Kategorie: Crypto News

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Eigen Labs acquires Rio Network to expand EigenLayer blockchain capabilities

  • Eigen Labs acquires Rio Network and integrates LRT tech into EigenLayer for enhanced staking utility.
  • LRT technology from Rio Network open-sourced to standardize liquid restaking across blockchains.
  • EigenLayer facilitates multi-chain asset security, boosting efficiency in decentralized finance.

Eigen Labs, the force behind the EigenLayer protocol, is expanding its capabilities by acquiring Rio Network and its innovative liquid restaking token (LRT) technology.

The acquisition of Rio Network marks a significant step towards enriching token staking functionalities within the EigenLayer ecosystem.

Acquisition and open-sourcing of LRT technology

Eigen Labs’ acquisition of Rio Network includes obtaining its intellectual property rights, notably the liquid restaking token (LRT) technology.

By integrating this technology into EigenLayer and subsequently open-sourcing it, Eigen Labs aims to foster transparency and community-driven innovation.

The decision to make LRT open-source serves as a strategic move to standardize and enhance the implementation of liquid restaking across blockchain networks.

This approach not only expands EigenLayer’s capabilities but also encourages broader adoption and collaboration within the blockchain community.

Enhancing token staking utility with EigenLayer

EigenLayer, launched in 2023 and backed by substantial Series A funding, has rapidly emerged as a pivotal player in the blockchain staking landscape.

The EigenLayer protocol enables users to maximize the utility of their staked assets, such as Ether (ETH), by securing multiple blockchains simultaneously. This capability addresses the growing demand for efficient asset management and utilization in decentralized finance (DeFi) ecosystems.

Moreover, EigenLayer’s approach complements traditional staking models by offering flexibility and interoperability, thereby promoting a more dynamic and interconnected blockchain infrastructure.

By open-sourcing LRT, Eigen Labs not only enhances its protocol’s capabilities but also fosters innovation and collaboration within the blockchain community.

Moving forward, EigenLayer’s role in optimizing the use of staked assets across multiple blockchains is set to further strengthen, contributing to the broader evolution of decentralized finance and blockchain technology.

The post Eigen Labs acquires Rio Network to expand EigenLayer blockchain capabilities appeared first on CoinJournal.

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MultiversX and Cornell University join forces for blockchain education

  • MultiversX and Cornell have launched Blockchain Essentials Program for 100 underserved students.
  • The program offers free education, mentorship, and potential funding for blockchain projects.
  • The program is aimed at fostering inclusivity and innovation in blockchain technology.

MultiversX, in partnership with Cornell University’s eCornell, has unveiled an innovative Blockchain Essentials Program aimed at supporting 100 economically disadvantaged college students.

This initiative offers a unique opportunity for participants to gain specialized knowledge in blockchain technology, receive mentorship, and potentially secure funding for community-focused blockchain projects upon completion.

Empowering underserved students through blockchain education

The Blockchain Essentials Program, set to begin on July 17, 2024, stands out for its commitment to accessibility and inclusivity.

Designed as an online learning experience, the program will be conducted in private cohorts, ensuring each student receives personalized attention. This approach not only facilitates a supportive learning environment but also caters specifically to the needs of underserved students who may face barriers to accessing high-quality educational opportunities.

In addition, MultiversX and eCornell have waived the usual $3,750 course fee, making the program financially accessible to its target demographic. By eliminating this financial burden, the initiative aims to democratize access to blockchain education, empowering students from diverse backgrounds to explore and leverage blockchain technology’s potential.

MultiversX to support Blockchain Essentials Program graduates

Upon successful completion of the Blockchain Essentials Program, participants will receive a certificate acknowledging their expertise in blockchain essentials.

Beyond certification, the most compelling aspect of the initiative is the promise of continued support from MultiversX.

Graduates will have the opportunity to receive mentorship and guidance from industry experts, as well as potential funding to develop blockchain projects that address community needs.

Beniamin Mincu, CEO of MultiversX, emphasized the program’s role in fostering innovation and inclusivity within the blockchain space. He highlighted the program’s goal to onboard talented individuals into Web3 ecosystems, enabling them to contribute meaningfully to blockchain development and deployment.

In addition to educational support, MultiversX recently introduced “Sovereign Chains,” a next-generation blockchain infrastructure aimed at enhancing transaction throughput. This technology, capable of significantly increasing transactions per second and smart contract capabilities, underscores MultiversX’s commitment to advancing blockchain scalability and usability.

Overall, the Blockchain Essentials Program not only equips students with valuable blockchain knowledge but also positions them as potential leaders in driving blockchain innovation within their communities.

By bridging the gap between education and practical application, MultiversX and Cornell University are paving the way for a more inclusive and diverse future in blockchain technology.

The post MultiversX and Cornell University join forces for blockchain education appeared first on CoinJournal.

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MoonPay integrates PayPal for crypto purchases in the UK and EU

  • MoonPay integrates PayPal for EU and UK crypto purchases using fiat.
  • PayPal, the third most popular payment method in the US, brings convenience to MoonPay.
  • MoonPay’s move aims to lower entry barriers and foster trust among its growing user base.

MoonPay, a leading cryptocurrency payments platform, has announced the integration of PayPal as a new fiat on-ramp for its users in the European Union and the United Kingdom.

This move will allow customers to use PayPal to purchase cryptocurrencies on the MoonPay platform, providing a seamless and convenient user experience. Initially available to 1% of European users, a full rollout across the region is expected soon, though residents of Croatia, Iceland, and Hungary will not have access to this service.

MonnPay expanding crypto access with PayPal integration

MoonPay’s decision to integrate PayPal stems from the latter’s significant popularity in the United States, where it ranks as the third-most commonly used payment method after Apple Pay and traditional bank cards.

By offering PayPal as a payment option, MoonPay aims to lower the barriers to entry for new users, making it easier and more convenient for them to purchase cryptocurrencies. Ivan Soto-Wright, CEO and co-founder of MoonPay emphasized that this move will provide a frictionless experience and increase trust among its growing customer base.

In the United States, MoonPay already offers PayPal as a payment method in 48 states, with New York and Texas being the exceptions. The integration is part of MoonPay’s broader strategy to enhance its services and cater to the diverse needs of its global user base.

By incorporating PayPal, MoonPay leverages a widely trusted and user-friendly payment option, which is expected to attract more users to its platform.

PayPal’s foray into the crypto market

PayPal’s integration with MoonPay is part of its larger strategy to establish a foothold in the cryptocurrency market.

In August 2023, PayPal launched its own U.S. dollar stablecoin, PayPal USD (PYUSD), backed 1:1 by cash and short-term cash equivalents.

Initially deployed on Ethereum as an ERC-20 token, PYUSD faced challenges due to Ethereum’s limited transaction speed and high costs.

To address these issues, PayPal deployed PYUSD on the Solana network in May 2024. Solana offers higher throughput and lower transaction costs, making it suitable for everyday transactions. This deployment also introduced “confidential transfers,” a feature that hides transaction amounts from the public while ensuring compliance with reporting regulations.

Stablecoins like PYUSD play a crucial role in the cryptocurrency ecosystem. They provide liquidity, reduce transaction costs, and facilitate cross-border payments. By offering a stable value, these digital tokens enable more efficient and secure transactions, thereby promoting wider adoption of cryptocurrencies.

MoonPay’s integration of PayPal as a fiat on-ramp is a significant step towards making cryptocurrency more accessible and user-friendly for individuals across the UK and EU.

The post MoonPay integrates PayPal for crypto purchases in the UK and EU appeared first on CoinJournal.

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Terraform Labs agrees $4.5 billion settlement with SEC

  • Terraform Labs is to pay $4.47 billion to settle with the US Securities and Exchange Commission (SEC).
  • The SEC sued Terraform Labs and its former CEO Do Kwon after the firm’s collapse in 2022.

Terraform Labs has agreed to a $4.47 billion settlement with the US Securities and Exchange Commission (SEC).

The news follows an earlier report that Terraform Labs and its founder and former CEO Do Kwon had reached agreement over a settlement.

On Wednesday, it emerged that the company had agreed to pay the hefty $4.47 billion as part of the resolution of a fraud case the SEC filed after the firm’s implosion in 2022.

The SEC filed its lawsuit in February last year and in April, it emerged the regulator sought $5.3 billion from Terraform Labs and Do Kwon.

The $4.47 billion settlement awaits court approval.

Terraform Labs/SEC agreement

According to court filings, Terraform Labs will pay approximately $3.5 billion as disgorgement, $460 million in prejudgment interest, and $420 million in civil penalties.

The firm’s former CEO Kwon is also to pay just over $200 million, this going to the Terraform Labs bankruptcy estate.

“Payment of the monetary remedies against Kwon shall be deemed satisfied, provided that all transfers by Kwon to the SEC and the Terraform bankruptcy estate in the Bankruptcy Case total no less than $204,320,196, excluding the value of any Terraform Crypto Assets transferred to the Terraform bankruptcy estate, only if and until Kwon completes: (1) transferring into an escrow account agreed by Kwon and the Commission staff $4,700,000 within 30 days of Final Judgment,” the settlement reads in part.

Terraform Labs’ collapse in 2022 saw massive contagion across the crypto industry, with billions of dollars wiped from the market as prices nosedived.

Terra Luna Classic (LUNC) and Terra (LUNA) traded 5% and 6% up respectively after the news.

The post Terraform Labs agrees $4.5 billion settlement with SEC appeared first on CoinJournal.

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Spot Bitcoin ETFs record $200M in outflows as BTC price struggles

  • The spot Bitcoin ETF market in the US saw another day of outflows, with $200 million exiting on Tuesday, June 11.
  • Bitcoin price fell sharply amid the outflows and as the market awaits key macroeconomic reports

After Monday saw $65 million in net outflows to end a 19-day streak of inflows, the sector recorded the massive outflows as BTC price slipped to near $66k.

This was a second-straight day of spot Bitcoin ETF outflows in the US, with market reaction to this week’s upcoming macroeconomic reports key to the outlook.

Bitcoin spot ETFs see $200 million in outflows

Per SoSoValue data tracking the performance of the US spot Bitcoin ETFs, Grayscale continued to lead in outflows, with $120 million recorded on June 11. GBTC has seen a total of $18 billion in outflows since spot ETFs debuted on exchanges in January.

On Tuesday, BlackRock’s IBIT recorded zero flows, while Fidelity’ FBTC ended with $7.4 million in outflows and Bitwise’s BITB saw redemptions reaching $11.7 million.  ARK Invest’s ARKB had the second-largest outflows with $56.5 million while VanEck’s HODL accounted for $3.8 million.

Bitcoin price struggles

As the BTC ETFs struggled, Bitcoin price nosedived to lows of $66,000 – with the price of the flagship cryptocurrency sinking more than 5% in 24 hours.

Currently, BTC price is around $67,970, up 1.7% in the past 24 hours as positive sentiment seeps into the market.

The market however awaits crucial macroeconomic reports, including Consumer Price Index (CPI) and Fed’s interest decision. The two-day Federal Open Market Committee (FOMC) meeting ends on Wednesday and investors are keen on what the Fed Chair Jerome Powell has to say.

Commenting on the market and Bitcoin’s price drop, analysts at QCP Capital noted:

“Markets are risk-off mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which informs the market how many cuts the Fed anticipates for the rest of 2024.”

In previous instances, Bitcoin price has bounced after FOMC meeting, recouping losses suffered in the lead up to the key economic event,

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