Kategorie: Crypto Markets

Fantom will use 10% of the burn fee to support various projects within its ecosystem.

The Fantom (FTM) community has passed an on-chain governance proposal aimed at supporting the continued evolution of the Layer-1 platform’s ecosystem.

The governance proposal was created on 5 July and sought the community’s approval via a vote. According to the Fantom Foundation, the vote passed on Tuesday, 26 July by a majority of 99.75%.

Ecosystem Support Vault governance proposal voting has concluded.

Vote: Passed ✅ https://t.co/MaDhvbrJss pic.twitter.com/w3nSKG7XBQ

— Fantom Foundation (@FantomFDN) July 26, 2022

What’s the Ecosystem Support Vault?

The Ecosystem Support Vault allows Fantom to support new projects and ideas on the Fantom Opera network via funds set aside from a percentage of the 30% transaction fees burn rate.

Through the proposal, 10%, or a third of the 30% burn fees will go to a vault controlled by Fantom validators and stakers. 

The community will oversee the application of the funds on key ecosystem projects, doing so via on-chain governance mechanisms to ensure a decentralised approach is maintained.

Fantom is a high performance blockchain fully compatible with Ethereum and has seen over 200 decentralised applications (dApps) deployed.

These include apps across decentralised exchanges (DEXs), Lending and Borrowing, non-fungible tokens (NFTs) platforms, GameFi, wallets and Cross-chain Bridges. Top DeFi protocols on Fantom include Aave and Alpaca Finance.

Notably, the adoption of the governance vote means Fantom’s burn rate is effectively 20%.

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FUD misleads investors and harms the crypto industry’s image, Johnny Lyu said on Tuesday.

KuCoin CEO Johnny Lyu has today unveiled plans for a fund that he says will focus on tackling the issue of disinformation and misinformation, popularly bundled under the term FUD (fear, uncertainty and doubt), within the crypto space.

Lyu revealed the plans in a Twitter thread on Tuesday.

He highlighted that “FUD benefits no one except the FUDers” and that apart from misleading investors, it “harms the industry’s image and market confidence.”

The KuCoin chief believes that the Anti-FUD Fund initiative his platform is looking to launch will help the industry combat FUD, benefiting the investors and the entire crypto space.

An anti-FUD fund, three initial targets

The crypto industry has in the past few months witnessed the collapse of some of the biggest companies in the sector, the likes of Three Arrows Capital, Celsius Network and Voyager Digital. And over the past few weeks, FUD across crypto Twitter has been about KuCoin’s solvency.

The exchange’s announcement of a funding round only triggered more FUD – to which Lyu and KuCoin responded to.

This FUD has been clarified yesterday.

Short translation:
– No exposure to LUNA & wLUNA
– Recent fundraising has nothing to do with the market downtrend

I will unveil the full conversation between me and @otteroooo shortly. We explained everything but otter is still FUD. pic.twitter.com/mUHXwnxrDo

— Johnny_KuCoin (@lyu_johnny) July 23, 2022

The Anti-FUD Fund will thus look to achieve three objectives to help fight unnecessary FUD.

According to Lyu, the first goal is to “implement Anti-FUD education online and offline” with the exchange leveraging its global community to spread information about what makes FUD and how to spot it. The plan is to see this rolled out in over 20 languages.

The other avenue will be to use industry leaders and responsible influencers, motivating them and tapping into the reach to deliver trusted information to the public. The goal is to help audiences keep off FUD, the KuCoin CEO added.

The third approach will target FUDers – those deemed to be deliberately spreading misleading information. The fund will dedicate resources to trace and institute legal action against such individuals or platforms.

“The spread of FUD and panic harms projects, users, and the industry,” Lyu noted, saying that such actions must see those responsible “held to account.”

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Bitcoin price fell below $21,000 on Tuesday as the market sentiment turned sour on reports the US Securities and Exchange Commission (SEC) was investigating US-based cryptocurrency exchange Coinbase.

BTC has touched lows of $20,915 and with potential downside likely to push it to the key support line around $20K. Fresh selling could include pain beyond the psychological level.

SEC probing Coinbase spooks investors?

Coinbase had already come out against suggestions that it had listed crypto token securities on its platform when it first emerged following the SEC’s insider trading charges against the crypto platform’s former product manager.

But on Tuesday, it emerged that the SEC was indeed looking into whether Coinbase offered security tokens to US investors – with at least seven of nine alleged security tokens listed on Coinbase.

According to a Bloomberg report, the SEC’s investigation started way before the insider trading case. However, with regulatory scrutiny firmly on the crypto sector following recent events, the investor community is seemingly spooked on the potential impact of the SEC vs. Coinbase case if it comes to that.

Crypto market cap falls below $1 trillion

The downside in the BTC market was also mirrored across the altcoin market, with top altcoin Ethereum (ETH) declining by more than 8% to drop below $1,400.

The sell-off pressure, also seen across the equities market with US indexes opening lower amid investor jitters over recession ahead of the Federal Open Market Committee (FOMC) meeting.

The S&P 500 was down nearly 1% and the Nasdaq over 1.3% lower, while the crypto market total capitalisation has fallen below the $1 trillion mark.

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Bitfinex customers can now benefit from zero fee deposits and withdrawals of USDT on the Tezos blockchain.

Tether (USDT), the world’s largest and most widely used US dollar-pegged stablecoin, has officially launched on the Tezos blockchain.

USDT is the third largest cryptocurrency by market cap of $65 billion, ranked behind Ethereum and benchmark asset Bitcoin.

USDT live on 12th blockchain

In an announcement on Friday last week, cryptocurrency exchange Bitfinex said that USDT would be enabled on the proof-of-stake (PoS) for deposits and withdrawals, all at zero fees.

USDT going live on Tezos means that the stablecoin is now available on twelve blockchain platforms. These are Ethereum, Tron, Polkadot, Algorand, Avalanche, Solana, EOS, Bitcoin Cash’s Simple Ledger Protocol (SLP), Liquid Network, Kusama and Omni.

XTZ tokens

The native Tezos token XTZ plays a massive role in the blockchain platform’s ecosystem. Apart from allowing users to interact with decentralised applications (dApps), XTZ can be used to pay transaction fees and for network security through staking. 

Customers can buy XTZon Bitfinex via cash via Bank wire, as well as crypto and credit cards.

XTZ, currently trading around $1.60, reached an all-time high of $9.12 in October last year. The cryptocurrency has a market cap of $1.47 billion.

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Voyager Digital does not agree with billionaire Sam Bankman-Fried’s FTX and Alameda Ventures’ proposal to acquire the embattled crypto lender’s assets, details included in a court filing indicate.

According to the filing, AlamedaFTX’s bid is selfish and could “harm customers.”

Lawyers representing the firm argue that FTX’s proposal contravened the Bidding Procedures and aimed at generating publicity rather than being focused on giving value to Voyager’s customers.

“AlamedaFTX’s actions are not value maximizing,” the lawyers wrote, noting that the acquisition bid “is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX.”

Voyager lawyers say bid misleading

FTX last week sent a bid for Voyager’s assets, promising to allow affected customers access to a portion of their held assets rather than having to wait for the bankruptcy procedures to complete.

“The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business – a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks,” FTX CEO Sam Bankman-Fried said.

But Voyager rejects the proposal saying AlamedaFTX public comments in the cover letter “openly disparaged” the beleaguered crypto lender. 

The statements in the press release were also misleading, the lawyers claimed – only tailored to benefit FTX based on assets it deems valuable, while completely ignoring that which it sees as being of no value. According to Voyager, the proposal is nothing but a “low-ball bid dressed up as a white knight rescue.”

Bankman-Fried believes otherwise and says the offer his firms put forth represent the best for customers. 

In any case, he contends those opposed are likely those intending to benefit the most from the remaining Voyager assets as the bankruptcy process drags on.

11) The consultants, for instance, likely want the bankruptcy process to drag out as long as possible maximizing their fees. Our offer would let people claim assets quickly.

Or people who wanted to submit a lower bid–taking a large share of customer assets in the middle.

— SBF (@SBF_FTX) July 25, 2022

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