Altcoins News
Cardano Stablecoin Djed Confirmed To Launch Next Week
The stablecoin Djed is expected to drive new growth and new use cases in the burgeoning decentralized finance (DeFi) space of the Cardano ecosystem. In recent weeks, the Djed developer, COTI Network, has stated that the stablecoin will definitely be released in January.
In the Cardano community, however, there has been some speculation recently as to how far the preparations for the launch of the stablecoin, which was announced back in November, have progressed. To dispel the speculation, COTI has now published a new blog post confirming the launch within the next week. However, an exact date is still pending.
“We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week,” the announcement reads.
In addition, COTI announced that cryptocurrency exchange Bitrue will list Djed and SHEN. Djed’s DEX partner Wingriders also hinted on Twitter that an announcement will be made soon.
As for Djed’s technological developments, the COTI team says it has begun the process of syncing the chain index.
“This process may take 14 days, and as we started the sync a week ago, we expect to complete it next week and be ready to launch. As of right now, this is the only technical bottleneck holding up the launch,” COTI says.
In addition, the company is still working on a snapshot mechanism and user interface that will allow tracking of the additional rewards for SHEN holders who deposit and stack ADA into the Djed smart contract.
Will Djed Awaken The Cardano DeFi Ecosystem?
The launch of Djed is accompanied by high expectations because a stablecoin has been missing in the Cardano ecosystem so far. Stablecoins are of tremendous importance to implement strategies at low fees, especially in the field of DeFi.
Djed also enters a crypto market where stablecoins have become increasingly important in recent years. Within the top 10 cryptocurrencies by market cap, there are no less than three stablecoins, Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), which are pegged 1:1 to the US dollar and backed by various forms of fiat money reserves.
The Cardano-based stablecoin, on the other hand, is designed to ensure its price stability through reserves in ADA. Initially, the team had referred to it as an algorithmic stablecoin but had dropped that wording – presumably given the terrible memories of Terra Luna and its algorithmic stablecoin UST, which was backed by BTC.
COTI calls Djed an overcollateralized stablecoin, whose coverage in ADA is at least four times that of Djed issued. Hereby, the Cardano stablecoin shows certain similarities to the ecosystem of Tron (TRX), where the overcollateralized stablecoin USDD is based.
However, USDD has also been struggling to defend its peg to USD lately. Nevertheless, USDD enjoys great popularity. The stablecoin of the Tron ecosystem has a market capitalization of $716 million. Possibly because of this, Tron’s DeFi ecosystem is much larger ($5.1 billion TVL) than Cardano’s ($73 million TVL), according to DeFiLlama data.
Can ADA Reach $1 Following Djed’s Release?
If Djed’s concept works out, the stablecoin can massively boost Cardano’s DeFi ecosystem. However, Djed must first pass the field test. Besides the massive potential, there is also the risk of failure similar to Terra’s UST. This could severely damage the Cardano ecosystem and the ADA price.
But if Djed succeeds, it could give a big boost to ADA. A look at the 1-day chart of Cardano shows that the price has broken out of an eight-month downtrend and has successfully handled a retest in mid-January.
The next major price target is the resistance zone around $0.41, which has served as support for a long time. Should this resistance fall, $0.75 would be the next target before $1 could be on the cards.
Featured image from AnTa_ranga / Pixabay, Chart from TradingView.com
Altcoins News
Shiba Inu: Celebration for the Burning of 176 Million SHIB in a Historic Transaction
In an exciting development for the Shiba Inu community, September 20 marked a significant milestone as Shiba Inu’s official burn tracker announced that over 176 million SHIB tokens had been burned in a single transaction. But that’s not all; in the last 24 hours, a total of 135,933,606 SHIB tokens were burned, adding up to an impressive total of 521,814,163 tokens burned in just 7 days.
Impact on SHIB Price
As expected, this exceptional event has captured the attention of the cryptocurrency community and Shiba Inu investors worldwide. In the latest hourly update provided by Shibburn, the current price of the meme coin stands at $0.0000073, with a slight 0.15% decrease in the last hour. Although there has been a 1.34% decrease in the price in the last 24 hours, Shiba Inu’s market capitalization remains strong, valued at $4,297,527,749.
Lucie: The Voice of the Shiba Inu Community
On September 18, a key member of the Shiba Inu team, known as Lucie, addressed the community to answer burning questions about the highly anticipated SHIB token burn in Shibarium. Lucie emphasized that token burns are scheduled per transaction, meaning they occur based on the level of community participation. In a passionate plea, she urged SHIB holders to support this effort, stressing that SHIB burns are the result of close collaboration between developers and the community.
Lucie also pointed out that while it’s exciting to see enthusiasm for token burns, it’s crucial for the community to understand that SHIB burns are a community-driven initiative and not a call for developers to take immediate action.
Shibarium’s Focus: Strengthening BONE ShibaSwap
Amidst this backdrop of token burns, the Shibarium team has shifted its focus to strengthen the Bone ShibaSwap token, also known as BONE. Lucie emphasized that the implementation of BONE aims primarily to safeguard the interests of investors. To achieve this goal, the team has implemented a temporary locking contract along with a decentralized multi-signature wallet, ensuring maximum protection for Shiba Inu investors.
Shibarium’s Success with NOWNodes
Recently, Shibarium achieved an impressive feat by processing over 7 million RPC requests for the network in just one week. This achievement sets a new record for the platform and underscores the growing importance of Shibarium in the cryptocurrency ecosystem. NOWNodes, a node service provider supporting more than 80 blockchain networks, reported on this noteworthy accomplishment, highlighting Shibarium’s increasing relevance in the world of cryptocurrencies.
The Shiba Inu community is excited about these recent developments and the massive SHIB token burn, further bolstering their confidence in the project. With Shibarium gaining momentum and active community engagement, the future of Shiba Inu appears bright in the world of cryptocurrencies.
Altcoins News
Crypto Enforcement Funds Under Scrutiny: Congressman Emmer Calls For Restrictions On SEC
In a recent statement, Congressman Tom Emmer, a prominent figure in the GOP and a staunch advocate for crypto, expressed his concerns regarding the actions of Securities and Exchange Commission (SEC) Chair Gary Gensler.
Emmer accused Gensler of abusing his authority, leading to the expansion of the Administrative State while “disregarding the interests of the American people”.
To address these concerns, Emmer plans to sponsor an appropriations amendment aimed at restricting the SEC’s use of funds for crypto enforcement until clear rules and regulations are established.
Emmer Advocates For Clear Rules In The Crypto Industry
Emmer’s criticism of Chair Gensler centers on what he perceives as the weaponization of taxpayer dollars. Emmer argues that Gensler has utilized his position to further centralize regulatory control without ensuring a transparent and regulatory-friendly environment for the crypto industry.
By proposing to restrict the SEC’s funds for digital asset enforcement, Emmer seeks to emphasize the need for clear guidelines that protect both investors and innovators in the crypto space.
Addressing Senator Elizabeth Warren’s stance on cryptocurrencies, Emmer refers to her as a “control-freak senator” with an inclination towards centralized control.
He suggests that Warren favors a government-owned banking system and desires to retain the centralized power that comes with central banking. Emmer acknowledges the importance of central banking’s role but emphasizes the need for its evolution to adapt to the 21st century.
Emmer further asserts that attempts to suppress digital assets and cryptocurrencies are futile. He cites China’s unsuccessful ban on mining activities as evidence that even authoritarian regimes struggle to control decentralized technologies.
Emmer believes that a country like the United States, which “cherishes freedom”, cannot impede the progress of digital assets and cryptocurrencies.
The congressman’s remarks shed light on his perspective as an advocate for the crypto industry and his concerns regarding regulatory overreach. Emmer emphasizes the necessity of clear and balanced regulations that foster innovation while protecting investors.
By sponsoring an appropriations amendment, he aims to use the legislative process to ensure that the SEC’s enforcement actions align with well-defined rules and regulations.
As Emmer’s proposed amendment gains attention, it reflects the ongoing debate surrounding crypto regulations in the United States. The crypto industry seeks regulatory clarity to foster growth and innovation, while regulatory bodies like the SEC aim to protect investors and maintain market integrity.
Finding the right balance between oversight and innovation remains a key challenge, and Emmer’s efforts contribute to shaping the future of crypto regulation in the United States.
It remains to be seen how Emmer’s appropriations amendment will progress through the legislative process and how it will be received by his colleagues.
As the nascent industry continues to evolve, the role of Congress and regulatory agencies in establishing a clear and balanced regulatory framework will be crucial for its long-term success and widespread adoption.
Featured image from iStock, chart from TradingView.com
Altcoins News
US Forces Young Hacker To Forfeit $5.2 Million In Bitcoin
Last month, Ahmad Wagaafe Hared, a young hacker based in the United States, was ordered to forfeit approximately $5.2 million worth of Bitcoin (BTC), Stellar (XLM), and a BMW sports car to the government. According to a report, this order was made last week due to Hared’s involvement in a SIM-swapping scheme that targeted crypto executives in North California and the Bay Area.
The Bitcoin SIM-Swapping Hack
The SIM-swapping scheme, orchestrated by Hared–who went by the alias “winblo” — began in 2016 and was stopped by local authorities in 2019.
Hared and his accomplices obtained their victims’ contact information before entering a plea agreement with law enforcement agencies. They would then contact cellphone service providers, manipulating company representatives into believing they were the legitimate owners of the targeted phone numbers.
After that, they swapped cards, illegally taking control of their victims’ phone numbers. With this scheme, the hacker gained unauthorized access to their victims’ email and other crypto accounts before transferring coins.
The success of this scheme is evident in the significant amount of assets ordered for forfeiture. Hared must surrender 119.8 BTC, valued at $5.2 million, and 93,420 XLM, worth $11,770. A 2017 BMW sports car, believed to be proceeds of crime, must also be surrendered to the state.
The young hacker has been under arrest for over three years now. As mentioned, in 2019, Hared entered a plea agreement, though many case documents remain sealed, and the deal has not been disclosed to the public. Hared will be sentenced in January 2024 after pleading guilty to conspiracy to commit wire fraud.
According to details, this case is tied to another SIM-swapping scheme, which saw the indictment of Anthony Francis Faulk, also known as “shade,” who pleaded guilty to conspiracy to commit wire fraud in 2019.
Hackers Have Stolen Over $200 Million In 2023 Alone
In a recent report, blockchain intelligence firm Chainalysis claimed that hackers linked to North Korea have stolen over $200 million worth of cryptocurrencies to finance their nuclear weapons program.
In August, Lazarus Group said to be sponsored by the North Korean regime, was linked to the $34 million CoinsPaid hack. They were also reportedly behind the Stake.com hack, the FBI claims. The hit on the crypto casino saw over $40 million of coins robbed.
As part of their activities, hackers employ several tactics to steal Bitcoin and coins, including SIM-swapping, phishing, supply chain attacks, and infrastructure hacks.
Feature image from Canva, chart from TradingView
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