Monat: Dezember 2023

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Arbitrum network back to normal after brief outage

  • Ethereum layer 2 solution Arbitrum had a brief downtime on Friday.
  • An update showed a surge in inscriptions had contributed to the spike in network traffic and gas fees.
  • Arbitrum has since “resolved this issue,” with operations back to normal and gas prices steadily recovering.

Arbitrum, a rollup chain on Ethereum, is running normally after a brief downtime on Friday.

The layer 2 Ethereum scaling solution faced a little more than one hour network outage on December 15. An update posted on the official Arbitrum Foundation account on X noted that the outage happened after a surge in inscriptions triggered a stall in the Arbitrum One Sequencer.

Arbitrum operations back to normal

According to details shared with the community, the Arbitrum One Sequencer and Feed stalled approximately at 10:29 AM ET. The technical hitch led to a significant surge in network traffic and inevitably a spike in transaction fees.

While the platform has yet to provide a full post-mortem of the temporary outage, initial investigations show that rising inscriptions triggered the Sequencer’s failure. Here’s the team’s initial report.

“The Arbitrum One Sequencer is up and running after a temporary outage starting at 10:29 AM EST and resuming at 11:57 AM EST. The team is actively investigating, but we can confirm that a sustained surge of inscriptions triggered the sequencer to stop relaying transactions properly.”

Crypto analyst cygaar noted in a comment on X that its possible people had spammed the layer 2 chain with inscriptions. These overwhelmed the network’s sequencer, creating a huge backlog of transactions and skyrocketing the gas fees.

 In a later update, the Arbitrum team said:

“Gas prices on Arbitrum One have stabilized and operations are back to normal. We’re continuing to gather more information and will provide a full post-mortem in the coming days.”

The post Arbitrum network back to normal after brief outage appeared first on CoinJournal.

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SEC denies rulemaking petition filed by Coinbase

  • The Securities and Exchange Commission (SEC) has denied the rulemaking petition filed by Coinbase.
  • SEC Chair Gary Gensler says current laws enough for investor proections.
  • Commissioners Hester Peirce and Mark Uyeda have released a statement disagreeing with the Commission’s decision.

The Securities and Exchange Commission (SEC) has denied a crypto rulemaking petition filed by US-based crypto exchange Coinbase.

SEC Chair Gary Gensler said in a statement published on Friday that he supports the Commission’s decision. He cited three reasons for his outlook on the agency’s latest course of action in relation to the quest for clear regulatory rules.

“I was pleased to support the Commission’s decision for three reasons,” Gensler stated. 

“First, existing laws and regulations apply to the crypto securities markets. Second, the SEC addresses the crypto securities markets through rulemaking as well. Third, it is important to maintain Commission discretion in setting its own rulemaking priorities.”

Gensler says current laws apply to crypto

The SEC Chair’s comments, on the back of the government agency’s push back against new tailor-made crypto rules, follows recent enforcement actions and lawsuits against major crypto companies and players for alleged securities violations. 

These include Coinbase, Binance and Kraken among others.

Meanwhile, the industry, in the wake of the collapse of crypto exchange FTX, has accused the SEC of doing nothing to protect investors amid its crackdown on exchanges. But Gensler says the existing laws are sufficient for investor and industry players’ protection.

“There is nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws. Congress could have said in 1933 or in 1934 that the securities laws applied only to stocks and bonds. Instead, Congress included a long list of 30-plus items in the definition of a security, including the term “investment contract”,” the SEC Chair noted.

Gensler has maintained that most crypto assets are investment contracts and therefore subject to federal securities laws. This year, a US court declared that XRP, which the Commission alleged to be a security, was not. But despite the legal losses against Ripple, subsequent lawsuits by the watchdog have listed multiple tokens as unregistered securities.

Noting that the SEC’s rulemaking as it addresses crypto securities, Gensler said he disagrees with Coinbase’s assertion that “now is the right time” for a change to the rulemaking.

According to the SEC Chair, several crypto-related cases and undertakings are underway and results of these could inform whether or not a change to the regulatory regime is needed.

In a separate statement, SEC Commissioners Hester Peirce and Mark Uyeda said they “disagree with the Commission’s decision.” 

The two Commissioners note that the petition raises key issues related to new technologies and that addressing them is “a core part of being a responsible regulator.”

The post SEC denies rulemaking petition filed by Coinbase appeared first on CoinJournal.

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Namada Shielded Expedition testnet participants to get 3% of token supply

  • Namada’s “Shielded Expedition” testnet offers 3% token rewards in a multiplayer game.
  • Participants compete in an “Asteroid Mining Competition,” accumulating ROID points.
  • 30 million NAM tokens (3% of supply) up for grabs, driving engagement and network testing.

Namada, the proof-of-stake Layer 1 blockchain protocol developed by the Anoma Foundation, has kicked off its “Namada Shielded Expedition,” an incentivized testnet promising participants 3% of the total token supply as rewards. The multiplayer role-playing game serves as a prelude to Namada’s mainnet launch in early 2024. Let’s dive into the details of this cutting-edge initiative.

This strategic move aims to engage users in a multiplayer role-playing game while rigorously testing the network’s capabilities.

Asteroid Mining Competition 

In this innovative testnet, participants, including validators and users, are thrust into an exciting “Asteroid Mining Competition.” The objective is simple yet profound: accrue ROID points by navigating the intricacies of Namada’s consensus algorithm, CometBFT, and proving its resistance against Sybil attacks.

A total of 30 million NAM tokens, equivalent to 3% of Namada’s one billion total token supply, are up for grabs. Participants will be ranked based on their accumulated ROID points, fostering a competitive environment and encouraging users to explore Namada’s features. The testnet, commencing on January 15, will run throughout the month, providing a window for users to test and contribute to the network’s refinement.

Namada’s strategic initiatives

This recent testnet launch follows Namada’s announcement of a community airdrop, earmarking 65 million tokens (6.5% of the total supply) for researchers, developers, and stakers on Cosmos Hub and Osmosis blockchains. These initiatives underscore Namada’s commitment to community involvement and development as it positions itself within the broader Cosmos ecosystem.

Namada’s proof-of-stake Layer 1 blockchain, scheduled for a first-quarter 2024 mainnet launch, promises asset-agnostic multichain privacy. Leveraging zero-knowledge proofs and featuring a native Ethereum bridge, Namada is poised to play a crucial role in enhancing privacy and interoperability across different blockchain networks.

The dynamic approach to testing and community engagement underscores Namada’s dedication to refining its protocol and building a robust and innovative blockchain ecosystem.

The post Namada Shielded Expedition testnet participants to get 3% of token supply appeared first on CoinJournal.

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First Trust seeks SEC approval for Bitcoin ‘Buffer ETF’ to safeguard investors

  • First Trust files for Bitcoin Buffer ETF with SEC, aiming to mitigate risk via options.
  • Buffer ETFs gaining momentum, 139 trading on US markets, $32.54B AUM.
  • Buffer ETFs don’t guarantee complete protection, or assess risks.

Financial services firm First Trust has recently submitted a filing with the US Securities and Exchange Commission (SEC) to launch a groundbreaking investment product – the First Trust Bitcoin Buffer ETF.

Unlike traditional spot Bitcoin ETFs, this innovative fund aims to provide investors with a unique risk mitigation strategy, utilizing options to safeguard against potential market downturns. Let’s delve into the details of this latest development in the cryptocurrency investment space.

First Trust’s Bitcoin Buffer ETF filing

First Trust’s move to file for the Bitcoin Buffer ETF signals a shift in the cryptocurrency investment landscape. This ETF is distinct from spot Bitcoin offerings, as it utilizes options to pursue a defined investment outcome. Acting as a buffer, it imposes a limit on potential losses during market drops.

First Trust’s ETF is structured to participate in the positive price returns of the Grayscale Bitcoin Trust or other Bitcoin-related exchange-traded products (ETPs), providing investors with a unique approach to risk management.

Rise of Buffer ETFs in the market

Buffer ETFs have been gaining traction globally, with 139 such funds currently trading on U.S. markets, amassing a total asset under management of $32.54 billion.

BlackRock, a major player in the ETF space, introduced its iShares buffer ETFs earlier this year. These funds offer investors a specified level of downside protection while capping potential upside gains. Analysts anticipate more entrants in this space with diverse strategies, contributing to the growing trend of innovative investment products aimed at addressing market uncertainties.

While the concept of buffer ETFs provides a novel approach to risk management, investors must understand that these funds do not guarantee complete protection.

First Trust’s filing emphasizes potential risks, including the risk of losing some or all invested capital. Investors should carefully evaluate the suitability of buffer ETFs for their portfolios, recognizing that these products may not be suitable for everyone, and success in providing downside protection is not guaranteed.

The post First Trust seeks SEC approval for Bitcoin ‘Buffer ETF’ to safeguard investors appeared first on CoinJournal.

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Filecoin completes Watermelon Upgrade (nv21) as investors flock to Memeinator’s presale

  • Filecoin upgrades efficiency as the nv21 upgrade boosts commitment to 3.5 Years and introduces synthetic PoReps.
  • Memeinator’s presale gains traction as it teams up with Virgin Galactic for a $250k space flight.
  • Crypto enthusiasts anticipate Filecoin’s future and Memeinator’s unfolding journey.

Filecoin has announced the completion of its Watermelon Upgrade (nv21), introducing pivotal changes to enhance the network’s capabilities.

Meanwhile, Memeinator, a rising meme coin, captures attention with its presale and an exciting $250k space flight opportunity in collaboration with Virgin Galactic. Let’s delve into the specifics of these groundbreaking updates.

Filecoin’s Watermelon Upgrade (nv21)

Filecoin’s successful implementation of its Watermelon Upgrade (nv21) signifies a leap forward in Filecoin’s protocol and functionality.

One of the major overhauls includes a significant increase in the maximum sector commitment from 1.5 years to 3.5 years. This strategic move aims to encourage storage providers (SPs) to commit to longer terms, fostering improved storage capabilities and potentially boosting demand. Before this upgrade, SPs were limited to a 1.5-year commitment, hindering long-term investments despite substantial demand.

Additionally, the implementation of Synthetic PoReps, or proof-of-replication, streamlines the data storage process. The upgrade reduces the size of temporarily stored data from 400 GiB to 25 GiB without compromising protocol security. This optimization allows Filecoin to achieve an extra 25% sealing throughput, ultimately leading to cost savings in sealing Capacity Commitment (CC) sectors.

Filecoin future outlook

Despite Filecoin (FIL) trading at $4.76 with a recent 6.35% 7-day loss, traders are optimistic. 

The newly introduced upgrade is anticipated to positively impact Filecoin’s market standing, bringing about increased efficiency, security, and cost-effectiveness.

Memeinator’s presale and Virgin Galactic space flight

Shifting gears to the meme coins frontier, a new memecoin called Memeinator is emerging as a formidable player in the realm. With a futuristic vision, Memeinator aims to dominate the market with innovative product launches, powerful marketing, and an action-packed Memeinator Game.

Memeinator is currently in its presale stage, offering enthusiasts an opportunity to get involved before the coin’s price escalates.

The tokenomics of Memeinator involves strategic allocations, including presale, marketing, development, exchange liquidity provision, and a competition pool. The roadmap outlines key phases, from team formation to eventual meme domination on the world’s biggest exchanges.

In a groundbreaking move, Memeinator has announced a collaboration with Virgin Galactic, offering its presale participants a chance to win a $250k space flight. This ambitious giveaway adds a unique dimension to Memeinator’s journey, captivating the crypto community and extending beyond the digital realm.

Conclusion

Filecoin’s Watermelon Upgrade (nv21) marks a significant stride in decentralized storage technology, enhancing both commitment duration and sealing throughput. On a parallel track, Memeinator’s presale and collaboration with Virgin Galactic showcase the dynamism within the meme coin space.

As both platforms continue to evolve, the crypto community eagerly anticipates the unfolding chapters in these exciting crypto projects.

The post Filecoin completes Watermelon Upgrade (nv21) as investors flock to Memeinator’s presale appeared first on CoinJournal.