Schlagwort: crypto business

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Ethena and Securitize propose USDtb for Spark’s $1b Tokenization Grand Prix

  • The proposal by Ethena and Securitize will be evaluated for suitability by a panel.
  • If approved the proposal will enhance liquidity and stability within the Sky ecosystem.
  • USDtb, backed by BlackRock’s BUIDL, offers a stable, RWA-based risk profile.

Ethena Labs and tokenization platform Securitize have submitted a joint proposal to feature Ethena’s new stablecoin, USDtb, in Spark’s $1 billion Tokenization Grand Prix.

The $1B Tokenization Grand Prix competition aims to onboard real-world assets (RWAs) into DeFi by offering liquidity to selected participants, further expanding the scope of tokenized assets in decentralized ecosystems.

The proposal submitted by Ethena and Securitize

At the heart of Ethena’s proposal is a unique swap facility between USDtb and its synthetic stablecoin, USDe.

This innovation would allow participants in the Sky ecosystem—formerly MakerDAO—to dynamically manage liquidity and risk based on prevailing market conditions and interest rate trends. The ability to reallocate between these stablecoins is designed to enhance financial flexibility and stability within the ecosystem.

Ethena’s contribution to the Sky ecosystem is significant, generating nearly $120 million in annual revenue. The integration of USDtb could further bolster USDe’s performance, particularly during challenging funding conditions, by dynamically adjusting its backing composition.

USDtb, scheduled to launch next week, is backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), a tokenized US Treasury fund on the Ethereum blockchain. With over $533 million in tokenized assets under management, BUIDL provides a robust foundation for USDtb, offering an alternative risk profile compared to USDe.

While USDe employs derivative hedging strategies and is subject to cryptocurrency market fluctuations, USDtb’s backing with traditional financial instruments offers a more conservative option.

The proposal will be evaluated by a panel that includes Phoenix Labs and Steakhouse Financial, using criteria such as liquidity, pricing competitiveness, and alignment with Spark’s strategic objectives. Sky tokenholders will ultimately decide on the final selection through a governance vote.

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Coinbase ends USDC rewards in EU amid MiCA compliance

  • Coinbase plans to end support for USDC earn program for EU customers on December 1, 2024
  • The exchange cites EU’s MiCA rules that go into full implementation on December 30 for the decision

Coinbase has notified its customers that the exchange plans to discontinue the USDC rewards program by December 1.

Coinbase, which announced the delisting of non-compliant stablecoins in the European Economic Area (EEA) earlier in the year, is taking the step to sunset the USDC Rewards program.

The program has been available to the EEA’s 30 countries – including 27 that form the EU. Markets in Crypto-Assets Regulation (MiCA) stablecoin laws rollout is the reason for Coinbase’s decision, the exchange noted in an update that circulated online on November 28.

Marina Markezic shared the Coinbase announcement on X:

MiCA rules full implementation

According to details in the notice shared on X, Coinbase’s decision to end the yield program for the USDC stablecoin is part of the exchange’s effort to comply with the European Union’s MiCA rules.

MiCA regulation of stablecoins went into effect in June, but the rules will come into full effect on December 30, 2024.

Various crypto companies and stablecoin issuers have moved to get EU registration and licenses ahead of MiCA full implementation. However, some industry players plan to delist certain stablecoins in the region. Notably, this also sees initiatives to launch EU-compliant fiat-backed coins.

Earlier this week, Tether, the issuer of the world’s largest stablecoin by market USDT, announced its decision to end support for Tether Euro (EURT). This is a Euro-pegged stablecoin that has been delisted by other providers. Tether said it will halt EURT support until there are “more risk-averse framework[s] is in place.”

Tether chief executive officer Paolo Ardoino commented via X:

Tether is however investing in Quantoz Payments, a company issuing the MiCA-compliant stablecoins EURQ and USDQ.

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Hyperliquid launches native token HYPE

  • Hyperliquid has launched its native token HYPE and revealed a token distribution
  • HYPE has a maximum supply of 1 billion tokens.

Decentralized perpetuals exchange Hyperliquid has officially unveiled its native token HYPE.

Hyper Foundation announced via a post on X that the token generation event for the HYPE token went live at 7:30 UTC on Friday, November 29, 2024.  

“The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack,” the Hyper Foundation said in a blog post.

HYPE, which Hyper Foundation introduced in Oct.,  also includes a community airdrop.

Approximately 31% of the maximum supply of 1 billion tokens is set for genesis distribution and 38.89% for future emissions and community rewards. The project has allocated 23.8% to core contributors, 6.0% to the Hyper Foundation’s budget and 0.3% to community grants.

“Tokens will be emitted over time, with 76.2% going to the community. 310,000,000 tokens are allocated for eligible participants in the genesis event. These tokens will be fully unlocked,” the foundation wrote.

HYPE token distribution

Of the total supply, 388,880,000 will be unminted and go to Hyperliquid’s future emissions and rewards program. Meanwhile, HYPE reserved for core contributors will remain locked for a year after the genesis event. According to Hyper Foundation, there are no HYPE token allocations for private investors, centralised exchanges and market makers.

The launch of the native token comes as Hyperliquid looks to continue its growth trajectory, with eyes on rivals Jupiter and SynFutures. As the protocol’s native asset, HYPE will be key to Hyperliquid’s traction in decentralised finance applications.

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Ex-Binance employee sues exchange after whistleblower bribery claim

  • Amrita Srivastava alleges she was dismissed from Binance a month after she informed managers about the bribery in April 2023
  • Lawyers for Binance claim Srivastava was dismissed due to “poor performance”

A former senior executive at Binance has filed a lawsuit against the company’s UK section for unfair dismissal after raising concerns about an alleged bribe.

Amrita Srivastava said that she was unfairly dismissed after bringing the matter to management. According to Srivastava, a colleague had solicited bribes from a customer “under the guise of providing consultative services,” reports Bloomberg.

Srivastava alleges that she was dismissed from her position at Binance a month after she told her managers about the bribery in April 2023. However, according to Binance’s lawyer, Srivastava was dismissed due to “poor performance.”

In a statement, the lawyer said:

“The decision to end her employment for poor performance pre-dated concerns she raised about an issue that was already known and under investigation by our internal audit team.”

According to Bloomberg, the colleague in question has since left the company. In a witness statement, Srivastava said that she “was not prepared to look the other way when someone had defrauded a customer and yet was still a part of the team.”

This is the latest lawsuit against Binance. Last June, the US Securities and Exchange Commission (SEC) sued Binance for violating US securities laws by offering services to high-valued US customers on its platform.

In November 2023, the US Department of Justice sought more than $4 billion from Binance – after Binance’s former CEO Changpeng Zhao pleaded guilty to money laundering charges – to settle the criminal investigation against it.

As part of the DOJ settlement, Zhao resigned from his position. He later stepped down as Chair of the Board of Directors.

Zhao was later sentenced to four months in prison, which he has since served.

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iDEGEN: The next Pepe with a potential for 1,000% gains

Meme coins are doing well in 2024, helped by the ongoing crypto bull run and the fear of missing out. Pepe coin has emerged to be one of the best-performing cryptocurrencies this year as it jumped by 1,472% from its lowest point in January. This article explores why Pepe may continue rising and why crypto analysts are turning to iDEGEN.

Pepe price has room to rally

Pepe coin has done well this year, helped by the ongoing crypto rally and strong demand from investors. The number of holders has jumped to over 330,000, much higher than 296,000 a few weeks ago, a sign that it has strong demand.

Technicals suggest that the Pepe Coin price has more room to grow in the coming months. On the daily chart, we see that the coin has formed a few bullish patterns that could lead to more gains.

It has formed a cup and handle pattern, which is a popular continuation sign in the market. This pattern is made up of a horizontal line that connects two peaks, followed by a pullback and a rounded bottom. The asset then forms a consolidation, which becomes part of the hand. In most cases, this pattern usually leads to more gains.

Pepe has also moved above all moving averages and has formed a bullish flag candlestick pattern. This pattern forms when an asset forms a vertical line and a rectangle. In most cases, this is one of the most bullish patterns.

Therefore, there is a likelihood that the price of Pepe will bounce back and jump to the year-to-date high of $0.000026, which is about 34% above the current level. A move above that point will signal more gains in the coming months.

On the flip side, a drop below the key support level at $0.00001720 will invalidate the bullish view in the near term.

Investors are piling into iDEGEN

Cryptocurrency investors are moving to iDEGEN, one of the fastest-growing players in the industry. Data on its website shows that it has already raised over $1 million in less than three days, making it one of the fastest-growing players in the industry.

iDEGEN is an upcoming crypto project that is at the intersection of meme coins and artificial intelligence. Unlike other crypto projects, it does not have any knowledge or information prior to being birthed. Instead, it is created to learn new information daily. One of its top advantages is that it reads and responds to all X posts tagging it, including links.

Crypto analysts are bullish on the iDEGEN token because of the ongoing growth of AI coins and the ongoing bull run. Also, digital coins are firing on all cylinders, with most coins being in a strong bull run.

Bitcoin is nearing $100,000, and if this happens, it will likely jump to over $200,000 in the next few months or years. If this happens, new thematic tokens will replicate the rally. Just recently, we have seen several meme coins like PNUT, ACT, and GOAT surge. This means that the iDEGEN token could replicate this performance. Learn more about iDEGEN here and follow it on X here.

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