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Cardano network boost as Mithril protocol goes live on mainnet

  • Cardano’s network will benefit from more efficiency and fast bootstrap after Mithril went live on mainnet.
  • ADA price was flat, but could benefit from new bullish momentum across the market.

Cardano has achieved another milestone with the mainnet launch of the highly anticipated Mithril upgrade.

On July 30, an announcement by Cardano stake pool operator (SPO) Banksy revealed that Mithril was now live on the mainnet.

Network efficiency

Mithril is a stake-based network of nodes that enable the creation of snapshots and certificates of the Cardano Node, allowing for a fast bootstrap and restoration.

The development promises to bring several benefits to network users, particularly in boosting the efficiency of Cardano full node clients. The upgrade will also enhance user access to Daedalus and other network applications, with increased decentralisation achieved via the ability for any number of pools attesting to transactions through an aggregator and signer.

“With Mithril, SPOs give you regular certified snapshots of the Cardano state (more precisely the UTXO set i.e. the leaves of the graph formed by its transactions over time), so you can build services without running a node. Fast bootstrap is a first use case,” Romain Pellerin, the CTO of Cardano R&D company Input Output, noted via X (fka Twitter).

ADA price outlook

A reaction to the protocol’s launch saw the price of Cardano’s native token ADA jump to near $0.32. While broader malaise across crypto sees ADA hover within a tight range above $0.30, the potential for a sharp flip higher has been added to with the new network milestone.

Other network activity metrics, as shown by the count of github commits, suggests a breakout for ADA amid a wider market rally could see bulls target year-to-date highs of $0.45.

The post Cardano network boost as Mithril protocol goes live on mainnet appeared first on CoinJournal.

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Binance becomes first exchange to secure operational MVP license in Dubai

  • Binance announced on Monday it had received the Operational Minimum Viable Product (MVP) license issued by Dubai’s Virtual Assets Regulatory Authority (VARA).
  • The exchange secured the landmark license via its subsidiary Binance FZE.
  • Binance will now offer cryptocurrency exchange services to qualified institutional and retail customers.

Binance has become the first cryptocurrency exchange to secure the Operational Minimum Viable Product license in Dubai.

According to an announcement the company published on Monday, the milestone was achieved through Binance FZE, the exchange’s Dubai-based subsidiary.

VARA-approved crypto license

The operational MVP license is issued by Dubai’s Virtual Assets Regulatory Authority (VARA) and will allow Binance to offer virtual asset exchange services to qualified customers.

 “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA — a result of over a year of due diligence, collaboration, and consistent demonstration of responsible intent – that now allows us to be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection,” Richard Teng, Head of Regional Markets at Binance, said.

VARA issued the operational MVP license to the world’s largest crypto exchange by trade volume after approving the provisional and preparatory MVP licenses in March and September 2022 respectively.

Binance has underscored the importance of the license by noting that its commitment to the onboarding remediation outlined in the VARA regulatory framework, including in stringent Know-Your-Customer (KYC) and customer due diligence.

“With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA,” Alexander Chehade, the General Manager at Binance Dubai, said in a statement.

The strong footing Binance has in Dubai and the UAE adds to the exchange’s recent efforts to expand its services across the globe within the context of regulatory compliance. But the company has also been in the crosshairs of several regulatory bodies, including in the United States where the SEC filed a securities violations lawsuit against it and the CEO Changpeng Zhao.

Binance has also had to exit from a number of jurisdictions, including Canada and the Netherlands due to various regulatory hurdles.

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SEC asked Coinbase to delist altcoins, trade only Bitcoin before lawsuit: report

  • The US Securities and Exchange Commission (SEC) reportedly asked Coinbase to only list Bitcoin.
  • Coinbase CEO Brian Armstrong says the pressure left it no choice but to fight it out in court.
  • SEC chair Gary Gensler has previously noted that almost every other cryptocurrency was a security.

Coinbase CEO Brian Armstrong has revealed that the US Securities and Exchange Commission (SEC) wanted it to delist every other cryptocurrency and only offer Bitcoin (BTC). 

A report the Financial Times published on Monday claims that this happened before the regulator sued the US-based cryptocurrency exchange in June. Per the FT report, Armstrong saiys that the SEC’s demands left Coinbase with no other option but to defend itself in court.

SEC’s plans could have “ended” crypto in the US

When the SEC filed a lawsuit against Coinbase in early June, complaints included the offering of unregistered securities. 

The Commission named several altcoins listed on Coinbase as unregistered securities, with those singled out being the likes of Cardano (ADA), Solana (SOL) and Polygon (MATIC).

“We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US. It kind of made it an easy choice … ‘let’s go to court and find out what the court says’,” Armstrong said according to details in the FT report published on Monday.

The SEC also filed a similar lawsuit against Binance in June, part of a recent regulatory crackdown that elicited sharp criticism against the agency and its Chair, Gary Gensler.

While Coinbase has vowed to battle SEC’s allegations in court, the Financial Times has quoted the government agency as noting that no such requests have been made by the securities watchdog. Gensler has however noted on numerous occasions that most crypto tokens were securities.

Meanwhile, the regulator suffered a noticeable loss earlier this month when a judge ruled in favour of the XRP creator Ripple Labs. Coinbase, which had delisted XRP, announced the relisting of the altcoin following the ruling that effectively declared it not a security.

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