Kategorie: Crypto Markets

• Lido DAO community has approved by over 99% of vote to allow for staking rewards distribution across Aave v3 liduidity pools.
• LDO rewards will now be distributed across Ethereum, Arbitrum and Optimism blockchains.
• Users earn rewards when they stake Ethereum (ETH) on Lido.

Lido, the liquid staking protocol for Proof-of-Stake (PoS) coins, will now distribute staking rewards in LDO,  the native LidoDAO token through three major Aave v3 liquidity pools.

The distribution across Aave v3 is for staked Ether (stETH) liquidity pools across Ethereum, Arbitrum and Optimism.

Aave v3 to distribute Lido staking rewards

The news follows a community vote on an LDO rewards distribution proposal, which garnered 99% of the support. With this development, every LDO “emission admin” on the three blockchain networks will have access to a wallet that’s controlled by Lido.

Aave, which offers a smart contracts-enabled non-custodial liquidity protocol, recently deployed its v3 on Ethereum. The DeFi platform had already launched the Aave v3 protocol on layer-2 blockchains Arbitrum and Optimism.

In 2022, Lido DAO announced it would offer stETH rewards to liquidity providers on both Arbitrum and Optimism as part of the effort to spur further adoption of the staking protocol. 

Lido users can stake any amount of ETH and earn daily rewards, with LDO then allowing users to participate across the DeFi ecosystem even as their staked ETH remains locked. Notably, Ethereum will allow the withdrawal of staked ETH after its upcoming network upgrade dubbed “Shanghai.” The hard fork is expected in early March this year.

Between 30 Januaryand 6 February, 2023, the amount of ETH staked on Lido surpassed 5.05 million, with over 1.95 million LDO rewards already live in February. According to the Lido team, this follows a spike in new lending pools on Ethereum.

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• Uniswap DAO has approved the deployment of Uniswap v3 on Boba Network.
• The approval follows a favourable community vote.
• The deployment will increase the total value locked and transaction volume on Uniswap.

Version 3 (v3) of Uniswap will be deployed on Boba Network (BOBA/USD) in the coming weeks following the recent approval by the Uniswap DAO. The DAO community conducted a vote on the proposal, which was backed by ConsenSys and FranklinDAO, and a majority voted for the deployment.

Following the deployment, Uniswap will have the opportunity to expand its community by including users from the Boba Network ecosystem which will significantly increase the decentralized exchange’s total value locked and transaction volume. As of press time, Boba Network had a total value locked (TVL) of $4,589,305.

The deployment will also bolster Uniswap’s presence in key Asian markets where Boba enjoys strong adoption.

The news comes roughly two weeks after the Uniswap community voted for Uniswap to be deployed on BNB Chain.

Uniswap ecosystem expansion

The deployment is an interesting development since Boba Network is built on Ethereum and it allows users to enjoy cheaper and faster transactions and decentralized exchanges (DEXs) like Uniswap use smart contracts rather than third parties to provide their customers with financial services like borrowing and lending.

According to the proposal:

“The Boba Foundation is granted an additional use grant to use the Uniswap V3 Core software code. As part of this additional use grant, the Boba Foundation receives a license to use the Uniswap Code to fully deploy the Uniswap Protocol v3 onto the Boba Network L2 on the Ethereum blockchain.”

Boba Network also told a popular media outlet that it had committed about $1 million worth of BOBA tokens to boost the adoption of Uniswap v3 on Boba. The tokens will be forwarded to a multi-sig wallet co-owned by Boba Foundation and Uniswap Grant Program. They will then be distributed to promising Boba-based projects.

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• Binance is reportedly set to suspend all US dollar (USD) deposits and withdrawals.
• According to a crypto news report on the matter, the suspension starts on 8 February 2023.
• Binance will reportedly continue to support all other payment methods, including bank transfers in another currently supported fiat currency.

Binance will temporarily pause US dollar deposits and withdrawals on its exchange platform, with the planned move expected to begin 8 February, 2023.

This is according to the latest cryptocurrency news  by CNBC.

Binance set to suspend USD deposits and withdrawals

On Monday afternoon, CNBC published a news story that said the world’s largest crypto exchange Binance was looking to briefly halt USD deposits and withdrawals beginning Wednesday this week. 

According to the details shared with CNBC by a Binance spokesperson, the upcoming USD-related pause will last a few weeks as Binance tries to secure a new banking partner. However, the issue will only affect a tiny number of the exchange’s monthly active users, said to be about 0.01%. Binance will reportedly notify all affected customers directly.

While the source offered no other information regarding the USD withdrawals being unavailable from the given date, they did confirm that customers can still buy and sell cryptocurrencies via all other supported payment methods. The exchange will also continue to support bank transfers via another fiat currency that’s currently supported, the person familiar with the issue said.

Binance is the largest crypto exchange by trading volume and has a US-based subsidiary Binance.US. The US-based unit, which is Financial Crimes Enforcement Network (FinCEN) regulated, has noted that the suspension will not impact its operations. 

In a tweet following the news, Binance.US said this would be the case unless there’s an official notice from them. In this case, the USD pause is likely to only impact customers using the global platform.

The price of Binance‘s native coin BNB was largely muted at the time of writing, changing hands around $328 at 15:05 pm ET.

The post Binance to suspend USD deposits and withdrawals: report appeared first on CoinJournal.

• Marathon reports a 45% sequential increase in its monthly BTC production.
• The digital asset technology company also sold 1,500 bitcoin last month.
• Wall Street sees upside in Marathon stock to a little under $12 on average.

Shares of Marathon Digital Holdings Inc have lost nearly 15% in recent sessions after the mining company said it did not mint nearly as many bitcoin last month as it sold.

How many BTC did it sell last month?

Marathon opted to sell a total of 1,500 bitcoin in January amidst a continued increase in the BTC price to fund its operational costs.

On the flip side, it minted a record 687 BTC last month that represents a whopping 45% sequential increase. In its monthly production and mining update, the management wrote:

Improvements in our operational efficiency, along with proactive measures we’ve taken to strengthen our balance sheet, have placed Marathon in strong position to achieve growth and operational targets in 2023.

Marathon stock has already more than doubled since the start of the year. Still, Wall Street is sticking to its consensus overweight rating on “MARA” and sees upside in it to a little under $12 a share.

Marathon Digital to continue selling BTC

A continued increase in production, as per Marathon Digital Holdings Inc, will see it further liquidate its BTC holdings moving forward to cover operational costs. The press release added:

We remain confident in our ability to scale Marathon into one of the largest and most energy efficient bitcoin mining operations globally by installing 23 exahashes of computing power near the mid of 2023.

According to Marathon Digital, it increased both its unrestricted cash and unrestricted BTC holdings last month to $133.8 million and 8,090 bitcoin, respectively.

Marathon is set to report its Q4 results early next month. Consensus is for it to swing to 19 cents a share of loss this quarter versus 36 per share it earned a year ago.  Last week, BlackRock confirmed that it now owns 8.62 million shares of Marathon Digital that represents 7.4% of the digital asset technology company.

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• SingularityNET blockchain allows users to monetize AI services.
• AI has gained popularity recently after the launch of ChatGPT.
• AGIX token has been on a very bullish trend since the turn of the year.

The price of SingularityNET (AGIX) has risen by over 774% over the past month and the bull trend seems to be gaining momentum with every passing day. Today, the coin had risen by about 40.13% to trade at $0.4579.

It is true the crypto market has been in recovery mode since the beginning of the year, but that is not the only reason why the price of the AGIX token has risen by more than 774%. There are other factors contributing to the price surge.

What is SingularityNET?

Before delving into why the price of SingularityNET is rising, it is important to briefly explain what it is.

SingularityNET is a blockchain-powered platform that allows users to create, share, and monetize artificial intelligence (AI) services. AI developers can sell their AI tools and libraries while those interested in AI services can test and buy any AI service uploaded on the SingularityNET AI marketplace.

In addition, if a user wants a customized AI service, they can tap the extensive SingularityNET community of AI specialists via the Request for AI portal (RFAI).

Users use the platform’s native token, AGIX, to purchase the AI services. This means that developers earn AGIX tokens by selling their AI services or filling the RFAI requests.

AGIX holders can also vote on changes to the SingularityNET network operations and also stake their tokens to earn some interest.

Why is the price of AGIX on the rise?

The news around the now popular artificial intelligence tool ChatGPT has triggered a surge in AI-focused cryptocurrencies, one of them being the AGIX.

The current AGIX Bull Run started on Tuesday after Microsoft announced plans to invest $10 billion in OpenAI, the startup behind ChatGPT. The coin shot up by a whopping 18% immediately after the news and has since maintained the bullish trend.

Besides its price, AGIX trading volume has also witnessed a huge surge as people flock to the AI market.

SingularityNET recently released a joint venture called Awakening Health in collaboration with Hanson Robotics. The venture develops healthcare products leveraging AI.

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