Home Blog Page 2145

European Central Bank Berates Bitcoin Says it is On ‘The Road To Irrelevance’

Mark Brennan
-
0
European Central Bank Berates Bitcoin Says it is On ‘The Road To Irrelevance’

The ECB asserts that Bitcoin has failed to live up to the hype, but the crypto community is not buying it.

The European Central Bank has asserted that Bitcoin is standing on its last legs in a blog post released today titled “Bitcoin’s last stand.”

The post asserts that Bitcoin’s recent price stabilization is not an accumulation before forming new highs but a last-ditch effort by malevolent forces to maintain the hype before it all crumbles. It is authored by Ulrich Bindseil, Director General of Market Infrastructure and Payments at the European Central Bank and his advisor Jürgen Schaaf.

“For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights,” the ECB staff members wrote. “More likely, however, it is an artificially induced last gasp before the road to irrelevance.”

The piece argues that Bitcoin has failed to perform as a means of payment and an investment asset. Instead, according to the article, the only role of the asset class lies in speculation. Notably, it falsely claims that people have hardly used Bitcoin to make legitimate payments. 

It comes even after Chainalysis data indicated at the beginning of the year that legitimate crypto use far outpaces illegal usage, putting illicit crypto use at 0.15%.

The ECB post asserts that crypto regulations do not mean acceptance or approval. Finally, to ward off institutional interest in the asset class, it cautioned that institutions risked their reputation by promoting Bitcoin and crypto in light of environmental concerns.

The Crypto Community Responds 

Unsurprisingly, the piece attracted a lot of flak from the crypto community, which expressed the view that the central bank feels threatened by the revolutionary asset class and was only trying to spread fear, uncertainty, and doubt with false time-worn narratives.

Terra whistleblower FatMan expressed disappointment as he had attempted to read the article with an open mind only to see false claims about Bitcoin’s usage. 

Others, like Cointelegraph’s Joe Nakamoto, pointed out the conflict of interest as the authors are also known proponents of central bank digital currencies (CBDCs). 

Meanwhile, German economist Jan Wüstenfeld poked holes at the ECB’s forecasting abilities, sharing a video of ECB president Christine Lagarde in December 2021 asserting that inflation will only go down in 2022. However, Eurozone inflation remains at record highs.

Furthermore, for others, it was a buy signal feeding into the narrative that “crypto is dead” reports tend to be at their highest at the bottom of bearish crypto price cycles. 

Reports Of Bitcoin’s Death Are Greatly Exaggerated 

It bears mentioning that the crypto community is no stranger to reports that crypto is dead. 99Bitcoins data indicates that Bitcoin has been reported dead at least 466 times over the years. Like previous times and now more than ever, it is safe to say that the reports of its death are greatly exaggerated.

Despite the ECB’s claims, the development of scaling solutions like the Lightning Network has only increased the usage of Bitcoin in payments. El Salvador and the Central African Republic have made Bitcoin legal tender on the back of these advancements. Notably, Brazil recently passed a bill making it a lawful means of payment.

Additionally, institutional adoption continues to rise in response to customer demand and the perceived value of the asset class. Most recently, traditional investment banking giant JP Morgan Chase registered a patent to offer Bitcoin exchange, trading, and custody services. The greater the institutional adoption, the more exposure the emerging market gets to new customers.

There is no love lost between the ECB and crypto. In May, Lagarde asserted that crypto is worth “nothing.”

Flare Announces Binance Support For FLR Airdrop to XRP Holders

Albert Brown
-
0
Flare Announces Binance Support For FLR Airdrop to XRP Holders

Binance has confirmed that it will implement the January 9 Flare (FLR) airdrop distribution to eligible XRP holders.


Binance, the world’s largest exchange by daily trading volume, has confirmed its support for the recently-announced January 9, 2023, Flare (FLR) airdrop distribution to eligible XRP holders on the exchange. This confirmation follows the exchange’s announcement on supporting the airdrop two years ago when the token was still called Spark (SPARK).

The Flare Networks team disclosed the development through an official tweet and a press release on its website. “Binance has confirmed that they will provide the Flare (FLR) token distribution to eligible customers on 9 January 2023,”

 

According to the media release, Binance confirmed that it would distribute eligible XRP holders on the platform with the first 15% of the FLR token distribution. According to the Flare team, the distribution will occur in a ratio of 0.1511 FLR to 1 XRP held at the time of the December 12, 2020 snapshot. This means that customers who had XRP on their Binance balance at the time of the snapshot on December 12, 2020, will receive 0.1511 FLR for every 1 XRP token. This is consistent with earlier announcements.

Additionally, as previous reports confirmed, the rest of the token distribution will be determined by the results of the vote carried out on the Flare Improvement Proposal (FIP.01). If the votes go in favor of the proposal, addresses who had wrapped and delegated their tokens to the Flare Time Series Oracle (FTSO) will receive more FLR tokens at a ratio of 0.8562 FLR for every 1 XRP held, instead of delivering it to airdrop addresses.

The conclusion of the whole distribution event will see XRP holders receive 1.0073 FLR for every XRP held at the time of the snapshot, lasting 36 months. The Flare team noted that it would update the community accordingly in case of further airdrop support from Binance.

The Flare Team Confirmed That This is Not a New Airdrop

Conclusively, the team further provided clarification on the recent confirmation from Binance. The press release specifically noted that the recent announcement is not presenting a new airdrop for Binance users but that the exchange has only confirmed the tentative date of the distribution and the change of name from Spark (SPARK) to Flare (FLR).

Recall that Binance became one of the first exchanges to declare support for the FLR token airdrop (formerly SPARK) when it was announced on November 25, 2020. The exchange informed its customers that it would carry out the snapshot on December 12, 2020, at midnight (UTC).

Recall that Singapore-based announced its support for the distribution event for supported jurisdictions on October 20, as previously reported by The Crypto Basic. This announcement came two months after Huobi Japan declared support for the event. Earlier this month, the Flare team unveiled the project’s tokenomics, revealing a further deferment of the distribution date.

Brazil Approves Bill To Legalize Bitcoin As A Mean Of Payment

Albert Brown
-
0
Brazil Approves Bill To Legalize Bitcoin As A Mean Of Payment

Bill Regulating the Brazilian Crypto Industry Approved by Chamber of Deputies.


Brazil is one step closer to fully regulating its local cryptocurrency scene, as the Chamber of Deputies recently approved a bill.

The lower house of the National Congress of Brazil, the Chamber of Deputies, has approved Bill 4401/21 (formerly dubbed PL 2303/15), which seeks to effectively enact an appropriate regulatory framework for the Brazilian crypto industry. According to a report from the Brazilian internet portal UOL, the Chamber of Deputies approved the bill on Tuesday after months of delay. The efforts started when Brazil’s Committee on Economic Affairs (CAE) approved the bill in February this year to regulate crypto.

The Chamber of Deputies’ approval comes seven months after the upper house of the Brazilian Congress, the Federal Senate, approved the bill in April. The Chamber had deferred the approval due to a necessity to eliminate some controversial aspects of the bill. The approval follows a successful removal of the controversial parts by the members of the Chamber. The bill now awaits the signature of Brazilian president Jair Bolsonaro to become law.

The bill which Chamber of Deputies member Aureo Ribeiro proposed stipulates certain provisions regarding cryptocurrency trading and investments aimed at protecting consumers, bolstering innovation within the scene, and improving transparency of crypto operations.

One bill’s provisions spell out punishment for criminal activities involving cryptocurrencies. According to the bill, individuals convicted of crypto-related crimes will be slapped with a fine in addition to a jail term that ranges from two to six years. This is especially important, considering the current rapid surge of crypto crimes. In July, Brazil introduced its crypto crime investigation unit due to this increase in crypto-related frauds.

Furthermore, the bill creates a virtual service provider license, which would be required from virtual asset entities seeking to provide crypto-focused services to consumers in the Latin American country.

Additionally, firms already domiciled in Brazil will get a 180-day grace period to acquaint themselves with the bill’s new provisions before it becomes law. This provision was included by the Chamber of Deputies following the removal of a section that states that companies will be required to comply with the demands of the law once it is approved.

Regarding cryptocurrencies considered securities by the Brazilian financial authorities, the bill notes that such assets will be kept under the surveillance of Brazil’s Securities and Exchange Commission. Conversely, assets not regarded as securities will be regulated by another financial agency appointed by the executive. Speculations point to the country’s central bank due to its experience.

Expungement of the Asset Segregation Provision

As previously mentioned, the approval delay from the Chamber of Deputies was influenced by several debates concerning the removal of numerous controversial points in the version of the bill approved by the Senate.

The necessity to vote on the bill sooner was also prompted by the desire from the Chamber to pass approval before president-elect Luiz Inácio Lula da Silva assumes office next year, as the house expressed concern about the new administration’s antagonism to the law.

One of the controversial points is in the area of asset segregation. Asset segregation limits the power and control brokerage entities have over client deposits, assuring clients that they have absolute possession of their funds within the firm. In the event of an implosion, as was recently witnessed with FTX, customer funds are remitted back to them and not used to settle creditors during the firm’s bankruptcy process.

The recent collapse of FTX underscored the necessity of asset segregation to ensure proper consumer protection measures. This has once again rejuvenated discussions on why the policy is essential.

As approved by the Senate in April, the bill made provisions for asset segregation to protect clients. Notwithstanding, the Chamber of Deputies rapporteur for the PL, 34-year-old deputy Expedito Netto, expunged this section from the bill. He asserted that companies should be free to invest customer funds as they deem fit, as they would be in the client’s best interest. “These companies will have the power to invest the capital in transforming it into more profits,” Netto remarked at a June 10 conference, citing the freedom banks have to invest with customers’ funds.

Netto’s decision has attracted backlash and criticisms from several financial and crypto-focused entities in Brazil. Notably, the director of Innovation, Products, and Services at the Brazilian Federation of Banks, Leandro Vilain, noted that a comparison between crypto exchanges and banks is misplaced.

BMW Coming To Metaverse, Files For Virtual Vehicles, Clothing And Footwear

Albert Brown
-
0
BMW Coming To Metaverse, Files For Virtual Vehicles, Clothing And Footwear

BMW has indicated an interest in diving into the Metaverse through a recent Metaverse and NFT-focused trademark application.



German multinational automobile manufacturer Bayerische Motoren Werke AG (BMW) is the latest in line to indicate an interest in direct involvement with the Metaverse and the NFT space, as it applies to trademark its logo with intentions to offer NFT-focused services.

The trademark application, with serial number 97691730, was filed with the United States Patent and Trademark Office (USPTO) on November 25, as revealed by notable trademark attorney and astrophysicist Mike Kondoudis.

Through the trademark, BMW seeks to offer its clients services bordering on the Metaverse and NFT space, including but not limited to retail outlets for sales of digital vehicles and clothing; media files authenticated by NFTs; digital clothing, footwear, and vehicles; and the provision of a virtual environment.

“BMW is coming to the metaverse! The company has applied to trademark its logo for:

  • NFT authenticated media + files
  • Virtual vehicles + clothing + footwear
  • Retail stores for virtual vehicles + clothing
  • Virtual environments

 

The USPTO-licensed attorney further shared a document detailing the BMW application. Information from the document reveals that the leading automobile manufacturer plans to provide offerings in several forms within the Metaverse. One such offering involves NFT-authenticated media files containing vehicles, vehicle parts, accessories, footwear, and clothing.

The firm also seeks to offer downloadable computer applications featuring virtual vehicles, their accessories, virtual environments, and offerings relating to virtual reality experiences. In addition to this, its offerings include downloadable computer games featuring Metaverse experiences.

Additionally, BMW indicated intentions to provide online retail store services that would accommodate virtual vehicles, clothing, and digital goods authenticated by NFTs.

BMW’s recent trademark application indicates the growing interest in the Metaverse industry and the NFT space, which appear to have expanded late.

The automobile maker’s latest interest in the NFT scene is not its first attempted involvement with the space, as it launched its Museum of Sound NFT collection in February. The project aimed to turn the sound from its BMW M engines into NFT-authenticated art.

The Crypto Basic has previously reported five applications relating to crypto from top corporations this month alone, including Lionsgate Entertainment, Nissan, Rolex, the University of Alabama, and JPMorgan.

XRP Set to Break $0.45 As Ripple and SEC Expected to File Summary Judgment Reply Briefs Today 

Lele Jima
-
0
XRP Set to Break $0.45 As Ripple and SEC Expected to File Summary Judgment Reply Briefs Today 

The parties’ summary judgment reply briefs are due today.



There has been little to no update on the Ripple vs. SEC lawsuit since non-parties filed their respective amicus curiae briefs in the ongoing case earlier this month. However, a significant development in the lawsuit is expected to occur before today’s end. 

According to the lawsuit’s scheduling update, Ripple and the SEC must file sealed versions of summary judgment reply briefs. The Ripple vs. SEC summary judgment reply briefs will remain sealed until the parties meet and confer on December 2, 2022, to identify necessary redactions.

Summary Judgment Reply Briefs May Come Sooner

After the parties have made the necessary redactions, the public will be able to access the redacted versions of the summary judgment reply briefs by December 5, 2022.

According to pro-Ripple lawyer James K. Filan, there is a tendency for the summary judgment redacted replies filed before December 2, 2022.

“This is based on the fact that the redacted summary judgment motions were due on September 19 but were filed on September 17, and the redacted oppositions were due on October 24 but were filed on October 21. So, expect the Redacted Replies to be filed early as well,” Filan said.

Expected Area of Interest

The two major areas of interest expected in the upcoming summary judgment reply briefs are the amicus briefs filed by 16 different entities and the drafts of William Hinman’s 2018 speech. 

Recall that 16 entities, including I-Remit, TapJets, XRP holders, Coinbase, SpendTheBits, Blockchain Association, and Chamber of Digital Commerce, have filed amicus curiae briefs in the lawsuit. Out of the 16 entities, 13 are backing Ripple’s case against the SEC, two support the SEC, and one entity decided to be neutral. 

As reported last month, Ripple General Counsel Stuart Alderoty disclosed that the Securities and Exchange Commission has handed over drafts of Hinman’s documents. These factors could play a role in helping Ripple to corner the SEC into a settlement. 

Favorable Briefs Could Fuel XRP Price

The XRP community is optimistic that the summary judgment replies will propel the asset’s price to surge tremendously. XRP is trading at around $0.404, up 3% in the past 24 hours. This comes after the seventh-largest cryptocurrency rallied from a 24-hours low of $0.389. XRP broke its first major resistance at $0.4069 after rallying $0.409 this morning. However, the asset class slumped back to $0.403 due to slight market volatility before surging to $0.404. 

Once the public gains access to the redacted summary judgment replies and things seem to point in Ripple’s favor, bulls could push XRP above $0.4156 and $0.4562, marked as the second and third major XRP resistance, respectively.

XRP’s 4-hourly candle candlestick chart flashes a bullish signal, as the asset currently sits below the 200-day EMA at press time.

RippleX Launches Testing For XRP Ledger Native AMM

Mark Brennan
-
0
RippleX Launches Testing For XRP Ledger Native AMM

Ripple developers building for the XRP Ledger have launched testing for an XRPL native AMM.


RippleX disclosed that testing and development were now open for its proposed XRPL native AMM in a tweet yesterday.

“Today, the AMM Devnet is live and ready to use, and we invite developers to test the AMM, build innovative applications, and ask questions or provide feedback on Discord,” Aanchal Malhotra wrote on behalf of RippleX developers. “Developers can integrate their apps directly with the AMM to power interactions with tokens, trading interfaces, retail experiences and more while taking advantage of liquidity provision, swap and auction features.”

The AMM is a product of the XLS-30d proposal made by RippleX in July to integrate an AMM with the central limit order book (CLOB) backed on-chain decentralized exchange (DEX). In the latest blog post, RippleX reveals plans to propose an amendment to launch the AMM on the mainnet after sufficient testing and feedback.

For context, an AMM is a DEX protocol backed by a liquidity pool from users while pricing assets in the pool using mathematical formulas. Generally, these protocols allow users to exchange assets at cheaper rates while offering deep liquidity. 

The prospect of an AMM is exciting for XRP holders as it provides XRP holders with a means of passive income. Notably, every XRP holder will be able to become a liquidity provider (LP), earning a yield generated by the AMM in exchange. 

Why An XRPL AMM is Unique

It bears mentioning that an AMM on the XRPL promises unique benefits not seen elsewhere. For one, it allows developers to integrate the protocol without creating a smart contract, reducing the risk of vulnerability to exploits.

Additionally, while it allows arbitrage opportunities against the AMM, it charges arbitrageurs for this opportunity to reduce the impact of temporary financial losses. The AMM will collect these fees in liquidity provider tokens offered in exchange for providing liquidity to the AMM. These charges will represent a percentage of the profit obtained by arbitrageurs. The AMM will burn these fees, increasing the value of the tokens held by liquidity providers, as explained by Ripple CTO David Schwartz at XRPL Dev Summit 2022.

In addition, because of the cheap fees of the network and its high throughput, arbitrageurs are less likely to miss arbitrage opportunities because of high fees that prevent traders from making a substantial profit.

Another feature to note is the integration of the AMM with the CLOB DEX will improve the overall exchange rate and determine the cheaper option for individual transactions between the order book and the liquidity pool.

Furthermore, there is a reduced risk of front-running incentivized by the consensus model of other networks that prioritize transactions with higher fees. 

Finally, the AMM promises to allow users to contribute with single-side liquidity instead of other AMMs that require LP to contribute an equal amount of the tokens the pool offers. Notably, the pool automatically converts on behalf of the LP to maintain its 1:1 ratio. 

The XRPL native AMM promises to be a revolution in decentralized finance. Moreover, its launch promises to make the XRP an even stronger Ethereum competitor. The network already offers native NFT functionality, and developers are already working on an EVM-compatible sidechain.

Exciting Details From Cardano Summit 2022 Including Collaboration With UNHCR Switzerland

Albert Brown
-
0
Exciting Details From Cardano Summit 2022 Including Collaboration With UNHCR Switzerland

Highlights from the Cardano Summit 2022 reveal some exciting details and events, including an upcoming partnership with the Switzerland UNHCR and the USDA launch from EMURGO.



Following the Cardano Summit 2022, a few of the most significant highlights of the event revealed some exciting details and announcements of groundbreaking developments. Some of these upcoming events include a Cardano partnership with the United Nations High Commissioner for Refugees (UNHCR) in Switzerland and the launch of the stablecoin USDA from EMURGO.

CEO of the Cardano Foundation Frederik Gregaard took to Twitter to disclose these highlights from the just-concluded event to reveal exciting details and underscore the significant developments to be expected in the coming days.

 

According to Gregaard, over 60,000 people were present at the event through all three channels of attendance provided. Many people were present at the main event in the Swiss city of Lausanne. There was also a provision to join the event virtually through online streams, which many took advantage of.

Others who could not reach Lausanne went to the  50+ local community-driven events worldwide.

Gregaard highlighted that the event featured over 70 speakers across 80+ sessions within the two days it was held. Discussions from the event were centered on several crucial subject matters, including but not limited to the PoS consensus mechanism, meme coins with a speech from Bullish Dumpling on Hosky, staking, SPOs, and Voltaire.

USDA stablecoin

The Cardano Foundation Chief further underscored two important announcements from the event, noting that he is especially excited to see the developments materialize. According to him, these include the upcoming USDA stablecoin, which The Crypto Basic previously highlighted, and the Cardano Foundation collaboration with the UNHCR Switzerland.

The launch of the stablecoin is an attempt to provide investors and businesses within the crypto space with an opportunity to hold a fully fiat-backed asset on the Cardano protocol that is resistant to the neverending volatilities that characterize the cryptocurrency space.

Second Annual Global Impact Collaboration with UNHCR Switzerland

As recently announced at the Summit event and through an official press release, the Cardano Foundation is looking to hold the second version of its Annual Global Impact initiative through a collaboration with the UNHCR of Switzerland. The first Global Impact Challenge, which occurred last year, featured a collaboration with Veritree to plant one tree for every ADA donated by the community. So far, 350K trees have been planted.

The second Annual Global Impact challenge will see the UNHCR for Switzerland launch a charity pool on Cardano overseen by a Swiss-based digital asset infrastructure provider Taurus. The Cardano Foundation will include a stake delegation of up to 3.5 million ADA.

As the pool generates stake rewards, 80% of these rewards will be allotted to the UNHCR for Switzerland to champion support for forcibly displaced individuals. The other 20% will support the organization’s innovation project funds.

“The collaboration with Switzerland for UNHCR is an embodiment of the Foundation’s ethos. We strongly believe in using blockchain to improve conditions for everyone, and doing so with the active participation of the Cardano community,” Gregaard remarked, speaking on the development.

The Cardano Foundation Blockchain Course

Gregaard, in his tweets, disclosed another significant highlight of the event: a need for education. He acknowledged the importance of education to the Cardano Foundation’s mission and revealed that the foundation is looking to launch an in-depth blockchain course.

“Education has always been at the forefront of @Cardano_CF’s mission. It’s crucially important to arm yourself with the correct tools to navigate this industry. So the #CardanoFoundation is preparing an in-depth blockchain course,” Gregaard said in a tweet. 

The blockchain course from Cardano Foundation attempts to educate the community on the rudiments of the industry they are so invested in to equip them with the right knowledge on how to scale the scene.

The platform has already been launched with an opportunity for interested participants to sign up for early access. Data from the platform reveals that the courses will cover topics such as Cardano, Blockchain Fundamentals and Generations, Cryptography, Blockchain Structure and Components, and Consensus Algorithms.

The Need for Decentralization

Concluding his thread of tweets, Gregaard highlighted Cardano co-founder Charles Hoskinson’s speech on the significance of decentralization in the industry. Gregaard mentioned that he looks forward to witnessing what IOHK will present to measure decentralization. “A good measure of decentralization is something the #blockchain industry requires,” he added.

Hoskinson, who delivered the closing keynote address on the event’s second day, touched on decentralization. The 35-year-old American entrepreneur indicated his commitment to ensuring the Cardano network runs as a fully decentralized chain.

New York-Based Uphold Lists Shiba Inu’s BONE

Lele Jima
-
0
New York-Based Uphold Lists Shiba Inu’s BONE

Uphold announces support for Bone ShibaSwap.



Shiba Inu’s governance token Bone ShibaSwap (BONE) is gradually becoming a favorite choice for top cryptocurrency trading platforms. BONE is listed on top cryptocurrency trading platforms. Leading digital financial platform Uphold Inc. has become the latest exchange to add support for the Shiba Inu ecosystem token. 

In a tweet shared by Uphold’s Crypto Product Manager Joao Andre, BONE was added to the trading platform alongside six other cryptocurrency assets. The crypto assets that made the list include Euler (EUL), MetisDAO (METIS), Mythos (MYTH), Sweat Economy (SWEAT), Octopus Network (OCT), and JUNO (JUNO). 

BONE Trading Activities to Spike

The move would make Bone ShibaSwap available to more cryptocurrency traders globally, thus boosting the asset’s trading volume.

Launched in 2015, Uphold is a multi-digital asset trading platform that offers its users the ability to trade various financial assets, including cryptocurrencies, precious metals, fiat, and equities etc.

Uphold has its headquarters in New York. At the time of writing, the trading platform claims it has over 10 million users from 150 countries.

Aside from Bone ShibaSwap, the digital asset trading platform also offers over 200 cryptocurrencies, including Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), Terra Classic (LUNC), Ethereum (ETH), Litecoin (LTC), etc. 

BONE’s Growing Popularity

It would not come as a surprise to many to see Bone ShibaSwap listed on Uphold. The New York-based digital asset trading platform is known for always listing crypto assets that have strong communities. Interestingly, BONE also enjoys the same community support as other Shiba Inu ecosystem tokens, including SHIB. Grab an uphold bonus here.

Based on this, leading cryptocurrency exchanges are prompted to list BONE. Yesterday, a top crypto trading platform in India, SunCrypto, announced Bone ShibaSwap’s listing. Similarly, Hong Kong-based crypto exchange CoinEx also announced in September that it had listed the governance token of Shiba Inu. 

Despite the widespread support BONE has enjoyed from top cryptocurrency exchanges globally, members of the Shiba Inu community were seen pushing for Binance to list the token last month. Top Shiba Inu influencers joined a Twitter campaign urging the world’s largest crypto exchange by 24 hours trading volume to list BONE.

BONE is currently the 166th-largest cryptocurrency, with a market capitalization of $176.9M. The cryptocurrency is up 5% in the past 24 hours, as it trades around $0.766, according to Coingecko data.

Terra Classic Developers Launch LUNC Wallet To Reduce Dependence On Terra Station

Mark Brennan
-
0
Terra Classic Developers Launch LUNC Wallet To Reduce Dependence On Terra Station

 

The Terra Rebels have launched their own Terra Classic wallet to reduce dependence on the Terra Station and TFL.



The Terra Rebels, in a tweet today, announced the launch of the Rebel Station, tagging it as “Another step towards autonomy.”

“With the ardent efforts of the Frontend Team, Rebel Station is ready for launch,” the Terra Rebels wrote in their announcement.

It bears mentioning that the Rebel Station is the Terra Rebels’ response to the Terra Station. While some have noted that the interface appears identical to that of the Terra Station, as highlighted @reXxTerraRebels, AKA reXx, the biggest difference is that it cuts off the dependence on Terraform Labs. Notably, as the Terra Rebel explained, with a wallet managed by the Terra Classic community, there would be less downtime required to perform version upgrades as it would not have to go through TFL.

“Version changes can be submitted on the go to limit downtime compared to TFL versions that must go through TFL for approval,” reXx wrote in a google translated tweet.

The newly launched wallet, which promises to take the place of Terra Station for Terra Luna Classic (LUNC) holders, should allow users to hold and transfer their tokens, delegate their holdings, participate in governance and see important network metrics.

Notably, Rebel Station is currently only available on the web, on desktop, and as a chrome extension. reXx disclosed that developers are waiting for licensing to roll out the mobile app. Users can move to the Rebel Station by recovering their wallet using mnemonic phrases or by importing with their private keys, per a tweet from reXx.

While Do Kwon and TFL have committed to maintaining the Terra Station for the Terra Classic community for as long as necessary, a wallet maintained by a dedicated team of Terra Classic developers will likely offer better maintenance efficiency. In addition, it further distances the network from Kwon and TFL’s controversial image in the wake of the ecosystem collapse in May.

Recall that Terra Classic core developer Edward Kim hinted at the wallet’s development following the release of the Terra Rebels roadmap in September. Moreover, as previously reported, developers like Jacob Gadikian, who have shown interest in helping to rebuild the chain, have conditioned their efforts on the Terra Classic network achieving independence from TFL.

Community influencer Classy in response to the Rebel Station launch highlighted that it is a big move for LUNC. “LUNC independence is coming VERY fast!” Classy asserted.

Whales Move Massive 442M XRP As Price Rebounds

Lele Jima
-
0
Whales Move Massive 442M XRP As Price Rebounds

Large XRP transfers are on the increase.


@Whale_Alert, the leading blockchain tracking platform, reported that XRP whales moved a hefty amount of the token in the past 24 hours. According to Whale Alert, a total of 442,302,161 (442.3M) XRP worth $178.69 million at the current exchange rate have been shuffled by crypto whales over the past day.

Unknown Whale Move 280M XRP in One Transaction

The most significant of these massive XRP transfers over the past 24 hours involved the movement of 280 million XRP coins, which were sent from one unknown wallet to another. According to data from Whale Alert, the transaction took place 17 hours ago. The anonymous whale transferred a total of 280,684,171 (280.68 million) XRP coins worth a whopping $110 million at the time of the transaction.

The purpose of the transaction was not known. It could be that the transaction is for investment purposes or related to Ripple On-Demand Liquidity (ODL). This service uses XRP as a bridge currency for cross-border settlement.

As reported earlier this year, Ripple’s ODL solution recorded a whopping surge in demand, prompting the leading Silicon Valley tech company to purchase millions of XRP tokens from secondary markets to meet the growing demand for the solution.

Other Hefty XRP Transfers

Meanwhile, Whale Alert also observed the movements of other hefty amounts of XRP. According to Whale Alert, an anonymous whale withdrew 30.4 million XRP ($11.75M) to an address on the Bitso cryptocurrency exchange 23 hours ago.

An hour later, an unknown whale deposited 29 million XRP to the Bitstamp cryptocurrency exchange.

Another unknown whale also moved 25.6M XRP coins to the Bitstamp cryptocurrency trading platform.

About three hours ago, an unknown cryptocurrency user deposited 25M XRP worth $10.12 million to the Bitstamp exchange.

A few minutes later, Whale Alert observed that the owner of the Bitstamp address withdrew 25,817,990 (25.81M) XRP from the cryptocurrency exchange to an external wallet.

Furthermore, Whale Alert also spotted another hefty XRP movement to the tune of 25.8 million XRP worth $10.51 million from the Bitso cryptocurrency exchange to an unknown wallet.

XRP Price

It is worth noting that these large XRP transfers did not have much significance on the asset’s price. According to Coingecko data, XRP is trading at $0.404, up 2.6% in the past 24 hours. However, the trading volume is $950,417,609, down 10% in 24 hours.

XRP currently trades above the $0.40 level. Despite starting the day on a bearish note, the asset has staged a comeback, seeing a game of 2.6%. The asset recently conquered the first significant resistance point at $0.40.

The asset seems primed for a rally to the second crucial resistance level at $0.4244, which would be its next destination if the bulls can sustain the recently-engineered rally. Hopes of an SEC settlement could then provide ample support for the asset’s journey to the third major resistance at $0.4551.

If purchased at the time of launch, XRP’s current return on investment (ROI) at the present prices is 6743.99%.

1...2,1442,1452,146...2,643Page 2,145 of 2,643