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Optimism Foundation proposes a 118M OP grant to Base

  • The Optimism Foundation and Coinbase-backed layer-2 platform Base eye shared governance of OP Chains.
  • Base will receive 118 million OP token spread over six years.

The Optimism Foundation and Base, a Layer 2 on the OP Stack, are looking to cooperate further in the quest to enhance security, scalability and decentralisation in the Optimism Collective – the Superchain.   

For this, the Optimism Foundation has outlined a proposal that could see Coinbase-backed Base receive a grant totaling 118 million OP tokens.

“This grant is meant to retroactively reward Base’s contributions thus far to scaling Ethereum and the OP Stack, ensure Base’s long term alignment and commitment to the ecosystem, and critically, give Base a meaningful voice in the system of Optimism Governance, to which they’ve entrusted the future of their chain,” the announcement read.

Optimism’s revenue and governance proposal also details a commitment that the Base team has to make with regard to distributing the greater of either 2.5% of its sequencer revenue or 15% of net on-chain profits, to Optimism Collective. The 118 million OP tokens will be spread over six years and come with a cap of 9% on votable supply.

Base and Optimism to share upgrades

The move to agree on a Base/Optimism Foundation collaboration comes after last month’s “Law of Chains” proposal that seeks to transition Optimism governance from focusing on just the OP Mainnet to all chains on OP Stack. This is what’s dubbed the Superchain.

The Foundation plans to have a governance vote on the transition in place in early 2024. On what happens next, it noted:

“Base and OP Mainnet will share upgrades, so the chains’ blockspace remains compatible, homogenous, and eventually interoperable in a Superchain future.  How those upgrades evolve is up to Optimism Governance.”

If the “Law of Chains” is ratified, some of the key steps to be executed will include upgrades across Base, the OP Mainnet, and other chains on OP Stack. The teams will also work on a decentralised Security Council and “Pessimism,” a cybersecurity monitoring tool.

Base launched on August 9 and is seeing growing traction with total value locked (TVL) up 9% in the past week to $183 million. DeFiLlama data shows Optimism currently ranks sixth among top chains with over $715 million in TVL.

The post Optimism Foundation proposes a 118M OP grant to Base appeared first on CoinJournal.

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Num Finance launches stablecoin pegged to Colombian Peso on Polygon

  • Num Finance’s new stablecoin nCOP adds to the nARS and nPEN pegged on Argentina Peso and Peruvian Sol.
  • Colombia is one of Latin America’s top remittances markets with nearly $6.5 billion of inflows.

Num Finance, a stablecoin issuer focused on the Latin America market, has launched a new stablecoin pegged to the Colombian Peso.

The new stablecoin is dubbed nCOP and will be issued on the Polygon network, Num Finance’s blockchain partner, and is designed to bring the benefits of borderless transactions to the Colombian remittances market.

“In Colombia, there exists a unique opportunity to “tokenize” remittances and offer them a yield in nCOP, based on regulated financial products. Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 6.5 billion flowing into the country. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and get a yield on it,” Num Finance CEO Agustín Liserra said in a blog release.

Num Finance’s footprint in Latin America

nCOP will be an overcollateralized stablecoin pegged 1:1 to the Colombian Peso and will offer people in the region a robust, stable and secure channel to send and receive funds. The stablecoin will also enable companies to tap into real time settlements, bringing efficiency to cash management.

Num Finance will also offer a yield feature for nCOP, with token holders getting rewards from regulated financial products.

Other than the Colombian peso-pegged stablecoin, Num Finance also issued nARS and nPEN, which are pegged to the Argentine Peso and Peruvian Sol. 

The company launched in 2021 and raised $1.5 million in a pre-seed funding round closed in May. The capital financing was led by crypto project Reserve and attracted several investors including H20 Scouter Fund, Ripio Ventures, and Auth0 CTO Matias Woloski.

The post Num Finance launches stablecoin pegged to Colombian Peso on Polygon appeared first on CoinJournal.

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PEPE continues to slide: trillions of tokens sent to exchanges

  • At press time, PEPE was trading at $0.0000008854, down 18.06% in 24 hours.
  • The token dropped to a low of $0.0000008058 after news of trillions of token movement emerged on August 24.
  • The tokens were moved to Binance and OKX among two other major exchanges.

On Wednesday morning, PepeCoin (PEPE) plunged after millions of dollars worth of PEPE were transferred from the team’s wallet to various crypto exchanges.

As news of the multi-million dollar token transfers emerged on social media, the token’s market capitalization dropped by $100 million, from $444.4 million to a low of $344.7 million.

16.045 trillion PEPE sent to four exchanges

The PepeCoin team sent 16.045 trillion PEPE tokens worth $16.85 million to four exchanges including Binance, Bybit, KuCoin, and OKX from a multi-sig Ethereum address. Normally, a multi-sig wallet requires approval from many parties before any transactions can be done from the wallet.

The PepeCoin team reduced the security requirements for its multi-sig wallet from five out of eight to just two out of eight signatures needed to complete a transaction after the tokens were moved to the exchanges.

After the transfer, PepeCoin’s multi-sig Ethereum wallet address was left with 10.697 quadrillion PEPE, worth $9.61 million.

Panic PEPE sell

The massive transfers and a lack of clarification from PepeCoin’s official Twitter account sparked concerns about the currency and led to a panic sale, which further pilled bearish pressure on the price of PEPE.

In most cases, whales move their tokens to crypto exchanges in readiness for selling, staking, or exchanging with more valuable tokens and crypto traders/investors are already speculating that the PepeCoin team is readying itself for any of the above.

The post PEPE continues to slide: trillions of tokens sent to exchanges appeared first on CoinJournal.

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Whale moves millions of XRP tokens to Bitstamp

  • At press time, Ripple (XRP) was trading at $0.5149, down 1.64% in the past 24 hours.
  • The XRP trading volume has dropped by 4.56% today as fears of XRP’s future continue.
  • The Court allowed the US SEC to appeal the Ripple (XRP) case.

Investors appear to be liquidating their positions as Ripple (XRP) struggles to maintain growth following Judge Torres’ summary finding in the US SEC v. Ripple Labs case that XRP isn’t a security. Additionally, following a recent price decrease, a whale moved over 29 million XRP, worth over $15 million, to the Bitstamp cryptocurrency exchange.

According to a Whale Alert article on August 24, the whale transferred 29,300,000 XRP worth $15.13 million to the Bitstamp.

Additional information raises the probability that this whale may be angling to sell its XRP holdings because it recently transferred another 14 million XRP to Bitso.

Although Ripple (XRP) has become a centre of attention after winning the case against the SEC, the cryptocurrency is facing an uncertain future after Judge Torres allowed the U.S. Securities and Exchange Commission (SEC) to lodge an interlocutory appeal challenging the sale of XRP tokens. After the ruling, the price of XRP fell sharply and broke through important support levels of $0.6 and $0.5 even as some professionals hold that the appeal would not be a setback for Ripple.

Ripple (XRP) price chart

 Although the XRP price has since slightly risen from the $0.5 support level, there is a big chance of a sharp decline if traders and whales decide to sell their holdings in fear of the outcome of the SEC appeal.

The appeal case between Ripple and the US SEC is expected to start around the middle or end of May 2024 in the interim. This timetable is consistent with the SEC and Ripple Labs court notifications, as well as those of CEO Brad Garlinghouse and executive chairman Chris Larsen, who stated that they would not be available until the second quarter of 2024.

The post Whale moves millions of XRP tokens to Bitstamp appeared first on CoinJournal.

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Avalanche price prediction: Brace for more AVAX dilution

  • Avalanche’s token has been in a strong bearish trend in the past few months.

  • The token will remain under pressure ahead and after the latest token unlock.

Avalanche price came under intense pressure ahead of the token unlock event scheduled for Friday. The AVAX token was trading at $10 on Friday, a few points above this week’s low of $9.78. It has dropped by more than 37% from the highest level in July.

AVAX token unlocks

Avalanche, the Ethereum alternative, will be in the spotlight on Friday as the developers are set to unlock millions of tokens to the market. Precisely, they are set to unlock more than 9.7 million tokens that are valued at over $95 million. These tokens represent about 2% of the network.

Token unlocks are popular features in the crypto industry. They happen in line with a network’s tokenomics, which set aside the vesting process. In Avalanche’s case, the vesting process will end in July 2030.

According to TokenUnlocks, there are 380 million tokens that are currently in circulation with 339 million being locked. As a result, the current market cap of all unlocked AVAX tokens stands at $3.45 billion while the diluted cap is over $7.2 billion. Therefore, AVAX holders can anticipate more dilutions in the coming years.

The challenge for Avalanche is that its ecosystem is not growing. For example, data compiled by DeFi Llama shows that the Avalanche ecosystem has over 151 million in total value locked (TVL). At its peak, it had over 362 million tokens in the market. 

In dollar terms, Avalanche has a TVL of about $1 billion, with the biggest dApps being Wonderland, AAVE, Benqi, GMX, and Trader Joe. 

Avalanche price forecast

The 4H chart shows that the AVAX crypto price has been in a strong bearish trend in the past few months. It recently moved below the important support level at $12.10, the lowest level on June 18th.

Avalanche price has dropped below the 50-day moving average. It is now hovering at the lowest swing on June 10th. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the oversold level.

Therefore, the outlook for the token is bearish, with the next psychological level to watch being $8. The stop-loss of this trade will be at $10.50.

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