Kategorie: Crypto Markets

• fUSD v2 will allow for an on-chain fee system and help unlock Fantom to further institutional adoption.
• The migration to fUSD v2 will allow for a predictable, budget-friendly on-chain fee system.
• Liquidations of FTM positions will occur, although users will have ample time to sort such scenarios.

Layer-1 blockchain platform Fantom plans to migrate from fUSD version 1 to fUSD version.

The Fantom Foundation said in a blog announcement on 29 January that the stablecoin migration is a key goal as the developer team seeks to make the scalable next-gen blockchain more predictable and cost-effective for builders, partners and users.

 fUSD V2 will see Fantom users allocate fees in the native FTM or fUSD, with this making it easier to predict future costs based on the network usage. 

According to Fantom Foundation’s Andre Cronje, moving toV2 and allowing for an on-chain fee system will not only introduce consistency when it comes to planning, but also help unlock more institutional products.

FTM liquidations ahead of v2 launch

Fantom supports the use of FTM and fUSD in decentralised finance (DeFi), with users able to access services such as lending and borrowing. It’s for this reason that the Fantom Foundation has highlighted potential liquidations as migration from fUSD v1 begins.

fUSD migration & liquidations https://t.co/vj4UAagaoX

— Andre Cronje (@AndreCronjeTech) January 29, 2023

The liquidations, Cronje pointed out, will occur in scenarios where the fUSD debt is either equal to or greater than the FTM or staked FTM (sFTM) backing it. In case of sFTM, Fantom says the stake will be unstaked immediately, with all rewards thereof claimed. 

The same cause of action will be taken against validators with less than the minimum stake, with this group unable to produce blocks or claim block rewards.

The timeline for v2 going live hasn’t been provided, but Fantom will help users as they look to close out positions ahead of the launch. This includes the ability to swap DAI for the Fantom stablecoin using a newly created swap tool. 

Users will get enough time to sort out themselves and benefit from advance notifications before any liquidation.

The post Fantom to release version 2 of fUSD stablecoin appeared first on CoinJournal.

• FLOKI’s price has rallied by over 100% in the past week.
• It has hit a daily high of $0.00002973 today rallying on the news of the passed proposal.
• The passed proposal will see Floki Inu burn about 4.97 trillion FLOKI tokens.

The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and burn the bridge tokens” proposal. As reported in our earlier news, the proposal was opened for voting on January 27 causing significant price movements immediately after it was announced.

The voting proses was concluded on January 29 with 99.97% of the participants voting in favour of the proposal.

What next after approving the proposal?

According to the information provided by Floki Inu, the proposal determined the future of two things for the Floki Inu community which are:

• The original Floki cross-chain bridge.
• The 3% tax on the FLOKI token.

The proposal sought to have the original cross-chain bridge disabled and the tokens in the bridge burned since the bridge posed some vulnerability threats. Floki Inu narrowly dodged a bullet last year when the cross-chain bridge was briefly exploited forcing the team to quickly disable the bridge to limit the exploit’s impact.

Now that the DAO has voted to pass the proposal, the team will go ahead and disable the main cross-bridge and embark on burning the FLOKI tokens that were in the bridge. The 3% buy and sell FLOKI transaction tax will also be drastically reduced to a 0.3% tax which is the default tax/fee on most decentralized exchanges like Uniswap (UNI/USD).

On timelines, the FLOKI transaction tax will be lowered to 0.3% effective 8 PM UTC on February 3, 2023, while the 4.97 trillion tokens will be permanently burnt at 8 PM UTC on February 9, 2023. As of the price of FLOKI today, the planned token burn is worth about $100 million.

The post Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens appeared first on CoinJournal.

• Floki Inu will burn 4.97 trillion FLOKI tokens worth over $55 million if the DAO vote passes.
• The meme coin project is also looking to cut transaction tax from 3% to 0.3% and permanently disable the cross-chain bridge.
• The price of FLOKI rose 25% early Saturday to hit its highest level since August.

Floki Inu (FLOKI) holders are voting on a major governance proposal that could see the meme cryptocurrency burn millions worth of the nativ FLOKI tokens, permanently removing them from circulation. 

Floki to burn 4.97 trillion FLOKI and cut tax to 0.3%

Here’s the DAO proposal announcement as posted by the official Floki Inu Twitter account.

#Floki’s latest DAO proposal is live!

If this proposal passes:

– 4.97 trillion $FLOKI tokens (worth ~$54,670,000) in the Floki bridge will be burnt.
– The #Floki buy/sell transaction tax would be reduced to 0.3%.

Read the full proposal and vote here:https://t.co/nmx4cxJ6v1

— FLOKI (@RealFlokiInu) January 26, 2023

Notably, Floki Inu’s maximum supply is 10 trillion tokens, but more than half of it is currently held in a cross-chain bridge created when the mainnet launched on the BNB Chain.

The developer team highlights the security threats posed by this scenario, noting in the proposal that cross-chain bridge exploits have seen over $2.5 billion lost in the past two years.

“In Floki’s case, an exploit on our main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what should be FLOKI’s total circulating supply,” the developers noted.

According to the proposal introduced Friday, the goal is to also cut the 3% tax on FLOKI transactions to 0.3%. This will enhance FLOKI’s utility and the Floki Inu ecosystem as one of the top platforms for decentralised finance (DeFi).

If the DAO vote on the two issues passes, 4.97 trillion FLOKI worth over $55 million will be burnt. The team will also permanently disable the cross-chain bridge. As of 9:00 am ET on 28 January 2023, roughly 99.97% of the votes were in support of the proposal.

Voting will end at 9:16 PM UTC (4:16 pm ET) on Saturday, 28th January.

FLOKI price jumps 25% on token burn proposal

As token burns reduce supply of a given token, the expectation is that the price of that token will go up amid the basic principles of scarcity. The outlook is no different for Floki Inu. 

There is excitement about what the future could hold for the FLOKI token, even as the meme coin continues to see upside momentum in 2023.

The price of the Floki Inu utility token surged early Saturday to hit $0.00001715, its highest level since August.  According to data from CoinGecko, FLOKI is currently more than 25% up in the past 24 hours, changing hands around $0.00001643. 

Weekly gains are nearly 50% while the token’s value has risen by 96% in the past 30 days.

The post Floki Inu price soars on DAO proposal to burn 4.97 trillion FLOKI appeared first on CoinJournal.

• The Azuki team managed to reclaim the Twitter account shortly after the attack.
• Data shows the hacker was able to steal over $750,000 from one wallet, while several others were drained of ETH, USDC and NFTs.
• The Azuki NFT collection brand has previously been used to lure unsuspecting users via other compromised Twitter accounts.

Hackers stole thousands of dollars’ worth of digital assets and NFTs after compromising the Twitter account of anime-inspired non-fungible token collection Azuki.

The incident, which happened on Friday, 27 January, saw the malicious actor(s) post a fake link regarding a land mint in Azuki’s The Garden metaverse.

1/ The @AzukiOfficial Twitter was compromised today. A series of malicious tweets were posted during the morning of Friday, Jan 27th (Pacific Time).

The team has regained control of the @AzukiOfficial Twitter.

Details below 👇

— Azuki (@AzukiOfficial) January 27, 2023

Hacker drained over $750,000 from one wallet

According to on-chain data from Etherscan, the result of the attack was the loss of over $752,000 from one wallet. Blockchain data also shows the attackers drained 751,321.805231 USD Coin (USDC), or $752,073 from the unsuspecting Azuki fan to the attacker’s wallet.

Users who clicked on the malicious link also helped the hackers steal 11 NFTs, 3.9 Ether (ETH), and over 6.7k USDC.

While Azuki quickly reclaimed control of the Twitter account, users have been asked to be vigilant. The team has advised that the community ensures the announcements they respond to are those “simultaneously” posted on multiple Azuki channels, including Twitter, Discord and the Azuki website.

Notably, the Azuki name and NFT brand has previously been used to propagate a similar Twitter account attack. The Twitter account of India University Grant Commission was compromised in April last year, with the hackers using it to promote a fake Azuki NFTs airdrop.

The post Hackers steal $750K after fake NFT link on Azuki’s Twitter account appeared first on CoinJournal.