Crypto Exchange News & Updates

NEAR Protocol Q2 Roadmap Update

NEAR Protocol has released its Q2 roadmap update, with the Pagoda development team submitting three proposals to implement account extensions. These proposals include the NEP for account namespaces, the NEP for wasm submodules, and the NEP for shared contract code storage.　　The team has made significant improvements to the mainnet, achieving an 8x increase in state read performance. Backend writing capabilities are currently in progress, potentially reducing state writing costs by threefold. Additionally, cold storage has been fully deployed, significantly lowering the costs associated with running archival nodes.　　In the realm of state synchronization enhancements, nodes are now capable of syncing the mainnet state within 3 hours. A fully-featured new state synchronization tool is projected to be delivered in the third quarter. The team has also delivered Finite Wasm and its integration with nearcore, enhancing the security and stability of NEAR contract runtime.　　In the “Experience” section of the roadmap, there are two changes: the required changes for implementing account extensions are temporarily shelved, and the protocol team will focus on addressing storage refunds. In the core part of the roadmap, the third quarter will pivot towards the second phase of sharding. This involves re-sharding the current mainnet state and removing the requirement

2023-08-14Deep Dive

Coinbase Ventures Announces Strategic Investment in Rocket Pool

Coinbase Ventures officially announced that it has made a strategic investment in the Rocket Pool project by acquiring RPL tokens directly from the Rocket Pool team.　　Rocket Pool is a decentralized liquidity staking protocol that, similar to Lido, enables users to stake ETH while retaining their liquidity. Users can participate by staking their ETH in Rocket Pool to receive rETH, thereby unlocking liquidity.　　Presently, Rocket Pools network boasts over 3,100 active node operators, with Ethereum staking totaling over 780,000 ETH. It holds a 3.06% market share of all protocols providing staking services, second only to the Kraken exchange.　　

2023-08-11Deep Dive

Binance Labs Invests $10 Million in Helio Protocol to Support its Transformation into a Liquidity St

Binance Labs has invested $10 million in Helio Protocol to facilitate its transformation into a liquidity staking platform.　　Currently built on BNB Chain, Helio aims to utilize this new funding to expand its platform onto other chains. A spokesperson from Binance Labs stated, “Helios goal is to launch on Ethereum and subsequently on Layer 2 networks like Arbitrum and zkSync.”　　Previously, Helio only offered stablecoin minting services, allowing users to mint HAY, a decentralized stablecoin pegged to the US dollar, backed by overcollateralized BNB. This functionality is similar to Makers DAI and the recently launched GHO stablecoin by Aave.　　In July, Helio Protocol merged with staking provider Synclub, and during the same month, it announced the diversification of collateral to support HAY.　　Since then, Helio BNB deposits have seamlessly transformed into a basket of LST tokens, including AnkrBNB (ANKR), snBNB (Synclub), BNBx (Stader), and stkBNB (Pstake). Although users account balances are denominated in BNB, they have the option to withdraw any of the mentioned LST tokens.　　As of now, Helio ranks as the 13th largest DeFi protocol on BNB Chain, with 11,000 HAY holders contributing $300 million in Total Value Locked (TVL), including $260 million staked in Synclubs validator nodes, making it the second-largest validator

2023-08-11Deep Dive

Circle CEO Advocates for the Establishment of an On-Chain US Dollar System Embracing the DeFi World

Circles Co-founder and CEO, Jeremy Allaire, has released a promotional video urging the United States to “make a choice” regarding digital currencies and reaffirming the threats faced by the US dollar.　　In the video, Allaire discusses the capability of cryptocurrencies to “fundamentally change the way payments work.” He draws a comparison between the late 1990s dial-up internet era and the present state of modern networks driven by technologies like smartphones and artificial intelligence, stating that the “only thing that hasnt kept up with the technological momentum is the US dollar.”　　Allaire asserts that the dominant position of the US dollar in todays global economy is being challenged. He advocates for the creation of an on-chain US dollar, describing it as a robust developer primitive that embraces a multi-chain, dynamic DeFi world, encompassing microtransactions and even large-scale capital markets. He proposes the establishment of this system within the United States and emphasizes that regulatory authorities in the country are ensuring the security, transparency, and adherence to bank-level regulatory risk management standards for these systems.　　

2023-08-11Deep Dive

Bittrex Agrees To Pay $24 Million Fine Against Alleged SEC Securities Violation

Key Points:　　Struggling crypto exchange, Bittrex has agreed to pay a $24 million fine for allegedly violating the US SECs securities laws.　　Despite this, the company and its co-founder William Shihara have neither acknowledged nor denied the allegations.　　The SEC in April alleged that Bittrex operated as a stock exchange.　　The lawsuit between Bittrex and the US Securities and Exchange Commission (SEC) ended after the exchange agreed to a $24 million fine, without admitting or denying the allegations, according to an official SEC announcement.　　Specifically, the penalty includes $14.4 million in restitution, $4 million in profits earned under the court ruling, and $5.6 million in civil penalties.　　Even so, the companies and co-founder William Shihara have not admitted or denied the regulators allegations. Shihara, who did not pay the fine, called the settlement plan “a good outcome” and said he hoped it would help the US strike a balance between protecting investors and promoting innovation.　　Bittrex is one of the largest crypto exchanges in the US, having had a 23% market share at the beginning of 2018. But with competition and the downturn of the crypto industry, the exchange is slowly losing its grip position.　　In April, Bittrex announced its withdrawal from the United States. A month later,

2023-08-11Deep Dive

Highstreet Collaborates with Jay Chou's Fashion Brand PHANTACi to Launch PHANTACi Peninsula

On August 10th, the metaverse project Highstreet announced a collaboration with the fashion brand PHANTACi under Jay Chous management. They will establish a partnership to introduce a unique area named “PHANTACi Peninsula” within the Highstreet World. This area will offer fans an innovative interactive experience, including distinctive virtual world landmarks, limited-edition merchandise, and special discounts for PhantaBear holders.　　Currently, both the Highstreet and PHANTACi teams are collaborating on designing residences within the PHANTACi Peninsula. These residences will be sold through an initial residential offering.　　Previously, the CEO of Highstreet confirmed on Twitter Space that a collaboration with Jay Chou was in the works.　　Highstreet is a VR digital business center metaverse aiming to reimagine e-commerce and retail in the Metaverse and Web3 era. The project envisions not only native crypto brands but also various traditional brands participating in the Highstreet metaverse world. By tokenizing products into “virtual” items, Highstreet integrates traditional brands into the blockchain-based realm, offering users a transformative experience of shopping in the metaverse.　　Highstreet has garnered investments from well-known institutions such as Binance Labs, Animoca Brands, Mechanism Capital, NGC, and more.　　

2023-08-10Deep Dive

SEC Seeks Intermediate Appeal in Ripple Labs Case for Summary Judgment

The SEC has submitted a letter to Judge Analisa Torres of the Southern District of New York, seeking an interlocutory appeal on two unfavorable liability judgments in the Ripple Labs case. The SEC stated that it is seeking an appeal on certain aspects of the ruling, while other parts will proceed to the trial phase. Ripple is required to respond by August 16th, and the SEC will submit an opening brief on August 18th. The SEC stated, “There is a need for interlocutory review here, which involves controlling questions of law upon which there is substantial ground for difference of opinion, and such division reflects in the regional split that has emerged.”　　Previously, the United States Southern District Court in New York categorized the tokens sold by Ripple over a span of 10 years into three groups: 1) sales to hedge funds, venture capital, and similar institutional entities; 2) direct programmatic retail sales on digital asset exchanges; and 3) “as a form of payment for services,” such as providing services to employees and other service providers through restricted token purchase agreements or option contracts. The court rendered a summary judgment, determining that selling Ripples XRP tokens through exchanges and algorithms does

2023-08-10Deep Dive

Latest Reserve Data Released by Bitget Shows Comprehensive Reserve Ratio of 201%

Bitget has released its latest Reserve Proof Report, with a comprehensive reserve coverage ratio of 201%. Among them, the reserve coverage ratios for BTC, ETH, USDT, and USDC are 426%, 158%, 124%, and 1988% respectively.　　Since December 2022, Bitget has been publishing verifiable reserve proof reports every month, and the reserve coverage ratio has consistently remained above 200%. According to data from Nansen on August 10th, Bitgets accumulated reserve amount exceeds $1.5 billion, covering various mainstream digital assets such as BTC, ETH, USDT, and USDC.　　Gracy Chen, the CEO of Bitget, emphasized the crucial role of trust and transparency in the companys operations, stating, “Prioritizing commitments and trustworthiness is one of our top priorities. We firmly believe that maintaining transparency and integrity helps gain user trust and contributes to the development of the cryptocurrency industry. By regularly publishing the latest data on reserve proof and providing verifiable results, we aim to enhance user trust. Bitget consistently upholds principles of integrity and is dedicated to setting a standard for transparency in the entire crypto sector.”　　

2023-08-10Deep Dive

Binance’s Indonesian Exchange Tokocrypto Now Looking To Expand Business

Backed by Binance, Indonesian exchange Tokocrypto considers growth after Binances acquisition.　　CEO Pang Xue Kai steps down, replaced by interim CEO Yudhono Rawis; the workforce is streamlined by 58% for enhanced focus.　　Rawis aims for gradual fee adjustments to balance sustainability and market conditions, while Tokocrypto secures licenses in Indonesia.　　Tokocrypto, an Indonesian cryptocurrency exchange operating under Binance, is engaging in discussions with investors as it looks to broaden its business horizons, according to a Liputan6 report.　　Having been officially acquired by Binance last year, Tokocrypto is now witnessing significant transformations. CEO Pang Xue Kai is set to step down, making way for Yudhono Rawis to take on the role of CEO. Moreover, as part of the strategic shift, approximately 58% of Tokocryptos workforce has been streamlined, refocusing on core exchange operations while sidelining non-exchange business activities.　　The Head of the Commodity Futures Trading Supervisory Agency (Bappebti), Didid Noordiatmoko, has hinted at potential additional costs arising following the launch of the Indonesian Crypto Exchange. In response, Yudhono Rawis expressed his hope for minimal and gradual fee increments in order to balance financial sustainability with customer satisfaction.　　“At the start, it wont be an immediate burden. There will be stages; as the exchange matures, fees can potentially

2023-08-10Deep Dive

Binance Reserve Proof: Conversion of Significant USDC Reserves to BTC and ETH During March to May

On August 1st, Binance released its latest Proof of Reserves (PoR) report. The most recent reserve audit demonstrates that Binance holds sufficient cryptocurrency and cash to cover user funds. The net balance of Binances assets compared to customer balances is above 100%.　　The PoR indicates that Binances USDC balance decreased from over $3.4 billion on March 1st to around $23.9 million on May 1st. According to on-chain data, following the closure of Silvergate on March 12th, Binance began converting its USDC reserves into Bitcoin and Ethereum.　　Twitter on-chain analyst Aleksandar Djakovic noted that Binance purchased approximately 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling around $3.5 billion　　The latest reserve audit indicates that Binance holds enough cryptocurrency and cash to cover user funds.　　

2023-08-09Deep Dive

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