why the eventual rollout of Firedancer provides tailwinds for GFOX. Unlike PEPE or BONK, for example, the ERC-20 token offers more than hype. It has great utility and is crucial to the P2E game, explaining why analysts expect the token to be one of the top performers in 2024. You might also like: Galaxy Fox memecoin soars as it gears up for web3 game launch  Conclusion Change is inevitable, especially in crypto, where everything is fast-paced. Solana plans to strengthen its infrastructure and improve reliability through Firedancer. As a preferred destination for meme coin projects, a secure and reliable environment translates to more activity and confidence. This will likely spill across the board, lifting quality projects like Galaxy Fox in other ecosystems like Ethereum and Avalanche. For more information, visit Galaxy Fox’s official website or join the online community. Read more: BOME pump pushes SOL above $200, Galaxy Fox’s new GameFi gem Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Memecoins, Galaxy Fox to Benefit From Solana’s $1M Bug Bounty

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Galaxy Fox, a play-to-earn game, opts for Ethereum’s robust smart contracts platform, citing its 100% uptime and global transaction processing.

TDLR:

Solana aims to fix reliability challenges

Firedancer bug bounty goes live with a $1 million reward

Galaxy Fox and memecoins to benefit from infrastructure upgrade

Public blockchains like Ethereum, Bitcoin, and Litecoin all have one thing in common: They are highly reliable. After launch, they continue to maintain a 100% uptime, processing all transactions regardless of time and location.

Their robustness and security, as seen on Ethereum, a smart contracts platform, is why Galaxy Fox, a play-to-earn game, decided to deploy its smart contracts.

Solana fixing reliability challenges, Firedancer bug bounty program is live

While Solana boasts high transaction speeds and low fees, the network is fragile and unreliable compared to Tron or Ethereum. Jump Crypto has been building the Firedancer validator client from scratch to address this concern.

Like Besu or Geth on Ethereum, the validator client will aid transaction processing and keep the network decentralized and secure. The Firedancer validator client will complement the existing client, meaning Solana node operators have an option, leading to a more diversified environment.

Most importantly, since Firedancer is powered by new code, its creators said it aims to make Solana more performant. This is necessary because, over the months, Solana has emerged as a choice platform for memecoins, attracting both developers and traders. Some quarters say through Firedancer, Solana will now process upwards of 1 million transactions every second.

Weeks after the Firedancer validator client page went live, Jump Crypto recently announced a 42-day bug bounty program. All developers planning to participate must submit their details as part of KYC. On offer is a $1 million bug bounty. Depending on the criticality of the flaw picked out; developers can receive the whole lot or a portion of the Reward.

The excitement around Firedancer is evident. Analysts are upbeat that once this Solana client officially launches and existing node operators upgrade and adopt this new infrastructure, memecoins stand to benefit the most.

You might also like: US SEC defeated again; here’s how crypto and Galaxy Fox will benefit

Security will provide tailwinds for Galaxy Fox and memecoins

Since meme culture is sweeping across the board, Galaxy Fox, a play-to-earn (P2E) game integrating memecoins, will be one of the biggest beneficiaries.

Since launching its blockchain game in May, Galaxy Fox has been rapidly rising up the ranks. It is easy to see why: While the game is straightforward, allowing players to nurture and battle digital foxes (existing as valuable NFTs), active players are rewarded with GFOX.

As designed, all victories translate to rewards, incentivizing participation and helping build a very vibrant community.  

GFOX is an ERC-20 token available for trading on Uniswap, one of the leading DExes on Ethereum. It was listed in April after an overwhelmingly successful presale, which saw the project raise millions across the community.

The strategic fusion of gaming and memecoins is why the eventual rollout of Firedancer provides tailwinds for GFOX.

Unlike PEPE or BONK, for example, the ERC-20 token offers more than hype. It has great utility and is crucial to the P2E game, explaining why analysts expect the token to be one of the top performers in 2024.

You might also like: Galaxy Fox memecoin soars as it gears up for web3 game launch 

Conclusion

Change is inevitable, especially in crypto, where everything is fast-paced. Solana plans to strengthen its infrastructure and improve reliability through Firedancer. As a preferred destination for meme coin projects, a secure and reliable environment translates to more activity and confidence. This will likely spill across the board, lifting quality projects like Galaxy Fox in other ecosystems like Ethereum and Avalanche.

For more information, visit Galaxy Fox’s official website or join the online community.

Read more: BOME pump pushes SOL above $200, Galaxy Fox’s new GameFi gem

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
GaaS Model Can Be a Bridge Between Web2 and Web3 Gaming | OpinionDisclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The video game industry is a behemoth in the entertainment sector, outpacing the revenue of both music and film combined. It is projected to reach a market size of $363 billion by 2027. While traditional video game models like Games-as-a-Service (GaaS) have long been the gold standard, the sector faces significant challenges that call for innovative solutions. You might also like: The power of play: Web2 games need web3 stickiness | Opinion Historically, the GaaS model in its free-to-play (F2P) incarnation thrived by allowing users to access a base game for free and monetizing through in-game purchases such as cosmetics or gameplay advantages. It’s easy to see the appeal of the F2P model for players: with no upfront costs and therefore no risk of paying for a gaming experience of unknown value, as was the case in the past, there was little downside to trying new games. The success of the GaaS F2P model over the past decade has been so incredible that it has become a staple across the industry. From casual games to the big industry publishers, GaaS F2P games are in everyone’s books. However, the sustainability of F2P GaaS is under threat because margins are getting smaller across the board. This is due to a perfect storm combining an oversaturated market with rising user acquisition costs, exacerbated by recent stringent changes to privacy policies. The promise of web3 As the industry seeks a lifeline amidst these growing challenges, blockchain technology is, for many, a beacon of hope, with its promise of revolutionizing game monetization through web3. However, the initial forays into web3 gaming focused on NFT collectibles came with a critical flaw: the games required a continuous influx of new players to exist. It was an exciting model but unsustainable in the mid- and long-term. The second wave of web3 games took the initial NFT collectibles mode and enhanced it with play-to-earn (P2E) and tokenomics. Unfortunately, these systems not only didn’t solve the dependence of NFT collectible games on acquiring new users but also brought new issues to the table. P2E games quickly became play-to-win (P2W) schemes, demoralizing most players and hurting retention. Worse still, many tokenomics systems raised concerns about their resemblance to gambling rather than traditional gaming due to their random reward distributions. This divide is still evident in the web3 gaming community today. It is split between speculators, attracted to the financial incentives of P2E models and eager to turn gaming into a business, and traditional gamers, who are increasingly disillusioned by the monetization strategies that tend to a P2W model and are yet to see truly engaging games that give them what they want: real entertainment value. Bridging web2 and web3 gaming Moreover, the broader gaming community, which reaches billions worldwide, remains largely unaware or uninterested in web3 games. To many of them, web3 is still a futuristic proposition, a Wild West of possibilities that only the bravest dare explore. The fact remains that there are significant gaps between the current quality of web2 games, the existing realization of web3 games, and the true potential of blockchain in gaming. At GFAL (Games For A Living), we plan to bridge the division between web2 and web3 gaming through an innovative business model that integrates the best of both worlds. The GFAL business model focuses on GFAL game collectibles and turns them from in-game assets to real-world valuables by focusing on ownership, seasonality, and standardization. The first element of our business model is ownership. At GFAL, we make it possible for players to become the legal owners of the in-game collectibles they acquire. In other words, once players mint or purchase a GFAL game collectible, they acquire a license to exploit its intellectual property (IP) rights. This means that players can utilize and potentially monetize these collectibles in ways never explored before, beyond the gaming environment, if so they wish. Secondly, all games must follow a “Battle Pass” seasonality system, like the ones often seen in Gaas, designed to keep the game engaging, fresh, and continually running. GFAL takes this further with fusion mechanics and blends it with our unique approach to collectible ownership. On a practical level, this means that games require using existing collectibles to create new ones, cleverly encouraging a healthy exchange in the cross-game marketplace and preventing inflation within the game’s economy. The third element of the business model, standardization, makes the ownership of collectibles and the seasonality system with fusion mechanics possible. All game collectibles must follow a standardized system that tracks and allocates them a rarity and level based on the time invested in the game. This enables the creation of unique collectibles with their own individual history attached and gives every single in-game collectible a comparable and fair value that is also transferable to all other GFAL games. Beyond the business model This pioneering business model, blending ownership, seasonality, and standardization across different games, answers many of the current concerns about video games. The approach, designed to foster a fair, stable, and sustainable game offering that benefits players and developers, may become what blockchain gaming needs to transcend its niche status and achieve mainstream adoption. However, we know that beyond the business model, products must provide an exceptional gaming experience. That’s why developers must remain committed to building games that are enjoyable on their own merits, with blockchain elements that enhance rather than dominate the gameplay experience. To support this, we are also developing a robust ecosystem that includes a proprietary personal ID system and a multi-game marketplace. These features are designed to support a community-centric gaming environment, encouraging interaction and engagement beyond the games themselves. This comprehensive ecosystem, open to third parties, is part of GFAL’s strategic approach to reduce friction for players transitioning from web2 to web3, ensuring a smooth integration of new technologies within familiar gaming contexts. As we prepare to launch new titles later this year, we are aware that the gaming industry is watching closely. No doubt, many want to see whether this new model can set a new standard for how games are played, owned, and monetized. We believe this approach could herald a new era for the gaming industry, one where the line between web2 and web3 is not just blurred but effectively erased, creating a unified gaming experience that respects both the roots of gaming culture and its future potential. Read more: Profiling web3 gamers can help blockchain become mainstream | Opinion Author: Manel Sort Manel Sort is the CEO and co-founder of Games for a Living (GFAL). With over two decades of experience in the video game industry, Manel has developed and published more than 60 titles across diverse platforms, many acclaimed. His analytical, results-oriented approach focuses on driving business strategy in free-to-play and play-to-earn models. Skilled in building and pivoting game businesses, he has achieved revenue run rates exceeding $1 million per day within two years of operation. Specializing in video game development, strategy, project and product management, HR, and web3 game development, Manel is committed to innovation and excellence, continually pushing boundaries in the gaming industry.

GaaS Model Can Be a Bridge Between Web2 and Web3 Gaming | Opinion

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

The video game industry is a behemoth in the entertainment sector, outpacing the revenue of both music and film combined. It is projected to reach a market size of $363 billion by 2027. While traditional video game models like Games-as-a-Service (GaaS) have long been the gold standard, the sector faces significant challenges that call for innovative solutions.

You might also like: The power of play: Web2 games need web3 stickiness | Opinion

Historically, the GaaS model in its free-to-play (F2P) incarnation thrived by allowing users to access a base game for free and monetizing through in-game purchases such as cosmetics or gameplay advantages. It’s easy to see the appeal of the F2P model for players: with no upfront costs and therefore no risk of paying for a gaming experience of unknown value, as was the case in the past, there was little downside to trying new games.

The success of the GaaS F2P model over the past decade has been so incredible that it has become a staple across the industry. From casual games to the big industry publishers, GaaS F2P games are in everyone’s books. However, the sustainability of F2P GaaS is under threat because margins are getting smaller across the board. This is due to a perfect storm combining an oversaturated market with rising user acquisition costs, exacerbated by recent stringent changes to privacy policies.

The promise of web3

As the industry seeks a lifeline amidst these growing challenges, blockchain technology is, for many, a beacon of hope, with its promise of revolutionizing game monetization through web3. However, the initial forays into web3 gaming focused on NFT collectibles came with a critical flaw: the games required a continuous influx of new players to exist. It was an exciting model but unsustainable in the mid- and long-term.

The second wave of web3 games took the initial NFT collectibles mode and enhanced it with play-to-earn (P2E) and tokenomics. Unfortunately, these systems not only didn’t solve the dependence of NFT collectible games on acquiring new users but also brought new issues to the table. P2E games quickly became play-to-win (P2W) schemes, demoralizing most players and hurting retention. Worse still, many tokenomics systems raised concerns about their resemblance to gambling rather than traditional gaming due to their random reward distributions.

This divide is still evident in the web3 gaming community today. It is split between speculators, attracted to the financial incentives of P2E models and eager to turn gaming into a business, and traditional gamers, who are increasingly disillusioned by the monetization strategies that tend to a P2W model and are yet to see truly engaging games that give them what they want: real entertainment value.

Bridging web2 and web3 gaming

Moreover, the broader gaming community, which reaches billions worldwide, remains largely unaware or uninterested in web3 games. To many of them, web3 is still a futuristic proposition, a Wild West of possibilities that only the bravest dare explore. The fact remains that there are significant gaps between the current quality of web2 games, the existing realization of web3 games, and the true potential of blockchain in gaming.

At GFAL (Games For A Living), we plan to bridge the division between web2 and web3 gaming through an innovative business model that integrates the best of both worlds. The GFAL business model focuses on GFAL game collectibles and turns them from in-game assets to real-world valuables by focusing on ownership, seasonality, and standardization.

The first element of our business model is ownership. At GFAL, we make it possible for players to become the legal owners of the in-game collectibles they acquire. In other words, once players mint or purchase a GFAL game collectible, they acquire a license to exploit its intellectual property (IP) rights. This means that players can utilize and potentially monetize these collectibles in ways never explored before, beyond the gaming environment, if so they wish.

Secondly, all games must follow a “Battle Pass” seasonality system, like the ones often seen in Gaas, designed to keep the game engaging, fresh, and continually running. GFAL takes this further with fusion mechanics and blends it with our unique approach to collectible ownership. On a practical level, this means that games require using existing collectibles to create new ones, cleverly encouraging a healthy exchange in the cross-game marketplace and preventing inflation within the game’s economy.

The third element of the business model, standardization, makes the ownership of collectibles and the seasonality system with fusion mechanics possible. All game collectibles must follow a standardized system that tracks and allocates them a rarity and level based on the time invested in the game. This enables the creation of unique collectibles with their own individual history attached and gives every single in-game collectible a comparable and fair value that is also transferable to all other GFAL games.

Beyond the business model

This pioneering business model, blending ownership, seasonality, and standardization across different games, answers many of the current concerns about video games. The approach, designed to foster a fair, stable, and sustainable game offering that benefits players and developers, may become what blockchain gaming needs to transcend its niche status and achieve mainstream adoption.

However, we know that beyond the business model, products must provide an exceptional gaming experience. That’s why developers must remain committed to building games that are enjoyable on their own merits, with blockchain elements that enhance rather than dominate the gameplay experience.

To support this, we are also developing a robust ecosystem that includes a proprietary personal ID system and a multi-game marketplace. These features are designed to support a community-centric gaming environment, encouraging interaction and engagement beyond the games themselves. This comprehensive ecosystem, open to third parties, is part of GFAL’s strategic approach to reduce friction for players transitioning from web2 to web3, ensuring a smooth integration of new technologies within familiar gaming contexts.

As we prepare to launch new titles later this year, we are aware that the gaming industry is watching closely. No doubt, many want to see whether this new model can set a new standard for how games are played, owned, and monetized. We believe this approach could herald a new era for the gaming industry, one where the line between web2 and web3 is not just blurred but effectively erased, creating a unified gaming experience that respects both the roots of gaming culture and its future potential.

Read more: Profiling web3 gamers can help blockchain become mainstream | Opinion

Author: Manel Sort

Manel Sort is the CEO and co-founder of Games for a Living (GFAL). With over two decades of experience in the video game industry, Manel has developed and published more than 60 titles across diverse platforms, many acclaimed. His analytical, results-oriented approach focuses on driving business strategy in free-to-play and play-to-earn models. Skilled in building and pivoting game businesses, he has achieved revenue run rates exceeding $1 million per day within two years of operation. Specializing in video game development, strategy, project and product management, HR, and web3 game development, Manel is committed to innovation and excellence, continually pushing boundaries in the gaming industry.
Aave Rallies 25% in 7 Days, 5% in Past 24 Hours Despite Fewer HoldersThe number of Aave holders has been decreasing over the past week while the token emerges as the top gainer in the mentioned timeframe. Aave is up by 5% in the past 24 hours and is trading at $102.2 at the time of writing — a level last seen in late May. The asset gained 25.3% over the last seven days as the crypto market gained upward momentum. Its market cap currently stands at $1.52 billion, making it the 53rd-largest cryptocurrency. Aave price, RSI, open interest and amount of holders – July 14 | Source: Santiment Aave RSI The asset’s price rally comes as the lending decentralized finance (defi) protocol’s TVL increased by 7.5% over the past week, reaching $12.3 billion. Defi Llama’s data shows that the platform accumulated $5.38 million in fees and generated over $862,600 in revenue in the same timeframe. You might also like: Meme coins bounce back: Shiba Inu leads market surge with 6.4% gain Per Santiment, the total number of Aave holders decreased from 168,340 to 167,900 unique addresses in the past seven days.  On the other hand, data from the market intelligence platform shows that the Aave total open interest rallied from $31 million on July 7 to $55 million at the reporting time. At this point, high price volatility would be expected for the asset due to potential whale movements and increased liquidations.  Meanwhile, the Aave Relative Strength Index (RSI) has been consistently rising over the past week — surging from 38 to 63. The indicator shows that the token is slightly overbought and short-term profit-taking is normal in these conditions.  For Aave to remain in the bullish zone, its RSI would need to cool down below the 50 mark. Read more: Record inflows for Bitcoin ETFs as market sees renewed interest

Aave Rallies 25% in 7 Days, 5% in Past 24 Hours Despite Fewer Holders

The number of Aave holders has been decreasing over the past week while the token emerges as the top gainer in the mentioned timeframe.

Aave is up by 5% in the past 24 hours and is trading at $102.2 at the time of writing — a level last seen in late May.

The asset gained 25.3% over the last seven days as the crypto market gained upward momentum. Its market cap currently stands at $1.52 billion, making it the 53rd-largest cryptocurrency.

Aave price, RSI, open interest and amount of holders – July 14 | Source: Santiment Aave RSI

The asset’s price rally comes as the lending decentralized finance (defi) protocol’s TVL increased by 7.5% over the past week, reaching $12.3 billion.

Defi Llama’s data shows that the platform accumulated $5.38 million in fees and generated over $862,600 in revenue in the same timeframe.

You might also like: Meme coins bounce back: Shiba Inu leads market surge with 6.4% gain

Per Santiment, the total number of Aave holders decreased from 168,340 to 167,900 unique addresses in the past seven days. 

On the other hand, data from the market intelligence platform shows that the Aave total open interest rallied from $31 million on July 7 to $55 million at the reporting time. At this point, high price volatility would be expected for the asset due to potential whale movements and increased liquidations. 

Meanwhile, the Aave Relative Strength Index (RSI) has been consistently rising over the past week — surging from 38 to 63. The indicator shows that the token is slightly overbought and short-term profit-taking is normal in these conditions. 

For Aave to remain in the bullish zone, its RSI would need to cool down below the 50 mark.

Read more: Record inflows for Bitcoin ETFs as market sees renewed interest
CoinStats Releases Incident Report Following $2.2m Security BreachCoinStats, a leading cryptocurrency portfolio tracking app, revealed details of a significant security breach that resulted in the theft of approximately $2.2 million in digital assets.  As reported by crypto.news, the incident was detected on June 22, 2024. Now, a security incident report CoinStats published on Friday, July 12, provided deeper insights into the breach. We have new and important information about the recent security incident.Our latest blog post provides detailed information on the progress of our investigation, actions taken, and next steps: https://t.co/YnikJ3qTPk — CoinStats (@CoinStats) July 12, 2024 The attackers are believed to be affiliated with a highly sophisticated nation-state group. They managed to access private keys, facilitating unauthorized transfers from compromised wallets. According to CoinStats CEO Narek Gevorgyan, the breach targeted 1,590 CoinStats wallets by exploiting vulnerabilities across multiple services. Following the incident, CoinStats secured the remaining assets and immediately shut down its platform to conduct an investigation. The Federal Bureau of Investigation and other security experts, including ZachXBT and Tay from MetaMask, assisted in recovering the stolen funds. You might also like: Record inflows for Bitcoin ETFs as market sees renewed interest “We have engaged in ongoing collaboration with security researchers and law enforcement to understand the full scope of the breach,” Gevorgyan explained. While the theft affected cryptocurrency funds, there was no evidence of compromised user data beyond the financial loss, Gevorgyan added. Per the report, CoinStats resumed full operations on July 3 after implementing improved security protocols and comprehensive infrastructure audits.  The company said it will continue to monitor for any signs of further malicious activity. It also provided recommendations for additional security measures, including: Mandatory password update: The company said it would enforce a stricter password policy requiring all users to update their passwords if they do not comply with the new standards. Enabling 2FA: It also said it would encourage all users to enable two-factor authentication on their accounts. CoinStats also committed to maintaining transparency throughout the investigation and pledged to provide regular updates on its progress and security enhancements. Additionally, the firm said it was actively exploring ways to support users.  What’s next: Users may report their losses and seek potential assistance, with a submission deadline of Aug. 15. Read more: Ripple’s Stuart Alderoty recalls XRP ruling on first anniversary: ‘It was a watershed moment’

CoinStats Releases Incident Report Following $2.2m Security Breach

CoinStats, a leading cryptocurrency portfolio tracking app, revealed details of a significant security breach that resulted in the theft of approximately $2.2 million in digital assets. 

As reported by crypto.news, the incident was detected on June 22, 2024. Now, a security incident report CoinStats published on Friday, July 12, provided deeper insights into the breach.

We have new and important information about the recent security incident.Our latest blog post provides detailed information on the progress of our investigation, actions taken, and next steps: https://t.co/YnikJ3qTPk

— CoinStats (@CoinStats) July 12, 2024

The attackers are believed to be affiliated with a highly sophisticated nation-state group. They managed to access private keys, facilitating unauthorized transfers from compromised wallets.

According to CoinStats CEO Narek Gevorgyan, the breach targeted 1,590 CoinStats wallets by exploiting vulnerabilities across multiple services.

Following the incident, CoinStats secured the remaining assets and immediately shut down its platform to conduct an investigation. The Federal Bureau of Investigation and other security experts, including ZachXBT and Tay from MetaMask, assisted in recovering the stolen funds.

You might also like: Record inflows for Bitcoin ETFs as market sees renewed interest

“We have engaged in ongoing collaboration with security researchers and law enforcement to understand the full scope of the breach,” Gevorgyan explained. While the theft affected cryptocurrency funds, there was no evidence of compromised user data beyond the financial loss, Gevorgyan added.

Per the report, CoinStats resumed full operations on July 3 after implementing improved security protocols and comprehensive infrastructure audits. 

The company said it will continue to monitor for any signs of further malicious activity. It also provided recommendations for additional security measures, including:

Mandatory password update: The company said it would enforce a stricter password policy requiring all users to update their passwords if they do not comply with the new standards.

Enabling 2FA: It also said it would encourage all users to enable two-factor authentication on their accounts.

CoinStats also committed to maintaining transparency throughout the investigation and pledged to provide regular updates on its progress and security enhancements. Additionally, the firm said it was actively exploring ways to support users. 

What’s next: Users may report their losses and seek potential assistance, with a submission deadline of Aug. 15.

Read more: Ripple’s Stuart Alderoty recalls XRP ruling on first anniversary: ‘It was a watershed moment’
Too Few Jurisdictions Take Proper Virtual Asset Precautions: FATFA recent report reveals that the majority of jurisdictions worldwide have only partially complied with the Financial Action Task Force (FATF) recommendations for regulating virtual assets. Some progress has been achieved, but not enough, according to a report released on July 13. Further efforts are required to fully adhere to the FATF recommendations and establish a cohesive global strategy for regulating virtual assets. According to the study: 58% of jurisdictions have introduced varying levels of regulation for virtual asset service providers (VASPs) Only 42% have fully implemented the FATF’s “travel rule,” which mandates the exchange of customer information between VASPs.  Significant deficiencies persist in areas such as the supervision and monitoring of VASPs, the FATF stated. Who’s complying? Jurisdictions with the highest compliance levels typically possess well-established financial sectors and robust anti-money laundering frameworks. Developing countries, however, encounter greater challenges in implementation. The report underscores the critical role of ongoing international cooperation and information sharing to address these deficiencies and maintain the security and resilience of the virtual asset ecosystem, considering financial crime threats continue to rise. Additionally, the report highlights that despite some progress, additional efforts are necessary to fully implement the FATF’s guidance and achieve a globally coordinated approach to regulating virtual assets. You might also like: Will crypto regulation change after the SEC’s head of the crypto left? US, UK crypto regulation contrasts As the global cryptocurrency market evolves, regulators in the United States and the United Kingdom have adopted divergent approaches to bring the industry into compliance. In the U.S., the regulatory landscape is characterized by a patchwork of rules, with various federal agencies asserting jurisdiction over different aspects of the crypto sector.  The Securities and Exchange Commission (SEC) has taken an assertive stance, classifying many cryptocurrencies as securities and actively pursuing non-compliant firms. Meanwhile, the Commodity Futures Trading Commission (CFTC) has opted for a more permissive “do no harm” approach, allowing for crypto derivatives trading. Complicating matters further, individual US states have imposed their own licensing and regulatory requirements on crypto businesses, contributing to a fragmented compliance environment. On January 10, the US Securities and Exchange Commission (SEC) made a significant announcement, granting certain bitcoins the same status as exchange-traded products (ETPs). This landmark approval recognized the real-world value of cryptocurrencies, paving the way for integrating more digital assets into the traditional economy. Additionally, it highlighted the SEC’s commitment to enhancing regulation of the crypto industry, a move expected to influence US regulatory and compliance frameworks in the future. While the United States has taken a more enforcement-heavy stance on cryptocurrency regulation, the United Kingdom has embraced a more collaborative model in its efforts to bring the industry under compliance. In the UK, a key regulatory strategy involves the implementation of the “travel rule” by the Financial Conduct Authority (FCA). This rule aligns with global anti-money laundering standards set by the FATF, requiring cryptocurrency firms to share customer information when transferring funds. The implementation of the travel rule in the UK is crucial for combating financial crimes like money laundering within the crypto space. Aligning regulations with international standards will foster a more secure environment for crypto transactions. Furthermore, Initiatives such as the Bank of England’s efforts on stablecoin frameworks further underscore the UK’s commitment to integrating cryptocurrencies into the broader financial system. By adopting a collaborative regulatory approach, the UK seeks to establish itself as a leading global centre for cryptocurrency and blockchain innovation. As both the U.S .and the UK navigate the maturing crypto market, they must balance supporting innovation with managing potential risks. You might also like: House to revisit crypto regulation bill vetoed by Biden

Too Few Jurisdictions Take Proper Virtual Asset Precautions: FATF

A recent report reveals that the majority of jurisdictions worldwide have only partially complied with the Financial Action Task Force (FATF) recommendations for regulating virtual assets.

Some progress has been achieved, but not enough, according to a report released on July 13. Further efforts are required to fully adhere to the FATF recommendations and establish a cohesive global strategy for regulating virtual assets.

According to the study:

58% of jurisdictions have introduced varying levels of regulation for virtual asset service providers (VASPs)

Only 42% have fully implemented the FATF’s “travel rule,” which mandates the exchange of customer information between VASPs. 

Significant deficiencies persist in areas such as the supervision and monitoring of VASPs, the FATF stated.

Who’s complying?

Jurisdictions with the highest compliance levels typically possess well-established financial sectors and robust anti-money laundering frameworks.

Developing countries, however, encounter greater challenges in implementation.

The report underscores the critical role of ongoing international cooperation and information sharing to address these deficiencies and maintain the security and resilience of the virtual asset ecosystem, considering financial crime threats continue to rise.

Additionally, the report highlights that despite some progress, additional efforts are necessary to fully implement the FATF’s guidance and achieve a globally coordinated approach to regulating virtual assets.

You might also like: Will crypto regulation change after the SEC’s head of the crypto left?

US, UK crypto regulation contrasts

As the global cryptocurrency market evolves, regulators in the United States and the United Kingdom have adopted divergent approaches to bring the industry into compliance.

In the U.S., the regulatory landscape is characterized by a patchwork of rules, with various federal agencies asserting jurisdiction over different aspects of the crypto sector. 

The Securities and Exchange Commission (SEC) has taken an assertive stance, classifying many cryptocurrencies as securities and actively pursuing non-compliant firms. Meanwhile, the Commodity Futures Trading Commission (CFTC) has opted for a more permissive “do no harm” approach, allowing for crypto derivatives trading.

Complicating matters further, individual US states have imposed their own licensing and regulatory requirements on crypto businesses, contributing to a fragmented compliance environment.

On January 10, the US Securities and Exchange Commission (SEC) made a significant announcement, granting certain bitcoins the same status as exchange-traded products (ETPs). This landmark approval recognized the real-world value of cryptocurrencies, paving the way for integrating more digital assets into the traditional economy. Additionally, it highlighted the SEC’s commitment to enhancing regulation of the crypto industry, a move expected to influence US regulatory and compliance frameworks in the future.

While the United States has taken a more enforcement-heavy stance on cryptocurrency regulation, the United Kingdom has embraced a more collaborative model in its efforts to bring the industry under compliance.

In the UK, a key regulatory strategy involves the implementation of the “travel rule” by the Financial Conduct Authority (FCA). This rule aligns with global anti-money laundering standards set by the FATF, requiring cryptocurrency firms to share customer information when transferring funds.

The implementation of the travel rule in the UK is crucial for combating financial crimes like money laundering within the crypto space. Aligning regulations with international standards will foster a more secure environment for crypto transactions.

Furthermore, Initiatives such as the Bank of England’s efforts on stablecoin frameworks further underscore the UK’s commitment to integrating cryptocurrencies into the broader financial system.

By adopting a collaborative regulatory approach, the UK seeks to establish itself as a leading global centre for cryptocurrency and blockchain innovation.

As both the U.S .and the UK navigate the maturing crypto market, they must balance supporting innovation with managing potential risks.

You might also like: House to revisit crypto regulation bill vetoed by Biden
SATS Enjoys 63% Surge Among Top CryptocurrenciesSATS (Ordinals), the native token of the Satoshi Network, has emerged as the top performer among the top 200 cryptocurrencies this week, with its value soaring by over 63% in the past seven days. The cryptocurrency — built on the Bitcoin blockchain — is currently priced at $0.000000198. It boasts a market capitalization of $415.8 million and a 24-hour trading volume of $56.8 million. Despite an 8% decrease in the past 24 hours, SATS has also experienced a 3,999% increase over the past year. Bullish sentiment The Relative Strength Index (RSI) is above 50, indicating strong bullish momentum. The 50-day and 200-day Simple Moving Averages (SMAs) are $0.006239 and $0.006495, respectively, suggesting a neutral market sentiment. Price analysis indicates a stable short-term outlook, with the average price for August expected to be around $0.00000020, serving as a resistance level. Long-term predictions are more optimistic, with the average price for 2024 projected to be $0.000000350. Fundamental analysis highlights the importance of supply and demand dynamics in determining the price of SATS. The Fear & Greed Index for SATS currently stands at 47, indicating neutral sentiment. Additionally, the 30-day price volatility is 25.90%, with 13 out of 30 days showing positive trends. You might also like: Epic sats and pieces of paper: 5 crazy crypto auctions Ordinals protocol fuels SATS surge The SATS protocol enables the creation and trading of non-fungible tokens (NFTs) on the Bitcoin network. The recent price surge is largely due to the growing adoption and diverse use cases of the Ordinals protocol.  Developers have been actively building decentralized applications (dApps) and tools on the Ordinals network, expanding the ecosystem and driving increased demand for the token. High-profile NFT collections launched on the Ordinals protocol have also drawn considerable attention from crypto enthusiasts and investors. These collections, featuring unique digital art and collectibles, have significantly increased trading volume and contributed to the price appreciation of Sats. Moreover, the integration of Ordinals with the Stacks layer-2 solution for Bitcoin has further strengthened the ecosystem. Stacks allow for the creation of smart contracts and decentralized applications on the Bitcoin network, providing a robust infrastructure for the Ordinals protocol to thrive. As the Ordinals ecosystem continues to grow and attract more developers, the SATS token is well-positioned to remain a top gainer in the cryptocurrency market. The unique capabilities of the Ordinals protocol, coupled with the increasing interest in Bitcoin-based NFTs, suggest that the token may continue to see significant price appreciation in the coming weeks and months. Read more: Jack Dorsey’s ‘start small’ initiative pours $21m into OpenSats for Bitcoin development

SATS Enjoys 63% Surge Among Top Cryptocurrencies

SATS (Ordinals), the native token of the Satoshi Network, has emerged as the top performer among the top 200 cryptocurrencies this week, with its value soaring by over 63% in the past seven days.

The cryptocurrency — built on the Bitcoin blockchain — is currently priced at $0.000000198. It boasts a market capitalization of $415.8 million and a 24-hour trading volume of $56.8 million.

Despite an 8% decrease in the past 24 hours, SATS has also experienced a 3,999% increase over the past year.

Bullish sentiment

The Relative Strength Index (RSI) is above 50, indicating strong bullish momentum. The 50-day and 200-day Simple Moving Averages (SMAs) are $0.006239 and $0.006495, respectively, suggesting a neutral market sentiment.

Price analysis indicates a stable short-term outlook, with the average price for August expected to be around $0.00000020, serving as a resistance level. Long-term predictions are more optimistic, with the average price for 2024 projected to be $0.000000350.

Fundamental analysis highlights the importance of supply and demand dynamics in determining the price of SATS. The Fear & Greed Index for SATS currently stands at 47, indicating neutral sentiment. Additionally, the 30-day price volatility is 25.90%, with 13 out of 30 days showing positive trends.

You might also like: Epic sats and pieces of paper: 5 crazy crypto auctions

Ordinals protocol fuels SATS surge

The SATS protocol enables the creation and trading of non-fungible tokens (NFTs) on the Bitcoin network. The recent price surge is largely due to the growing adoption and diverse use cases of the Ordinals protocol. 

Developers have been actively building decentralized applications (dApps) and tools on the Ordinals network, expanding the ecosystem and driving increased demand for the token.

High-profile NFT collections launched on the Ordinals protocol have also drawn considerable attention from crypto enthusiasts and investors. These collections, featuring unique digital art and collectibles, have significantly increased trading volume and contributed to the price appreciation of Sats.

Moreover, the integration of Ordinals with the Stacks layer-2 solution for Bitcoin has further strengthened the ecosystem. Stacks allow for the creation of smart contracts and decentralized applications on the Bitcoin network, providing a robust infrastructure for the Ordinals protocol to thrive.

As the Ordinals ecosystem continues to grow and attract more developers, the SATS token is well-positioned to remain a top gainer in the cryptocurrency market. The unique capabilities of the Ordinals protocol, coupled with the increasing interest in Bitcoin-based NFTs, suggest that the token may continue to see significant price appreciation in the coming weeks and months.

Read more: Jack Dorsey’s ‘start small’ initiative pours $21m into OpenSats for Bitcoin development
Crypto VC Roundup: Blockchain Startups Secure $150.9m in Funding As Partior Leads With $60m Series BBlockchain startups secured $150.9 million in recent days. Partior’s $60 million series B announcement was the largest round of the past week, signaling robust investment in the crypto space. The blockchain sector witnessed a significant influx of capital this week, with 22 startups securing a total of $150.9 million in various funding rounds, according to Crypto Fundraising.  You can see the funding breakdown for this week in the table below: Crypto fundraising July 07-13 | Source: Crypto Fundraising Biggest funding round: Partior, $60 million Leading the pack, Partior raised $60 million in a Series B funding round to improve its global unified ledger-based interbank rails for real-time clearing and settlement.  Peak XV Partners spearheaded the round. Valor Capital Group and Jump Trading Group also participated with existing investors such as J.P. Morgan, Standard Chartered, and Temasek. Partior, a fintech firm, aims to use the funds raised in the round to expand its international network and integrate more currencies into its platform. It currently supports the U.S. dollar, euro, and Singapore dollar.  The company’s technology is already in use by major banks like DBS, J.P. Morgan, and Standard Chartered to facilitate payment flows. RedStone Oracles, $15 million Elsewhere, RedStone Oracles secured $15 million in a series A round to advance its modular blockchain oracle solution.  RedStone is excited to announce a $15M Series A fundraising round, led by @Arrington_Cap to expand its Modular Oracle product ♦️🧵 pic.twitter.com/d8wNIJ0uPr — RedStone Oracles ♦️ (@redstone_defi) July 2, 2024 Serial crypto VC funder Arrington Capital led the round, which saw contributions from Spartan, IOSG Ventures, and other prominent investors.  Founded in 2021 during the Arweave incubation program, RedStone has rapidly gained traction, now boasting over 100 clients and securing $4 billion in value.  The company’s Oracle products aim to reduce gas fees for decentralized applications on Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks. You might also like: Ripple’s Stuart Alderoty recalls XRP ruling on first anniversary: ‘It was a watershed moment’ SendBlocks, $8.2 million Another big winner in this week’s crypto VC funding was Israeli startup SendBlocks, which specializes in blockchain data management.  The company raised $8.2 million in seed funding led by Castle Island Ventures. The round also featured participation from other VCs, including Pitango, Illuminate Financial, Laser Digital, and Starkware.  SendBlocks’ platform allows blockchain enterprises to define critical data and leverages its technology to extract valuable insights from the blockchain. Other notable fundraises Tabi (formerly Treasureland): Raised $16.1 million in a public sale round. Tabi is a decentralized marketplace for NFTs featuring trading, a launchpad, and a gaming platform. In a June 14 post on X, the company indicated that it raised a whopping $5 million in just the first hour of its public token sale. Tabi Token Public Sale Officially Ended🟧 1,500 ETH ($5 million) raised in the FIRST HOUR🟧 4,576 ETH ($16.08 million) total raisedWe couldn't have done this without the support of each and every one of you. Thanks to our vibrant community!But our work is far from over.… pic.twitter.com/eIm7tYS24U — 𝗧𝗮𝗯𝗶 🎮 (@Tabichain) June 14, 2024 ZAP: Secured $15 million from investors, including Rarestone Capital and Cypher Capital. ZAP focuses on reputation-based token distribution to reward user contributions and is expanding its protocol to other blockchains. The project says it will use the funds to help solve key issues in the airdrop and launchpad space, as well as spread its services to new locations and blockchains. ⚡ ZAP Official Raise Announcement ⚡ZAP is thrilled to announce a successful $15M funding round, led by @Rarestonecap, @Cypher_capital, and @ShardingCapital, with support from @presto_labs and @Auros_global plus industry angels including @lawmaster, Chelsea Jiang of… pic.twitter.com/pfBCgJjrG2 — ZAP ⚡️ (@zaponblast) July 12, 2024 Rome Protocol: Emerged from stealth with $9 million in funding from top-tier crypto VC firms like Hack VC and P2 Ventures.  Rome Protocol aims to use Solana (SOL) as an auxiliary network for Ethereum (ETH) layer-2 blockchains, thereby enhancing efficiency without compromising user experience. Read more: Record inflows for Bitcoin ETFs as market sees renewed interest

Crypto VC Roundup: Blockchain Startups Secure $150.9m in Funding As Partior Leads With $60m Series B

Blockchain startups secured $150.9 million in recent days. Partior’s $60 million series B announcement was the largest round of the past week, signaling robust investment in the crypto space.

The blockchain sector witnessed a significant influx of capital this week, with 22 startups securing a total of $150.9 million in various funding rounds, according to Crypto Fundraising. 

You can see the funding breakdown for this week in the table below:

Crypto fundraising July 07-13 | Source: Crypto Fundraising Biggest funding round: Partior, $60 million

Leading the pack, Partior raised $60 million in a Series B funding round to improve its global unified ledger-based interbank rails for real-time clearing and settlement. 

Peak XV Partners spearheaded the round. Valor Capital Group and Jump Trading Group also participated with existing investors such as J.P. Morgan, Standard Chartered, and Temasek.

Partior, a fintech firm, aims to use the funds raised in the round to expand its international network and integrate more currencies into its platform. It currently supports the U.S. dollar, euro, and Singapore dollar. 

The company’s technology is already in use by major banks like DBS, J.P. Morgan, and Standard Chartered to facilitate payment flows.

RedStone Oracles, $15 million

Elsewhere, RedStone Oracles secured $15 million in a series A round to advance its modular blockchain oracle solution. 

RedStone is excited to announce a $15M Series A fundraising round, led by @Arrington_Cap to expand its Modular Oracle product ♦️🧵 pic.twitter.com/d8wNIJ0uPr

— RedStone Oracles ♦️ (@redstone_defi) July 2, 2024

Serial crypto VC funder Arrington Capital led the round, which saw contributions from Spartan, IOSG Ventures, and other prominent investors. 

Founded in 2021 during the Arweave incubation program, RedStone has rapidly gained traction, now boasting over 100 clients and securing $4 billion in value. 

The company’s Oracle products aim to reduce gas fees for decentralized applications on Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.

You might also like: Ripple’s Stuart Alderoty recalls XRP ruling on first anniversary: ‘It was a watershed moment’

SendBlocks, $8.2 million

Another big winner in this week’s crypto VC funding was Israeli startup SendBlocks, which specializes in blockchain data management. 

The company raised $8.2 million in seed funding led by Castle Island Ventures. The round also featured participation from other VCs, including Pitango, Illuminate Financial, Laser Digital, and Starkware. 

SendBlocks’ platform allows blockchain enterprises to define critical data and leverages its technology to extract valuable insights from the blockchain.

Other notable fundraises

Tabi (formerly Treasureland): Raised $16.1 million in a public sale round. Tabi is a decentralized marketplace for NFTs featuring trading, a launchpad, and a gaming platform.

In a June 14 post on X, the company indicated that it raised a whopping $5 million in just the first hour of its public token sale.

Tabi Token Public Sale Officially Ended🟧 1,500 ETH ($5 million) raised in the FIRST HOUR🟧 4,576 ETH ($16.08 million) total raisedWe couldn't have done this without the support of each and every one of you. Thanks to our vibrant community!But our work is far from over.… pic.twitter.com/eIm7tYS24U

— 𝗧𝗮𝗯𝗶 🎮 (@Tabichain) June 14, 2024

ZAP: Secured $15 million from investors, including Rarestone Capital and Cypher Capital. ZAP focuses on reputation-based token distribution to reward user contributions and is expanding its protocol to other blockchains.

The project says it will use the funds to help solve key issues in the airdrop and launchpad space, as well as spread its services to new locations and blockchains.

⚡ ZAP Official Raise Announcement ⚡ZAP is thrilled to announce a successful $15M funding round, led by @Rarestonecap, @Cypher_capital, and @ShardingCapital, with support from @presto_labs and @Auros_global plus industry angels including @lawmaster, Chelsea Jiang of… pic.twitter.com/pfBCgJjrG2

— ZAP ⚡️ (@zaponblast) July 12, 2024

Rome Protocol: Emerged from stealth with $9 million in funding from top-tier crypto VC firms like Hack VC and P2 Ventures. 

Rome Protocol aims to use Solana (SOL) as an auxiliary network for Ethereum (ETH) layer-2 blockchains, thereby enhancing efficiency without compromising user experience.

Read more: Record inflows for Bitcoin ETFs as market sees renewed interest
Ripple’s Stuart Alderoty Recalls XRP Ruling on First Anniversary: ‘It Was a Watershed Moment’Today marks one year since Judge Analisa Torres’ pivotal ruling that XRP is not a security. The decision reshaped the landscape for Ripple and the broader cryptocurrency sector. Reflecting on this landmark anniversary, Ripple’s chief legal officer Stuart Alderoty shared his insights on the ruling’s impact and broader implications for the industry: “It was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security,” Alderoty wrote on X. Some reflections as we approach the one year anniversary of Judge Torres’ Summary Judgment decision in the SEC v Ripple lawsuit.First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.This… https://t.co/0gh0EYhFZO — Stuart Alderoty (@s_alderoty) July 12, 2024 In the post, he emphasized that the ruling had provided a critical check on the U.S. Securities and Exchange Commission’s (SEC) actions, especially under its chair, Gary Gensler.  He also pointed to the recent developments with Binance as further evidence of the SEC’s overreach. However, the Ripple CLO cautioned that relying on court decisions for clarity on a token-by-token basis is unsustainable. He further claimed that policymakers were increasingly frustrated with the slow legislative progress, as the U.S. risks falling behind the global crypto innovation race. Ripple CEO Brad Garlinghouse echoed Alderoty’s sentiments on social media, describing the events of July 13, 2023, as a significant victory for Ripple and the crypto industry.  In his post, Garlinghouse reaffirmed Ripple’s commitment to defending the industry against what he described as the SEC’s unjust actions, underscoring the company’s belief in being on the right side of the law and history. We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. We knew we were on the right side of the law and that we would be on the right side of history. Brad Garlinghouse, Ripple CEO The Ripple CEO also criticized the SEC’s continued aggressive stance against crypto, asserting that their strategy of lawsuits, false rhetoric, and intimidation had failed and would continue to fail. You might also like: Record inflows for Bitcoin ETFs as market sees renewed interest No end in sight in SEC vs. XRP battle Ripple has been embroiled in a legal battle with the SEC for nearly four years. On Dec. 20, 2022, the regulator accused the crypto company of conducting an unregistered securities offering through the sale of XRP. And despite Ripple’s partial victory in 2023 declaring XRP is not a security, the legal battle is far from over. The court is currently in what is known as a “remedies phase” in the case. It is here that it will determine potential penalties or injunctions against the crypto payments company. Nonetheless, the anniversary of the ruling could act as a catalyst for several developments. Renewed investor interest, increased pressure for a settlement, and new clues from the court could drive the case toward a resolution. XRP price goes up 12.4% In the 24 hours preceding the anniversary, the value of XRP surged 12.4%, breaking the critical $0.5 resistance level and leading the recovery of the broader altcoin market. XRP 24-hour price chart | Source: CoinGecko XRP’s price, which had fallen to a yearly low of $0.3984 earlier this month, has gained 19% over the past week. The current price of $0.5211 is also an 8.9% uptick over the last fortnight, as shown by data from CoinGecko. This price rally also coincided with the announcement by traditional futures giants CME and CF Benchmarks of new XRP indices and reference rates, a move that Ripple CEO Garlinghouse believes will drive institutional adoption of the cryptocurrency. Read more: Meme coins bounce back: Shiba Inu leads market surge with 6.4% gain

Ripple’s Stuart Alderoty Recalls XRP Ruling on First Anniversary: ‘It Was a Watershed Moment’

Today marks one year since Judge Analisa Torres’ pivotal ruling that XRP is not a security. The decision reshaped the landscape for Ripple and the broader cryptocurrency sector.

Reflecting on this landmark anniversary, Ripple’s chief legal officer Stuart Alderoty shared his insights on the ruling’s impact and broader implications for the industry: “It was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security,” Alderoty wrote on X.

Some reflections as we approach the one year anniversary of Judge Torres’ Summary Judgment decision in the SEC v Ripple lawsuit.First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.This… https://t.co/0gh0EYhFZO

— Stuart Alderoty (@s_alderoty) July 12, 2024

In the post, he emphasized that the ruling had provided a critical check on the U.S. Securities and Exchange Commission’s (SEC) actions, especially under its chair, Gary Gensler. 

He also pointed to the recent developments with Binance as further evidence of the SEC’s overreach. However, the Ripple CLO cautioned that relying on court decisions for clarity on a token-by-token basis is unsustainable.

He further claimed that policymakers were increasingly frustrated with the slow legislative progress, as the U.S. risks falling behind the global crypto innovation race.

Ripple CEO Brad Garlinghouse echoed Alderoty’s sentiments on social media, describing the events of July 13, 2023, as a significant victory for Ripple and the crypto industry. 

In his post, Garlinghouse reaffirmed Ripple’s commitment to defending the industry against what he described as the SEC’s unjust actions, underscoring the company’s belief in being on the right side of the law and history.

We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. We knew we were on the right side of the law and that we would be on the right side of history.

Brad Garlinghouse, Ripple CEO

The Ripple CEO also criticized the SEC’s continued aggressive stance against crypto, asserting that their strategy of lawsuits, false rhetoric, and intimidation had failed and would continue to fail.

You might also like: Record inflows for Bitcoin ETFs as market sees renewed interest

No end in sight in SEC vs. XRP battle

Ripple has been embroiled in a legal battle with the SEC for nearly four years. On Dec. 20, 2022, the regulator accused the crypto company of conducting an unregistered securities offering through the sale of XRP.

And despite Ripple’s partial victory in 2023 declaring XRP is not a security, the legal battle is far from over. The court is currently in what is known as a “remedies phase” in the case. It is here that it will determine potential penalties or injunctions against the crypto payments company.

Nonetheless, the anniversary of the ruling could act as a catalyst for several developments. Renewed investor interest, increased pressure for a settlement, and new clues from the court could drive the case toward a resolution.

XRP price goes up 12.4%

In the 24 hours preceding the anniversary, the value of XRP surged 12.4%, breaking the critical $0.5 resistance level and leading the recovery of the broader altcoin market.

XRP 24-hour price chart | Source: CoinGecko

XRP’s price, which had fallen to a yearly low of $0.3984 earlier this month, has gained 19% over the past week. The current price of $0.5211 is also an 8.9% uptick over the last fortnight, as shown by data from CoinGecko.

This price rally also coincided with the announcement by traditional futures giants CME and CF Benchmarks of new XRP indices and reference rates, a move that Ripple CEO Garlinghouse believes will drive institutional adoption of the cryptocurrency.

Read more: Meme coins bounce back: Shiba Inu leads market surge with 6.4% gain
Tether Loses Ground, Market Share Shrinks to 74%Tether’s USDT stablecoin’s market share on centralized exchanges (CEXs) has decreased from 82% to 74% so far this year. This decline in dominance highlights the growing competition in the stablecoin market and the potential regulatory challenges facing Tether. EU regulations and new competitors Notwithstanding the drop in market share, Tether (USDT) remains the most widely used stablecoin, with a market capitalization of over $100 billion. Tether’s popularity is driven by its ability to provide a stable, fiat-backed digital currency that facilitates seamless transactions and trading across the cryptocurrency ecosystem. The Kaiko Analytics report notes that Tether’s market share decline comes as the European Union prepares to implement the new Markets in Crypto-Assets (MiCA) regulation, which is expected to impact stablecoins like USDT.  MiCA will restrict the sale of stablecoins to EU investors, potentially leading exchanges such as Kraken to review their support for USDT. Tether’s CEO, Paolo Ardoino, has also expressed concerns about certain aspects of MiCA’s requirements and stated that the company has no plans to be regulated under the new rules in the medium term. This regulatory uncertainty could further erode Tether’s market share as exchanges and users seek alternative stablecoins that align better with emerging regulatory frameworks. According to the report, the stablecoin market is diversifying as prominent alternatives such as Circle’s USDC gain traction. You might also like: Tether mints $1 billion USDT on Ethereum, forecasting an ETF approval Tether to suspend USDT redemptions On July 11, Tether announced its plan to suspend USDT redemptions on several blockchain networks. The company stated that this decision is aimed at ensuring the long-term sustainability of the USDT ecosystem. Tether will gradually phase out support for USDT on multiple networks over the coming months. Specific timelines for each network will be provided separately to facilitate a smooth transition for users. This strategic move is part of Tether’s effort to streamline operations and focus on the most widely adopted blockchain networks. By halting USDT redemptions on less active networks, Tether aims to improve the overall user experience and maintain the stability of the USDT peg. In other news, DWS, a leading European investment firm, has established a new entity to launch Germany’s first cryptocurrency under national regulation. The firm aims to introduce a euro-based stablecoin that is compliant with Germany’s financial watchdog, BaFin, by 2025. Moreover, Tron (TRX) founder Justin Sun has revealed plans to introduce a fee-free stablecoin, which, if successfully implemented, could revolutionize the stablecoin market.  The stablecoin market continues to evolve, with significant contributions from companies like Coinbase and Circle. Coinbase relies on stablecoin revenue, while Circle’s recent approval to operate in Europe marks an important step towards establishing itself as a global standard in the industry. Read more: Is crypto’s greatest crash around the corner? The threat of Tether’s (USDT) collapse

Tether Loses Ground, Market Share Shrinks to 74%

Tether’s USDT stablecoin’s market share on centralized exchanges (CEXs) has decreased from 82% to 74% so far this year.

This decline in dominance highlights the growing competition in the stablecoin market and the potential regulatory challenges facing Tether.

EU regulations and new competitors

Notwithstanding the drop in market share, Tether (USDT) remains the most widely used stablecoin, with a market capitalization of over $100 billion. Tether’s popularity is driven by its ability to provide a stable, fiat-backed digital currency that facilitates seamless transactions and trading across the cryptocurrency ecosystem.

The Kaiko Analytics report notes that Tether’s market share decline comes as the European Union prepares to implement the new Markets in Crypto-Assets (MiCA) regulation, which is expected to impact stablecoins like USDT. 

MiCA will restrict the sale of stablecoins to EU investors, potentially leading exchanges such as Kraken to review their support for USDT.

Tether’s CEO, Paolo Ardoino, has also expressed concerns about certain aspects of MiCA’s requirements and stated that the company has no plans to be regulated under the new rules in the medium term.

This regulatory uncertainty could further erode Tether’s market share as exchanges and users seek alternative stablecoins that align better with emerging regulatory frameworks.

According to the report, the stablecoin market is diversifying as prominent alternatives such as Circle’s USDC gain traction.

You might also like: Tether mints $1 billion USDT on Ethereum, forecasting an ETF approval

Tether to suspend USDT redemptions

On July 11, Tether announced its plan to suspend USDT redemptions on several blockchain networks. The company stated that this decision is aimed at ensuring the long-term sustainability of the USDT ecosystem.

Tether will gradually phase out support for USDT on multiple networks over the coming months. Specific timelines for each network will be provided separately to facilitate a smooth transition for users.

This strategic move is part of Tether’s effort to streamline operations and focus on the most widely adopted blockchain networks. By halting USDT redemptions on less active networks, Tether aims to improve the overall user experience and maintain the stability of the USDT peg.

In other news, DWS, a leading European investment firm, has established a new entity to launch Germany’s first cryptocurrency under national regulation. The firm aims to introduce a euro-based stablecoin that is compliant with Germany’s financial watchdog, BaFin, by 2025.

Moreover, Tron (TRX) founder Justin Sun has revealed plans to introduce a fee-free stablecoin, which, if successfully implemented, could revolutionize the stablecoin market. 

The stablecoin market continues to evolve, with significant contributions from companies like Coinbase and Circle. Coinbase relies on stablecoin revenue, while Circle’s recent approval to operate in Europe marks an important step towards establishing itself as a global standard in the industry.

Read more: Is crypto’s greatest crash around the corner? The threat of Tether’s (USDT) collapse
China, Kazakhstan Central Banks Forge CBDC Research PartnershipChina and Kazakhstan have entered into a strategic partnership to collaborate on Central Bank Digital Currency (CBDC) research. The initiative focuses on enhancing knowledge sharing, expertise, and employee competencies through joint training and research projects. The People’s Bank of China (PBoC) and the National Bank of Kazakhstan (NBK) partnership comes as global interest in CBDCs continues to rise. Under this agreement, the two central banks will share their expertise and knowledge in CBDC development and implementation, conduct joint research projects, and enhance the skills and competencies of employees involved in CBDC research and development.  Moreover, the development of a CBDC could facilitate faster, more secure, and cost-effective cross-border transactions, crucial for international trade and economic integration. Observers note that a China-Kazakhstan co-development of CBDCs can potentially lead to increased economic efficiency, reduced transaction costs, and improved financial inclusion. Looking ahead, the partnership between China and Kazakhstan is expected to evolve significantly. Kazakhstan, which has been an observer in the CBDC project, may formally signal its intention to become a core participant following the completion of the joint research. You might also like: CBDCs have a big problem The global race for CBDCs Countries worldwide are accelerating their efforts to adopt CBDCs to enhance financial inclusion, improve payment efficiency, and reduce reliance on the U.S. dollar. However, the adoption of these digital currencies faces stiff competition from established digital payment platforms like Paytm and Google Pay, which are widely popular among users. The Reserve Bank of India has taken significant steps towards modernizing its financial system by piloting a wholesale CBDC, known as the e-rupee-W, for financial institutions and a retail CBDC, the e-rupee-R, for the public. In Indonesia, the central bank launched Project Garuda in 2022, aiming to introduce a digital e-rupiah. This initiative is designed to enhance financial inclusion and facilitate cross-border payments, positioning Indonesia as a forward-thinking player in the digital currency landscape. Thailand’s central bank has been testing a CBDC called the Retail Central Bank Digital Currency (CBDC-R) since 2020. The ongoing pilot seeks to improve financial inclusion and increase payment efficiency, reflecting Thailand’s commitment to embracing digital innovation in its financial sector. Other countries have also made notable strides in the adoption of CBDC. The Bahamas launched the world’s first CBDC, the Sand Dollar, in 2020, achieving a relatively high adoption rate, with over 15% of the population using it. Similarly, the Eastern Caribbean Central Bank introduced DCash in 2021, now operational in eight member countries, to support cross-border payments. In Sweden, the central bank, Riksbank, has been running a pilot for its e-krona CBDC since 2020, aiming to ensure the continued provision of a state-backed payment method in an increasingly digital world. Meanwhile, the U.K is exploring the potential launch of a CBDC, with the Bank of England and HM Treasury focusing on complementing cash and bank deposits. The European Union is currently investigating the feasibility of a digital euro, with the European Central Bank examining its design and potential impacts. However, the European Parliament has advised caution, recommending to “abstain (but be prepared)” while the investigation continues. Read more: Sen. Cynthia Lummis praises Bitcoin, calls CBDCs ‘the beast’

China, Kazakhstan Central Banks Forge CBDC Research Partnership

China and Kazakhstan have entered into a strategic partnership to collaborate on Central Bank Digital Currency (CBDC) research. The initiative focuses on enhancing knowledge sharing, expertise, and employee competencies through joint training and research projects.

The People’s Bank of China (PBoC) and the National Bank of Kazakhstan (NBK) partnership comes as global interest in CBDCs continues to rise.

Under this agreement, the two central banks will share their expertise and knowledge in CBDC development and implementation, conduct joint research projects, and enhance the skills and competencies of employees involved in CBDC research and development. 

Moreover, the development of a CBDC could facilitate faster, more secure, and cost-effective cross-border transactions, crucial for international trade and economic integration.

Observers note that a China-Kazakhstan co-development of CBDCs can potentially lead to increased economic efficiency, reduced transaction costs, and improved financial inclusion.

Looking ahead, the partnership between China and Kazakhstan is expected to evolve significantly. Kazakhstan, which has been an observer in the CBDC project, may formally signal its intention to become a core participant following the completion of the joint research.

You might also like: CBDCs have a big problem

The global race for CBDCs

Countries worldwide are accelerating their efforts to adopt CBDCs to enhance financial inclusion, improve payment efficiency, and reduce reliance on the U.S. dollar. However, the adoption of these digital currencies faces stiff competition from established digital payment platforms like Paytm and Google Pay, which are widely popular among users.

The Reserve Bank of India has taken significant steps towards modernizing its financial system by piloting a wholesale CBDC, known as the e-rupee-W, for financial institutions and a retail CBDC, the e-rupee-R, for the public.

In Indonesia, the central bank launched Project Garuda in 2022, aiming to introduce a digital e-rupiah. This initiative is designed to enhance financial inclusion and facilitate cross-border payments, positioning Indonesia as a forward-thinking player in the digital currency landscape.

Thailand’s central bank has been testing a CBDC called the Retail Central Bank Digital Currency (CBDC-R) since 2020. The ongoing pilot seeks to improve financial inclusion and increase payment efficiency, reflecting Thailand’s commitment to embracing digital innovation in its financial sector.

Other countries have also made notable strides in the adoption of CBDC. The Bahamas launched the world’s first CBDC, the Sand Dollar, in 2020, achieving a relatively high adoption rate, with over 15% of the population using it. Similarly, the Eastern Caribbean Central Bank introduced DCash in 2021, now operational in eight member countries, to support cross-border payments.

In Sweden, the central bank, Riksbank, has been running a pilot for its e-krona CBDC since 2020, aiming to ensure the continued provision of a state-backed payment method in an increasingly digital world. Meanwhile, the U.K is exploring the potential launch of a CBDC, with the Bank of England and HM Treasury focusing on complementing cash and bank deposits.

The European Union is currently investigating the feasibility of a digital euro, with the European Central Bank examining its design and potential impacts. However, the European Parliament has advised caution, recommending to “abstain (but be prepared)” while the investigation continues.

Read more: Sen. Cynthia Lummis praises Bitcoin, calls CBDCs ‘the beast’
What’s Missing From MiCA’s Comprehensive Crypto Manifesto? | OpinionDisclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. In April 2023, the European Union rolled out a comprehensive piece of legislation to finally reign in the crypto and blockchain industry. The Markets in Crypto-Assets Regulation (MiCA) is a bold and pioneering initiative aimed at applying a unified regulatory framework to the industry and establishing clearer laws for crypto asset service providers and token issuers. You might also like: Cryptocurrency after the European Union’s MiCA regulation | Opinion Viewed as a milestone in the crypto regulatory landscape, MiCA recently approved a provision to address stablecoins, which have long been seen as complicated assets to regulate due to their unclear classification and common use in cross-border transactions. Following the approved provision, Circle, the issuer of the USDC stablecoin, became the first stablecoin issuer to formally be recognized as compliant under the EU’s crypto legislation.  Circle’s newly granted status has led many to ponder MiCA’s implications on the $160 billion aggregate stablecoin supply as well as the broader crypto and web3 economy. While the idea behind the most thorough attempt to regulate crypto is to protect investors by placing liability on the organizations issuing digital assets and providing services, onboarding new users, and fostering innovation while ensuring competition, it will take some time to gauge its full impact.  The idea for MiCA was born out of a wave of ICOs in 2017 and 2018 that raised concerns about scams, frauds, and other manipulations that could upend financial stability within the European bloc. After years of research, due diligence, and good intentions, MiCA deserves a lot of credit for its approach to balancing regulation with innovation—a clear recognition of crypto and blockchain’s technological and business advantages. Furthermore, MiCA bolsters stability, investor trust, transparency, and oversight with its comprehensive legal framework. But MiCA has some blind spots.  While the regulatory framework acknowledges the importance of bridging crypto asset service providers and traditional finance, it doesn’t offer much on how to make that a reality. Indeed, the growing overlap of tradfi and digital assets bodes well for boosting adoption and has likely contributed to a maturing crypto ecosystem, but MiCA places limitations on stablecoins that seem counterproductive.  Non-Euro-pegged stablecoins are not allowed to be used in transactions for goods and services and face daily limitations on the number of transactions (up to one million) and their total value (€200 million). This essentially puts usage limits on USDC and USDT, the two leading stablecoins, even if they are certified as MiCA compliant. And since stablecoins are so crucial for facilitating transactions, enabling defi, and boosting nearly every aspect of the industry, these curbs could potentially impact liquidity and disrupt innovation and defi activity, undermining a core pillar of MiCA’s mission.  Moreover, these limitations are compounded because MiCA doesn’t emphasize interoperability, one of the industry’s most pressing needs, nor does it seem interested in encouraging crypto-fiat payment solutions—key avenues for bolstering liquidity and sparking innovation that stretch beyond crypto. While it’s too early to understand how MiCA’s stablecoin approach will play out, Europe’s regulators can do more to address interoperability and cross-ecosystem payments to future-proof its economy and avoid market fragmentation. This can be improved by working with EU organizations like Horizon Europe and the European Innovation Council to find innovative startups that address areas MiCA has neglected. For example, Kima, an asset-agnostic, peer-to-peer money transfer and payment protocol, provides an interoperable settlement layer for interchain and crypto-fiat transactions. By removing the barriers between blockchains and between traditional financial instruments and blockchain networks or decentralized apps, Kima’s protocol enables developers to access greater amounts of liquidity. This also benefits non-crypto native users and financial institutions by enabling funds to flow in all directions.  MiCA will undoubtedly serve as the standard bearer for crypto regulation, guiding other nations and economic blocs on how to regulate a burgeoning, complex, and volatile market that offers a lot of promise. It’s important that in its just desire to protect its monetary interests, it doesn’t overlook other areas that impact the industry’s ability to grow.  The EU has shown a willingness to adapt and study trends as they emerge, and in the fast-paced crypto world, this is needed to ensure appropriate measures are taken to protect investors as well as the integrity of the entire industry.  Read more: KYC and AML in MiCA rules: how will crypto change in 2025? | Opinion

What’s Missing From MiCA’s Comprehensive Crypto Manifesto? | Opinion

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

In April 2023, the European Union rolled out a comprehensive piece of legislation to finally reign in the crypto and blockchain industry. The Markets in Crypto-Assets Regulation (MiCA) is a bold and pioneering initiative aimed at applying a unified regulatory framework to the industry and establishing clearer laws for crypto asset service providers and token issuers.

You might also like: Cryptocurrency after the European Union’s MiCA regulation | Opinion

Viewed as a milestone in the crypto regulatory landscape, MiCA recently approved a provision to address stablecoins, which have long been seen as complicated assets to regulate due to their unclear classification and common use in cross-border transactions. Following the approved provision, Circle, the issuer of the USDC stablecoin, became the first stablecoin issuer to formally be recognized as compliant under the EU’s crypto legislation. 

Circle’s newly granted status has led many to ponder MiCA’s implications on the $160 billion aggregate stablecoin supply as well as the broader crypto and web3 economy.

While the idea behind the most thorough attempt to regulate crypto is to protect investors by placing liability on the organizations issuing digital assets and providing services, onboarding new users, and fostering innovation while ensuring competition, it will take some time to gauge its full impact. 

The idea for MiCA was born out of a wave of ICOs in 2017 and 2018 that raised concerns about scams, frauds, and other manipulations that could upend financial stability within the European bloc. After years of research, due diligence, and good intentions, MiCA deserves a lot of credit for its approach to balancing regulation with innovation—a clear recognition of crypto and blockchain’s technological and business advantages. Furthermore, MiCA bolsters stability, investor trust, transparency, and oversight with its comprehensive legal framework.

But MiCA has some blind spots. 

While the regulatory framework acknowledges the importance of bridging crypto asset service providers and traditional finance, it doesn’t offer much on how to make that a reality. Indeed, the growing overlap of tradfi and digital assets bodes well for boosting adoption and has likely contributed to a maturing crypto ecosystem, but MiCA places limitations on stablecoins that seem counterproductive. 

Non-Euro-pegged stablecoins are not allowed to be used in transactions for goods and services and face daily limitations on the number of transactions (up to one million) and their total value (€200 million). This essentially puts usage limits on USDC and USDT, the two leading stablecoins, even if they are certified as MiCA compliant.

And since stablecoins are so crucial for facilitating transactions, enabling defi, and boosting nearly every aspect of the industry, these curbs could potentially impact liquidity and disrupt innovation and defi activity, undermining a core pillar of MiCA’s mission. 

Moreover, these limitations are compounded because MiCA doesn’t emphasize interoperability, one of the industry’s most pressing needs, nor does it seem interested in encouraging crypto-fiat payment solutions—key avenues for bolstering liquidity and sparking innovation that stretch beyond crypto.

While it’s too early to understand how MiCA’s stablecoin approach will play out, Europe’s regulators can do more to address interoperability and cross-ecosystem payments to future-proof its economy and avoid market fragmentation. This can be improved by working with EU organizations like Horizon Europe and the European Innovation Council to find innovative startups that address areas MiCA has neglected.

For example, Kima, an asset-agnostic, peer-to-peer money transfer and payment protocol, provides an interoperable settlement layer for interchain and crypto-fiat transactions. By removing the barriers between blockchains and between traditional financial instruments and blockchain networks or decentralized apps, Kima’s protocol enables developers to access greater amounts of liquidity. This also benefits non-crypto native users and financial institutions by enabling funds to flow in all directions. 

MiCA will undoubtedly serve as the standard bearer for crypto regulation, guiding other nations and economic blocs on how to regulate a burgeoning, complex, and volatile market that offers a lot of promise. It’s important that in its just desire to protect its monetary interests, it doesn’t overlook other areas that impact the industry’s ability to grow. 

The EU has shown a willingness to adapt and study trends as they emerge, and in the fast-paced crypto world, this is needed to ensure appropriate measures are taken to protect investors as well as the integrity of the entire industry. 

Read more: KYC and AML in MiCA rules: how will crypto change in 2025? | Opinion
ETukTuk Presale Ends in 3 Days After Raising $3.5MDisclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. eTukTuk, a new P2E platform, burns 30% of tokens before presale ends, sparking investor rush ahead of exchange debut. A promising new platform called eTukTuk (TUK) is making waves in the play-to-earn (P2E) market. eTukTuk’s team just burned 30% of all their TUK tokens, creating a lot of excitement as the presale draws to a close. The platform is capitalizing on the rapidly growing P2E trend with an easy-to-play, affordable and highly rewarding game. With only a few days left, many investors are rushing to buy TUK tokens before they hit the exchanges. TUK token set for Uniswap amid speculation of major exchange listings Since it began, the TUK presale has been a massive hit. It quickly crossed the $3.5 million mark after witnessing high investor traction. Interested investors still have a chance to grab TUK for just $0.0345. Please note that there are only three days left before this price increases. Once the presale ends, a big day to watch is July 16th. GMT. At 11 a.m, TUK will list on the most prominent DEX on Ethereum, Uniswap.  The exchange is quite popular, handling over $2 billion in trades daily and having over 32,000 active users. There’s also buzz about TUK potentially being listed on a centralized exchange, although this has yet to be confirmed. A listing on both decentralized and centralized exchanges would open up a world of new opportunities for early investors as the token’s popularity will skyrocket. To top this off, eTukTuk made big news last week by burning a huge chunk of its supply. In the first week of July, the platform burned 600 million tokens—30% of all tokens. Another 200M $TUK tokens have been burned today! 🔥🔥🔥🔥Hey TukTribe, stay tuned for even more burns, exciting partnerships, and amazing news in the coming days!In total, we've burned 600M $TUK tokens so far. Big things are on the horizon! Have a great weekend!🚀… pic.twitter.com/cBjlWXrrLH — eTukTuk (@eTukTukio) July 5, 2024 Only 1.4 billion tokens are left, which could potentially increase TUK’s demand when it hits the exchanges. Rewarding taxi game with high staking APY of 80% eTukTuk offers a rewarding P2E game that’s inspired by Crazy Taxi. In this game, players drive virtual electric TukTuks in Sri Lanka to complete tasks like picking up passengers and racing to earn rewards. You can customize your vehicle, unlock new areas, and improve your skills. TUK token holders can also gain early access to in-game benefits. The token uses the BEP-20 standard on the Binance Smart Chain. This makes the transactions relatively cheap and lightning-fast. In addition to the game, the platform has a staking mechanism that allows you to earn passive income. At the time of writing, you can get an APY of nearly 80%. These rewards will be distributed over three years with a short 7-day lock-up at the start. This means players could earn tokens by playing the game and then stake those tokens to earn even more.  It creates an exciting ecosystem that truly combines the fun of gaming with high rewards. You might also like: eTukTuk presale reaches $3m as demand For eco-friendly tokens surges Mobile-focused eTukTuk game set for mainstream adoption The trend in the P2E market seems to be shifting. We’ve observed that many old and expensive games like Axie Infinity are becoming less popular. The market is shifting toward games users can download for free on their phones. eTukTuk could perfectly fit this trend because it targets the mobile gaming market with low-cost gameplay that suits the tastes of current gamers. While older crypto games are losing popularity, eTukTuk has a chance to attract new players who like mobile gaming. As a result, the project is already getting quite popular on social media. In just a few months after the launch, nearly 43,000 people have followed eTukTuk on X (Twitter), and almost 8,800 are in their Telegram group. eTukTuk has also received good qualifications to back up this early buzz. Well-known blockchain security platform SolidProof has approved the project’s smart contract. This is good news for investors who’ve had bad experiences with presales before. With high initial investor traction and a successful presale thus far, the project is gearing up for exchange listings soon. With just three days left in the presale, the clock is ticking for anyone looking to nab TUK tokens at a discount.  For more information, visit eTukTuk’s presale website. Read more: NEAR Protocol, Bittensor, and eTukTuk shine in AI crypto rally Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

ETukTuk Presale Ends in 3 Days After Raising $3.5M

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

eTukTuk, a new P2E platform, burns 30% of tokens before presale ends, sparking investor rush ahead of exchange debut.

A promising new platform called eTukTuk (TUK) is making waves in the play-to-earn (P2E) market. eTukTuk’s team just burned 30% of all their TUK tokens, creating a lot of excitement as the presale draws to a close.

The platform is capitalizing on the rapidly growing P2E trend with an easy-to-play, affordable and highly rewarding game. With only a few days left, many investors are rushing to buy TUK tokens before they hit the exchanges.

TUK token set for Uniswap amid speculation of major exchange listings

Since it began, the TUK presale has been a massive hit. It quickly crossed the $3.5 million mark after witnessing high investor traction.

Interested investors still have a chance to grab TUK for just $0.0345. Please note that there are only three days left before this price increases.

Once the presale ends, a big day to watch is July 16th. GMT. At 11 a.m, TUK will list on the most prominent DEX on Ethereum, Uniswap. 

The exchange is quite popular, handling over $2 billion in trades daily and having over 32,000 active users.

There’s also buzz about TUK potentially being listed on a centralized exchange, although this has yet to be confirmed.

A listing on both decentralized and centralized exchanges would open up a world of new opportunities for early investors as the token’s popularity will skyrocket.

To top this off, eTukTuk made big news last week by burning a huge chunk of its supply. In the first week of July, the platform burned 600 million tokens—30% of all tokens.

Another 200M $TUK tokens have been burned today! 🔥🔥🔥🔥Hey TukTribe, stay tuned for even more burns, exciting partnerships, and amazing news in the coming days!In total, we've burned 600M $TUK tokens so far. Big things are on the horizon! Have a great weekend!🚀… pic.twitter.com/cBjlWXrrLH

— eTukTuk (@eTukTukio) July 5, 2024

Only 1.4 billion tokens are left, which could potentially increase TUK’s demand when it hits the exchanges.

Rewarding taxi game with high staking APY of 80%

eTukTuk offers a rewarding P2E game that’s inspired by Crazy Taxi.

In this game, players drive virtual electric TukTuks in Sri Lanka to complete tasks like picking up passengers and racing to earn rewards.

You can customize your vehicle, unlock new areas, and improve your skills. TUK token holders can also gain early access to in-game benefits.

The token uses the BEP-20 standard on the Binance Smart Chain. This makes the transactions relatively cheap and lightning-fast.

In addition to the game, the platform has a staking mechanism that allows you to earn passive income.

At the time of writing, you can get an APY of nearly 80%. These rewards will be distributed over three years with a short 7-day lock-up at the start.

This means players could earn tokens by playing the game and then stake those tokens to earn even more. 

It creates an exciting ecosystem that truly combines the fun of gaming with high rewards.

You might also like: eTukTuk presale reaches $3m as demand For eco-friendly tokens surges

Mobile-focused eTukTuk game set for mainstream adoption

The trend in the P2E market seems to be shifting. We’ve observed that many old and expensive games like Axie Infinity are becoming less popular.

The market is shifting toward games users can download for free on their phones.

eTukTuk could perfectly fit this trend because it targets the mobile gaming market with low-cost gameplay that suits the tastes of current gamers.

While older crypto games are losing popularity, eTukTuk has a chance to attract new players who like mobile gaming.

As a result, the project is already getting quite popular on social media.

In just a few months after the launch, nearly 43,000 people have followed eTukTuk on X (Twitter), and almost 8,800 are in their Telegram group.

eTukTuk has also received good qualifications to back up this early buzz. Well-known blockchain security platform SolidProof has approved the project’s smart contract.

This is good news for investors who’ve had bad experiences with presales before.

With high initial investor traction and a successful presale thus far, the project is gearing up for exchange listings soon. With just three days left in the presale, the clock is ticking for anyone looking to nab TUK tokens at a discount. 

For more information, visit eTukTuk’s presale website.

Read more: NEAR Protocol, Bittensor, and eTukTuk shine in AI crypto rally

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
Meme Coins Bounce Back: Shiba Inu Leads Market Surge With 6.4% GainSeveral large-cap meme coins, including Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) registered upticks in the last 24 hours. Data from the crypto price tracking website CoinGecko shows that the value of the overall meme coin market is up 2.4% to $44.75 billion.  Shiba Inu has been one of the main drivers of this improvement, registering an uptick of 6.4% over 24 hours.  In that time, the meme coin’s price oscillated between $0.00001596 and $0.0000171 and is currently at $0.00001698. The uptick was accompanied by a 24-hour trading volume of $217.8 million. Shiba Inu 24-hour price chart | Source: CoinGecko Shiba Inu’s price was also nearly 7% higher than a week ago, although it lost 0.8% of its value in the previous fortnight. The news was also similarly bleak over 30 days, with the price of SHIB depreciating by nearly 21% in that time.  You might also like: Memecoin PeiPei emerges the top gainer among the leading 500 Another notable performer among meme coins in the last 24 hours is Brett (BRETT), up 5.1% at this writing. Brett 24-hour price chart | Source: CoinGecko Ranked at #72 in terms of market cap among all cryptocurrencies and #7 among meme coins, Brett has endured a torrid month, losing more than 22% of its value.  Interestingly, the slide started soon after the meme coin hit its all-time high (ATH) price of $0.1933 on June 9. It largely stayed above the $0.15 level until July 4, when it slid to as low as $0.1079.  Its current price is still 40% lower than its ATH, although it is a whopping 13,564% higher than its all-time low price from earlier in the year. Dogwifhat (WIF) and Pepe are also up 4% in the last 24 hours. Like the other meme coins mentioned in this piece, WIF and PEPE have endured a difficult 30 days, with the price of WIF down 36.8% and that of PEPE down 30% in that time. Pepe 24-hour price chart | Source: CoinGecko Over the past seven days, WIF has lost 19.2% of its value, while PEPE has dropped 4.5%. Both have underperformed in the global crypto market, which is up 2.6%.  According to CoinGecko, PEPE also underperformed similar Ethereum ecosystem cryptocurrencies, which are up 12.70%. Read more: Crypto markets likely to remain choppy in Q3, Coinbase analysts say

Meme Coins Bounce Back: Shiba Inu Leads Market Surge With 6.4% Gain

Several large-cap meme coins, including Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) registered upticks in the last 24 hours.

Data from the crypto price tracking website CoinGecko shows that the value of the overall meme coin market is up 2.4% to $44.75 billion. 

Shiba Inu has been one of the main drivers of this improvement, registering an uptick of 6.4% over 24 hours. 

In that time, the meme coin’s price oscillated between $0.00001596 and $0.0000171 and is currently at $0.00001698. The uptick was accompanied by a 24-hour trading volume of $217.8 million.

Shiba Inu 24-hour price chart | Source: CoinGecko

Shiba Inu’s price was also nearly 7% higher than a week ago, although it lost 0.8% of its value in the previous fortnight. The news was also similarly bleak over 30 days, with the price of SHIB depreciating by nearly 21% in that time. 

You might also like: Memecoin PeiPei emerges the top gainer among the leading 500

Another notable performer among meme coins in the last 24 hours is Brett (BRETT), up 5.1% at this writing.

Brett 24-hour price chart | Source: CoinGecko

Ranked at #72 in terms of market cap among all cryptocurrencies and #7 among meme coins, Brett has endured a torrid month, losing more than 22% of its value. 

Interestingly, the slide started soon after the meme coin hit its all-time high (ATH) price of $0.1933 on June 9. It largely stayed above the $0.15 level until July 4, when it slid to as low as $0.1079. 

Its current price is still 40% lower than its ATH, although it is a whopping 13,564% higher than its all-time low price from earlier in the year.

Dogwifhat (WIF) and Pepe are also up 4% in the last 24 hours. Like the other meme coins mentioned in this piece, WIF and PEPE have endured a difficult 30 days, with the price of WIF down 36.8% and that of PEPE down 30% in that time.

Pepe 24-hour price chart | Source: CoinGecko

Over the past seven days, WIF has lost 19.2% of its value, while PEPE has dropped 4.5%. Both have underperformed in the global crypto market, which is up 2.6%. 

According to CoinGecko, PEPE also underperformed similar Ethereum ecosystem cryptocurrencies, which are up 12.70%.

Read more: Crypto markets likely to remain choppy in Q3, Coinbase analysts say
Record Inflows for Bitcoin ETFs As Market Sees Renewed InterestSpot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed a significant surge on July 12, with inflows surpassing $310 million—the highest since June 5. BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows, bringing in $120.03 million and $115.14 million respectively, as per information from SoSoValue. The Bitwise Bitcoin ETF (BITB) followed with $28.42 million, and the Grayscale Bitcoin Trust (GBTC) experienced a rare inflow of $23.01 million. Spot Bitcoin ETF flows as of July 12 | Source: SoSoValue The VanEck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) recorded additional inflows, $6.56 million and $4.03 million, respectively. However, ETFs from Hashdex, Franklin Templeton, Valkyrie, and WisdomTree did not register any inflows on the same day. The July 12 results mark the largest inflow since June 5, when spot Bitcoin ETFs amassed just north of $488 million. Notably, there was no day with an outflow at that time.  Additionally, according to ETF market watcher HODL15Capital, U.S.-based spot Bitcoin ETFs now hold an all-time high amount of BTC at 888,607 coins. 🧮 Updated USA Bitcoin ETF holdings (including today's inflows).New all-time high of 888,607 BTC held by the U.S. ETFs 👇 https://t.co/WsdwjZnaN2 pic.twitter.com/HUrEBSNzvi — HODL15Capital 🇺🇸 (@HODL15Capital) July 13, 2024 Per data from Farside Investors, the recent activity brings the total inflows since the start of the week to $1.04 billion. Since their launch at the beginning of the year, spot Bitcoin ETFs have accumulated nearly $16 billion in net inflows.  You might also like: Is Germany done transferring their Bitcoin? Notably, this tally includes more than $18.6 billion that has flowed out of GBTC since it transitioned into a spot ETF 6 months ago. Interestingly, despite the outflows, the Grayscale Bitcoin product is still the second-largest ETF by net assets, boasting about $15.73 billion worth of Bitcoins.  News of the record spot Bitcoin ETF inflows seem to have nudged the price of the cryptocurrency, which at the time of writing was trading at $58,543, 2.4% higher than its level from 24 hours ago. Bitcoin 24 hour price chart | Source: CoinGecko However, the price uptick came against a backdrop of reduced trading volumes, with about $21.76 billion worth of Bitcoin traded in the last 24 hours, a 23.29% dip from the previous day.  Read more: Abra buys Valkyrie’s Tron and Zilliqa trusts

Record Inflows for Bitcoin ETFs As Market Sees Renewed Interest

Spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed a significant surge on July 12, with inflows surpassing $310 million—the highest since June 5.

BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows, bringing in $120.03 million and $115.14 million respectively, as per information from SoSoValue. The Bitwise Bitcoin ETF (BITB) followed with $28.42 million, and the Grayscale Bitcoin Trust (GBTC) experienced a rare inflow of $23.01 million.

Spot Bitcoin ETF flows as of July 12 | Source: SoSoValue

The VanEck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) recorded additional inflows, $6.56 million and $4.03 million, respectively. However, ETFs from Hashdex, Franklin Templeton, Valkyrie, and WisdomTree did not register any inflows on the same day.

The July 12 results mark the largest inflow since June 5, when spot Bitcoin ETFs amassed just north of $488 million. Notably, there was no day with an outflow at that time. 

Additionally, according to ETF market watcher HODL15Capital, U.S.-based spot Bitcoin ETFs now hold an all-time high amount of BTC at 888,607 coins.

🧮 Updated USA Bitcoin ETF holdings (including today's inflows).New all-time high of 888,607 BTC held by the U.S. ETFs 👇 https://t.co/WsdwjZnaN2 pic.twitter.com/HUrEBSNzvi

— HODL15Capital 🇺🇸 (@HODL15Capital) July 13, 2024

Per data from Farside Investors, the recent activity brings the total inflows since the start of the week to $1.04 billion. Since their launch at the beginning of the year, spot Bitcoin ETFs have accumulated nearly $16 billion in net inflows. 

You might also like: Is Germany done transferring their Bitcoin?

Notably, this tally includes more than $18.6 billion that has flowed out of GBTC since it transitioned into a spot ETF 6 months ago. Interestingly, despite the outflows, the Grayscale Bitcoin product is still the second-largest ETF by net assets, boasting about $15.73 billion worth of Bitcoins. 

News of the record spot Bitcoin ETF inflows seem to have nudged the price of the cryptocurrency, which at the time of writing was trading at $58,543, 2.4% higher than its level from 24 hours ago.

Bitcoin 24 hour price chart | Source: CoinGecko

However, the price uptick came against a backdrop of reduced trading volumes, with about $21.76 billion worth of Bitcoin traded in the last 24 hours, a 23.29% dip from the previous day. 

Read more: Abra buys Valkyrie’s Tron and Zilliqa trusts
Sen. Cynthia Lummis Praises Bitcoin, Calls CBDCs ‘the Beast’Sen. Cynthia Lummis reiterated her Bitcoin agenda on Friday and derided the merits of Central Bank Digital Currencies (CBDCs) in an interview with Fox Business host Larry Kudlow. In a recent interview with Fox Business on Friday, July 13, Lummis emphasized the potential benefits of Bitcoin reserves in bolstering the US dollar’s global strength. The Wyoming Senator, touted as Congress’ “Crypto Queen,” expressed her concerns about CBDCs, describing them as “the beast” due to their potential for government surveillance. “No central bank digital currency – I’m so happy about that because that’s a means of surveillance of the American people,” Lummis told Kudlow. “But we want to make sure people can have individual wallets for their Bitcoin, so they have that sovereign over their own money.” You might also like: Senator Lummis challenges DOJ’s stance on private crypto wallets Lummis, a Republican, is also a vocal critic of the U.S. Department of Justice for bringing charges against companies like Tornado Cash for unlicensed money transmitting. Tornado Cash’s founders were charged with laundering more than $1 billion in criminal proceeds. In a Friday social media post on X, Lummis outlined her key objectives, including opposing retail CBDCs, safeguarding self-managed Bitcoin wallets, and securing the dollar’s supremacy in the 21st century. Her pro-Bitcoin stance stands in stark contrast to the current ambiguous regulatory environment that has drawn criticism from crypto industry leaders. See below. Bitcoin and digital assets are the future. Here’s my agenda:✅ No retail Central Bank Digital Currencies✅Clear protections for self-custody Bitcoin wallets✅Restore Dollar Dominance for the 21st Century pic.twitter.com/yEy9tcxU5b — Senator Cynthia Lummis (@SenLummis) July 12, 2024 ‘Right to mine’ Bitcoin Lummis also hyped Former President Donald Trump’s promise to mine Bitcoin in the U.S. It’s worth noting that the U.S. is already one of the leading nations in Bitcoin mining activities. Also, about 94% of Bitcoin has already been mined. Like Lummis, Trump has also voiced his opposition to CBDCs. Earlier this year, the quadruple-indicted GOP front-runner for the 2024 election labeled CBDCs as “very dangerous.” He claimed that they could lead to sudden, unexplained withdrawals from people’s bank accounts, although the basis for this assertion remains unclear. Trump’s views on cryptocurrencies have fluctuated; in 2019, he criticized Bitcoin and other cryptocurrencies for their volatility and potential to facilitate “drug trade and other illegal activity.” Today, Trump — recently found guilty of falsifying business records — manages a cryptocurrency portfolio and peddles non-fungible tokens (NFTs) featuring photoshopped images of himself. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. — Donald J. Trump (@realDonaldTrump) July 12, 2019 Why Trump, Lummis might be wrong According to Coinbase, proponents of CBDCs argue that these digital currencies can expedite transactions, provide financial services to the unbanked, and enhance payment security by ensuring transactions are finalized and unalterable, thereby reducing fraud. CBDCs represent a digital form of a country’s fiat currency, issued by the state and not pegged to a physical commodity. Several central banks, including the US Federal Reserve System, the Bank of Japan, the People’s Bank of China (PBOC), and Germany’s Deutsche Bundesbank, are exploring the issuance of CBDCs. The growing interest in CBDCs is driven by multiple trends: the decline in cash usage, increasing interest in privately issued digital assets, a perceived need for central banks to innovate in the payments space, and the rise of global payment systems. Lummis’s advocacy for Bitcoin and skepticism towards CBDCs reflect broader debates about the future of digital currencies and their impact on the financial system. Read more: Senator Lummis shows support for Coinbase against SEC

Sen. Cynthia Lummis Praises Bitcoin, Calls CBDCs ‘the Beast’

Sen. Cynthia Lummis reiterated her Bitcoin agenda on Friday and derided the merits of Central Bank Digital Currencies (CBDCs) in an interview with Fox Business host Larry Kudlow.

In a recent interview with Fox Business on Friday, July 13, Lummis emphasized the potential benefits of Bitcoin reserves in bolstering the US dollar’s global strength. The Wyoming Senator, touted as Congress’ “Crypto Queen,” expressed her concerns about CBDCs, describing them as “the beast” due to their potential for government surveillance.

“No central bank digital currency – I’m so happy about that because that’s a means of surveillance of the American people,” Lummis told Kudlow. “But we want to make sure people can have individual wallets for their Bitcoin, so they have that sovereign over their own money.”

You might also like: Senator Lummis challenges DOJ’s stance on private crypto wallets

Lummis, a Republican, is also a vocal critic of the U.S. Department of Justice for bringing charges against companies like Tornado Cash for unlicensed money transmitting.

Tornado Cash’s founders were charged with laundering more than $1 billion in criminal proceeds.

In a Friday social media post on X, Lummis outlined her key objectives, including opposing retail CBDCs, safeguarding self-managed Bitcoin wallets, and securing the dollar’s supremacy in the 21st century. Her pro-Bitcoin stance stands in stark contrast to the current ambiguous regulatory environment that has drawn criticism from crypto industry leaders.

See below.

Bitcoin and digital assets are the future. Here’s my agenda:✅ No retail Central Bank Digital Currencies✅Clear protections for self-custody Bitcoin wallets✅Restore Dollar Dominance for the 21st Century pic.twitter.com/yEy9tcxU5b

— Senator Cynthia Lummis (@SenLummis) July 12, 2024

‘Right to mine’ Bitcoin

Lummis also hyped Former President Donald Trump’s promise to mine Bitcoin in the U.S. It’s worth noting that the U.S. is already one of the leading nations in Bitcoin mining activities. Also, about 94% of Bitcoin has already been mined.

Like Lummis, Trump has also voiced his opposition to CBDCs.

Earlier this year, the quadruple-indicted GOP front-runner for the 2024 election labeled CBDCs as “very dangerous.” He claimed that they could lead to sudden, unexplained withdrawals from people’s bank accounts, although the basis for this assertion remains unclear.

Trump’s views on cryptocurrencies have fluctuated; in 2019, he criticized Bitcoin and other cryptocurrencies for their volatility and potential to facilitate “drug trade and other illegal activity.” Today, Trump — recently found guilty of falsifying business records — manages a cryptocurrency portfolio and peddles non-fungible tokens (NFTs) featuring photoshopped images of himself.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

Why Trump, Lummis might be wrong

According to Coinbase, proponents of CBDCs argue that these digital currencies can expedite transactions, provide financial services to the unbanked, and enhance payment security by ensuring transactions are finalized and unalterable, thereby reducing fraud.

CBDCs represent a digital form of a country’s fiat currency, issued by the state and not pegged to a physical commodity.

Several central banks, including the US Federal Reserve System, the Bank of Japan, the People’s Bank of China (PBOC), and Germany’s Deutsche Bundesbank, are exploring the issuance of CBDCs.

The growing interest in CBDCs is driven by multiple trends: the decline in cash usage, increasing interest in privately issued digital assets, a perceived need for central banks to innovate in the payments space, and the rise of global payment systems.

Lummis’s advocacy for Bitcoin and skepticism towards CBDCs reflect broader debates about the future of digital currencies and their impact on the financial system.

Read more: Senator Lummis shows support for Coinbase against SEC
Arcana’s Chain Abstraction Promises Better UX and Capital EfficiencyDisclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Arcana is pioneering web3 accessibility with 100+ partners and 21,000+ SDK downloads, driven by its unique chain abstraction solution. Arcana, a network committed to making web3 more accessible, consistently stands out with its tools that empower the developers of the future. With over a hundred partners and more than 21,000 SDK downloads, Arcana has enabled the creation of more than 2,000 applications.  A notable application is its chain abstraction solution, a user-centric protocol that eliminates the need to deal with multiple assets and gas fees across hundreds and thousands of blockchains today.  So, what is it that sets Arcana’s Modular Layer-1 for abstraction apart from its peers in the space? What problems does it solve? Let’s explore. Addressing inefficiencies in UX, DevEx, and capital Arcana’s Modular Layer 1 stands robust against the prevailing challenge of fragmented UX and liquidity caused by the proliferation of chains and the presence of a dozen layer 2s and layer 3s in the EVM ecosystem, all competing for users and liquidity.  Fragmentation in UX leads to a cumbersome mix of efforts to accomplish even the simplest of tasks. For instance, experimenting with an app involves a combination of transfers, bridges, swap transactions, and new gas tokens. Arcana’s chain abstractions make the UX unified, negating the need to switch or add chains and hold gas tokens for a specific chain.  Not only can the user instantly spend this balance on any chain, but they can also use any wallet they prefer without needing to learn about multiple wallets or a new wallet each time.  For developers, the proliferation of chains presents a problem different from the users. Chains compete to expand their user base and liquidity through various incentives, while apps vie for users by building clones of their apps across chains. This lack of interoperability, combined with the highly proliferated setup, leads to inefficient workflows and increased fragmentation.  The Arcana chain abstraction solution simplifies this for the developers by empowering them with a set-up where they do not need to chase liquidity and users on different chains. Neither do they face high-effort, high-commitment integration needs. They can choose chains based on tech and business requirements. Users on the receiving end of the service spectrum do not need to bridge and can use the app smoothly and seamlessly.  Finally, the chain abstraction solution also makes the process capital and liquidity efficient by minimizing the gas and time spent bridging already available funds. Arcana’s approach prioritizes utilizing the existing liquidity on the user’s target chain and performs netting before rebalancing to improve capital efficiency. It distributes the gains to all stakeholders and generates real yield for all the token holders and LPs/solvers.   You might also like: Binance-backed CoralApp launches new gadget for web3 users with passive income opportunities The Arcana modular layer 1: The supremely enabling infrastructure The benefits that Arcana’s chain abstraction offers in this crowded ecosystem of L1s, L2s, L3s, Rollups, Appchains, and Sidechains are drawn from the chain’s structural qualities. These qualities stem from a decentralized node network capable of tracking and maintaining the state of each user account and presenting the unified balance of the user account across chains.  Its distributed key generation mechanism, where multiple nodes are responsible for creating and storing key shards, empowers decentralization and ensures that there are no central points of failure. Moreover, a multi-party computing scheme capable of performing conditional threshold checks ensures that the process is free of glitches. Altogether, Arcana’s chain abstraction is a UX and DevEx efficient solution that helps maximize capital utilization and caters to the entire user spectrum of web3 apps, supported chains, and all types of wallets—a win-win for all possible stakeholders. Read more: IOTA Foundation’s Web3 solution chosen for EU Blockchain Sandbox initiative Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Arcana’s Chain Abstraction Promises Better UX and Capital Efficiency

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Arcana is pioneering web3 accessibility with 100+ par