Home Blog Page 2142

Cardano Native Tokens Surge By 239K In One Week

Lele Jima
-
0
Cardano Native Tokens Surge By 239K In One Week

Cardano’s native tokens have been growing at an unprecedented rate.


The number of native assets minted on the Cardano blockchain has surpassed 7.1M. According to data shared by Input Output Global (IOG), Cardano’s development team, a total of 7.11 million native assets have been minted on the popular blockchain.

Data on pool.pm shows that there are now 7,139,450 native assets on the Cardano network. Interestingly, the feat comes a week after the IOG revealed 6.9M native assets had been minted on Cardano. So in one week, 239.45K assets were minted on Cardano.

Hoskinson’s Prediction Came True

It is worth noting that Charles Hoskinson predicted the tremendous growth of Cardano’s native assets. Hoskinson said in a 2020 tweet that hundreds of assets and thousands of decentralized applications would run on Cardano by 2021.

“This time next year, I predict that there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects, and lots of unique utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is ready to innovate,” he said in 2020.

Interestingly, Cardano surpassed Hoskinson’s prediction regarding the number of native assets on the network. The popular cryptocurrency entrepreneur took to Twitter to slam a critic who trolled him for not delivering on his promises.

“Cardano has 6 million native assets issued, 3.6 million wallets, over 100 decentralized applications launched, and more than a thousand [are still] building. So yeah, it came true,” Hoskinson said.

EMURGO to Launch First Regulatory Compliant Stablecoin on Cardano

Meanwhile, Cardano’s commercial arm EMURGO announced last month that it would launch the first USD-backed regulatory-compliant stablecoin, dubbed USDA, on the blockchain. According to the announcement, EMURGO will launch the stablecoin in the first quarter next year.

The stablecoin will combine the security of the dollar and the scalability of Cardano, the announcement read.

Terra Classic (LUNC) Tops 4K+ Assets In Social Activity

Albert Brown
-
0
Terra Classic (LUNC) Tops 4K+ Assets In Social Activity

Terra Classic (LUNC) has secured the top spot among assets with the highest social activity, following Binance’s latest burn.



Interest in Terra Classic (LUNC) has picked up, as evidenced in its recently-surging social activity, following reports of Binance’s burn for November. This increased social activity has skyrocketed the asset’s position in Lunar Crush’s AltRank, securing the top spot amongst 4,022 assets evaluated in the week leading to December 2.

Crypto social intelligence platform Lunar Crush disclosed the achievement in the early hours of Saturday, as it sought to highlight the rejuvenation of social activities within the LUNC camp.

“…Terra Classic has hit an AltRank™ of 1 out of the top 4,023 coins across the market,” Lunar Crush revealed, sharing a dashboard detailing Terra Classic’s social metrics and trade volume.

 

Information from the dashboard indicates that Terra Classic currently secures the first position out of the 4,022 coins recently assessed with the AltRank evaluation tool. The asset now has an average position of 93rd out of the 4,022 coins. Additionally, social contributors surged by 21.9% in the past week, with social engagements increasing by a staggering 71.3%.

Based on price changes, LUNC’s recent relief rally made it the 273rd asset with the biggest gains out of the 4,022 cryptocurrencies across the market. Furthermore, the asset’s recent trading volume surge positioned it as 18th out of 4,022 coins in terms of volume. It sits 20th amongst the 4,022 coins evaluated in terms of social volume and social score.

Binance’s Contribution to The Recent Metrics

This increase in social engagements and trading volume is largely due to reports of Binance’s recent LUNC burn for November. Recall that Binance incinerated up to 6.3B LUNC tokens for its November batch on December 1, bringing its total burn to 20.1B tokens.

Barely 24 hours after reports of the burn surfaced, LUNC surged by over 16% before facing a slight rejection. The asset’s trade volume equally increased by up to 57%, as previously reported by The Crypto Basic. Consequently, Terra Classic finally reclaimed the $1B market capitalization after ten days of staying below the mark. These were signs of renewed interest from investors.

Despite meeting a hurdle in its recent rally, LUNC remains one of the highest-gaining assets in the space of 7 days, towering over coins such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP (XRP), and a host of others. With a one-week gain of 10.14%, LUNC is changing hands at $0.0001786, with a market cap of $1.07B as of press time.

Terra Classic Network To Get Osmosis Support In Burning LUNC

Mark Brennan
-
0
Terra Classic Network To Get Osmosis Support In Burning LUNC

The Terra Classic community wants Osmosis to carry out off-chain LUNC burns.



Cosmos Capybara, a Terra Classic community member, has published a signaling proposal on agora with the intent of the Terra Classic community showing that it wants Osmosis to support the burning of Terra Luna Classic (LUNC) off-chain.

@reXxTerraRebels, AKA reXx, brought the proposal to the community’s attention in a tweet yesterday.

If passed, it signals to the leading Cosmos Automated Market Maker (AMM) that the Terra Classic community wants it to support burns for LUNC and TerraClassicUSD (USTC) swaps. As an incentive, Cosmos Capybara suggests that Osmosis keeps 10% of the collected tax and sends only 90% to the Terra Classic burn wallet. Per the proposal, Osmosis can keep the collected 10% in its community pool or a smart contract under its community governance control.

The proposal asserts that before the ecosystem collapsed in May, the Terra Classic community and Osmosis enjoyed a deep and mutually beneficial relationship, with Osmosis serving as the primary off-chain source of liquidity, excluding centralized exchanges.

According to Cosmos Capybara, in the past, LUNC holders offered a continuous stream of swap fees for liquidity providers in exchange for deep liquidity and sophisticated yield farming techniques. Consequently, the author believes it is only right that Osmosis consider this request for support which has the potential also to be mutually beneficial.

Unlike Cosmos Capybara’s previous proposal that requests to allocate 50% of all LUNC burns at the end of every epoch to the community pool to fund development, this one has received significant community support.

One user commenting on the proposal described it as “awesome.” Meanwhile, another user asserted that the proposal had “zero downsides.”

Terra Classic network validator @lunc_nymh highlights that it is only a signaling proposal. As a result, even if it passes, Osmosis will still have to pass a separate governance proposal to implement it. “It’s up to them at the end of day,” the validator tweeted.

The latest proposal comes as the Terra Classic community edges toward the re-opening of Inter Blockchain Communication (IBC) channels. As previously reported, the code is expected to go live on December 5. Notably, it will allow trapped LUNC liquidity in Osmosis to flow back into the Terra Classic network.

It bears mentioning that, in anticipation, some community members supported a proposal to increase the on-chain tax parameter to 1.2% to maximize burns from the increased activity. With developers believing that a tax increase could potentially kill the chain, should Osmosis support the proposal by Cosmos Capybara, it could serve as an equitable compromise by increasing burns while maintaining the 0.2% tax.

Virginia-based Luxury Car Dealer Now Accepts Shiba Inu

Zabi
-
0
Virginia-based Luxury Car Dealer Now Accepts Shiba Inu

Luxury Cars can now be purchased using Shiba Inu.


BitPay recently announced that it has entered into a partnership with Virginia-based luxury car dealer ‘Exclusive Automotive Group’ to facilitate the purchase of Koenigsegg Hypercars with cryptos like Bitcoin, Ethereum, Shiba Inu, and others.

 

Exclusive Automotive Group now offers its customers the to purchase new or pre-owned Aston Martin, Bentley, Karma, and Koenigsegg at their store in Ashburn, near the renowned One Loudoun, just fifteen minutes from Washington, DC via crypto.

BitPay is among the early adopter of Shiba Inu and added support for SHIB on December 9th, 2021, enabling millions of crypto users to buy, store, swap, and spend SHIB directly through the BitPay App. BitPay is the world’s leading payment gateway and currently supports seventeen major cryptocurrencies, including SHIB, BTC, ETH, MATIC, and others.

Recall TheCryptoBasic reported in Oct that Shiba Inu could also be used to purchase Elon Musk’s “Burnt Hair” cologne via BitPay.

Besides this, the leading handmade shoe manufacturer Atheist Shoes recently partnered with BitPay to accept Shiba Inu payments. Following the partnership, Atheist Shoes gave a 10% discount on all of its footwear products for Shiba Inu lovers while using the promo code “HANDMADECOMFY.” This special discount is valid until December 16, 2022.

Garlinghouse Says Ripple Will Continue To Fight Aggressively Against SEC Onslaught

Lele Jima
-
0
Garlinghouse Says Ripple Will Continue To Fight Aggressively Against SEC Onslaught

 

Garlinghouse Says Ripple Stands Strong Against SEC Onslaught.


Garlinghouse reassures investors that Ripple will continue to fight to get regulatory clarity for the U.S. crypto space.

Ripple’s CEO Brad Garlinghouse has reassured investors that the company will aggressively engage the SEC in a legal battle to ensure that the entire U.S. crypto industry gets clear rules.

Garlinghouse made this known in response to a tweet by Ripple’s General Counsel, Stuart Alderoty. Earlier today, Alderoty informed XRP holders that the Silicon Valley blockchain company had publicly filed its redacted reply to the SEC’s opposition to its summary judgment motion.

Commenting on Ripple’s latest filing, Garlinghouse said: 

“I said it on day 1; we will aggressively fight to get clear rules for the entire industry in the U.S.”

He congratulated the Ripple team for helping the company reach the summary judgment stage, adding: “Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice.” 

Alderoty Reacts to Ripple’s Recent Filing

In what Alderoty described as Ripple’s final submission, the Silicon Valley tech company filed its redacted summary judgment reply yesterday. Alderoty added that Ripple is proud of the defense it has put up against the SEC in the past two years. 

“We have always played it straight with the Court. Can’t say the same for our adversary,” Alderoty said.

Ripple and SEC Publicly File Summary Judgment Replies

Ripple noted in a reply that the SEC’s opposition brief confirms that the court should grant a judgment in the company’s favor.

According to Ripple, the SEC cannot prove that its XRP sales from 2013 to 2020 constitute an investment contract offer. Ripple slammed the SEC, saying it mischaracterized its case by claiming to have been declared the winner in security cases where the essential ingredients of the Howey test are not present.

“Ultimately, the SEC cannot point to a single case finding an investment contract without the ‘essential ingredients’ identified in Howey. And it is undisputed that the case has none of them,” Ripple stated. 

On the other hand, the Securities and Exchange Commission highlighted three facts proving that the company’s XRP sales constituted an investment contract offer. Per the SEC, Ripple confirmed that it received $2 billion from investors in exchange for XRP. Furthermore, the SEC claimed that Ripple did not oppose the “common enterprise” and “the expectation of profit from the efforts of others” ingredients of the Howey test. 

The SEC noted: 

“None of the defendant’s arguments to the contrary precludes summary judgment. Defendants’ primary tactic is to deflect controlling precedent with fictional tests, muddy the facts, and shift blame to the SEC.” 

Stripe Launches Fiat-to-Crypto Onramp Solution

Albert Brown
-
0
Stripe Launches Fiat-to-Crypto Onramp Solution

Stripe Customers can now use crypto to engage with businesses and content creators.


Prominent fintech company Stripe has launched a customizable fiat-to-crypto on-ramp payment solution for companies. The fiat-to-crypto solution is a customizable widget that can be embedded directly into the non-fungible token (NFT) platforms, decentralized exchanges (DEX), and apps.

Notably, the initiative is part of an effort to make decentralized finance more accessible to users, especially now that centralized exchanges are under immense scrutiny following the collapse of FTX. Through Swipe’s fiat-to-crypto solution, crypto companies can enable their customers to exchange dollars for crypto.

“We built our fiat-to-crypto on-ramp to remove this complexity. The on-ramp is a customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp.” Stripe noted in a blog post.

Per the announcement, Stripe said it would handle all know-your-customer (KYC), compliance, and payment issues, thus eliminating the need to integrate multiple third-party services.

“Stripe handles all the KYC, payments, fraud, and compliance, removing the need to integrate multiple third-party services.”

Solana-based automated market maker (AMM), Orca, NFT marketplace Magic Eden, decentralized music discovery platform Audius, and social NFT platform Nifty have started using Swipe’s fiat-to-crypto on-ramp widget.

The new service will initially be available to U.S. customers, putting Stripe in competition with a non-custodial exchange, Kado.

Stripe Facilitating Crypto Payments

Stripe has played an integral role in facilitating crypto payouts to various countries. The U.S.-based payment processing firm allows companies and individuals to send USDC payments globally. TheCryptoBasic reported in April that Stripe leveraged Ethereum Layer-2 scaling solution, Polygon, to enable Twitter creators to receive USDC payments.

“Creators on Twitter will be able to receive payments initially in the stablecoin USD Coin. The payouts across the Stripe Connect platform will be made using Polygon,” the company noted.

Over 460k NFTs Minted On XRP Ledger After Month Of NFT Functionality

Mark Brennan
-
0
Over 460k NFTs Minted On XRP Ledger After Month Of NFT Functionality

NFT adoption on the XRPL is happening rapidly.



Users have minted over 460k NFTs on the XRP Ledger in the month since the XLS-20 amendment went live, ushering in native NFT functionality, according to data from popular XRPL explorer Bithomp at press time.

Bithomp data shows that XRPL users have minted 460,152 NFTs, burning 47,614 at the time of a screenshot by The Crypto Basic. Consequently, only about 412k NFTs exist out of the minted 460k.

Notably, there are about 2,310 NFT issuers with over 10k NFT owners. So far, the network has played host to over 269k NFT transfers.

A look at the top sales list shows domination by the XPUNKS collection, the XRPL’s response to the popular CryptoPunks collection. Four out of the top five NFT sales are XPUNKS. XPUNKS #8811 sits on top after selling for 108,900 XRP (~$42.7k) on November 25.

As previously reported, a week after the XLS-20 amendment went live, the network boasted about 240k NFTs from about 9000 collections. It bears mentioning that despite delays in the amendment’s implementation, NFT adoption on the network is growing rapidly.

It is worth noting that NFT functionality on the network offers unique benefits, as highlighted in previous reports.

Notably, developers took a “no smart contracts approach” in their NFT implementation on the XRPL. Consequently, NFTs on the XRPL are less vulnerable to exploits, less likely to overburden the network, as seen sometimes on competing chains during popular mints, and effectively cheaper. In addition, it allows joint ownership of NFTs.

With developments like the XLS-20 amendment, the EVM-compatible sidechain, and the Native AMM, the XRPL is on course to become a major DeFi competitor riding on its security and scalability achievements that already make it very useful in payments.

SEC Makes Final Submission Against Ripple, Says It “Deserves” Summary Judgment

Lele Jima
-
0
SEC Makes Final Submission Against Ripple, Says It “Deserves” Summary Judgment

The SEC has filed its redacted reply to Ripple’s opposition to its summary judgment motion.


After the parties conferred yesterday to identify the necessary redactions in the summary judgment replies, the Securities and Exchange Commission (SEC) officially filed its redacted reply to Ripple’s opposition to its summary judgment motion.

SEC Gives Reasons Why It Deserves Summary Judgment

In a 62-page court filing seen by The Crypto Basic, the SEC asserted that it is entitled to summary judgment because the defendants did not oppose the material fact that XRP sales constitute an “investment contract” offer under Section 2(a)(1) of the 1993 Securities act.

The SEC further provided three facts proving that Ripple’s XRP offering constitutes an investment contract. According to the agency, Ripple and its executives did not dispute that the blockchain company received $2 billion from investors in exchange for XRP. In addition, the defendants did not also dispute the fact establishing the “common enterprise” prong of the Howey test.

“Ripple did not separately manage funds raised from investors, but rather pooled the proceeds from sales of XRP (Ripple’s most valuable holding at all times) and, as it promised investors, used them to fund efforts to find use and value for XRP,” the SEC asserted in its summary judgment reply.

The agency noted that the defendants’ efforts linked XRP investors’ fortunes to each other, citing an excerpt from attorney John Deaton’s amici curiae brief, which states that a Ripple loss would harm investors.

Furthermore, the SEC argued that Ripple did not dispute another essential prong of the Howey test- “the expectation of profit from the efforts of others.”

“Defendants made an avalanche of public statements indicating that they would take steps to increase XRP’s value. Partly Because of Ripple’s “giant pile” of XRP, potential and actual investors understood that Ripple was financially compelled to do just that,” the agency claimed.

Per the SEC, Ripple’s contrary argument is that many XRP investors did not consider the purchase of the crypto asset as an investment in the blockchain company. The U.S. SEC said the argument does not reflect the law, as the major question should be whether Ripple led potential investors to expect profits from the efforts of others.

“None of the defendants’ arguments to the contrary precludes summary judgment. Defendants’ primary tactic is to deflect controlling precedent with fictional tests, muddy the facts, and shift blame to the SEC,” the securities regulator said in its reply.

Ripple Files Its Summary Judgment Reply

Meanwhile, Ripple has also filed its redacted reply to the SEC’s opposition to its summary judgment motion. In the redacted reply, Ripple reiterated that its summary judgment motion should be granted because the SEC cannot prove that any XRP offer was a sale of an investment contract.

“The SEC nominally protests, claiming to have found some cases where the essential ingredients of an investment contract discussed in Howey were not present. But that claim does not hold up to scrutiny; the SECsimplymischaracterizesitscases.Ultimately, the SEC cannot point to a single case finding an investment contract without the essential ingredients identified in Howey,” Ripple noted.

Ripple Makes Its Final Submission Asking For A Court Ruling In Its Favor Against SEC

Mark Brennan
-
0
Ripple Makes Its Final Submission Asking For A Court Ruling In Its Favor Against SEC

 

Ripple has made its final submission in its legal battle with the SEC, asking for a ruling in favor of its motion for summary judgment.



Ripple has filed a redacted response to the Securities and Exchange Commission’s opposition to its motion for summary judgment, as disclosed in a tweet by pro-Ripple lawyer James K. Filan yesterday.

It is worth noting that it marks the final submission of the blockchain payments company in its legal battle with the SEC. Consequently, all that is left is to wait for Judge Analisa Torres’ ruling. As previously reported, Filan expects this ruling to come on or before the end of March 2023.

In the 56-page long document (if you exclude the introductory pages) seen by The Crypto Basic, Ripple argues that the SEC has failed to show that the statutes of Howey’s test apply to Ripple’s sales of XRP from 2013 to 2020. Noting that the burden lies on the SEC to do so, and it has so far failed to do so, it asserts that the SEC is seeking that the court redefines these statutes.

“The SEC’s position boils down to a view that any time someone buys an asset hoping to make money, and the seller’s interests are even partly aligned with the buyer’s, it is a security subject to registration,” Ripple surmises at the end of its opening statement. “That is not the law, even if the seller uses the sales proceeds to run its business. If Congress wants to expand the securities laws that way, it can do so; but this Court should not.”

Ripple has been straight with the court, unlike the SEC, Ripple General Counsel Stuart Alderoty commented on the submission. According to the Ripple lawyer, the team is proud of the defense it has mounted, not just in defense of Ripple but the entire crypto industry.

Attorney John E. Deaton, who represents thousands of XRP holders in the legal battle as a friend of the court (amicus curiae) while admitting that he is yet to read the document, highlighted that Ripple lawyers cited the XRP holders’ brief four times in the submission. In addition, he also says that the Ripple team twice cited the nearly 3000 affidavits from XRP holders.

It bears mentioning that the legal battle between the regulator and the payments firm has spanned nearly two years, causing pain to many XRP holders as the SEC alleges that the crypto is an unregistered security. Moreover, several pundits believe that the case will likely set a precedent that could expand the SEC’s role in crypto regulations to the detriment of the emerging industry if the court rules in favor of the regulator.

Baby Doge Coin Burns Over 1 Quadrillion Tokens Following Community’s Approval 

Lele Jima
-
0
Baby Doge Coin Burns Over 1 Quadrillion Tokens Following Community’s Approval 

BabyDoge incinerates over 1Q tokens from supply.

The development team behind Baby DogeCoin has announced that it burned a whopping amount of BabyDoge on December 1, consisting of two parts. The first transaction saw the team incinerate one quadrillion tokens worth $1.2 million at the time of the transaction. Similarly, the team used 16 BNB from its DEX’s swap fees to buy back and burn BabyDoge tokens.

According to blockchain data from BscScan, the team swapped the 16 BNB for 4,032,904,250,987 (4.03T) BabyDoge, and the tokens were sent to the official dead wallet.

Community Supports BabyDoge Monthly Burns

The announcement comes a week after the community massively voted for a proposal to resume monthly burns. Following the community’s approval, the team said it would implement the first burn on December 1. Notably, the recent burn is the first in a series of BabyDoge burns that will take place monthly for the canine-themed cryptocurrency.

According to the Baby Doge team, the monthly burns will not be the same as previous ones because the tokens will not come from BabyDoge’s treasury.

“We can bring back monthly burns however they would not be in the form of treasury tokens as they are used for farming rewards. The burns will NOT be of the same magnitude as before as we need the treasury tokens for farming rewards,” Baby Doge said in a statement.

BabyDoge Burns

Baby Doge Coin remains one of the cryptocurrency projects that has incinerated huge amounts of its supply via a series of burn efforts. Out of a total supply of 420 quadrillion tokens, the team has incinerated a whopping 200.5Q BabyDoge, according to data on Baby Doge Swap.

Despite the hefty burns carried out in the past, the team is still not relenting in reducing its supply drastically. TheCryptoBasic reported recently that the team is also considering launching an official burn portal to enable holders to burn their BabyDoge holdings voluntarily.

At the time of writing, the price of BabyDoge was trading at $0.000000001141, down 2% in the past 24 hours.

1...2,1412,1422,143...2,643Page 2,142 of 2,643