ValteFri, Apr 30, 2021 1:25 PM
Weekly Digest: Eminem, Pancakes & Kurt Cobain's Last Photoshoot
Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
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Projects And Updates
The world’s largest crypto exchange finally plans to launch its NFT marketplace in June. Though Binance becomes the last to do that, they plan on launching the biggest platform for minting, buying and exchanging digital collectibles with the fastest speed and low fees. There will be two ways to sell NFT’s – premium events (for the selected works and famous artists drops) and trading market (open for any user to create and sell their collectibles). 90% of the profits will go to the creators and 10% Binance will charge for the service. The users will be able to mint, trade the NFTs, but also to deposit them from the other blockchains. Binance users will be able to access the platform without additional registration.
“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space,” — Changpeng Zhao, Binance CEO
On April 21 PancakeSwap, a decentralized exchange based on the Binance Smart Chain performed over 2 million transactions, while Ethereum showed only 1,5 million. And this tendency was on for several days – the amount of transactions per day on Ethereum was over 1 million, reaching its max on April, 22 – 1,57 million, while the same days the activity on PancakeSwap alone was always around 1,5 million or higher. Without mentioning that PancakeSwap is only one of the Binance smart contracts and Ethereum records all the transactions made in ETH and Ethereum based smart contracts. When Ethereum is limited by its PoW algorithm, Binance Smart Chain uses Proof of Stake Authority, and PancakeSwap in particular experienced lots of development just recently which led the transaction number to peak five times over Ethereum. More than that PancakeSwap token price has risen 53%. On top of it transaction fees 100 times lower than on other Defi platforms makes PancakeSwap an “Ethereum killer”.
IOTA Chrysalis Network launches on April, 29 at 9:00 a.m Berlin time and is announced as “a new dawn”. Chrysalis is a brand new protocol with a new wallet and a suite of new libraries. This launch makes IOTA production-ready and also brings it a big step closer to full decentralization with Coordicide. Most of the tokens were migrated before the launch and already available for usage through the Firefly wallet. New tokens are held in an EdDSA address, so the addresses can be reused without compromising. Now the majority of Foundation’s engineers will focus on Coordicide, digital assets, and smart contracts. And the next milestone – launching of the fully decentralized Nectar network with no coordinator is going to happen in the next few weeks.
“IOTA is now enterprise-ready and has entered a new era of adoption, serving as a base layer for the machine economy, the Internet of Things and beyond, enabling new use cases and setting standards in data and value transfer. All of this is achieved without fees and while maintaining a minimal environmental footprint.” — Crypto-News-Flash
Two precedents of an “exit scam” by the local crypto exchanges within one week made the Turkish government seriously consider establishing a central custodian bank to facilitate “counterparty risk”. Last Wednesday major Turkish crypto exchange Thodex stopped all the operations, while its CEO fled the country, and then Monday four employees of another Turkish crypto exchange Vebitcoin were arrested as the service stopped all the activities, referring to the financial problems. Local authorities may apply a capital threshold for crypto exchanges as well as stricter educational requirements for the executives at such platforms (Faruk Fatih Özer, 27-year-old CEO of Thodex recently admitted he is a high-school dropout).
The SEC and Ripple lawsuit is progressing every day and Brad Garlinghouse, CEO of Ripple Labs, is satisfied with its development. He explained that Ripple started to look for the reasons XPR was considered by the SEC as securities different from Bitcoin and Ethereum when the US Treasury and DoJ were considering XPR as a currency. Grlinghouse also pointed that SEC had brought a lot of damage to XPR holders by driving the funds out of its ecosystem and thus affecting the people SEC is meant to protect. According to Ripple’s CEO XPR, as an “open-source technology” is used by many projects around the world in many ways including making payments as well as Ripple itself, has used XPR to resolve its cross-border payment issues an those facts show that XPR is more currency than the security. According to Garlinghouse the industry still lacks clarity.
“Innovation here in the United States, in some ways, is on trial. We want innovation here in the US around crypto, around blockchain to thrive.” — Brad Garlinghouse, CEO of Ripple
The Securities and Exchange Commission is one of the regulatory agencies responsible of administering federal securities law protecting investors in different sectors including cryptocurrencies, but for a long time there were no clear directions from CES according to crypto, but the latest battle with Ripple doesn’t make it look like SEC is helping to bring come clarity related to the topic. The doubts intensified as SEC reported it will need more time for approving the VanEck Bitcoin ETF application which was requested at the end of 2020 and wasn’t supposed to take more than 45 days. But now the SEC postpones the initial window meant to end 3 of May. Some reports believe it’s because the SEC ruminates about pitfalls for retail investors as cryptos are very volatile and leave a lot of space for manipulation.
At least 47 US companies are concerned about the level of inflation in the country and while Federal Reserve Chairman declares that it’s only temporary, the counter position is strong and businessmen are looking for ways to protect their money from US dollar debasement after about $6 trillion stimulus money were poured into the economy over the course of the pandemic. Following the trend started with MicroStrategy and Tesla, it’s very possible many companies will also convert some of their cash reserves to Bitcoin. Back in March Dawn Fitzpatrick, Chief Investment Officer of Soros Fund Management stated that Bitcoin can become the main asset in case of US Dollar debasement.
According to Tilman Fertitta, Landry’s hospitality group chairman, the restaurant chains like Morton’s steakhouse and Bubba Gump Shrimp Co will be accepting Bitcoin and other cryptocurrencies as a payment method very soon. In selected locations, Bitcoin will be accepted from this week on. And in the next 90 days, about 80-90% of the chain’s restaurants will be added.
“It’s amazing how simple the transaction is, and it is here to stay. This is where it is, and it’s inevitable that this was going to happen.” — Tilman Fertitta, CEO of Landry
Pizza Brand “Papa Murphy has added Cardano to its payment options, but also Bitcoin, Ethereum, Litecoin, Dogecoin, etc. The news was disclosed at Cardano’s subreddit, but without the clarification either the company will be accepting cryptos in all of its pizza houses, especially Washington DC. The news shows that the users love for altcoin is only increasing and not going to fade any time soon.
Uranium Finance, a DeFi project on the Binance Smart Chain experienced a large-scale security breach. As the team states the malefactors planned to migrate Uranium’s liquidity provider tokens to a new V 2.1. That was caused by increased protocol usage and milestone integration with the 1inch DeFi aggregator. The attack cut off the migration and tried to make a way with about $50 million worth BNB and BUSD tokens and by the time of publication the address was still holding roughly $19 million worth of BNB $17 million worth of BUSD. The attackers also started to move $21 worth of Ethereum in 100 ETH batches baffling it through the privacy-focused wallet Tornado Cash. After this being the second breach on the BSC-based project users start to express doubts that the developers might be behind the invasions. And while Uranium said that the code auditor from HyperJamp reviewed their contracts, an anonymous developer from HypeJamp says they weren’t asked to review the AMM contracts and that there were no migrators before issuing the badge.
On Monday, April, 19 the decentralized finance protocol Easyfi.network was hacked to the tune of more than $55 million. The funds were transferred from the designated contracts and wallets, and according to Ankit Gaur, EasyFi CEO, there is a possibility that mnemonic phrases were compromised. The attack can be linked to a possible loss of admin Metamask keys as the machine for the official transaction wasn’t in use for at least a week. Attackers transferred 2.98 million tokens from the official wallet valued about $52 million; they also managed to drain $6 million from EasyFi’s liquidity. Gaur reported that a full-scale investigation of the invasion was started as well as several efforts were made by the team to prevent further attacks. He also promised $1 million to anyone who can help to return the stolen funds. The hack also affected the EASY tokens price that dropped from 26 to 16.
Decentralized Finance platforms have lost about $285 million to hacks and other exploit attacks since 2019. It is about 0,65% of the total value locked of the Ethereum-based DeFi market. Though Binance smart Chain has also become the victim of malefactor’s invasions several times. According to the Messari report, flash loan attacks were the most popular exploit vector in the DeFi. More than half of the attacks took place in 2020, though Alpha Homora and Cream Finance the single-largest hack in DeFi history happened in 2021.
A popular American hip-hop star and Oscar award winner Eminem has partnered with Nifty Gateway at Shady Con to launch his first NFT. His Non-fungible tokens are grouped in three types: 50 editions of “TOOLS OF THE TRADE” and “STILL DGAF” cost $500 and the third called “STAN’S REVENGE” has only one edition and will be sold to the highest bidder. All types consist of animation made by an unknown artist and original beats produced by Eminem himself. As the NFT market continues to evolve, the artist is very likely to get a decent sum out of the project.
“I wanted to give this drop the same vibe of, ‘Oh, man, I gotta get just that one or maybe even the whole set!’ It’s been a lot of fun coming up with ideas from my own collecting passion.“ — Eminem
📌 Kurt Cobain’s last photoshoot to be auctioned off as NFT—but not everyone is pleased with the move
Photographer Jesse Frohman will launch an auction for more than 100 images from legendary Nirvana’s frontman Kurt Cobains’ last photoshoot in July 1993 less than a year before his suicide. The collection consists of 104 images, contact sheets, and polaroids; some of them are never-before-seen and going to be sold as one bundle and in a form of NFT. The auction will start on May 3 with a starting bid of 27.27 Ethereum (probably because Cobain was 27 when he died), which is roughly $75,000. Collectors will be able to bid until May 7, 6 p.m. ET. According to Frohman an undefined “portion” of proceeds will go to Jed Foundation, a non-profit organization focused on emotional health and suicide prevention among teens and young adults in the U.S. Many users took the news skeptically, saying that Cobain as a free-spirited voice of the generation won’t be happy to be posthumously monetized.
“Ironically, now Cobain’s last photo session can be perceived as exactly the thing he rejected the most—a “cool” and “buzzy” trend fixated on massive sales figures.” — Cryptoslate
Meme-cryptocurrency turned into the sixth-largest cryptocurrency by the market cap surging over 20% within an hour after Elon Musk’s latest tweet about his upcoming SNL appearance with a Godfather pun. DOGe price recently reached $0.4377 creating lots of Tik-Tok millionaires who invested heavily in the coin after the GameStop saga. Elon Maks though caused him trouble with SEC who suggested he might be questioned if there will be any signs of the securities low valuations.