Kategorie: Crypto Markets

• ZKsync has cancelled the second season of its incentive program, Ignite.
• Bearish market conditions among other reasons led to the move.
• ZKSync will distribute all remaining rewards as of March 17, 2025.

ZKsync announced on Friday that it had cancelled the second season of its liquidity program, Ignite.

The zero-knowledge-powered layer 2 protocol revealed that the move comes amid the current bearish market conditions, which have notably annihilated sentiment and seen prices plummet.

Per ZKsync, the decentralised finance incentive program will halt on March 17, 2025.

“After careful consideration, the DeFi Steering Committee (DSC) has decided to not renew Ignite for Season 2 and will be sunsetting the program starting March 17th, 2025 by turning off rewards for period 6,” the ZKSync team noted via a thread on X.

The DeFi Steering Committee (DSC) cited multiple reasons for sunsetting Ignite. It includes the cryptocurrency market’s bearish conditions. This has prompted ZKsync to adopt a more conservative spending approach in the short to medium term, the platform noted.

Why halt Ignite?

Taking a cautious approach aims to ensure the sustainability of the ZKsync and Elastic Network ecosystem. It’s a move that will see protocol avoid unnecessary expenditure against prevailing headwinds.

ZKSync added in the update on X:

“Unfortunately we’re navigating a bearish market right now. In line with many other ecosystems, ZKsync has decided to be more conservative with spend in the short to medium term in response to these evolving conditions. To stay sustainable, we’re tightening our focus and spending smarter, rather than fighting headwinds.”

Focus on Elastic Network

Additionally, ZKsync is redirecting resources toward its long-term vision: the Elastic Network, an expanding verifiable blockchain network powered by zero-knowledge proofs. The team believes that continuing to invest heavily in the single-chain Ignite program no longer aligns with this goal, especially as native interoperability across the Elastic Network—crucial for seamless cross-chain interactions—faces delays.

The Ignite program, launched to boost liquidity on ZKsync Era and position it as a DeFi hub, has served its purpose but is now deemed less critical given these technological and market realities.

ZKSync will distribute all remaining rewards by March 17, 2025, with service provider contracts concluding by March 30, 2025.

The ZKSync token traded slightly higher despite the news, with ZK hovering near $0.06982 at the time of writing on March 14. The altcoin’s price was up nearly 5% in 24 hours. However, after a recent sell-off, it remained 16% down in the past week.

The post ZKsync sunsets liquidity program ‘Ignite’ appeared first on CoinJournal.

• MoonPay secures Wisconsin Money Transmitter License (MTL).
• Wisconsin is the 46th US state to grant MoonPay an MTL.
• MoonPay has also been making strategic acquisitions to enhance its crypto services.

In a significant step toward expanding its footprint across the United States, cryptocurrency payment platform MoonPay has secured a Money Transmitter License (MTL) from the Wisconsin Department of Financial Institutions.

gotta catch ‚em all!

the Wisconsin Department of Financial Institutions has granted MoonPay a Money Transmitter License

for Wisconsin residents, your experience buying crypto just got even better ~ especially when you use MoonPay Balance pic.twitter.com/40hAspQkwr

— MoonPay 🟣 (@moonpay) March 14, 2025

Announced on March 14, 2025, this approval marks a milestone in MoonPay’s ongoing efforts to bring its services to more American users.

With this license, Wisconsin residents can now tap into MoonPay’s offerings, including the ability to deposit funds into MoonPay Balance for fee-free crypto purchases, barring ecosystem and network fees.

Leveraging the growing crypto demand in Wisconsin

Wisconsin, the 20th most populous state in the nation, has shown a burgeoning interest in cryptocurrency adoption. Notably, it made headlines last year as the first state government to purchase Bitcoin (BTC), signaling a progressive stance toward digital finance.

MoonPay’s entry into the state aligns with this trend, providing residents with a seamless platform to engage with cryptocurrencies.

The license enhances MoonPay’s ability to operate legally within Wisconsin, offering a secure and efficient way for users to bridge traditional finance and the decentralized world of crypto.

Notably, the Wisconsin license brings MoonPay’s total count of Money Transmitter Licenses (MTLs) to 46, reflecting its aggressive push to secure regulatory approvals across the US. This follows recent licenses obtained in states like Texas, where the company expanded services late last year.

Ivan Soto-Wright, MoonPay’s co-founder and CEO, emphasized the importance of this milestone, stating, “With this license, we reinforce our commitment to compliance and consumer-first innovation.” He added that the approval strengthens MoonPay’s position as a fully regulated platform, a critical factor in building trust among users and regulators alike.

It is important to note that MoonPay’s focus on compliance comes at a time when the cryptocurrency industry faces increasing scrutiny from US regulators, although there has been some reprieve since Donald Trump assumed office.

By proactively securing MTLs, MoonPay positions itself as a leader in the space, distinguishing itself from competitors that have struggled with regulatory hurdles.

MoonPay has been expanding its reach through strategic acquisitions

Beyond its regulatory achievements, MoonPay has been bolstering its capabilities through strategic acquisitions.

Recently, the company acquired Iron, a stablecoin infrastructure startup, to enhance its enterprise payment solutions. This move, aimed at facilitating instant and low-cost stablecoin transactions, marks MoonPay’s second major acquisition in two months.

Stablecoins are changing global payments.@moonpay just acquired @iron to supercharge our solution with stablecoin infrastructure. Faster, cheaper, borderless payments – everywhere.

Our second major acquisition in two months (hi @helio_pay 🤝)!@ivanhodl on @CNBC 👇 pic.twitter.com/gCkRk1j8W3

— Charlotte Laborde (@ChaLaborde) March 14, 2025

In January, MoonPay purchased Helio, a crypto payment firm that has processed over $1.5 billion in transactions since its inception, for approximately $175 million.

These acquisitions highlight MoonPay’s ambition to bridge traditional and decentralized finance, offering users a more robust and versatile platform.

Notably, the integration of Helio’s technology and Iron’s stablecoin expertise positions MoonPay to meet the needs of both individual consumers and enterprise clients. For Wisconsin residents, this could translate into an even richer crypto experience as MoonPay rolls out enhanced features.

The post MoonPay secures Money Transmitter License (MTL) in Wisconsin appeared first on CoinJournal.

• Paul Grewal, Coinbase’s chief legal officer, said their “work isn’t over”
• Vermont issued a Show Cause Order shortly after the SEC filed a lawsuit against Coinbase in 2023
• The SEC dropped its lawsuit against Coinbase in February

The US state of Vermont has dropped its legal case against Coinbase over its staking services, earning the exchange another significant victory.

In a post on X, Paul Grewal, Coinbase’s chief legal officer, said: “As we have always said: staking services are not securities. We applaud Vermont for embracing progress and providing clarity for its citizens who own digital assets.”

Grewal added that their “work isn’t over” and that “other states with staking actions should take a page from Vermont’s playbook.”

Today the State of Vermont dismissed its action against @Coinbase regarding staking services. As we have always said: staking services are not securities. We applaud Vermont for embracing progress and providing clarity for its citizens who own digital assets. 1/3

— paulgrewal.eth (@iampaulgrewal) March 13, 2025

News of this comes after the US Securities and Exchange Commission (SEC) dropped its lawsuit against Coinbase in February. The agency sued Coinbase in 2023, accusing it of operating as an unregistered securities exchange.

Show Cause Order

Vermont was one of 10 states, including Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin, that took legal action against Coinbase in 2023. At the time, they argued that the platform’s staking services met the definition of securities under their laws.

In Vermont’s Department of Financial Regulation document, it reads:

“In light of the dismissal of the Federal Action and likelihood of new federal regulatory guidance, the Division believes it would be most efficient and in the best interests of justice to rescind the pending Show Cause Order, without prejudice.”

A show cause order is when a court orders a party to explain why a specific action shouldn’t be enforced. In Coinbase’s case, the show cause order argued that the platform was offering its users staking services without a license and, as such, violated securities laws.

However, since the new administration has entered the White House, the SEC has switched tracks, taking a more pro-crypto approach. Former SEC chair Gary Gensler has left and Mark Uyeda is helming the agency as acting chair. Trump has already named Paul Atkins as the incoming SEC chair.

Other lawsuits the SEC has dropped include those against Kraken, Robinhood Crypto, and Uniswap.

The post Another win for Coinbase as Vermont drops its crypto staking case against exchange appeared first on CoinJournal.

As investors take note of the opportunities available in the market, one project attracting massive attention is iDEGEN.

On February 27, 2025, the AI agent project’s token IDGN will go live. Ahead of this highly anticipated listing, the iDEGEN presale is on fire.

Why is iDEGEN trending?

Fresh momentum amid huge developments in the artificial intelligence space have seen the project top $22.6 million. With just 10 days to go, the scramble to be part of the AI agent revolution is set to get even more frenzied.

This is because of the potential for iDEGEN to take over the AI meme coin space. iDEGEN is the first degen raised AI agent. Its unique approach had the agent starting off as a blank slate. However, it has learned everything from the community and posts once every hour.

An unfiltered approach and a growing market combine to put this project on top of the trending list. Over the past several weeks, iDEGEN has taken the center stage in driving the conversation on Crypto Twitter. Notably, the iDEGEN TikTok account is also recording a sharp spike in followers.

While its uncensored approach has landed the iDEGEN AI agent into X trouble, the bans have only helped fuel interest among investors.

Per details on the project’s presale page, the number of social impressions has jumped to over 2.5 million. The ICO has seen over 1.7 billion tokens sold, with potential hodlers currently above 24,700.

iDEGEN’s strong ICO run ahead of its debut in the market has investors excited for what’s possible. Speculation that top crypto exchanges could be eyeing IDGN for listing has only sparked further interest.

Is iDEGEN worth a look today?

The AI agent market is relatively small despite the recent breakout success for projects like Virtuals Protocol and ai16z. CoinGecko data shows the sector’s market cap today at $7 billion. In comparison, the meme coins market is at $81 billion and AI memes at just over $3 billion.

Given, the broader AI market, where OpenAI, Nvidia, Google and Microsoft among others are heavily investing in, is projected to rise further. These initiatives, including Project Stargate, suggest it might be early days for iDEGEN and other projects.

Presale opportunity is thus likely to be a major coup for early birds. Interestingly, there’s just 10 days to go before IDGN its exchanges on February 27, 2025. Buying at the current presale price of $0.0285 provides a bargain offer, with iDEGEN’s final presale price set at $0.038.

iDEGEN also offers staking opportunity, which has already attracted close to 100 million in staked tokens.

To learn more about iDEGEN, visit the official website.

The post Is iDEGEN (IDGN) worth a look as presale hits $22m? appeared first on CoinJournal.