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Former Comptroller of the Currency Says Ripple and SEC Will Settle to Enable Investors To Continue Trading & Holding XRP

Lele Jima
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Former Comptroller of the Currency Says Ripple and SEC Will Settle to Enable Investors To Continue Trading & Holding XRP

 

Brooks speculates that both Ripple and the SEC will reach a settlement.  


The lawsuit between Ripple and the Securities and Exchange Commission (SEC) has been a major topic of discussion in the cryptocurrency industry. 

Cryptocurrency enthusiasts, including popular figures in the industry, have weighed into the debate as to whether Ripple offered unregistered securities in the United States. 

With the lawsuit expected to end by March 2023, some experts have begun to make their predictions on a possible outcome. 

Brook’s Prediction 

Brian Brooks, the former Binance U.S. CEO and previous Acting Comptroller of the Currency, is the latest to speculate on the possible outcome of the Ripple vs. SEC lawsuit.

In a recent interview, Brooks noted that the court would decide whether Ripple’s 2013 Initial Coin Offering (ICO) is a breach of U.S. securities law.   

However, he expects both parties to settle the line to enable investors to continue trading XRP in the United States. According to Brooks, the settlement that may likely happen will border around the distribution of XRP in 2013. 

“Here, the most important issue about the XRP is that there is a difference between the way the asset is distributed and the nature of the asset at a given moment and time. And I think the issue is that whatever happened at the original distribution of the XRP tokens ten years ago, whether that was or was not a security, that is what the courts will decide. The question is whether XRP today is security?; the answer is that the SEC itself has said that assets can change their nature with time as they achieve utility and decentralization.

I will just make a quick prediction that there is a settlement that will be done somewhere. The settlement has to do with the distribution of the tokens so that existing token holders can continue to trade them and find value in them in ways that they do,” Brooks quoted. 

Brook’s Prior Work Experience

Brooks is an American lawyer, technologist, and entrepreneur. He has a vast knowledge of the public and private financial sectors. Brooks served as Acting Comptroller of the Currency from May 29, 2022, to January 14, 2021. 

After his time as Acting Comptroller of the Currency, Brooks became the CEO of Binance. the US. However, his tenure did not last as many expected, as he resigned just three months into the job. 

“Letting you all know that I have resigned as CEO of ⁦⁦Binance US. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come,” Brooks said in a tweet. 

Ripple Lawsuit Linger On

Meanwhile, the Ripple vs. SEC lawsuit has continued to linger, with the blockchain company scoring some major wins. 

At the moment, one of the major topics of discussion is William Hinman’s documents. While the SEC is poised to keep the document away from Ripple, the court has ruled on two occasions that the securities regulator should surrender the documents. 

However, the SEC does not seem comfortable with the order, which prompted the agency to object to the ruling. 

Interestingly, attorney John Deaton, legal representative of over 71,000 XRP holders in the lawsuit, noted that the SEC would rather settle with Ripple than surrender the Hinman documents. 

Ripple (XRP) Holders Attorney Blasts Gary Gensler’s WSJ Op-Ed, Calls Out the SEC For Overreach

Mark Brennan
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Ripple (XRP) Holders Attorney Blasts Gary Gensler’s WSJ Op-Ed, Calls Out the SEC For Overreach

 

Attorney John Deaton Accuses Gary Gensler’s SEC Of Gross Overreach In Its War On Crypto.



John Deaton calls out Gensler for trying to invalidate decades of securities law.

In a FOX Business opinion piece authored by Attorney John Deaton on Sunday, the lawyer calls out the US Securities and Exchange Commission (SEC) for stretching beyond its constitutional bounds in its war against crypto, accusing SEC chair Gary Gensler of invalidating decades of securities law and standards.

Notably, Deaton’s piece comes in response to statements by SEC chief Gary Gensler in a Wall Street Journal Opinion piece that there is no reason for the crypto markets to be treated differently.

The SEC’s Overreach

According to Deaton, barring congressional action, the primary regulator of the crypto market should be the Commodity Futures Trading Commission which oversees investments that can not be classified as traditional securities. However, Deaton accuses the SEC of taking advantage of the present lack of clear crypto rules from Congress to launch a campaign of regulation by enforcement.

The attorney says that the SEC is doing this by trying to stretch the Howey Test, a securities standard created by a Supreme Court ruling in 1946. Deaton disclosed that the Howey Test holds that an investment contract occurs “when a person; 1) invests money; 2) in a common enterprise; 3) and is led to expect profits; 4) solely from the efforts of the promoter or a third party.”

According to Deaton, the SEC goes beyond its bounds of regulating how investment contracts are sold to trying to regulate crypto tokens regardless of the purpose for which it was purchased. “As a legal theory, it should frighten everyone well beyond the crypto space,” Deaton writes.

“The most important thing to realize is that the SEC’s allegations are not limited to when or how Ripple or LBRY sold tokens. The SEC is asserting that both of these unique tokens are securities per se, no matter who sells them or why,”

Deaton writes, citing the two cases being pursued by the SEC. “Although securities laws govern investments, like the one in Howey, the SEC now claims it is immaterial as to why anyone acquired these tokens – even if the purchaser intends to use the token to access the technology for non-investment reasons.”

Deaton Says The SEC Has Lost Sight Of Its Primary Responsibilities

Meanwhile, Deaton asserts that the SEC has lost sight of its primary jurisdiction and responsibilities. According to the lawyer, there is a surge in meme stocks which are luring novice investors, and special acquisition companies (SPACs) are crashing. According to Deaton, these worrying trends should leave the SEC with little time to be poking its nose into the crypto market.

Deaton, in June, had previously called out the SEC for ignoring its primary responsibility to protect investors in its case against Ripple. He noted that the actual victims in the SEC’s legal battle with Ripple are XRP investors, many of whom had never heard of Ripple before the case.

Deaton currently represents 72,000 XRP holders in an amicus curiae status in the SEC case against Ripple. Notably, the SEC has attempted to revoke Deaton’s amici status to no avail.

Five Frequently Asked Questions About Cryptocurrency Payment Gateways

Andrew MacGill
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Five Frequently Asked Questions About Cryptocurrency Payment Gateways

Blockchain has significantly changed a number of industries, including finance. From fiat money to digital money to cryptocurrencies, payment methods are quickly evolving, and payment services are expanding alongside them. Although traditional financial systems offer numerous benefits, they also have serious drawbacks, including delays in cross-border transactions, a lack of automation, and the requirement for middlemen. Worldwide, organizations are aware of these shortcomings. Additionally, they are searching for a better payment mechanism to assist in places where maintaining a balance of goods and currency is important.

Cryptocurrencies are growing increasingly popular, but because there are so many of them, it may be difficult for retailers to pick which ones to utilize. This is where crypto payment gateways come in; rather than utilizing a different gateway for each cryptocurrency, you can use one to accept them all.

The Cryptocurrency Payment Gateway is a service that enables businesses to accept cryptocurrency as payment on their website or e-commerce store without owning any crypto assets.

What are the Advantages of Using a Cryptocurrency Gateway?

A crypto payment gateway allows users to pay for goods and services with cryptocurrencies. It provides a safe and easy platform for merchants to do their business freely. Merchants are safeguarded from chargebacks, because there is no way to cancel a payment after it has been processed via the gateway.

Furthermore, clients must jump through fewer hoops when making an online purchase – the capacity of a cryptocurrency gateway to secure critical information through encryption provides purchasers with peace of mind that their information will not be exploited.

Another key advantage of cryptocurrency payment platforms is that they enable retailers to interact directly with customers without the need of a middleman. This means that speedier transactions improve delivery times and customer happiness.

How Does It Function?

The strategy consists of numerous steps:

  1. You make your merchant account a cryptocurrency payment gateway.
  2. You visit the gateway’s website or app and enter your crypto account info. You then connect the two and enter general information about your firm.
  3. You add payment buttons to your website so that clients may pay straight from their wallets.

Customers can then finish the purchase without having to wait for approval.

Which Coins Am I Able to Accept?

Crypto payment gateways, like regular payment gateways, enable retailers to accept payments in a variety of digital currencies. You may select your preferred cryptocurrencies and then register your wallet addresses with the gateway, stating which coins you want to accept.

When users wish to use these currencies to pay for something, they do so straight from their wallets. This method, like every other sort of transaction, is safeguarded by encryption and recorded using blockchain technology, so transactions cannot be reversed once submitted. If you do not want to receive certain types of cryptocurrency or particular quantities, include an amount field on the gateway’s website in your wallet address registration form.

Is Any Specific Hardware or Software Required?

Accepting cryptocurrency as a payment method on your website does not require any additional hardware or software.

What Advantages Would Cryptocurrencies Provide for My Business?

Cryptocurrencies are gaining popularity because they allow parties engaged in a transaction to finish it directly with each other without the necessity of a middleman, which reduces delivery times and increases consumer satisfaction. Crypto may also be used to make foreign payments, allowing you to expand your business’s reach without having to worry about currency charges.

Cryptocurrencies provide several advantages to businesses and their customers. These include transaction speed, security, and ease while accessing services and data throughout the world. Before delivering data, the best cryptocurrency payment gateways use encryption technologies to secure important information. This means that any sensitive data, such as credit card information and passwords, is encrypted before being transmitted to the public network. This makes it far more difficult for hackers to gain access to your personal information.

If you wish to accept Bitcoin or other cryptocurrencies on your website or e-commerce business, get in touch with a crypto payment gateway immediately to see how they can help you improve client experience.

What is the Bitcoin Payment Processor?

Andrew MacGill
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What is the Bitcoin Payment Processor?

Bitcoin Payment Processors facilitate the acceptance of Bitcoin currency by merchants in exchange for goods and services. Depending on the setting, it could be an online service for digital processing payments, a physical store (or both), or, in some cases, ATMs.

Retailers who wish to accept Bitcoin payments in their stores will benefit significantly from this payment processor. Using a device or service that is capable of making the transactions, they will be able to receive the funds directly.

A great advantage of this is that merchants who are not interested in the currency can still benefit from its use to increase profits. They are able to accept currency for which only 1% of the transaction cost is incurred, as opposed to traditional credit card payments, which take a transaction cost of approximately 3%. There are over 100,000 merchants worldwide who receive Bitcoin payments, which is no wonder why Bitcoin is gaining popularity.

What are its main advantages for merchants?

The benefits of Bitcoin transactions include their speed, efficiency, and security. Merchants can do business online with clients who may not be trustworthy knowing that it is decentralized with no authority controlling it.

Additionally, Bitcoin payments can be received anywhere in the world without violating a particular country’s laws or regulations. Finally, depending on where you live, you may be obligated to deduct taxes when you purchase goods and services using Bitcoin.

What are its main advantages for customers?

The process of making Bitcoin payments is easy, particularly when it comes to online transactions. Transaction fees are minimal in comparison with other forms of currency, and there are no limitations on the amount you may send. To receive the funds, you simply need to provide your wallet address. Due to the fact that there is no need for verification or approval from banks, it is also a fast method of processing payments, unlike traditional currencies that can take days before a transaction is approved.

How does it work?

Users and merchants need a way to send and receive money online because currencies are decentralized. Therefore, this is precisely where the Bitcoin Payment Processor comes into play. The payment processor. Providing a convenient platform that allows retailers to accept Bitcoin as payment for their products, payment processors help to accelerate and facilitate the process of transactions.

Who holds authority over it?

The Bitcoin system is not controlled by a single entity, such as government regulations or official organizations, as with traditional banking systems, what is one of the major causes why merchants choose the The Bitcoin system is not controlled by a single entity, such as government regulations or official organizations, as with traditional banking systems, what is one of the major causes why merchants choose the Bitcoin payment system, as was stated above., as was stated above.

Even though the system is not governed by a single organization, a number of rules must be followed to ensure it operates efficiently. A set of rules and regulations has been developed by the Bitcoin community concerning the manner in which transactions should be conducted, which are referred to as “Bitcoin Protocols.”

Some potential issues with Bitcoin Payment Processors

There are both advantages and disadvantages to the decentralization of Bitcoin. Because the transactions are not governed, some users abuse the system by engaging in illegal activities or laundering money.

Due to the unregulated nature of this currency, businesses that are assigned the responsibility of determining how the funds are being used may find it difficult to track down suspicious activity.

Payment processors for Bitcoin differ in their operation methods, making it necessary for your business to conduct market research before selecting a platform. The vulnerability of specific systems has resulted in them being hacked because they did not have the required security measures in place.

The Bitcoin Payment Processor remains an effective alternative to traditional means of payment despite the potential problems that may arise. It is a popular option among online merchants due to its secure and fast transactions. Since they can lower prices or invest in other marketing efforts with the savings from accepting Bitcoins, they are inclined to accept Bitcoins due to the low fees.

The advantages and disadvantages of Bitcoin are numerous, but if Bitcoin is managed correctly, it might change how businesses work worldwide. Because it is decentralized, anyone can accept transactions without complying with complicated laws or regulations, making it more available to small businesses. Since Bitcoins can be used to receive payments without hefty fees, the advantages of doing business with them far outweigh those of doing business with traditional methods.

Over 105 Million Shiba Inu (SHIB) Destroyed in 24 Hours 

Mark Brennan
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Over 105 Million Shiba Inu (SHIB) Destroyed in 24 Hours 

The number of Shiba Inu burnt via the official burn portal has continued to skyrocket. 



Fresh data shared by the official Shiba Inu burn Twitter account shows that a total of 105,165,658 (105.16 million) SHIB tokens were destroyed through the official burn portal in the last 24 hours. 

According to SHIB Burn, the tokens were destroyed in eight transactions made by different anonymous users.  

“In the past 24 hours, there have been a total of 105,165,658 $SHIB tokens burned and 8 transactions,” Shib Burn tweeted.  

One of the transactions saw a total of 17.09 million Shiba Inu coins burnt. With over 105 million SHIBs burnt in 24 hours, the total number of tokens permanently removed from the canine-themed token supply has surged tremendously. 

Shiba Inu enthusiasts have shown a massive interest in the initiative as they hope to boost the value of SHIB to at least $1. 

As reported by TheCryptoBasic, over 4.7 billion SHIBs were incinerated in July alone, with more tokens expected to go up in flames in the coming days. 

Is Quantum Resistance On The Cardano Roadmap? Cardano Founder Charles Hoskinson Shares His Thoughts

Mark Brennan
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Is Quantum Resistance On The Cardano Roadmap? Cardano Founder Charles Hoskinson Shares His Thoughts

Hoskinson says Cardano is not working toward quantum resistance.



Cardano’s Charles Hoskinson, in a surprise, ask me anything session on YouTube has revealed that quantum resistance is not in the present Cardano roadmap, despite being in the original, highlighting three reasons why.

Why No Quantum Resistance?

According to Hoskinson, the first reason is that the National Institute of Standards and Technology (NIST) was yet to pick a standard for quantum protocols. Hoskinson noted that without an established standard, the network going ahead with quantum resistance development risked picking an algorithm without NIST approval that could quickly become obsolete.

“… NIST at the time had not standardized the quantum protocols, the quantum resistant protocols. So it was entirely possible that we’d pick an algorithm that NIST decided not to pick, the whole industry would move differently. And then that would go wildly out of date,” Hoskinson said.

Secondly, Hoskinson noted that most protocols are not optimized and, as such, really slow and lack comprehensive security analysis.

“… many of the protocols are not optimized. So they’re really slow, the key sizes are huge. And the corollary is also that they… haven’t had robust security analysis. So while they have interesting proofs and approaches, because the mathematical complexity is higher, and the overheads higher, there are potentially many, many, many more attack vectors,” Hoskinson explained.

Finally, Hoskinson noted that these quantum protocols are yet to be translated for the next generation of cryptography. Additionally, the Cardano chief noted that at present levels of development, they significantly reduce the efficiency of blockchain networks. 

However, it is worth noting that Hoskinson is not against the Cardano network pursuing quantum resistance in the future. “… we have plenty of time to go in and add new capabilities to basically slowly introduce quantum resistance,” Hoskinson said.

Why Is Quantum Resistance Important?

While blockchain is hailed as immutable and unhackable due to its secure cryptographic technology, which present-day computers can not break, many pundits think this will not be the case in the future with the development of quantum computing.

Experts estimate that a quantum computer possessing about 4000 qubits of processing power could theoretically crack Bitcoins cryptography. However, we may still be a long way away from this as the Eagle, the most powerful quantum computer in the world developed by IBM has only 127 qubits of processing power.

Cardano’s Vasil Upgrade

It is worth noting that the Cardano network is on the cusp of a significant upgrade called the Vasil hard fork. The Vasil hard fork, set to bring significant improvements to the network’s scalability and smart contract functionality, is believed to be just weeks away.

However, there has been a flurry of controversies recently that there are internal conflicts over the launch of the Vasil hard fork. Additionally, Hoskinson has been accused of not being on the same page with developers, as claims surfaced that developers have not thoroughly tested node 1.35.3.

Notably, the Cardano founder has refuted these claims. Speaking today during the AMA session on how he feels about recent criticisms, Hoskinson noted, “If you pay too much attention to it, you become neurotic and broken and smeared in self-doubt, ignore it, you have no ability to improve yourself. So you have to find the right balance between the two.”

Shiba Inu Lead Developer Unveils More Plans for Upcoming Shiba Eternity Game

Mark Brennan
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Shiba Inu Lead Developer Unveils More Plans for Upcoming Shiba Eternity Game

 

With Shiba Eternity close to making its official debut, Shytoshi Kusama, the lead developer of Shiba Inu, has lined up lots of plans for the game. 


GossipShib, the active member of the Shiba Inu community, noted in a recent tweet that Kusama revealed more details about Shiba Eternity, SHIB’s upcoming collectible card game (CCG). 

Kusama disclosed that the game developers would add tournaments in Shiba Eternity, which will enable players to earn rewards. He said the tournament is part of an effort where the Shiba Inu team will give back to the community. 

Kusama stated: “… But I want to be able to have tournaments where we give back….”

However, it is not clear what assets the Shiba Inu team is planning to reward players with. Kusama noted that more details about tournament rewards would be discussed when Shiba Eternity is released. 

A Discord user enquired about what plans are lined up for Shiboshi, Shiba Inu’s non-fungible token. In response, Kusama said, “Shiboshis essentially act as membership.” 

Kusama further said that there would be some rarest Legendary Cards, and these cards would be legendary because they would be based on actual Shiboshis.

Official Game May Differ From Test Version 

So far, Shiba Eternity has been undergoing rigorous testing, as the team is eager to deploy the game in earnest. Shiba Inu is confident that Shiba Eternity will be widely adopted by cryptocurrency community members when it eventually ships due to its uniqueness. 

Based on this expectation, the team is making plans to bolster Shiba Eternity’s server by 50x once the game launches. 

So far, Shiba Eternity testing has gone relatively well. However, Kusama hinted that the team could make a few adjustments in the period leading to the game’s official launch. 

This was revealed after a Discord user dubbed Metaman asked whether the full game would change much from the test version. 

“Not TOO much. But that’s going to be decided by the decentralized SHIB team. The cards should remain but there will have to be adjustments of this version to any other distributor that takes the game,” Kusama said. 

It is noteworthy that Shiba Eternity is part of efforts made by the team to shred its meme coin title.

Ethereum Largest Mining Pool Ban Some ETH Addresses On The Network

Albert Brown
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Ethereum Largest Mining Pool Ban Some ETH Addresses On The Network

 

Ethermine refuses to process Tornado Cash transactions.



Ethereum’s Largest Mining Pool Shuns Transactions From Ethereum Addresses Associated With Tornado Cash.

In a tweet on Saturday, Wu Blockchain confirmed reports that Bitfly-owned Ethermine, Ethereum’s largest mining pool, has been shunning Tornado Cash-related transactions over the past week.

“Ethermine, the largest Ethereum pool, has refused to pack Tornado Cash-related transactions into blocks in the past week. Several pool technicians also confirmed the news and said it was the first time in history,” Wu Blockchain tweeted.

It is worth noting that blockchain censorship has become a pressing concern for the crypto faithful in recent weeks, following the sanction on Tornado Cash by the US Treasury. Notably, it is the first time the regulator has placed a sanction on technology or code, not an entity. 

Understandably, the move has sparked outrage from many in the crypto space who see it as an attack against privacy. However, the US Treasury maintains that the use of the Ethereum mixer to hide the trail of stolen crypto loot, especially by state-backed North Korean hackers, could not be ignored. Moreover, what concerned crypto enthusiasts more was the decision of stablecoin issuer Circle to block Tornado Cash transactions, effectively freezing about 75,000 USDC of user funds.

Meanwhile, according to recent statements from Ethereum founder Vitalik Buterin, miners can do what they want as only a 51% consensus of miners can be constituted as an attack and entirely block transactions. It is worth noting that in November, CryptoCompare estimated that Ethermine constituted 25% of the total Ethereum mining pool.

While Ethereum remains fairly censorship-resistant, there are concerns that this would change post-Merge. On Sunday, elyonverse X highlighted that 66% of Ethereum validators are susceptible to US regulations. Notably, several members of the Ethereum community, including Buterin, have made it clear that staked Ethereum of validators that would enable censorship will be burnt.

The Ethereum community expects the Ethereum Merge to go live on the mainnet on September 15.

Cardano Founder Says It’s “Bizarre” to Believe Vasil Hard Fork Not Launching This Year

Mark Brennan
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Cardano Founder Says It’s “Bizarre” to Believe Vasil Hard Fork Not Launching This Year

 

Hoskinson is still aggrieved with SPOs for choosing to publicize internal issues. 


 

Charles Hoskinson, the founder of Cardano, has once again slammed some Stake Pool Operators (SPOs) for bringing Cardano’s private issues to the public. 

According to Hoskinson, SPOs that took Cardano’s private issues to the public have succeeded in helping the media to create headlines that are hurting the entire ecosystem. 

“The headlines are now catastrophic bug Cardano. And that is what will stick in consumers’ minds, and it will take a lot of marketing and discussion to be able to get that to unstick,” Hoskinson Said. 

He further said: “you read about them (testnet) in the crypto media they’re not big events, and they in no way, in any way harm Cardano itself no funds have been lost, no keys have been hacked, no nodes have collapsed. Right now today, transactions are being processed on Cardano just like they were the day before… now people are saying  Vasil is probably not going to launch this year is bizarre because we are almost there.”

 

Hoskinson said the negative headlines about Cardano may also prompt ADA holders to think that Vasil hard fork may not “ship this year.’ 

For Hoskinson, it is bizarre to think Vasil will not be going live this year, as the upgrade is almost close to launching. 

Hoskinson is confident that Vasil will go live this year once 75% of SPOs upgrade to the recently-launched node 1.35.3. 

“Vasil features are there, they work, they have been tested thoroughly, and there is a high degree of confidence in them. There is no reason for Vasil not to get over the finish line imminently, “ Hoskinson said. 

Somehow, consumers will still have the belief that Vasil will not go live this year due to the negative headlines that have circulated on the internet in the past few days. 

FUDs Will Cause Less Adoption of Cardano Projects

The implications of these negative reports about Cardano could hinder people from using the project as well as cause less commercial interest in Vasil, Hoskinson said. He added that it will ultimately cause less adoption for Cardano. 

“Those are the real-life consequences of using Reddit, Twitter, Facebook, YouTube shows, or other channels to discuss issues that frankly should be discussed via the relevant channels,” Hoskinson added. 

Testnet Failure Doesn’t Mean Vasil Will Not Run Smoothly on Mainnet

Hoskinson said SPOs who seem to have issues with node 1.35.3 need to be specific on what they want to test. He said extensive testing has already been done on Vasil by top professionals who have been in the game of testing projects for a long time. 

He added that the fact nodes 1.35.1 and 1.35.2 testnet failed does not mean Vasil will not run smoothly on the mainnet. 

“Testnets are constructed and destroyed all the time in this industry. That’s [testnet’s] point; they are used to playing around with things and breaking things […] [Failed testnets] will in no way harm Cardano itself,” Hoskinson was quoted as saying.   

 

Metaverse Project Cardalona To Launch Playable Avatars On Cardano

Lele Jima
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0
Metaverse Project Cardalona To Launch Playable Avatars On Cardano

Cardano Metaverse Project Cardalona to Create Playable Avatars.


The avatars will give LONIA token holders a life-like way to explore the Cardalonia metaverse.

Cardano-based metaverse project, Cardalonia, has announced a partnership with Ready Player Me. Under the partnership, the duo will develop playable avatars in the Cardalonia Metaverse, Cardalonia said in a recent press release. 

Notably, holders of Cardalonia’s native governance token, LONIA, will be allowed to use their clan and Ready Player Me avatars to explore the Cardalonia metaverse. 

Cardalonia is a virtual world built on the Cardano blockchain. In Cardalonia, players can own, build, and customize their experiences on Cardano. Players can also complete different tasks and earn rewards, payable in LONIA tokens. 

In addition, developers can create Cardalonia-compatible assets, which can be traded on the project’s in-app marketplace. 

According to the announcement, the Cardalonia virtual land presale will be exclusive only to LONIA token holders. 

However, before LONIA token holders are granted access to purchase the virtual land, they will need to stake a minimum of 7,000 LONIA in the Cardalonia non-custodial staking vault.

Additionally, the user will also be required to hold at least 200 ADA coins in the wallet. Interested investors will need to stake the tokens before October 1, 2022, when a snapshot of all wallets will be taken. 

As reported by TheCryptoBasic, staking LONIA tokens in Cardalonia’s non-custodial vault will enable users to earn up to a 20% annual percentage yield (APY). 

LONIA is the governance token of the Cardalonia ecosystem. LONIA has a total supply of 100 million tokens, out of which 50 million have been allocated to the general public. 

With Cardalonia virtual land presale tipped to commence soon, people looking to purchase LONIA tokens can do so in the upcoming Initial Exchange Offering (IEO) on the P2pb2b exchange. 

Meanwhile, people can also purchase LONIA tokens in an ongoing flash sale conducted by Cardalonia. In a recent tweet by Cardalonia, a total of 2 million LONIA tokens were allocated for the exercise. Users are required to trade their ADA tokens for LONIA on a 1:10 ratio. 

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