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Polygon (MATIC) Mass Awakening of Old Addresses Sees Consumed Token Age Reach New All-Time High

Mark Brennan
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Polygon (MATIC) Mass Awakening of Old Addresses Sees Consumed Token Age Reach New All-Time High

 

Mass awakening of old addresses observed on Polygon network.



In a tweet on Wednesday, Santiment Feed highlighted that the consumed token age on the Polygon network had reached a new all-time high as old and dormant addresses moved large amounts of MATIC.

“MATIC’s token age consumed has hit an all-time high, indicating older addresses have moved assets swiftly. We can also see Polygon’s mean dollar age has also decreased, validating that older, dormant addresses have just moved a large chunk of coins,” Santiment tweeted.

Santiment’s chart further shows that the average age of Matic sitting in addresses dropped by 14.5% in one day in August. 1.66T age consumed spike is the largest ever, showing token changing addresses multiplied by the time they spend dormant has been massive.

While Santiment does not specify the reason for this awakening, users speculate that it is related to a network token unlock. As reported by The Crypto Basic 1.4, B Matic tokens were Transferred Out of Project’s Vesting Contract, which no doubt raised concerns.

But in a tweet on Tuesday, Polygon revealed that founders claimed their tokens that were unlocked in October last year and April this year. Additionally, Polygon shows that founders have committed to staking the tokens, which total about 640 million MATIC, news several community members have received positively.

MATIC, in recent months, has shown several impressive metrics, largely bucking the crypto downtrend. Notably, the token’s price surged by over 80% in July.

The Polygon network has received much positive attention, forming several headline-grabbing partnerships. Earlier in July, it was revealed that the firm was included in Disney’s business accelerator program, the only blockchain firm on the list. Less than a week ago, a part of the Mercedes Benz group revealed it is utilizing Polygon to launch a blockchain-based data-sharing platform.

Unsurprisingly, the network had a solid showing in Q2 2022. Polygon saw a 12% rise in unique crypto addresses, a 4% rise in total transactions, and a 49% drop in transaction cost. Additionally, the network saw an influx of 90,500 new developers, with an average of 1000 developers joining each day.

All of these strong fundamentals have not gone unnoticed by whales, as Ethereum whales aggressively add to their MATIC holdings. At the time of writing, MATIC is trading at the 0.8911 price point, down 0.44% in the last 24 hours but up 0.62% over the previous seven days.

Ripple Requests to Authenticate 7 Videos of SEC’s Officials’ Public Remarks, SEC Refuses to Consent

Mark Brennan
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Ripple Requests to Authenticate 7 Videos of SEC’s Officials’ Public Remarks, SEC Refuses to Consent

 

Ripple is asking the court for permission to serve two video-sharing platforms subpoenas to download seven videos of SEC officials’ public remarks. 



Ripple has requested permission from Judge Sarah Netburn to serve two non-parties subpoenas to authenticate seven copies of video recordings of SEC officials’ public remarks regarding previous Requests for Admissions (RFAs). 

According to Ripple, the Securities and Exchange Commission has refused to consent to the request. 

Court’s Order Regarding the Development

It can be recalled that, on July 19, 2022, the court ordered that the parties meet and confer about RFAs, asking the SEC to authenticate seven video recordings of its officials’ public remarks. 

Ripple cited an excerpt of the court’s order: “such agreement might entail creating downloaded versions of the remarks for authentication and preservation.”  

Following the court’s directive, the parties met and conferred on July 27, 2022. Despite initially accepting that it will authenticate the remarks once it has access to the video recordings, the SEC is stopping Ripple from downloading the video content from the platforms where they are hosted. 

SEC Is Yet to Consent to Ripple’s Request

Per Ripple, the videos are hosted on two video-sharing platforms. The seven video recordings are subjected to the platform’s terms of service, which include preventing unauthorized persons from downloading content without prior consent. 

Based on this, Defendants, including Ripple, Brad Garlinghouse, and Chris Larsen, sought consent from the video-sharing platforms. In response to the request, the platforms requested that Ripple serve subpoenas before it is granted permission to download the videos.  

As part of efforts to ensure the parties authenticate the seven videos, Defendants sought permission to serve subpoenas on both video platforms. 

According to Ripple, the movement’s purpose is to obtain the videos without violating the video-sharing platforms’ terms of service.  

Once the subpoena request is approved, the blockchain company intends to provide the videos to the Securities and Exchange Commission for authentication. 

However, the SEC is yet to consent to Ripple’s request. 

“Specifically, the SEC has communicated to defendants that it would consent only if defendants agree to reopen discovery so that the SEC could now serve its own set of subpoenas to obtain copies of unspecified video recordings in support of its claims and only if defendants further agree to waive any authenticity and procedural objections to the unknown SEC videos,” Ripple added. 

Ripple Objects to Any Attempt to Reopen Discovery

The blockchain company describes the SEC’s conditions as “wholly improper” because the commission did not serve any authenticity RFAs during discovery, adding that it strongly objects to any attempt made by the commission to reopen discovery. 

For clarity, Ripple noted that the two subpoenas it seeks to serve on the video-sharing platform are not a move to reopen discovery and do not pose an issue to the court’s timeline. 

“[The subpoenas] relate to RFAs Defendants served before the end of fact discovery on August 31, 2021, and are needed to effectuate the order,” Ripple concluded. 

Meanwhile, SEC’s refusal to consent to Ripple’s subpoena request prompted reactions from attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, who said: 

Crypto Quant Analyst Says Cardano Is Greater Than Solana

Albert Brown
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Crypto Quant Analyst Says Cardano Is Greater Than Solana

 

Cardano is doing better than Solana.


Analyst Benjamin Cowen claims Cardano is better than Solana after hackers stole funds from Solana’s network.

For some time now, there has been an ongoing debate about which of the various blockchain networks is better than the rest. The debate sometimes boils down to two networks where fans claim their favorite is the best.

However, things seem to be settling down by themselves and dramatically ending the debate between Cardano and Solana. Something has just happened to the Solana network, and it’s not good.

The competition between Cardano and Solana blockchains has been a heated thing lately. However, Solana seems to be losing the battle, especially regarding security and reliability. For one, the Cardano network has never been hacked, and neither has it ever experienced downtime as to go offline for the last five years.

On the other hand, Solana has dealt with these two issues on several occasions. The latest event occurred at the beginning of August 2022. As reported by The Crypto Basic earlier in the week, the Solana network was compromised by hacks, leading to a loss of approximately $5.8 million drained from close to 8,000 wallets. Luckily, a preliminary investigation by the Binance exchange determined that the hack didn’t affect hardware wallets in cold storage and centralized exchanges.

The most current investigations further indicate that Solana Exploit was Tied To Slope Wallet while the Blockchain itself Remains Uncompromised.

However, the unfortunate event has led to people like Crypto Quant’s Benjamin Cowen declaring Cardano way better and greater than Solana. Benjamin sent out a tweet to that effect, and Cardano lovers seem to agree with him.

 

Cardano Founder Charles Hoskinson recently Shooted Down the Possibility Of Collaboration With Solana and Compared It With Old Nintendo Consoles.

Solana also suffered some Network outages, Slow Transactions later year Due To DDoS Attacks.

Interestingly, the hacking incident doesn’t seem to have had much impact on Solana’s market standings. At this time, SOL is trading at around $0.5, with a 1.2% increase over the last 24 hours. The coin is still among the top 10 in the charts, sitting at position 9, right below Cardano sits at position 8.

Shiba Inu’s Welly Becomes Top-Rated Fast-Food Store On Uber Eats

Zabi
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Shiba Inu’s Welly Becomes Top-Rated Fast-Food Store On Uber Eats

 

Welly is doing incredible after association with Shiba Inu.


Shiba Inu-themed blockchain-based restaurant Welly has been recognized as one of the best “Uber Eats” restaurants for over three months. The App that delivers food to doorsteps in minutes shows Welly has gathered enough fame over time.

The Screenshot from the “UBER EATS” Italian app shows that welly is the most eaten, best in delivery, and High rated Fast-Food Store.

 

On February 2, Shiba Inu stepped into the IRL industry for the first time and announced the deep-rooted partnership with Welly, a blockchain-based Italian fast food restaurant.

At the moment, Shiba Inu’s Welly is thinking about expanding worldwide. For this reason, the burger joint is closely reviewing more than 300 applications received from interested parties across the globe to expand its franchises.

Recent reports show Welly is almost close to finalizing its first-ever franchise deal. However, the company refused to reveal the party’s name but assured Shiba Inu Community about soon opening its franchise.

On July 28, Welly announced that it secured a contract with world-renowned architect Christophe Penasse of Masquespacio Studio to design and structure the concept of every Welly restaurant in an innovative way. Christophe Penasse has served several countries worldwide and won multiple international awards for the best restaurant designs.

Solana Exploit Tied To Slope Wallet As Community Assured That Blockchain Remains Uncompromised

Mark Brennan
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Solana Exploit Tied To Slope Wallet As Community Assured That Blockchain Remains Uncompromised

 

Developers say the Slope wallet is the common denominator in the latest exploit.



Solana Status, in a tweet on Wednesday, reveals that all affected wallets in the exploit yesterday were at one point used or imported into the Slope wallet; while noting that it remained unclear how the attacker got access to user seed phrases, the group confirmed that the Solana network itself was not compromised.

Notably, popular Terra whistleblower FatMan, in a tweet earlier on Wednesday, said the exploit was a result of a Slope backend leak.

“The recent Solana “hack” was actually due to an accidental leak from Slope wallet’s backend (which was potentially compromised). The Solana blockchain remains unaffected. Slope will put out a statement explaining what happened in greater detail shortly,” FatMan tweeted.

Meanwhile, Slope, in its statement, while not explicitly confirming that the exploit originated from them, apologized to users of the wallet affected by the exploit, noting that staff and founders also had their wallets drained. The team urged users to move their holdings to a different wallet created using new seed phrases till the root cause of the hack is identified.

It is worth noting that on Wednesday, the Solana community panicked as Solana wallets started unexplainably draining. Notably, about 8000 wallets were affected, and about $5 million was lost in the exploit.

Users were advised to move their holdings to hardware wallets or central exchanges as they remained unaffected.

Notably, all funds were drained to 4 addresses sparking speculation of a coordinated attack. However, on-chain investigator ZachXBT noted that all four addresses were initially funded by a single address that received funding from a Binance wallet seven months ago, indicating that it could still be a single attacker.

Following the attack, FTX.US President Brett Harrison urged the community only to report the facts and not spread panic on social media. Harrison showing support for the Solana team, asserted that Solana cares for its community.

While Binance CEO invited Solana holders to store their funds on Binance for greater security:

 

John Deaton Fumes At Twitter Poll That Excluded Ripple (XRP) From the List of Top Cross-Border Payments Options

Lele Jima
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John Deaton Fumes At Twitter Poll That Excluded Ripple (XRP) From the List of Top Cross-Border Payments Options

Deaton has slammed Cointelegraph for not adding Ripple in its recent Twitter poll. 


Attorney John Deaton, the founder of Crypto-Law.U.S. has slammed cryptocurrency media outlet Cointelegraph for excluding Ripple (XRP) in its recent poll created to determine the best cross-border payment options. 

Yesterday, Cointelegraph created a poll, asking its 1.7 million followers to select which payment option is more suitable for cross-border payments. 

The cryptocurrency media outlet listed Bitcoin (BTC), stablecoins, and traditional banking in the poll. Cointelegraph also created an avenue for respondents to make their choice outside of the options listed via the comment section. 

Attorney Deaton’s Reaction to the Poll

The Cointelegraph development angered Deaton. Deaton described the poll as a complete bias against Ripple. According to Deaton, it is common knowledge that the blockchain company has been dedicated to facilitating cross-border settlements. 

“This poll shows a complete bias against #XRP,” Deaton said. 

He questioned the fact that Cointelegraph could add Bitcoin and stablecoin in the poll without considering including XRP, which has been adopted by top financial giants in cross-border settlements. 

“How could you credibly offer this poll, list #BTC & stablecoins, but not #XRP,” he added.

Furthermore, Deaton cited a few instances where XRP was used by popular traditional payment companies, including MoneyGram. 

“Since 2015 @Ripple has pushed the adoption of #XRP for cross-border payments. It was utilized w/ @MoneyGram and is actively being used by dozens of companies.” 

https://twitter.com/JohnEDeaton1/status/1554839890386460673 

Deaton Always Supporting Ripple

Deaton has been a strong supporter of Ripple for years and he is not afraid to throw his weight behind the blockchain project at any time. 

On several occasions, Deaton, who is also Amici Curiae’s attorney in the ongoing Ripple vs. SEC lawsuit, has blasted the Securities and Exchange Commission on Twitter. 

His constant criticism of the SEC was among the reasons the commission pushed to have him thrown out of the case. 

But Deaton was clever enough to use some of the events that occurred in the lawsuit as his defense. 

These efforts prompted the Judge in charge of the case to dismiss the SEC’s motion. 

Central Bank Approves Crypto EU Registry Inscription For RevoluGROUP Canada

Mark Brennan
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Central Bank Approves Crypto EU Registry Inscription For RevoluGROUP Canada

 

Canada Central Bank Has Given RevoluGROUP Its Approval For Listing On The Crypto EU Registry.


The publicly traded Canadian investment company RevoluGROUP has just issued a press release announcing that the Bank of Canada (BoC), which is the central bank of Canada, has officially granted the firm inscription approval as one of Europe’s first authorized Crypto Stored Value and Crypto Trading entities.

The Central Bank’s primary objective with regard to registration inscriptions is to guarantee complete compliance with all international rules of AML criteria, in addition to the prevention of both the laundering of illicit funds and the funding of terrorist organizations.

As the first financial institution in all of Pan-Europe to achieve Central Bank Crypto Stored Value and Crypto Trading Registration in accordance with legally enforceable Pan-European MiCA regulations, RevoluGROUP said that with its flagship Neobanking technology, RevoluPAY, aims to revolutionize the way money is transferred and stored throughout the continent.

RevoluPAY’s unique, industry-specific technology was developed exclusively by its parent-company RevoluGROUP, and the source code generated as a consequence is considered the company’s intellectual property. Built-in features of RevoluPAY include a crypto-to-fiat exchange, retail payments, real estate payments, phone top-ups, and more.

It is anticipated that the exceptional flexibility of RevoluPAY to operate as both a licensed Sovereign Currency financial institution and a Central Bank-approved crypto operator would draw a significant amount of interest within the cryptocurrency sector.

Although, the certification comes at a time when regulatory authorities in the EU have required comprehensive DCE and crypto legislation. Fears of actual and imminent worldwide regulation are driving many of the largest cryptocurrency DCE firms to make urgent efforts to continue their rapid expansion while simultaneously achieving the obligatory legitimacy required by regulators.

Floki Inu To Launch A New Project Dubbed FlockFi Locker

Albert Brown
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Floki Inu To Launch A New Project Dubbed FlockFi Locker

 

Floki Inu To Launch A New Project To Protect Investor Funds From Scams And Hacks.


Developers working on Floki Inu have a new plan to launch a new security mechanism to enhance security and utility.

Every now and then, a scam or rug pull is discovered in the crypto market. Things get more problematic when the scams identified have already stolen funds from numerous people. That’s why the developers behind the popular meme coin, Floki, have come up with a security mechanism to prevent such hacks and scams from happening to Floki holders.

The project is named FlockFi Locker and will be part of a new roadmap dubbed Project L. Following the announcement, Floki trended on Twitter.

 

What Is FlokiFi Locker?

The FlockiFi Locker mechanism enables users to lock access to their digital assets and enhance security. The assets supported by FlokiFi Locker include NFTs, Liquidity Pool tokens, and ERC20 and BEP-20-based tokens like Floki. Multi tokens are also part of the supported assets. Users can access the FlokiFi Locker here.

Transaction Fees To Support Floki Token Burns

Floki developers also include a mechanism to improve the coin’s value over time. First off, Floki is the native token that will power FlokiFi Locker, and a good chunk of the transaction fees will be used to buy and burn Floki tokens as a deflationary measure.

A statement released to explain this plan read,

“25% of the transaction fee automatically does a transactional buy and burn of FLOKI tokens — making the FLOKI token perpetually deflationary. The remaining 75% goes to the Floki treasury.”

It’s not immediately clear how much the launch of FlokiFi Locker will affect the token’s price. A quick look at the coin’s current stats shows it is gaining by 7.5% daily. It’s currently trading at around $0.000016, with a market cap totaling $151 million.

Floki’s roots can be traced back to when Elon Musk announced intentions to name his dog “Floki.” The wave that followed the billionaire’s announcement led to creation of a few meme coins, but Floki became the most popular. Floki (or Floki Inu) is now the crypto industry’s third most popular meme coin. 

Major Ethereum Miner Says He Will Not Switch to ETH 2.0, While Suggesting a Possible Network Split 

Mark Brennan
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Major Ethereum Miner Says He Will Not Switch to ETH 2.0, While Suggesting a Possible Network Split 

While investors seem excited about the upcoming ETH 2.0 upgrade, miners do not seem happy about the development. 



Ethereum investors are eagerly anticipating the launch of ETH 2.0. The upcoming upgrade is expected to result in the transition of Ethereum from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) model. 

Ethereum will no longer rely on miners upon the upgrade’s launch to validate transactions. Instead, the community will be required to stake their ETH across various pools to secure the blockchain and ultimately enable Ethereum to achieve complete decentralization. 

Ethereum Miners Seem Unhappy About ETH 2.0

Not all Ethereum enthusiasts are excited about the upcoming ETH 2.0 upgrade. Local news outlet bits.media reports that a significant Ethereum miner named Chandler Guo is not planning to migrate to ETH 2.0. 

Understandably, cryptocurrency mining has become a major source of revenue for many, and it will be difficult for people to abandon the profession. 

Millions of dollars were spent to acquire mining equipment as people now consider crypto mining a full-time job. Based on this, it will be difficult for most miners to move from a PoW to a PoS consensus mechanism. 

Upcoming Ethereum Network Hard Fork

Guo noted on Twitter that he is preparing a new network hard fork for Ethereum, following the transition of the current PoW consensus to the Proof-of-Stake model. 

The move will not shock many, given that it has been widely predicted that Ethereum may split once ETH 2.0 launches. Analysts from leading cryptocurrency exchange BitMEX made this prediction recently. They stated the viability of the new ETH Proof of Work (PoW) chain for miners and investors. Despite saying that a new ETH POW chain would have its unique opportunities, they concluded that the new chain would undoubtedly be a minority network compared to Ethereum. 

The transition of Ethereum from PoW to PoS has faced numerous delays. Tim Beiko, one of Ethereum’s key developers, noted that the transition would occur before the year ends.

Malta Based Digital Asset Broker Launch New Index To Evaluate Dollar’s Strength Against Bitcoin, Ethereum, And Cardano

Albert Brown
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0
Malta Based Digital Asset Broker Launch New Index To Evaluate Dollar’s Strength Against Bitcoin, Ethereum, And Cardano

 

BEQUANT Dollar Index measures the greenback’s value against eight digital currencies, including BTC, ADA, and ETH.



Malta-based Digital asset brokerage/exchange BEQUANT has officially released its BEQUANT Dollar Index (BQDI). The new Index compares the value of one US dollar to eight cryptocurrencies. Here are a few highlights from the report by BQDI.

According to the research published by BEQUANT, statements from the Federal Reserve helped drive a rally in cryptocurrencies. As a result, the global market capitalization has risen back to over $1 trillion, and July saw a 26 percent comeback after a terrible May and June. 

BTC has increased by 5.4 percent behind ETH’s 11.9 percent, ADA saw an increase of 9.5 percent, MATIC 11.8 percent, and DOT rose by 9.8 percent. Among the top 20 currencies, the most notable performances came from Uniswap (+29 percent) and ETC (+72 percent).

The immediate response to the CPI data led to the liquidation of short trades totaling more than $200 million and long trades totaling more than $175 million. ETH was the primary driver of activity, as it had more futures trading volume than BTC over the course of the previous 24 hours at the time BEQUANT published the report (which was 2nd August 2022).

Furthermore, the report stated that the total number of investments in blockchain has fallen in the second quarter of 2022. However, the yearly run rate is still higher than that of 2021, coming in at approximately $16 billion.

BEQUANT’s Dollar Index (BQDI)

The BQDI measures the strength of the dollar against the top cryptocurrencies during the period of the report.

According to Martha Reyes, Head of Research at BEQUANT, BQDI is a means for investors to study the interconnection of the crypto economy and the dollar economy and comprehend the spillover effects of the monetary policy of the United States on the crypto universe.

“The new BEQUANT Dollar Index is another tool to help our clients make more informed investment decisions… This is another way for investors to analyze the interconnectedness of the two (dollar and crypto) and navigate through fundamental analysis in crypto more clearly.”

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