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1.6M USTC Set To Go Toward Running Terra Classic Grants Program As Proposal 8813 Passes

Mark Brennan
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1.6M USTC Set To Go Toward Running Terra Classic Grants Program As Proposal 8813 Passes

The Terra Classic community approves 1.6 million USTC for running the Terra Classic network grant program.



In a tweet on Sunday, Terra Classic influencer and validator Classy Crypto disclosed that proposal 8813 had passed the governance vote.

Per the screenshot shared by Classy, at least 62% of the community’s voting power participated. Notably, 92.15% voted “yes,” while 7.66% opted to abstain, with only 0.1% voting against it, showing overwhelming support.

Consequently, with the approval, the Terra Classic community is set to launch a grants program under the direction of core developer Edward Kim. Per the proposal, 1.6M TerraClassicUSD (about $57,600) will be handed over to Kim to direct and operate this scheme for six months.

Notably, the grants program aims to efficiently and transparently allocate funds from the community pool to fund projects on the chain. A rough summary of the grants foundation’s activities proposed by Kim are outlined as follows:

  • Identify problems that need solving on the Terra Classic chain.
  • Publish requests for bids to fix these problems.
  • Handover received submissions to independent reviewers.
  • Submit reviewer-approved bids and reviewer notes as governance proposals on Terra Station.
  • Allocate approved funds to a multisig wallet under the control of the foundation of the grant.
  • Pay talent on a per milestone basis.


As reported by The Crypto Basic, Kim pitched the proposal on October 17 as he believed that the community was well on its way to passing proposal 5234, which allocates 10% of all Terra Luna Classic (LUNC) burns to the community pool. The developer initiated voting on the proposal on October 28, sharing a temporary website for the project.

Unsurprisingly, the community has greeted the news with excitement as funded development could go a long way to attract utility to the chain.

Do Kwon Hints A Possible Alliance With Terra Classic (LUNC)

Mark Brennan
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Do Kwon Hints A Possible Alliance With Terra Classic (LUNC)

 

Do Kwon Says It Isn’t Difficult Forming An Alliance Between Old and New Terra Blockchains.



Kwon hints at a possible alliance between Terra 2.0 and Terra Classic

In a Whatsapp conversation shared recently by LUNC DAO, Do Kwon, the founder of Terra, revealed the possibility of an alliance between Terra Classic (LUNC) and Terra 2.0 (LUNA) blockchains.

Kwon noted that it would not be difficult to ally with Terra Classic. However, his main concern is getting the Terra Classic community to ensure a software update proposal passes.

Suggestions to Align Both Terra Chains

He made this known by suggesting possible interoperability between the old and new Terra blockchains. During the chat, a LUNC core developer proposed several ways both blockchains can thrive.

“Quick thoughts [about] LUNC and LUNA. What if we envisioned a twin moon in the sky scenario where the whole was greater than the sum of the parts?” the LUNC core developer said.

Some of the suggestions made by the developer include upgrading LUNC to parity, forming an interchain alliance between LUNC and LUNA, rewarding post-crash LUNC holders, and launching LUNA apps on the Terra Classic network.

Furthermore, the LUNC core developer also suggested creating an aligned incentive where both LUNA and LUNC holders will compete in a head-to-head gaming battle. 

“Down the road, I am imagining the possibilities for aligned incentives and stuff like games where the LUNC crowd could go head to head with LUNA, etc. But you guys will have more ideas,” the LUNC core developer said.

Reacting to the proposal, Kwon said:

“Forming an alliance with LUNC isn’t hard – as long as a software upgrade proposal can pass from that side.” 

Image source: https://twitter.com/LUNCDAO/status/1588844761028644864

image source: https://twitter.com/LUNCDAO/status/1588844761028644864

Terra Crisis

Following the collapse of the Terra ecosystem, the team and the community had different views on how to make investors whole again. While the community wanted a huge portion of the token’s total supply to be burnt, the team, led by Do Kwon, created a new chain entirely dubbed Terra 2.0.

Upon the launch of Terra 2.0, the old Terra chain, now referred to as Terra Classic, was abandoned by the team, leaving the community to seek ways to revive the project from the dust.

Terra 2.0 is currently being pioneered by the Terra team, while Terra Classic is now a community-driven project. However, the recent suggestions could lead to a collaboration of both chains to hasten the revival of the Terra ecosystem.

Dogecoin Founder Asserts DOGE Will Not Use Cardano For Anything

Mark Brennan
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Dogecoin Founder Asserts DOGE Will Not Use Cardano For Anything

Billy Markus is not buying Hoskinson’s proposal to adopt Dogecoin as a Cardano sidechain.


In a tweet on Sunday, Dogecoin co-creator Billy Markus asserted that Dogecoin would not use Cardano for anything.

It came in response to a recent proposition by Cardano chief Charles Hoskinson to make Dogecoin a Cardano sidechain so it can be scaled to handle the load of Twitter transactions, should Elon Musk decide to opt for a Twitter DOGE integration.

While Hoskinson claims that the proposition is an “olive branch,” the DOGE co-creator is not buying it. Markus explained that the reason for his skepticism comes from statements from Hoskinson describing DOGE as a mockery of his life’s work.

Additionally, he asserts that it was dishonest of the Cardano chief to make it look like only Dogecoin speculation was risky, noting that it is the same for all crypto. Emphasizing this argument, Markus highlights a period in 2018 when ADA had a 97% price decline in response to Hoskinson’s concerns about regulatory scrutiny should Dogecoin crash after a hypothetical scenario where it clinches the $1 price point.

While Markus’s statements in no way rule out the chances of Dogecoin becoming a Cardano sidechain, it vastly reduces it. As Markus highlighted, he is no longer on the Dogecoin project and has not been for some time. However, despite downplaying it, he commands influence within the space with over 1.9 million Twitter followers.

It is worth noting that despite the heated exchange on Twitter by the crypto creators, previous statements indicate that they both share a skepticism for crypto price speculation and believe in the prioritization of utility within the crypto space. 

As reported by The Crypto Basic, Hoskinson had previously stated that the price of crypto assets does not reflect the strength and growth of Cardano and other crypto projects, noting that with the community’s help, Cardano would change the world. On the other hand, Markus has often called on the Dogecoin community to remain absurd, focus on utility, and avoid getting caught up in an obsession with the price charts.

Unsurprisingly, the exchange between both parties on Sunday attracted a flurry of different responses from members of both communities. One user responded with the typical lightheartedness and silliness associated with the Dogecoin community, tipping Hoskinson 69.420 DOGE.

Shiba Inu Whale Adds 133B Coins, And Shib Team Officially Follows Shibarium Twitter Account

Zabi
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Shiba Inu Whale Adds 133B Coins, And Shib Team Officially Follows Shibarium Twitter Account

Whales Keep Adding Shiba Inu.


Top ETH Whale increased its Shiba Inu holdings by 133.53 Billion SHIB in the past 24 hours. Also, the Shiba Inu team officially followed Shibarium’s Blockchain Twitter handle.

Etherscan.io recently reported that the Biggest ETH Whale just scooped up a staggering 133,533,637,671 (133.53B) SHIB, worth $1,609,079 ($1.60M) in three separate transactions in the past 24 hours.

Top ETH Whale Accumulated 1.60 Million Worth of SHIB in the Past 24 Hours
Top ETH Whale Accumulated 1.60 Million Worth of SHIB in the Past 24 Hours

The deep-pocketed ETH investor became active about 23 hours ago and splurged $401,665 to purchase 33,333,271,618 (33.33B) SHIB in his first transaction. As per Etherscan.io, the mysterious ETH Whale interacted with the Coinbase wallet for this purchase.

The Whale doesn’t seem to stop there and interacted with one of the Binance wallets tagged “Binance 15” about an hour ago to add a further 100,200,366,053 (100.20B) SHIB, worth $1,206,412 ($1.20M) to his portfolio through two separate transactions.

The major ETH investor now holds a gargantuan 335,349,932,318 (335.34B) SHIB, worth $4,047,673 ($4.04M).

Shibarium Blockchain’s Official Twitter Account:

The development comes after the Shiba Inu team officially invited Shiba Inu Community to follow Shibarium Network’s Twitter handle for future updates.

The tweet reads: “We are now following @ShibariumNet on Twitter! @ShibariumNet will eventually become a social, informational hub to all things related to the Shibarium Network & Protocol.”

 

The tweet boosted SHIB Army’s expectations regarding the potential launch of Shibarium – Layer 2 Solution. The lead developer of Shiba Inu, Shytoshi Kusama, also confirmed in his recent tweets that he is now fully focused on Shibarium, and the team is quickly approaching the Beta launch. However, still, the Shiba Inu team hasn’t disclosed the exact date of the launch. As of writing, Shibarium Network’s official Twitter account is followed by 23.9K people, and the number is increasing rapidly.

At press time, Shiba Inu is trading at the price of $0.00001206, down -2.31% over the last day, with a 24-hour trading volume of $417,734,286 ($417.73M).

Hogan Explains Why SEC Can’t Win Against Ripple in One Element of Howey Test

Lele Jima
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0
Hogan Explains Why SEC Can’t Win Against Ripple in One Element of Howey Test

Hogan says the SEC can’t win on the Howey Test prong that XRP holders expected profit based on the efforts of others.


Attorney Jeremy Hogan, a Partner at Hogan & Hogan, has explained why the SEC cannot win its case against Ripple using the “expectation of profits based on efforts of others” prong of the Howey test.

According to Hogan, before the SEC can win at summary judgment using any prongs, the agency must “prove every element by the greater weight of the evidence” and “prove there is no genuine dispute of a material fact.” 

He further said that based on the “expectation of profits based on efforts of others,” the SEC was expected to provide evidence in the form of statements showing Ripple and XRP purchasers’ involvement in XRP price. Attorney Hogan added that the SEC abandoned its expert witness because there was no supporting evidence to prove the Howey test prong.

“Ripple counters the SEC with its own expert witness, who correlates XRP price action with market forces, especially since 2018. AND Ripple apparently also files 3k affidavits from Deaton and XRP holders that they were NOT looking to Ripple to increase XRP price,” he said.

Hogan said the Securities and Exchange Commission has failed to meet its greater weight of the evidence burden. He added that the ruling on the “expectation of profits based on efforts of others” prong would be based on the SEC’s statement in the last eight years vs. Ripple’s expert opinions and the 3k affidavits the blockchain company submitted alongside its summary judgment motion.

“Ripple has submitted direct, hard evidence that a reasonable XRP purchaser was not relying on Ripple to increase the price. I don’t see how the Judge ignores that evidence and grants summary judgment on this prong of the test. Not saying the SEC can’t win – but it can’t win here,” he said.

Deaton Says XRP Holders Made the Difference

Hogan made the analysis in response to a recent tweet by attorney John Deaton. Deaton claimed that XRP holders made a huge difference in the lawsuit between Ripple and the SEC.

According to attorney Deaton, the SEC had intended to rely on an expert’s opinion in its bid to prove that today’s XRP trading on secondary markets represents an investment contract with Ripple.

However, the expert witness testified he did not interview any XRP purchaser, prompting the SEC not to rely on his opinion.

Charles Hoskinson Slams Dogecoin Doubles Down To Make Doge A Cardano Sidechain

Mark Brennan
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Charles Hoskinson Slams Dogecoin Doubles Down To Make Doge A Cardano Sidechain

 

Hoskinson believes that the current Dogecoin network cannot support the needs of Twitter.



In a series of tweets on Sunday, Cardano founder Charles Hoskinson doubled down his pitch to make Dogecoin a Cardano sidechain.

Notably, Hoskinson also released an hour-long video on YouTube arguing that Elon Musk can build a decentralized Twitter for profit and pleasure using Cardano and Dogecoin. 

It comes as the Cardano chief believes there is an excellent chance of a Dogecoin integration with Twitter now that Musk is at the helm of affairs. However, in a series of tweets on Sunday, Hoskinson raises specific concerns about the current state of the Dogecoin network.

Consequently, the Cardano chief believes that DOGE, in its current state, can not support the needs of Twitter. 

Notably, Hoskinson still believes that a DOGE price run-up to $1 could lead to a significant dump and many retail investors losing their monies. Hoskinson says this as the supply is concentrated with few holders who can sell at any time for a profit. Moreover, per Hoskinson’s statements, such massive losses are bound to attract harmful crypto regulations.

It is worth noting that, as per data from Lookonchain, the top 50 DOGE holders represent nearly 64% of the supply.

Hoskinson reasons that the pioneer doggy meme coin offers little utility to users, with many holders speculating in hopes that it would make them rich. Consequently, a significant price pump with little utility to keep the whales in could lead to a massive dumping of DOGE.

Furthermore, Hoskinson fears that DOGE as it is and tokens like it paints a wrong picture of the crypto space.

Charles further said that Doge was created as a joke and a fork of bitcoin with no utility. Doge has nothing but a back of a billionaire.

“Having something that was made as a fork of bitcoin as a fun joke that turns into a low innovation ecosystem that got co-opted by mad speculation off the back of a billionaire using it for something useful is pretty much as risky as it get. It also stereotypes crypto.”


Meanwhile, it is not the first time that Hoskinson is expressing such sentiments. Notably, the Cardano chief had stated much of the same in a 6-minute-long YouTube video in April last year, near the peak of the DOGE bull run fueled by Musk’s tweets. At the time, he asserted that DOGE was a mockery of his life’s work and the innovative work of others building in the crypto space.

Even then, Hoskinson also asserted that despite these concerns, the token held potential due to its following. Declaring that value comes from people, the Cardano chief proposed creating a hard fork of the chain to have a treasury and smart contracts such that it becomes the “ultimate” Internet of Things (IoT) coin.

As Hoskinson highlighted, DOGE was created as a joke in 2013. However, it continues to attract a solid retail following partly due to hype, its fun community, and the qualities that make it suitable for cheap peer-to-peer payments.

The Terra Rebels Burn 10.5M LUNC After The First Round Of Its Lottery Game On The Terra Classic Network

Mark Brennan
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The Terra Rebels Burn 10.5M LUNC After The First Round Of Its Lottery Game On The Terra Classic Network

The Terra Rebels burn 10.5 million LUNC.

In a tweet on Friday, the Terra Rebels disclosed that the first round of its lottery game had ended, with details revealing that the winner went away with over 24 million Terra Luna Classic (LUNC) and over 10.5 million LUNC sent to the burn wallet.

As reported by The Crypto Basic, the Terra Rebels launched the lottery game last Friday. It is the first decentralized app (DApp) built on the Terra Classic network. 

Notably, each round of the game runs for seven days, with tickets costing 5000 LUNC, about $1.25 at current rates. As highlighted in the previous report, the winner goes away with 60% of the pool, while the DApp sends 26% to the burn wallet. 

As expected, the community has celebrated the latest development. One user urging others to participate described it as a “great initiative,” as users stand a chance of winning prizes for supporting the LUNC burn. At the same time, another user noted that the community needed to draw more attention to the project.

With the next round already on, those who still need clarification about how to participate can follow a guide shared by reXx of the Terra Rebels today to direct users. According to the tweet, users only have to navigate to the “DAPPS” tab on the Terra Rebels website, cautioning users to be wary of scam websites as the game will require them to connect their wallets.

It bears mentioning that the lottery game represents a step toward balancing utility with the desire to reduce LUNC supply. As reported by The Crypto Basic yesterday, a Terra Classic developer believes that the community will eventually have to let go of the tax burn parameter to incentivize DApp development on the chain, as utility is sure to bring more efficient LUNC burns.

Ripple Moves 100M XRP, While Whales Transfer 187M

Lele Jima
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Ripple Moves 100M XRP, While Whales Transfer 187M

Whales’ XRP movements are on the increase.


According to the cryptocurrency tracking platform Whale Alert, a hefty amount of XRP tokens were moved in a few hours. The transactions were conducted mostly by unknown whales. It is interesting to note that Ripple was also involved in the latest round of large XRP transfers. 

Data provided by Whale Alert shows that the blockchain company transferred a whopping 100 million XRP tokens to an unknown wallet. At the time, the transaction was worth $49.16 million. 

Rationale Behind the Transaction

The recipient’s identity was unknown in the hours leading up to press time. However, the transfer is expected to be related to the blockchain company’s On-Demand Liquidity (ODL) solution. There is a possibility that Ripple made the transfer to a client of its ODL solution. It is worth mentioning that Ripple’s ODL uses XRP as a bridge currency for cross-border settlements. 

Other Huge XRP Transfers

Aside from the 100 million XRP moved by Ripple, other whales were reported to have transferred an immense amount of 187,784,164 XRP in the last three hours.

An anonymous whale transferred 20 million XRP worth $9.96 million to an address on the Philippines-based cryptocurrency exchange, Coins.ph.

 

A few minutes later, 27,791,564 (27.79 million) XRP, valued around $13.87 million, were withdrawn from Bitstamp to an unnamed cryptocurrency wallet.

Whale Alert also tracked the movement of 30 million XRP ($15.05 million) to an address on the Bitstamp cryptocurrency exchange.

44,992,600 (44.9 million) XRP were withdrawn from Bitstamp by an anonymous whale. The fund was worth $22.52 million at the time of the transaction.

Furthermore, 30 million XRP were deposited to a Bitstamp address by an unknown whale, while another Ripple whale withdrew 35 million XRP tokens.

In the last 24 hours, 287,784,164 (287.78 million) XRP were moved in seven different transactions. The funds were valued at $92.93 million at the current exchange rate.

Peter Brandt Takes A U-Turn On Bitcoin, Says ‘Another Sharp Decline May NOT Happen’

Mark Brennan
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Peter Brandt Takes A U-Turn On Bitcoin, Says ‘Another Sharp Decline May NOT Happen’

Peter Brandt is feeling somewhat optimistic about Bitcoin, reviving laser eyes sentiment.



In a tweet on Friday, veteran trader Peter Brandt has taken a U-turn on his previous Bitcoin prediction. 

While he does not explicitly state the reason for this change in outlook, he asserts that the leading crypto asset may not experience another steep price drop. However, he still expects it to trend lower for some time. Notably, the veteran trader expressed a rising optimism by reviving a picture of himself with laser eyes. According to the trader, while it is not yet time to pull out the laser eyes, he is considering incandescent vision, for now, showing mild optimism. 

As The Crypto Basic reported on October 25, Brandt had asserted that Bitcoin was due for a steep price drop. Notably, the analyst set the target for $13k. At the time, Brandt noted that he expected little excitement from the Bitcoin markets for a while, stating that a bull run to new highs was likely to start in late 2023 or early 2024.

It is worth noting that Brandt is not the only analyst that has been expressing positive sentiments about Bitcoin. Ali Martinez, sharing Glassnode data on Thursday, pointed out that the number of Bitcoin addresses is rising. According to the analyst, this is often a sign of accumulation. In an analysis on Friday, Martinez asserted that a close above the 21-week moving average could see the asset’s price make a run up to $24k at around the 200-week moving average.

However, not all analysts are optimistic as well. il Capo of Crypto maintains his prediction that the leading crypto asset will crash to $14k in November. Notably, the analyst successfully predicted Bitcoin’s recent rallies, first to $21k and now to $21,500.

As the latest price action puts Bitcoin at the top of an ascending channel, the analyst cautions Bitcoin bulls that channels are not impulsive price moves. il Capo of Crypto asserts that this will be the last relief rally before Bitcoin plummets to $14k.

Equity and crypto markets are hoping that the Fed, after a recent 75 basis point rate hike, will pump the brakes on raising rates in December. Notably, this could boost perceived risk assets like crypto, which have suffered significantly lackluster price movements due to inflation-induced risk-off sentiment.

Bitcoin is trading at the $21,276.15 price point, up 3.19% in the past 24 hours.

Cardano Leads Development Activity With 3X Ethereum’s Count

Albert Brown
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Cardano Leads Development Activity With 3X Ethereum’s Count

 

Cardano tops the list of assets with the highest GitHub development activity in the past week, with an activity count over three times Ethereum’s.


Cardano saw GitHub development activities three times Ethereum’s count, leading on weekly development activity amongst all mainstream assets, as disclosed by the Santiment-powered GitHub analytics tool, ProofofGithub, on Twitter.

Crypto influencer and host of the NFT Alpha Show Deezy highlighted the metric in the late hours of Friday as he commented on ProofofGithub’s disclosure. “Cardano has 3X the GitHub activity of Ethereum,” he said in a tweet.

 

Data from the disclosure affirms the metric, as Cardano secured the top spot on the list with a massive GitHub development activity count of 1,116 in the past week. Meanwhile, Ethereum secured the fifth position, having a weekly development count of only 363.

Other assets with a higher development activity count than Ethereum are:

  • Polkadot, with 418; 
  • Kusama which had 418 as well;
  • Cosmos, with a count of 366.

Notwithstanding, Ethereum’s development activity count dwarfed five other assets on the top 10 list, including:

  • Decentraland, with 326;
  • Internet-Computer, having 315;
  • Vegaprotocol which had 240;
  • Hedera-hashgraph, with a count of 222; and
  • Flow, having 221.

Cardano appears to have been miles ahead of all other crypto assets in terms of development activity in the past week, which suggests a tremendous measure of dev. Contributions. An increased number of development activities counters any claims of the network being a ghost chain and mitigates worries of abandonment.

Blockchain analytics platform Coin98 ranked Cardano second in active developer count in mid-October, only behind Ethereum. According to Coin98, Cardano had about 139 development activity contributor counts at the time of the analysis.

Meanwhile, IOHK released a development update on the Cardano network on the same day. The report revealed that the network had 102 projects launched, with 1,120 projects building on it as of October 14.

Additionally, the official Twitter account of the Cardano Foundation revealed some outstanding feats on the network on October 31 in an attempt to dispel “ghost chain” claims. Data from a shared graphic indicated a 4.9% surge in native tokens on the network, with the number of Plutus scripts rising by 4.59% from August to a value of 3,535.

 

Amidst this surge in development activity, Cardano has relished the recent attention it is getting. Crypto hardware wallet developer Ledger announced the launch of the much-anticipated Cardano Babbage v5.0.0, allowing users to leverage Plutus in creating Cardano smart contracts on Ledger.

Furthermore, Binance Pay recently added support for Cardano stablecoin issuer COTI, as The Crypto Basic reported on October 27. The move would allow Binance Pay users to send, receive, and make payments with COTI.

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