Monat: August 2023

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Akropolis (AKRO) up 441%: here’s why the crypto is rising

  • The price of Akropolis (AKRO) cryptocurrency has risen by 441% over the past year.
  • In the past 24 hours, the coin has surged by 30% to trade at $0.0192.
  • Akropolis is one of the best-performing cryptocurrencies in 2023.

The native token of Akropolis, a decentralized finance (DeFi) protocol focusing on under-collateralized loans, has been on steroids since the beginning of the year. Akropolis (AKRO) price has risen by 441% since the beginning of the year, marking a splendid growth of the DeFi token.

While those who invested in AKRO early are enjoying their profits, new investors are hesitant since the cryptocurrency could be heading into the overbought region after such a magnificent price surge. However, that can be only determined by understanding what is causing the token to rise.

Here is why the Akropolis (AKRO) price is rising

The main reason why the Akropolis (AKRO) price is going up is the increased activity on Akropolis, especially after the recent update.

The Akropolis Protocol is a collection of Ethereum-based DeFi aggregation and automation initiatives. Akropolis seeks to offer DeFi equivalents of essential financial services like access to credit with lenient terms and insurable savings (variable and fixed rate savings deposits). The platform is integrated with Yearn, MCDEX, Liquity, Maker, Fulcrum, Aave, Compound, Curve, and dYdX.

The Akropolis Protocol team concentrates on and creates a user-friendly portfolio of portable, borderless, trust-minimized DeFi products for financial operations and decision-making. The Sparta product, which focuses on undercollateralized loans, and Delphi, which focuses on automated passive mixed investing/income products, are constructed on top of the AkropolisOS, which is the main building block.

The Delphi beta was carefully placed on the Ethereum mainnet on August 12, 2020, and a bug bounty was run before a full launch on August 24, 2020. With the Akropolis Delphi Token (ADEL) token, the Akropolis Protocol further introduced Sparta v2, the DeFi yield re-balancing module, the crypto/fiat on-off ramp, support for new stablecoins, UI/EX upgrades, and the liquidity mining incentives feature.

Users can now pay in currencies other than ETH through integrations with OpenGSN. The protocol also has insurance protection from Nexus Mutual/Opyn to guard against hacking and programming flaws.

In August 2023, Akropolis made several updates among them the POC-Polkadai bridge, a Parity Substrate Blockchain bridge for self-transfers of DAI Token (ERC20) to sDAI (ERC20 representation).

The post Akropolis (AKRO) up 441%: here’s why the crypto is rising appeared first on CoinJournal.

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SEC charges Impact Theory with unregistered offering of NFTs

  • SEC charged US-based media company Impact Theory with offering and touting investment potential of their Founder’s Key NFTs.
  • Impact Theory did not deny nor agree to the charges, but accepted a $6.1 million fine.

The US Securities and Exchange Commission (SEC) has charged Los Angeles-based media and entertainment company Impact Theory, LLC for allegedly offering unregistered securities in the form of NFTs.

SEC says Impact Theory violated securities laws

In a press release on Monday, the US securities regulator pointed out that Impact Theory had raised over $30 million in the process, including from investors in the United States.

“Among other things, Impact Theory emphasized that it was “trying to build the next Disney,” and, if successful, it would deliver “tremendous value” to Founder’s Key purchasers,” the SEC said.

As such, it meant the NFTs were sold to investors as investment contracts, which makes them securities. Impact Theory therefore violated federal securities laws. Per the SEC order, the LA-based company has agreed to pay a fine of over $6.1 million as well comply with a cease-and-desist order. The company will also refund affected investors and destroy all the NFTs.

The SEC said: “Impact Theory agreed to destroy all Founder’s Keys in its possession or control, publish notice of the order on its websites and social media channels, and eliminate any royalty that Impact Theory might otherwise receive from future secondary market transactions involving the Founder’s Keys.”

SEC’s action against Impact Theory is a first in the NFTs space, but continues a series of enforcement actions and settlements seen in recent months. These include lawsuits against leading crypto exchanges Binance and Coinbase.

However, the regulator suffered a significant blow in July when US Judge Analisa Torres delivered a ruling that stated the cryptocurrency XRP is not a security. The SEC recently filed a motion seeking an interlocutory appeal, a step many legal experts and industry leaders say will see the agency embarrassed once again.

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Binance to serve Belgian users via Polish arm

  • Binance users in Belgium can continue accessing services via its Poland-based unit.
  • The exchange had revealed plans to work with the Belgian regulator in June.
  • Belgium’s Financial Services and Markets Authority (FSMA) had asked Binance to halt services.

Binance has announced that its users in Belgium will continue to access its services via Binance Poland, the crypto exchange’s Polish-regulated arm.

The crypto behemoth’s announcement read in part:

“Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users.”

Users to resubmit KYC documents

To access services via Binance Poland, users in Belgium will have to accept the Polish platform’s Terms of Use for Belgian users. The exchange may also demand that users resubmit know-your-customer (KYC) documentation as part of the process of ensuring compliance with Polish regulation.

The move came about two months after the Financial Services and Markets Authority of Belgium directed that the exchange stop all of its virtual currency services in the country. Rather than exit the Belgian market as it did in other jurisdictions such as Canada, Binance revealed plans to work with the Belgian market regulator.

According to Binance, allowing its users across Belgium to access services and products via the Poland-regulated subsidiary is key to its commitment to regulatory requirements. Binance announced on Monday that its Polish arm offers crypto exchange and custody services as per the country’s guidelines to virtual assets service providers (VASPs).

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dYdX price: DYDX outlook ahead of $14M bump in token supply

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    The dYdX (DYDX) ecosystem is braced for the upcoming $14 million token unlock.

  • A bump in DYDX supply could be felt in the price reaction, with DYDX trading around $2.16.

According to Token Unlocks, DYDX is among several altcoins set to add numbers to token supply this week. Others poised for a September supply bump are Optimism, 1inch, and Hedera.

On August 29, the dYdX Foundation will unlock 6.52 million DYDX worth about $14.41 at the time of writing. The governance token has a total supply of 1 billion tokens, of which current circulating supply is 173 million DYDX.

Per the token’s allocation and distribution metrics, the entirety of the 1 billion DYDX will be released over five years. The initial distribution occurred on August 3, 2021. Currently, locked coins are for past investors of dYdX Trading, founders, advisors, employees, and consultants of dYdX Foundation.

DYDX token price outlook

The dYdX (DYDX) token traded around $2.16 on Monday, down 1.6% in the past 24 hours but nearly 12% higher this past week.

Ahead of the huge token unlock, the price of the native dYdX exchange token has ranged between $1.18 and $2.23.

 DYDX price chart

The MACD and daily RSI suggest bulls remain in control short term. However, the price might need to strengthen above the horizontal line that marks the range’s base for upside momentum to extend DYDX to next targets at $2.70 and $3.20.

If sell-off pressure mounts amid risk markets slowdown, we could see prices in the region of $1.54-$1.36.

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Solana-based protocol Clockwork to shut down

  • Clockwork is a Solana-based smart contracts automation tool that raised $4 million from Multicoin and other investors.
  • The Devnet and mainnet nodes will be frozen on October 31.

Solana ecosystem platform Clockwork is shutting down its nodes on Devnet and mainnet on October 31, founder Nick Garfield announced on Sunday.

The smart contracts project, which raised $4 million from investors in a round led by Multicoin Capital, however says the code remains open-source for any developer looking to fork it.

“Clockwork was initially conceived out of a need for an on-chain automation primitive. To that end, the team and I feel successful in completing our original mission and proud of the adoption it has seen. Ultimately the reason we are stepping away now is simple opportunity cost. We admittedly see limited commercial upside in continuing to develop the protocol, and have a growing personal interest to explore new opportunities,” Garfield noted.

Clockwork’s automation tooling was designed to enable smart contracts functionality for payroll payments and such other transactions. Commenting on what’s next for the project, Garfield explained:

“For those who currently rely on Clockwork, we will do what we can to ensure continued service. Understand this process is an accelerated transition to full decentralization. Its success will depend on you and the will of the Solana community.”

Clockwork users looking to migrate to other platforms can look at projects such as the oracle as a service protocol Switchboard, RPC platform Helius and no-code automation service triggr.

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