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Crypto This Monday: Binance Integrates Lightning Network, Crypto Investing in Q2, and More

Fernanda T
Latest News
July 17 2023 09:13AM

Binance integrates Lightning Network for fast and cheap Bitcoin deposits

Cryptocurrency exchange Binance has announced the integration of the Lightning Network, allowing Bitcoin holders to deposit their assets faster and cheaper. Lightning Network’s base fee is $0.04, while regular deposits reached $30 in May. Furthermore, transactions settle in less than a minute, compared to approximately 10 minutes for regular transactions on the main blockchain. Binance follows in the footsteps of other companies such as Bitfinex and Kraken in supporting the Lightning Network. Coinbase (NASDAQ:COIN) also plans to integrate this scaling solution in the future.

Uniswap unveils UniswapX to improve decentralized trading

Uniswap, the largest decentralized cryptocurrency exchange, has unveiled a new blockchain protocol called UniswapX, which aims to address challenges faced in on-chain trading and asset custody. UniswapX will aggregate sources of liquidity to offer better prices to users and will allow for exchanges without the need to pay gas fees. Additionally, the protocol aims to mitigate the risk of malicious activity, such as maximum extractable value (MEV) attacks, by encouraging private transactions. UniswapX will launch in beta on the Ethereum network and plans to expand to other networks in the future.

SEC begins review of Bitcoin ETF orders

The United States Securities and Exchange Commission (SEC) has begun reviewing the latest applications for Bitcoin exchange-traded funds (ETFs). Although the regulator requested public consultations last week, the formal review process begins after records are published in the Federal Register. The SEC is seeking comment on Cboe’s five ETF applications: Wise Origin, WisdomTree, VanEck, Invesco Galaxy and ARK 21Shares. Additionally, it is seeking commentary on BlackRock’s iShares Bitcoin Trust (NYSE:BLK), filed on Nasdaq.

CertiK becomes first Web3 audit firm to achieve SOC II certification

CertiK, a provider of blockchain and smart contract security solutions, has become the first Web3 security audit firm to achieve SOC II certification. This demonstrates CertiK’s commitment to ensuring the safety and trust of its customers and partners in the ever-evolving ecosystem. SOC II compliance is a rigorous standard that ensures the protection of customer data.

BITA Standards Council merges with GBBC to establish Web3 standards

The BITA Standards Council (BITA), a not-for-profit open source standards organization for blockchain/Web3-enabled global commerce, is merging with the Global Blockchain Business Council (GBBC), the largest industry-leading association for blockchain technology. and digital assets. BITA will become a GBBC initiative, combining its institutional members and ambassadors into a joint association. The focus will be on establishing open source data standards for the global supply chain, including shipping and inventory tracking. The merger seeks to drive global collaboration and standards adoption in the web3 and blockchain space.

Mantle Network launches Mainnet and $200M EcoFund

The Mantle Network, an Ethereum Layer-2 (L2) modular blockchain, announced the launch of its mainnet during the Ethereum Community Conference (EthCC) in Paris. After a merger with BitDAO, the ecosystem was unified under the name of Mantle Ecosystem. With substantial treasure, the mainnet comes after six months of testing and marks the start of a $200 million EcoFund. Mantle Network’s modular architecture offers innovative data availability and high performance solutions at reduced costs. Tokenized governance is a highlight, allowing token holders to govern the use of the treasury through Mantle Governance.

Aave announces Lens Protocol V2 and launch of GHO on the Ethereum network

During the EthCC conference in Paris, Stani Kulechov, founder of Aave and Lens Protocol, announced the launch of Lens Protocol V2, emphasizing the importance of open standards and portability in social media. Kulechov discussed how centralized social platforms constrain users, while decentralized protocols such as Lens allow for the creation of an open social graph where identity and content can be easily transferred between applications. Lens Protocol V2 offers advanced features such as “open actions” and “collective value sharing” aimed at integrating Web3 activities into the social experience. Additionally, Aave launched the GHO (Governance Hoard) on the Ethereum mainnet, an overcollateralized stablecoin governed by the Aave DAO, which allows users to conduct decentralized transactions.

Unstoppable Domains adds support for ENS .eth domain names

Unstoppable Domains announced support for .eth domain names from the Ethereum Name Service (ENS), bringing together two of the largest decentralized domain platforms on the Web3. Users can now purchase .eth names through Unstoppable Domains, taking advantage of additional payment methods and simplified management features. .eth domains registered with Unstoppable will be protected by the ENS smart contract and will have similar functionality to domains registered directly by ENS. In addition, Unstoppable Domains supports many other Web3 domains such as .nft, .crypto, .wallet and many others.

zkSync launches new STARK-based Boojum proofing system

zkSync Era, a layer 2 scaling solution for Ethereum, has released a new proof system called Boojum, based on Scalable Transparent Argument of Knowledge (STARK). Boojum allows proofs to be run on consumer-grade GPUs, making zkSync more accessible for regular users. Previously, zkSync relied on zk-SNARKs, which were less transparent. The new system promises to offer greater capacity and faster processing, with lower transaction costs. Boojum is currently in the testing phase before a full zkSync Era mainnet deployment.

cLabs plans to migrate Celo network to Layer 2 solution on Ethereum

cLabs, the lead developer of the Celo blockchain, has announced a plan to migrate its Tier 1 network to a Tier 2 solution built on Ethereum. The proposal aims to increase security by inheriting the security guarantees of the Ethereum mainnet. cLabs plans to use Optimism’s OP Stack to ease the transition and develop a decentralized sequencing and data availability layer for the network. Migrating to Tier 2 will not affect the existing application ecosystem on Celo.

Celsius Network deposits $59.4 million worth of cryptocurrency in FalconX

Celsius Network deposited approximately $59.4 million worth of cryptocurrency on institutional exchange FalconX on Monday. This movement could result in the sale of these cryptocurrencies for Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD), which could exert selling pressure on token prices. The transfer included several cryptocurrencies such as MATIC (COIN:MATICUSD), LINK (COIN:LINKUSD), AAVE (COIN:AAVEUSD), SNX (COIN:SNXUSD), BNB (COIN:BNBUSD), ZRX (COIN:BTCUSD), 1INCH (COIN:BTCUSD) and the stablecoin XAUT (COIN:BTCUSD). The decision to convert the smaller tokens into Bitcoin and Ethereum comes after Celsius filed for bankruptcy protection and fraud allegations against its former chief executive.

Ripple hopes to resume talks with financial institutions after court ruling

Ripple predicts that US banks and other financial institutions will revert to using its On-Demand Liquidity (ODL) product following a partial ruling in its legal battle with the SEC. Stu Alderoty, chief legal officer of Ripple, stated that the company plans to resume negotiations with financial companies this quarter. He believes that the court decision will give financial institutions’ clients confidence to discuss issues related to the movement of cross-border securities. Ripple’s partial victory in the case boosted the price of the XRP token (COIN:BTCUSD), which has nearly doubled and is currently the fourth largest cryptocurrency by market cap.

FSB calls for improved global regulation for digital assets

The Financial Stability Board (FSB) is calling for improved global regulation for digital assets, with a focus on the security of users’ assets. The board has launched plans to offer recommendations aimed at curbing crypto market turmoil. The proposals include rules for virtual assets and stablecoins, highlighting the separation of user funds from platform assets. The FSB has also warned of the need for stricter regulation for global stablecoins, requiring permits, responsible governance and ensuring adequate reserves. Crypto companies’ compliance with regulatory disclosure and oversight is also emphasized.

NAB blocks payments to high-risk cryptocurrency exchanges

The National Australia Bank (NAB) has announced that it will block payments to cryptocurrency exchanges deemed “high risk” due to the prevalence of scams in the industry. NAB identified cryptocurrency-related scams as a growing security threat, with losses of $151 million in 2022 alone. In addition to blocking payments, the bank implemented measures to protect customers, such as payment warnings and stopping the use of links in suspicious text messages. NAB did not specify which exchanges would be affected by the block. Other Australian banks such as Westpac (COIN:BTCUSD), Commonwealth Bank (COIN:BTCUSD) and ANZ (COIN:BTCUSD) have also restricted access to cryptocurrency platforms due to high risks of scams.

Gnosis launches Gnosis Pay and Gnosis Card for stablecoin payments

Gnosis is launching Gnosis Pay and Gnosis Card, allowing users to pay for online purchases using stablecoins and the Visa (COIN:BTCUSD) payment system. The Gnosis Card will be a debit card connected directly to the user’s on-chain account, while the Gnosis Pay will function as a layer 2 of the Gnosis network, enabling faster and cheaper transactions. Gnosis has partnered with payment processor SaltPay to create these integrated payment solutions. Gnosis and Safe, its digital wallet, maintain a symbiotic relationship, with Safe providing development support for Gnosis Pay and Gnosis Card.

Hack harms Ethscriptions, Ethereum-based signature protocol

A new protocol called Ethscriptions, created by Tom Lehman, suffered a major setback due to a hack in its main market. About 202 Ethscriptions were lost in an exploit that allowed for unauthorized withdrawal of assets. While the protocol itself remains intact, many listings have been reported stolen. Lehman has claimed responsibility for the failure and is working to relaunch the market after making necessary adjustments. He has been communicating with affected users and is looking to make the ecosystem healthier in the long term.

Satoshi Nakamoto’s identity remains a mystery

Since the emergence of Bitcoin (COIN:BTCUSD), the identity of Satoshi Nakamoto, its enigmatic creator, has been the subject of speculation and curiosity. Evidence is mounting to suggest that Nakamoto may be a collective entity rather than an individual. The use of plural and singular pronouns in the white paper, linguistic analysis of its messages and the breadth of knowledge demonstrated lead to this possibility. However, there is no concrete evidence to confirm this theory, making Nakamoto’s identity one of the biggest mysteries in the world of cryptocurrencies.

Crypto investments fall in Q2

Venture capital firms are investing less money in the crypto sector, according to a report by Galaxy Digital. In the second quarter of this year, $2.3 billion was invested in crypto and blockchain companies, a significant drop from the same quarter of the previous year, when $8 billion was invested. This value represents the low of the current cycle and is the lowest since the fourth quarter of 2020. While business activity in the sector has increased slightly, the environment for fundraising remains challenging, due to several factors, such as low prices of crypto assets and higher interest rates.

ConsenSys denies capital injection talks, says it has enough capital

ConsenSys reportedly met with investors to discuss a possible capital injection. However, the company has stated that it does not need the cash and is not actively seeking funding. ConsenSys raised $450 million in its latest funding round and says it has plenty of capital on hand. The trading rumors come after shares of several crypto startups traded at significant discounts on the secondary market. ConsenSys has denied any intention to accept a lower valuation than its previous round.