NewsBriefs - dYdX Chain will allow users to list 'virtually unlimited' markets by fall upgrade

Aug 14, 8:49 AM The Block

dYdX Chain will allow users to list 'virtually unlimited' markets by fall upgrade

DeFi platform dYdX announced its biggest upgrade, dYdX Unlimited, coming this fall. Users can list virtually unlimited new token trading markets without governance approval by depositing USDC into MegaVault. The upgrade introduces MegaVault as a master liquidity pool and market maker. dYdX Chain, a Cosmos app chain for crypto derivatives trading, currently handles over $900 million in daily trading volume. Additional updates include a referral program and enhanced wallet security features.

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• Nov 26, 5:55 PM The Block

  Kraken to shut down its NFT marketplace to focus on new projects

  Kraken, a major crypto exchange, is closing its NFT marketplace to reallocate resources to new and undeveloped projects. The marketplace will stop operations on Feb. 27, 2025, after ceasing all listing, bidding, and selling activities on Nov. 27, 2024. Users have been instructed to transfer their NFTs to their Kraken Wallet or another preferred self-custodial wallet.

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• Nov 26, 2:00 PM Saturn

  Saturn rolls out first Bitcoin-based AMM on testnet

  Saturn, a peer-to-peer order book built on the Bitcoin network, has introduced the first Bitcoin-based automated market maker (AMM) on testnet, allowing users to experience swaps and liquidity positions directly on Bitcoin's base layer at high speeds. Users must use the Unisat wallet and switch settings to Testnet4 and Taproot (P2TR) address type to participate. The launch promises the same functionalities and speeds as the upcoming mainnet release.

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• Nov 26, 10:57 AM Cointelegraph

  Telegram's crypto holdings exceed $1.3 billion in first half of 2024

  Telegram's crypto holdings have increased significantly from $400 million at the end of 2023 to $1.3 billion in the first half of 2024. This increase is attributed to profits from selling TON tokens and a specific business deal. The instant messaging platform also saw a substantial revenue increase, with $525 million generated in the same period, indicating a 190% increase relative to the previous year. The company's financial stability is also bolstered through extensive holdings of TON tokens amid market fluctuations.

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• Nov 25, 8:17 PM The Block

  Tron purchases $30 million in Trump-backed World Liberty Financial tokens

  Tron founder Justin Sun has invested $30 million in World Liberty Financial tokens, a crypto project endorsed by President-elect Donald Trump. The investment follows the token's lackluster launch and is part of Tron's broader strategy to promote blockchain innovation in the US. Despite concerns over DT Marks DEFI LLC's significant stake in the project, which is connected to the Trump family, Tron remains optimistic about its potential.

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• Nov 25, 10:55 AM The Block

  Bernstein expects MicroStrategy to hold 4% of all Bitcoin within a decade

  Bernstein analysts predict that MicroStrategy will grow its Bitcoin holdings from 1.7% to 4% of the circulating supply within ten years, updating their price target for MSTR to $600 by 2025. The analysts attribute this growth to MicroStrategy's aggressive capital scaling and believe that the company's unique Bitcoin treasury model will continue to attract significant global investment. Despite some market fluctuations, the firm's solid investment strategy and extensive acquisitions portray promising growth prospects in the crypto space.

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• Nov 25, 10:21 AM Cointelegraph

  Pump.fun faces criticism over harmful content in livestreams

  Pump.fun, a decentralized platform that enables the creation of Solana-based memecoins, is criticized for harmful and violent content in its livestreams. Reports of users threatening self-harm, violence, and other dangerous acts through the platform have emerged, leading to calls from community members to shut down or heavily moderate the livestream feature. Pump.fun's leader, Alon, defends current moderation practices, citing a significant team of moderators as part of their effort to control the broadcast content.

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• Nov 25, 7:30 AM Bloomberg

  Singapore Gulf Bank looking to raise $50 million and acquire a stablecoin payments firm

  Singapore Gulf Bank is looking to raise at least $50 million to support product development and enhancements to its payment network and plans to acquire a stablecoin payments company by early 2025. The bank, established by the Whampoa Group and licensed in Bahrain, is negotiating with a Middle East sovereign wealth fund among other investors to sell an equity stake of less than 10%. This expansion aligns with broader industry growth, buoyed by anticipated supportive regulations in the US under the incoming administration.

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• Nov 25, 4:34 AM The Block

  Hong Kong's ZA Bank introduces retail crypto trading

  ZA Bank, a digital bank in Hong Kong, now allows its users to trade cryptocurrencies directly on its app in HKD and USD, making it the first bank in Asia to offer such services to retail customers. The bank has partnered with local crypto exchange HashKey for the integration of these trading capabilities using the institutional-grade service, HashKey Pro. The initiative aligns with ongoing efforts to expand the Web3 ecosystem and offer diversified financial services.

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• Nov 23, 8:30 PM CNBC

  State Street warns Bitcoin rally may create false sense of security for investors

  State Street Global Advisors' strategist George Milling-Stanley cautioned that the recent bitcoin rally could mislead investors into feeling overly secure about their investments. Comparatively, he highlighted gold's stability and reliability, emphasizing that bitcoin, being primarily a return play, lacks the protective qualities of gold. Milling-Stanley's insights came during a period when the SPDR Gold Shares ETF, the world's largest physically backed gold ETF, marked its 20-year anniversary with significant historical growth. Meanwhile, bitcoin has seen considerable gains, reaching new highs post the November elections.

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• Nov 23, 5:57 PM The Block

  Solana ETFs could debut by 2025 as regulatory optimism grows

  The push for Solana exchange-traded funds (ETFs) in the U.S. market gained momentum as Cboe BZX filed four spot Solana ETF applications from VanEck, 21Shares, Bitwise, and Canary Capital. With a shifting regulatory landscape, driven by SEC Chair Gary Gensler's upcoming resignation and a pro-crypto administration taking office, industry leaders express growing optimism for SOL ETF approvals by 2025. Analysts cite the success of spot Bitcoin and Ethereum ETFs as a promising precedent, while Solana’s native token (SOL) has surged, nearing its all-time high, reflecting renewed investor confidence.

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• Nov 22, 8:30 PM Cointelegraph

  Solana's SOL hits new all-time high amid Bitcoin rally and memecoin frenzy

  Solana's native token, SOL, reached a new all-time high of $264.50, driven by a Bitcoin rally toward $100,000 and increased interest in memecoins. Solana's market cap remains significantly below that of Ethereum, and with over $6 billion in daily DEX trading, it holds a 45% market share. The network's total value locked has grown substantially, achieving parity with Ethereum's top six layer-2 solutions. Analysts see potential for further SOL price increases, supported by robust onchain activity and a strong bullish sentiment in the futures market.

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• Nov 22, 4:18 PM The Block

  Robinhood executive Dan Gallagher declines potential SEC chair position

  Dan Gallagher, an executive at Robinhood, has declined consideration for the chair of the US Securities and Exchange Commission (SEC), stating his commitment to Robinhood and his intent to work with the incoming administration and the new SEC chair. His decision comes amidst changes in the SEC that could significantly impact the future of crypto regulation.

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• Nov 22, 12:26 PM Blockworks

  Solana is an ‘incredible emerging asset and story,’ says Bitwise CEO

  Bitwise has registered a trust in Delaware as a preliminary step towards launching a Solana (SOL) ETF, demonstrating growing interest in spot SOL ETFs. The crypto-focused asset manager's move aligns with a more proactive engagement from the SEC towards spot SOL ETF applications, reflecting a potential shift in regulatory attitudes following SEC chair Gary Gensler's resignation. Bitwise CEO Hunter Horsley highlighted the timing of the US presidential election and a constructive regulatory environment for their filing. Despite Solana not having a regulated futures market, which was previously considered essential for spot crypto ETFs in the US, the landscape appears to be changing.

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• Nov 22, 3:19 AM Cointelegraph

  Solana sets new record high on Coinbase two years after FTX crisis

  Solana (SOL) reached a new all-time high of $262.64 on Coinbase, spurred by recent strong performance and interest in Solana-related exchange-traded funds (ETFs). This milestone comes two years after the FTX collapse, which had drastically reduced SOL's value. Notably, SOL has surged 160% since the start of 2024, with momentum further fueled by positive regulatory news and overall altcoin market performance.

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• Nov 21, 5:54 PM Cointelegraph

  BiT Global accuses Coinbase of delisting WBTC to favor its own cbBTC

  BiT Global alleges that Coinbase delisted Wrapped Bitcoin (WBTC) to push its own Bitcoin wrapper, cbBTC, thereby eliminating WBTC as a competitor. Coinbase, mentioning general review standards, announced that WBTC did not meet the criteria for continued listing and plans to suspend trading in December. In response, BiT Global criticized Coinbase for depriving investors of choice and directly competing against WBTC, which remains the most popular Bitcoin wrapper with a significant total value locked.

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