Kategorie: Crypto News

• Stellar (XLM) is gearing up for the launch of smart contracts on the mainnet.
• Meme Moguls (MGLS) could be the standout crypto meme project in this market cycle.
• MGLS price in presale stage 5 is $0.0036, up 89% from the initial $0.0019.

Stellar announced on Wednesday that a vote for its highly anticipated software upgrade, the Protocol 20 upgrade, will happen as planned on January 30, 2024. XLM price flipped positive in the past 24 hours as the potential impact of the upcoming network change drives fresh interest.

Elsewhere, market confidence in new meme-backed exchange Meme Moguls (MGLS) has seen investors flock to its presale. Find out why XLM and MGLS could be great investment opportunities in 2024 and beyond.

Stellar poised for Protocol 20 upgrade

In December 2023, the Stellar Development Foundation (SDF) announced that the quest to bring smart contracts functionality to Stellar had hit a new milestone. It was that the network would have its Soroban smart contracts roll out on the mainnet after a vote on January 30.

The software upgrade that supports this functionality is Protocol 20, which SDF just confirmed will go to a validator vote on the 30th of this month. A phased roll out will follow.

Denelle Dixon, CEO and Executive Director at Stellar Development Foundation, says the launch of Soroban smart contracts is the “foundation of a more inclusive future” for Stellar. The excitement is visible across the XLM community.

Meme Moguls offers opportunity with meme-backed exchange

As the broader crypto market looks to recover following recent downside action, a lot of attention in the presale market has shifted to tokens deemed to be below the radar but that offer huge investment potential.

In the meme coin world, finding the next Dogecoin or Shiba Inu is many traders’ focus as they hunt in the gem land that is crypto presale. One project that currently stands out is Meme Moguls.

Meme Moguls is a platform that combines the simulated trading of hottest meme-based tokens and play-to-earn tokenomics. In this way, the meme coin community has the opportunity to earn from viral meme performance while tapping into the entertainment environment of P2E games. 

But more than the simulated trading and the chance to become a mogul being attractive, there’s another reason Meme Moguls is seeing huge interest. That reason is this: holding the native MGLS offers exclusive access to passive income earning opportunities. 

The Ethereum-based platform’s native token will allow holders to participate in staking via the stake-and-earn feature. Other than this, one can earn rare NFTs through gameplay achievements, with these NFTs tradable at marketplaces such as Opensea.

Are Stellar (XLM) and Meme Moguls (MGLS) a good buy today?

XLM is the native cryptocurrency in the Stellar blockchain ecosystem. The token’s main use as a transactional currency powers the decentralized blockchain platform’s digital payments network.

Ahead of an upgrade that introduces smart contracts capabilities, XLM looks poised for an upside momentum as it hovers near $0.11. With prices down almost 12% in the past one month, investors could use any downside as an opportunity to add to their portfolios.

Notably, Stellar reached highs of $0.8756 at its peak in 2018, which suggests an explosive bull rally could see it recoup most of the losses seen since.

On the other hand, the kind of utility that Meme Moguls offers means MGLS could be the next hottest meme project. Analysts looking at the trajectory of the meme coin market and Meme Moguls’ potential to dominate its space has MGLS seen as a potentially 100x token. 

This outlook has added to the project’s presale momentum, pushing the total amount raised to over $1.9 million.

Currently, MGLS is priced at $0.0036 in stage 5 of its presale – indicating an impressive 89% increase during this phase. Early adopters could unlock more gains after the final stage and when Meme Moguls enters the trading market.

Are you interested in buying Meme Moguls? Visit their website.

The post XLM bullish ahead of Stellar network upgrade; Meme Moguls gains momentum appeared first on CoinJournal.

• Synthetix’s deployment of V3 Perps on Base allows developers on the Ethereum L2 blockchain to create and launch their own crypto perpetuals products.
• V3 Perps on Base will help Synthetix generate more trading volume for its perps across the Ethereum ecosystem.

Synthetix (SNX), a decentralized marketplace for crypto derivatives and real-world assets, has deployed the V3 of its perpetuals contracts protocol on Base. 

In an announcement on Wednesday, the platform said Perps V3 will offer developers direct access to the product solutions and liquidity needed when launching crypto perps.

Synthetix targets increased trading in Ethereum ecosystem

The deployment of Perps V3 makes Synthetix the first protocol to bring a major perpetuals contracts product to the Ethereum Layer-2 blockchain, the platform said in a press release.

With this launch, both Base and Coinbase ecosystem traders now have an easier way of experimenting with Synthetix-powered exchanges. These include Kwenta, Polynomial, and dHEDGE and the soon-to-launch perpetuals futures exchange Infinex.

Kain Warwick, founder of Synthetix, commented:

“Most crypto activity is not leveraging the decentralized technology we’ve built. Base serves as a gateway for the millions of Coinbase users. By deploying Synthetix Andromeda to Base, we aim to generate increased trading volume for Synthetix perps across the Ethereum ecosystem.”

According to the Synthetix team, Perps V3 aims at improving the experience of both traders and developers, with key features enabling this including use of alternative collateral for liquidity providers. While collateral has so far been limited to Synthetix’s native SNX token, V3 on Base adds USDC.

There’s also sUSD, sETH, sBTC, as well as other approved spot synthetic assets.

USDC’s introduction as collateral provides new opportunities for liquidity providers. It also adds to the overall flexibility traders on Synthetix will enjoy, while helping to curb SNX inflation. Cross margin capabilities, composable account management and deterministic settlements are also key improvements in V3.

The post Synthetix deploys first perpetuals protocol on Base appeared first on CoinJournal.

• Nexo says the investigations tarnished its reputation and hampered its growth.
• Bulgarian authorities dropped the Nexo case in December 2023, citing a lack of evidence.

In one of today’s biggest cryptocurrency news, Nexo, a leading crypto lender that is reportedly seeking $3 billion in damages from Bulgaria.

Specifically, as Reuters reported on Wednesday, Nexo AG, a Swiss arm of Nexo Capital, says last year’s aborted criminal investigation completely destroyed the company’s expansion plans, including a potential US listing.

Nexo files for arbitration with ICSID

Nexo, in a filing with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), says Bulgaria’s investigation tainted its reputation. It also wrecked shareholder value.

As CoinJournal highlighted in December 2023, the Bulgarian prosecutor’s office announced a termination of the criminal investigations against Nexo and four of its executives, citing a lack of evidence.

The prosecution’s move followed nearly a year of investigations, with police having raided Nexo’s offices in the country’s capital Sofia in January 2023. Among the allegations levelled against the crypto lender and its top executives were money laundering, computer fraud and unauthorised banking activities.

Despite the dropped case, Nexo contends the damage from the raids and allegations was immense. It filed for arbitration with the ICSID on January 18. Reuters reports that Bulgaria’s finance ministry has acknowledged receipt of an arbitration request from the ICSID.

While officials say an inter-departmental committee will review this request and propose next steps, this does not constitute an “admission as to the substance of any claims or as an acceptance of any arbitral jurisdiction.”

ICSID, based in Washington, USA, is an international arbitration institution that handles disputes between countries and international investors. Some of the countries ordered to pay significant damages to companies include Pakistan, Ecuador, and Venezuela.

The post Nexo seeks $3 billion in damages from Bulgaria over aborted investigation appeared first on CoinJournal.