Home Blog Page 2363

Elon Musk Slams Dogecoin Cofounder: “He Never Wrote a Single Line of Code, Even Kids Can Do Better Coding”

Albert Brown
-
0
Elon Musk Slams Dogecoin Cofounder: “He Never Wrote a Single Line of Code, Even Kids Can Do Better Coding”

 

Tesla Founder Elon Musk Hits Out A Doge Founder Jackson Palmer, Calls Him A Tool that Can’t change Even Code.



Elon Musk is currently in an online scuffle with one of the popular founders of Dogecoin, a meme coin that started as a joke. Apparently, Jackson Palmer, who is the said co-founder of DOGE, is getting bashed by Elon, who says the founder can’t write code. According to a tweet by Elon, Jackson Palmer never wrote any code during the creation of DOGE.

“And Palmer always forgets to mention that he never wrote a single line of Dogecoin code ….”

 

The two had been friends before the online fight broke out. Elon Musk claims that Palmer sent him a script meant to report/block crypto scam boots on Twitter. However, Elon claims the code didn’t work. He challenged the doge founder to share the code with the world to be judged.

“You falsely claimed your lame snippet of Python gets rid of bots. Ok, buddy, then share it with the world ….”

He claimed that his kids can write better code than Palmer, calling him a “tool.”

“My kids wrote better code when they were 12 than the nonsense script Jackson sent me. Like I said, if it’s so great, he should share it with the world and make everyone’s experience with Twitter better. If he does, you will see what I mean. Jackson Palmer is a tool.”

Palmer Started It

While Elon Musk may appear as the more aggressive of the two in the conflict, Jackson Palmer threw the first jab when he criticized Elon’s coding skills during a recent interview with an Australian news outlet where he bashed cryptocurrencies.

That’s despite him being one of the co-founders of DOGE. Currently, Palmer is strongly anti-crypto. During the interview, he referred to Elon Musk as a “grifter” who is just out to profit from the crypto market. Musk has been accused of manipulating crypto markets in the recent past, especially when Tesla appeared to shun Bitcoin.

According to Palmer, cryptos are “inherently right-wing, hyper-capitalistic technology.”

However, Palmer appeared to make efforts to respond to Musk’s jabs. He shared the link to the said code on Github, saying that he never claimed it to be complex, but it worked.

 

Palmer’s Code Can’t Work Today

Palmer went on to caution that since he wrote the code back in 2018, it’s possible that it wouldn’t be very effective today because scam bot creators have changed tactics. It’s worth noting here that Elon Musk’s issue is only with Palmer, not with the other DOGE co-founder, Billy Markus.

Billy took the chance to comment on Elon’s thread, clarifying that he wrote a few lines of code when creating DOGE and that much of the system’s success has come from the contribution of those who came after them. For that, Elon called him “humble.”

New Record: 31 Billion Shiba Inu Burnt In May, The Highest Ever Monthly Community Burn

Zabi
-
0
New Record: 31 Billion Shiba Inu Burnt In May, The Highest Ever Monthly Community Burn

31.05 Billion Shiba Inu Burnt In May.



Shiba Inu Community breaks all previous records of burning SHIB in one month. Over 31.05 billion Shiba Inu (SHIB) tokens have been moved out of circulation in May 2022. All Thanks to the “ShibaBurn Rewards”.

Shibburn.com recently released a monthly burn figure and reported that 31,059,157,423 (31.05B) SHIB tokens had been destroyed by the community in May 2022 of 1,331 separate burns. This marks the record month for Shiba Burning, as this figure is 18% higher than the previous month when only 26,109,968,050 (26.10B) SHIB tokens had been burned.

The massive burn comes after an official partner token of the Shiba Inu ecosystem; Ryoshi Vision officially announced the first distribution of ShibaBurn rewards among SHIB Burners. This announcement wins the trust of the Shiba Inu Community and encourages more Shiba Inu holders to burn their SHIB tokens in exchange for rewards.

The month of May can be recognized as the “Burning Month of 2022” because of the following reasons:

1). Biggest SHIB Burn of the History in a Single Transaction:

One mysterious wallet created history by sending 10 Billion SHIB, worth $124,300 to the dead wallet in one significant transaction. This massive transaction took place on May 18, 2022.

2). SHIB Burn Portal Achieved Major Milestone of Burning 50 Billion SHIB:

The excitement of ShibaBurn rewards distribution prevails further when SHIB Burn Portal officially hit a major milestone of 50 Billion burnt Shiba Inu tokens in less than a month. The achievement was unlocked on May 22, 2022.

3). SHIB Burning Becomes Possible via Amazon:

On May 26 (Thursday), Travis Johnson’s SHIB Burn Games, one of the prominent community-led SHIB Burner projects introduced a new way to burn SHIB, i.e., Burning SHIB via Amazon. The company confirms the acceptance of SHIB Super Store’s official website into the Amazon affiliate program. This has unleashed the possibility to burn Shiba Inu tokens via Amazon.

Prominent SHIB Burners Project of the Month:

1Cent, a token dedicated to burning SHIB, and Travis Johnson’s SHIB Burn Games are among the prominent SHIB Burners project of the month.

1Cent Burn Events: 1Cent, a token dedicated to burning SHIB organized 5 Weekly Burn Events in the month of May. Through these events, 1Cent has reportedly destroyed a total of 466,644,881 (466.64M) SHIB through 6 separate transactions. The project claims to burn a whopping total of 2,225,768,297 (2.22B) SHIB through 13 separate transactions since March 14th, 2022.

Travis Johnson’s SHIB Burn Games’ Burn Events: Travis Johnson’s SHIB Burn Games, a community-led project has organized 3 Burn Events in the month of May. Through these events, a community-led project has sent over 386.10 million SHIB to dead wallets through three separate transactions carried via SHIB Burn Portal.

Travis Johnson’s SHIB Burn Games works towards burning SHIB, through various means. The project is known for the success of its first-ever released SHIB Burning game: Bricks Buster, a game available to play on Google Play Store. Candy Trips, Zombie Assassins, and Shibsphere are among some other apps and games developed by the individual with an aim to burn SHIB.

The firm also has added the products like Shiba Treats, and Shiba Suds to its official store website. The profit earned from each sale of the project also goes towards burning SHIB.

The developer of the popular game, Brick Busters also organized the Monthly Burn Event on the 15th of every month. But following the first distribution of ShibaBurn rewards, the individual SHIB burning project decided to burn SHIB on Sunday of every week, instead of every month. This major change was made public by the individual project to its followers via tweet.

Past 24 Hour Burn:

Besides monthly burns, a total number of 52,676,849 (52.67M) SHIB have been burned by Shiba Inu Community through 10 separate transactions in the last 24 hours, with the help of the SHIB Burn Portal, Shibburn.com reports

Elon Musk Praises Dogecoin’s Billy Marcus Amid His Ongoing Fracas With Co-Creator Jackson Palmer 

Lele Jima
-
0
Elon Musk Praises Dogecoin’s Billy Marcus Amid His Ongoing Fracas With Co-Creator Jackson Palmer 

The Tesla boss found time to praise Dogecoin creator Billy Marcus despite his ongoing exchange of words with Palmer.


In light of the recent issues between Elon Musk and Dogecoin co-creator Jackson Palmer, the Tesla exec has heaped praise on Billy Marcus, who is also the co-founder of the popular memecoin.

In a recent Twitter thread, the world’s richest man said Marcus is a humble person, adding that his humility and irreverence are among the reasons why many people love and adopt Dogecoin.

“You’re humble bro. Billy’s sense of humor & irreverence is a big part of why people love Dogecoin,” Musk said.

 

The Dogecoin enthusiast made the comment about Marcus after the Dogecoin creator disclosed that he copied a larger portion of the DOGE code from other digital currencies and only wrote about 20 lines of the code:

“The people after us did exponentially more than either Jackson or I did on the code base. i think i wrote like 20 lines of code and copied the rest”

Musk and Palmer Trade Words

Meanwhile, Musk and Palmer have exchanged words in the past 24 hours over who has better coding skills over the other.

Trouble first started following an interview Palmer had with Crikey. During the interview, the Dogecoin co-creator called Musk a “grifter” for lacking the ability to comprehend basic code.

According to Palmer, he had shared a Twitter script with Musk some years ago, which is intended to get rid of cryptocurrency bots accounts, an issue that has become a major topic of discussion in the crypto industry.

Musk has also frowned against increasing spam activity on the microblogging platform, as he disclosed that he would wage war against these bots and the actors behind them when he finally acquires Twitter.

Responding to Palmer’s harsh comments, Musk noted that it was Palmer who did not possess basic coding skills.

Musk added that his kids wrote better codes when they were much younger than “the nonsense” the Dogecoin creator sent to him.

The Tesla exec challenged the Dogecoin creator to share the script with the public if he is truly convinced that he possesses good coding skills.

Accepting the challenge, Palmer shared a GitHub link to the code he wrote in 2018, which he intended to combat Twitter’s bot activities.

While Palmer does not seem to be in Musk’s good books, his partner Marcus has enjoyed a friendly relationship with the billionaire, as seen on numerous occasions on Twitter.

Binance CEO Calls Its Exchange Investigation Team To Dig Deep Into ‘FatMan’ Serious Allegations On Terra 2.0

Albert Brown
-
0
Binance CEO Calls Its Exchange Investigation Team To Dig Deep Into ‘FatMan’ Serious Allegations On Terra 2.0

Binance CEO Says The Exchange Is Currently Investigating Claims Made Against Terra.



Terra is getting in the bad books again, and this time, Binance exchange and its CEO are in the mix. There have been numerous claims leveled against Do Kwon and his team at Terra for some time now.

One character on crypto Twitter has been the most prominent of Terra’s critics. He’s been so tough on Terra that the Fortune magazine referred to his tweets while interviewing Binance CEO.

 

This follows an earlier expose` by FatMan about Terra. In a rather elaborate Twitter thread, the critic claimed that Terra manipulated markets and made people lose billions while paying off exchanges and other third-party facilitators. FatMan called out the president of Jump, Kanav Kariya, for being a puppet and operating a secret slack group. Next, FatMan set sights on the CEO of crypto exchange FTX, accusing him of facilitating a 30% handshake deal with Serum, which is a DEX platform, involving Jump to fleece retail investors.

He said:

“Terra VIPs like @stablekwonand@stablechenvhave created the perfect staking island for themselves where they have been earning jaw-dropping farming rewards unencumbered via insider trading, tokenomics adjustments, and barriers to entry. It’s been 3 whole weeks.”

The critic also claimed that Terra had no plans to compensate small investors who lost their funds in the Terra crash.

“CZ Has Seen”

Now, Binance CEO, CZ, has come out clearly during the interview with Fortune, saying that the exchange, him included, has been following the allegations about Terra and has moved to form an investigative team to ascertain the claims.

According to CZ, Binance isn’t ideally a police force but Within Binance, they have an investigation team that has a lot of data to get analyze and get facts from. The exchange also works closely with local enforcement agencies from all over the world where needed.

CZ said: “I did ask our team to look into each one of those allegations by FatMan. I told them to Look, based on the data that we have, and if we can draw any conclusions, we should share that with law enforcement. To date, we cannot confirm or deny any of the allegations. But we should help the community to track bad behavior down and stop it. So, we do that type of analysis.”

In an interesting twist, FatMan tweeted out a thread. This time, he claimed that Binance.US has a pretty weak process for conducting due diligence and maintaining security. Binance.US is the US-based arm of Binance exchange. The critic’s claims seemed to have been meant to dispute CZ’s claim that the Binance exchange was capable of investigating Terra.

Terra In Legal Battles

Besides the mentioned investigations involving Binance, Terraform Labs and Do Kwon are already facing mounting legal issues in South Korea. Apparently, South Korean tax authorities are looking to collect around $78 million from Do Kwon and his company in unpaid taxes.

The country’s parliament recently issued a summon to Do Kwon to appear before lawmakers and explain what led to Terra’s collapse where thousands of citizens lost money.

Also, just recently, Binance CEO himself wasn’t on good terms with Do Kwon’s plan to create Terra 2.0. First, he criticized the creation of more Luna (now Luna Classic) tokens when the crash was happening. He opined that Terra should have burned tokens to reduce supply and shore up the price. On its part, Binance took steps to suspend Luna trading. In a follow-up article, CZ called Terra’s decision to mint more tokens “The most stupid design flaw is thinking that minting more of an asset will increase its total value.”

Few days later, Binance announced its support for Terra 2.0 and the subsequent airdrop of Luna 2.0. Other exchanges supported it as well.

Breaking: Court Orders SEC and Ripple to Meet in a Conference Next Week Over Hinman Emails

Mark Brennan
-
0
Breaking: Court Orders SEC and Ripple to Meet in a Conference Next Week Over Hinman Emails

SEC and Ripple to Attend a Conference Next Week to Discuss the SEC’s Attorney-Client Claim Over Hinman’s Documents.


The court wants to weigh into the SEC’s recent attorney-client privilege claim over Hinman’s documents.

Following back and forth arguments and fights over custody of William Hinman’s 2018 document, Judge Sarah Netburn has scheduled a conference with Ripple and the SEC to discuss all relevant issues related to the document.

The conference is scheduled to be held in Courtroom 23B, Daniel P. Moynihan Courthouse, 500 Pearl Street, New York City, on Tuesday, June 7, 2022 at 3 pm.

The reason for the conference is to discuss the attorney-client claim made by the SEC in its bid to keep Hinman’s documents away from Ripple.

SEC’s New Claim Over Hinman’s Documents

Recall that the Securities and Exchange Commission, despite being ordered to surrender Hinman’s 2018 documents to Ripple, made a new assertion claiming that the documents are protected by attorney-client privilege.

The SEC’s recent claim over Hinman’s document, which did not sit well with Ripple, saw the blockchain company file an objection to the attorney-client assertion.

Parties Requested to Comply With COVID-19 Measures

With the court sensing that no party is willing to let go, it has decided to organize a conference for both Ripple and the SEC to discuss the renewed attorney-client privilege claims.

Notably, the parties are advised to comply with the recent coronavirus (COVID-19) safety measures while attending the conference.

Based on this, the parties are ordered to come to the venue at least 30 minutes before the conference in order to complete the entry screening process.

Meanwhile, the development was shared by attorney Filan on Twitter.

Ripple v. SEC Lawsuit Lingers Beyond Expectation

The ongoing lawsuit between Ripple v. the Securities and Exchange Commission (SEC) has lingered longer than expected, as many thought the case would conclude a few months after the SEC filed its charges.

However, the lawsuit has taken more than a year, with the case expected to end on or before March 31, 2022, according to legal expert attorney James K. Filan.

Argument Over Hinman’s Document

For most part of the lawsuit, the argument has been about the 2018 speech made by William Hinman, the former director of SEC’s Division of Corporation Finance, when he disclosed at the 2018 fintech week that the “sale of Ethereum (ETH) did not constitute a security.”

Ripple has consistently argued that there is more to that speech made by Hinman, as the company has consistently requested that the SEC surrender a document containing 68 draft emails, which it believes would be a major decider in the lawsuit.

The document has been widely described as Hinman documents. Meanwhile, the SEC has fought relentlessly in its bid to keep the documents away from Ripple.

The Securities and Exchange Commission has come up with different reasons why the documents cannot be surrendered to Ripple, including its recent attorney-client privilege claims. It noted that Hinman discussed with SEC’s attorneys before drafting the speech.

Terra 2.0 Pure Gambling Has “Burned its Community, And its Brand is Tarnished”

Albert Brown
-
0
Terra 2.0 Pure Gambling Has “Burned its Community, And its Brand is Tarnished”

 

Just Days After Launch, Terra Luna 2.0 Has Turned Into A Gambling Coin With Wild Price Swings.



On Saturday, Terra Luna 2.0 was airdropped to the holders of the previous version of Terra now named Terra Luna Classic (LUNC) and stablecoin UST. At the start, things seemed alright as investors hoped to recoup their losses after LUNC and UST crashed and sent the prices to zero.

Bloomberg reports LUNA 2.0 was supported by various crypto exchanges and this worked to fan up confidence in it. However, things started going downhill right after the airdrop. The coin’s price has been on a rollercoaster ever since, starting from the highs of $17 on Kraken swinging between $30  to the lows of $3. OKX listed an opening price of $1, with extremes of $20 and $5. On Binance the coin started from $18 and is now trading around $8.

A look at the charts on Coinmarketcap shows that Terra Luna is currently trading at around $7.12.

Luna 2.0 Trading On Narrative

Analysts have been trying to understand why Luna 2.0 has experienced these upheavals for the last few days. It now turns out that the coin has been trading on a narrative spreading among holders.

Some investors don’t trust Terra anymore and are willing to sell off their stash to recoup at last a fraction of their initial investments in UST and LUNC. This dumping creates a shift in the market and drops the price.

On the other hand, there are those who are willing to hold on to their stash, hoping that Terra will work to win back the community’s confidence and eventually build up the coin’s price.

Either way, the crypto seems to have turned into a gambling coin with everyone trying to make a profit as soon as possible.

Fadi Aboualfa head of research at Copper, a crypto brokerage firm told Bloomberg:

“This is pure gambling like crypto has never seen before. One of the most important things about crypto is the brand or marketing and community, Terra has burned its community, and its brand is tarnished. Whatever they do here is going to be pointless.”

Thomas Dunlevy said,

“This initial volatility just shows to me that Luna 2.0 is now a speculative asset, and will likely trade on narrative until they can regain the trust of builders to bring fundamental value to the new ecosystem.” 

Thomas is a research analyst at Messari, a firm that deals with crypto-related data.

Flawed Airdrop

Perhaps one factor that may have contributed to this mayhem is the improper LUNA 2.0 airdrop conducted by Terra. There have been numerous claims by users who got less compensation compared to their UST and LUNC holdings. Terra has already acknowledged this mishap and promised to come up with a solution. Still, it appears that a lot of people in the community may have lost some confidence in Do Kwon’s team. Whether this will change or not will depend on how Terra handles situations in the near future.

XRP Drops 2.5% as Ripple Unlocks 1 Billion Tokens from Escrow 

Mark Brennan
-
0
XRP Drops 2.5% as Ripple Unlocks 1 Billion Tokens from Escrow 

Ripple has released another 1 billion XRP in line with its programmed schedule that started in 2017. 


Popular fintech company Ripple Labs has released yet another 1 billion XRP tokens from its escrow wallet into the market.

The transaction, which took place a couple of hours ago, saw the popular blockchain company release the 1 billion XRP tokens in two separate transactions of 500 million tokens each.

With each XRP token changing hands around $0.42, the 1 billion tokens were worth $423 million at the time the cryptocurrencies were released into the market.

Ripple’s XRP Monthly Unlock from Escrow

It is worth noting that the recent development is part of the ongoing programmed schedule made by Ripple to release 55 billion XRP locked in escrow a couple of years ago.

Since 2017, Ripple has been gradually releasing at least one billion units of XRP on a monthly basis.

At the time Ripple announced plans for the XRP unlock program, many investors of the cryptocurrency feared that the price of the token would be largely affected.

The concerned XRP investors filed a petition on Change.org in a bid to stop the move.

Ripple Protecting XRP Price After Unlocking Tokens 

However, things did not go down as many expected, as the price of XRP has not been largely affected by the constant release of the cryptocurrency from Ripple’s escrow account because the company also adopted other measures to keep the price stable.

The company had been involved in locking back a large portion of the cryptocurrency moments after unleashing the tokens into the market.

Like previous months, Ripple usually locks back 800 million XRP of all newly released Ripple cryptocurrency, while adding 200 million to the cryptocurrency’s circulating supply.

Ripple did not take lightly its move to lock back newly released tokens, especially now that the price of the cryptocurrency is down as a result of the company’s ongoing lawsuit with the Securities and Exchange Commission.

At press times, XRP is down 2.5% in the last 24 hours, and it is trading around $0.419. It is not clear whether the coin’s value is down as a result of the 1 billion tokens released in the market because the entire cryptocurrency market is also down by 1.1% in the last 24 hours.

Has Do Kwon Executed the 1.4B TerraUSD (UST) Burn? Terra Investors Demand Answers 

Lele Jima
-
0
Has Do Kwon Executed the 1.4B TerraUSD (UST) Burn? Terra Investors Demand Answers 

Above 1 Billion UST burned or not? Community demand answers.


Some Terra investors are demanding evidence showing that TerraForm Labs indeed burnt nearly 1.4 billion USTC as demanded by the community.

Following the community’s decision to burn nearly 1.4 billion TerraUSD (UST), now renamed TerraClassicUSD (USTC), several investors are eager to know if the burn has occurred since the Terra team made an official announcement.

Community Supports USTC Burn

As reported, Terra’s proposal 1747, dubbed “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST 2,” passed with the vast majority of the votes supporting that TerraForm Labs (TFL) should burn the excess supply.

Out of the 154.5 million votes recorded, 153.6 million of these voters supported the proposal, indicating that the team behind the project should burn 1.38 billion USTC from the community pool and cross-chain liquidity incentive.

No Proof Yet Backing Community’s Demand

Meanwhile, despite most of the Terra community favoring the proposal, TFL has not provided proof that it has burnt the 1.4 billion USTC as decided by investors.

In a bid to get the Terra team to disclose its move toward implementing Proposal 1747, passed with over 153 million votes, a Redditor with the username u/After_Newspaper_1033 called on TFL to state whether it has conducted the burn as promised.

The user complained that no transaction details are available to prove that the nearly 1.4 billion USTC was burnt from the pool.

“What happened to the burn?? I don’t see anywhere a transaction that has burned 1 billion UST from the community pool,” u/After_Newspaper_1033 posted on Reddit.

The user suggested that if the Terra team does not disclose whether it has executed the 1.38 billion burns, the Terra community should raise awareness by liaising with top influencers on Twitter to get a response from TerraForm Labs.

“We need to reach out to FATMAN or other influencers on Twitter to raise our voice!” the aggrieved user added.

Community Reaction to the Call

Meanwhile, responding to the post, several Terra investors noted that burning 1.4 billion Terra burns will not contribute positively to the value of USTC since more of the tokens can be minted at any time.

Pseudonymous100419 said: “Nothing happens even if you burn 1b UST. UST has no use either way. The 1b UST is also not in circulation; burning it doesn’t change supply or demand.”

A user claimed that the USTC burn took place last week, which prompted the price of the stablecoin to soar to $0.53 at the time before immediately plummeting back to $0.06.

Comment from discussion B-Rythm’s comment from discussion "Where is the 1 billion UST burn??".

Meanwhile, USTC is still far from its glory days when it was still pegged to the dollar. At the time of writing, USTC is trading at $0.03.

DO You See Luna 2.0 Being Bigger Than LUNA Classic? Do Kwon Says ‘YES’

Mark Brennan
-
0
DO You See Luna 2.0 Being Bigger Than LUNA Classic? Do Kwon Says ‘YES’

 

Do Kwon Now believes Terra 2.0 would be bigger than Terra Classic.



Terra’s Do Kwon is still facing a backlash in the crypto community. A recent clash pitted him against a crypto fan that seemed to have noticed something about the Terra 2.0 tokens and how they were airdropped.

The fan, named Jaewoo Choo, sent out a tweet claiming that Terra 2.0 contained a “ninja code” that allowed Terra to delegate users’ token to random validators right after the airdrop.

 

However, a subsequent follow-up by Do Kwon in a response rejected this claim. Apparently, the amended version of the Terra 2.0 proposal explained that airdropped tokens would be vested at genesis and users would be required to “unbound” them to make them liquid.

 

LUNA 2.0 Will Be Bigger Than LUNC

In another conversation in the same thread, a crypto investor asked Do Kwon if he thought LUNA 2.0 could become stronger and bigger than its predecessor, the LUNA Classic. The Terra founder responded in the affirmative, giving the impression that Terra was now more concerned with the new LUNA token than the crashed LUNA Classic.

 

As expected, many people weren’t happy with Terra and Do Kwon, especially due to the failure of Terraform Labs to handle the airdrop properly. There have been claims that a lot of people have received much less than they deserved as an airdrop.

What Are The Facts?

While Terra LUNA started on a good footing after the airdrop, the coin’s price has been in a tough struggle. Right after the airdrop, it was valued at over $20. Today, it’s valued at around $9. On the other hand, the new token seems to be doing much better than Terra Classic (LUNC). As at this moment, LUNA is recording an increase of 38% while LUNC is recording a 20% decrease.

LUNA has a supply of 1 billion tokens while LUNC has over 6.9 trillion tokens. There are still no plans to burn LUNC to reduce the supply, making the token much less valuable than LUNA. Also, Terra 2.0, on which LUNA runs, has a few more advanced features than Terra Classic. Based on these facts, it’s clear that Do Kwon’s sentiments may be founded.

Apex Foundation Teaming Up With Ripple To Build Bridge Between XRPL And Avalanche

Albert Brown
-
0
Apex Foundation Teaming Up With Ripple To Build Bridge Between XRPL And Avalanche

 

Apex Foundation Teaming Up With Ripple.



Since it entered the market in 2012, Ripple has partnered with various entities, including some central banks, to make cross-border transactions cheaper, faster, and easier.

This time around, the company is partnering with Apex Foundation to take XRP to Avalanche via a fully insured ApexBridge that will be built by Apex.

The insurance part will be handled by UnoRe, which is a platform that facilitates decentralized insurance and re-insurance Since bridges are a popular target for attacks.

The said bridge will be powered by the advanced cross-chain bridging technology developed by Catoshi.

 

The Partnership Is Making Waves

Basically, Apex’s role will be to facilitate the transfer of XRP from Ripple’s XRPL to Avalanche as well as various other networks running on the Ethereum Virtual Machine (EVM). The bridge will be subject to audits and penetration tests to ensure it runs smoothly before deployment. It will also support other DEXs via API access kits to allow integration with DeFi protocols. ApexBridge is expected to go live by the end of August 2022.

For the first time in Avalanche ecosystem, a Wrapped XRP (wXRP) on ApexSwap will be launched Once the bridge is deployed.

The CEO of Catoshi had a few facts to share about the partnership between the various companies:

“The tripartite partnership of Catoshi, Apex, and UNO is starting to make real waves in the space. It’s incredible to see all our hard work and graft coming to fruition, culminating in XRP’s integration. It really legitimizes our efforts to have such an established project connecting with us. As one of the big 5 projects in the space we believe this partnership will help drive us to the higher echelons of success in this space.”

What’s More?

Besides, the insurance arrangement with UnoRe means that security is guaranteed, leading to increased confidence and adoption. On its part, Apex is known to provide 100% network uptime. Furthermore, users will enjoy greatly reduced transaction fees facilitated by XRPL, a decentralized system known for its scalability, speed, cheap transactions, and security.

1...2,3622,3632,364...2,634Page 2,363 of 2,634