Schlagwort: crypto business

• Casper Network has resumed operations after resolving the recent security breach.
• Two blocks were removed; a new Casper-node binary was deployed and scanned.
• Other July breaches affected WazirX ($230M), Compound Finance ($24M), and more.

The Casper Network has resumed operations following a temporary halt due to a security breach.

On July 31, 2024, at 3:18 pm UTC, 64 validators, representing 85% of the staked CSPR, unanimously agreed to resume network validation. This decision marked the network’s recovery and return to full functionality.

Two blocks removed from Casper blockchain

The incident highlighted the critical importance of vigilance and proactive measures within the ever-evolving realm of blockchain technology.

The Casper team, in collaboration with validators, engineers, and other stakeholders, successfully resolved the breach through a coordinated and decentralized effort.

The disruption, occurring mid-era rather than at its conclusion, presented significant technical challenges.

To address the issue, the network removed two blocks containing four transactions, effectively orphaning these transactions and their impacts on the blockchain.

A new Casper-node binary and standard configuration files were deployed, and a global scan of the blockchain was conducted to detect any other potential exploits.

Validators played a crucial role in the recovery process, manually initiating the upgrade and implementing the new version of the software. This step required precise real-time synchronization.

Once at least 66.7% of the consensus stake approved the node restart, the problematic blocks were removed, and block creation resumed.

July saw several high-level crypto security breaches

While Casper Network has made substantial progress in addressing the breach, other crypto entities faced similar incidents in July.

Notably, Indian exchange WazirX experienced a $230 million theft and is strategizing user fund recovery.

Additionally, breaches affected Compound Finance ($24 million), Li​.Fi ($8 million), Bittensor, and Rho Markets ($8 million each).

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• OpenEden launches tokenized T-bills on XRP Ledger with Ripple’s $10 million investment.
• TBILL tokens are backed by US T-bills and require KYC and AML compliance.
• $1.5 billion in tokens, including $609 million XRP, are set to unlock in August.

In a groundbreaking move for the intersection of traditional finance (TradFi) and decentralized finance (DeFi), OpenEden, a prominent tokenization platform, has introduced tokenized United States Treasury bills (T-bills) on the XRP Ledger (XRPL).

This initiative, supported by a significant $10 million investment from Ripple, marks a significant milestone in the integration of real-world financial instruments with blockchain technology.

OpenEden’s TBILL tokens

OpenEden’s TBILL tokens are backed by short-term US government T-bills and reverse repurchase agreements, which are collateralized by US Treasurys.

These tokens offer a secure and regulated way for investors to access T-bills via a decentralized platform.

To ensure compliance with regulatory standards, minters of these tokens will undergo rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) screening processes.

Growing trend of institutional access to DeFi through tokenization RWAs

The launch of tokenized T-bills on the XRPL and Ripple’s strategic investment in OpenEden signify a major advancement in the integration of traditional finance with blockchain technology, paving the way for increased institutional participation in decentralized finance.

The tokenized T-bills on the XRPL highlight the growing trend of institutional access to DeFi, driven by the tokenization of real-world assets (RWAs).

Markus Infanger, senior vice president of RippleX, emphasized the significance of this development, stating that the tokenized T-bills exemplify how RWAs are being utilized to create new opportunities and drive utility within the financial ecosystem.

Ripple has invested in OpenEden

Ripple’s investment in OpenEden is part of a broader strategy to support the tokenization of TradFi assets on the XRPL.

The XRPL is designed to power institutional-grade financial use cases, reinforcing its role as a robust and decentralized layer-1 blockchain.

Ripple’s commitment to OpenEden’s initiative underscores its belief in the potential of tokenized assets to transform traditional finance.

$609M worth of XRP tokens to be unlocked in August

In addition to the launch of tokenized T-bills, the crypto community is also anticipating the unlocking of a substantial amount of tokens in August.

A total of $1.5 billion in tokens are set to be released, including $609 million worth of Ripple’s XRP tokens. Historically, Ripple has unlocked 1 billion tokens on the first day of each month since 2017.

However, there are indications that Ripple may re-lock a significant portion of these newly released tokens, as evidenced by the re-locking of 800 million XRP from its June 1 unlock.

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• UK online casinos forecast to generate $6.468 billion in revenue in 2024, surpassing USA’s $6.29 billion
• UK has higher user penetration (17.4%) and ARPU than the US (9.4%), which offsets smaller population
• The rise of non-GamStop casinos offers flexibility but poses regulatory and safety risks.

In a surprising turn of events, 2024 revenue forecasts from Statista predict that the UK’s online casino market will generate more revenue than the same sector in the USA.

The data projects that the UK’s online casinos will generate $6.468 billion for the British economy, compared to $6.29 billion for the US. 

This development underscores a significant shift in the global online gambling landscape, driven by higher user penetration and average revenue per user (ARPU) in the UK.

Why the UK online casino sector is outpacing that of the US

Despite the United States having a population five times larger than the United Kingdom, the UK has managed to outpace the US in the online casino sector. 

One key factor is the user penetration rate, which stands at 17.4% in the UK, significantly higher than the US’s 9.4%. This means a larger proportion of the UK population engages in online gambling, contributing to higher revenue.

Furthermore, the ARPU for online casinos in the UK is more than double that of the US. This disparity highlights the intense engagement and spending habits of UK online gamblers. 

With an ARPU of approximately $0.63k in the UK compared to $380.50 in the US, it is clear that UK players are investing more heavily in their online gambling experiences.

The cultural acceptance and deep-rooted history of gambling in the UK also play a crucial role in these numbers. The UK has a long-standing tradition of gambling, from betting on horse races to the national lottery.

According to YouGov’s Global Gambling Profiles data, about 49% of UK online gamblers spend more than £5 on fantasy sports and sports bets monthly. Additionally, 25% of online gamblers in the UK opt for slot machines, while 17% choose casino games, and 18% prefer bingo.

Moreover, the convenience of online gambling has significantly contributed to its popularity in the UK. The COVID-19 pandemic accelerated the shift towards online platforms as traditional sports events faced restrictions. 

Even as these events returned to normal, the allure of online gambling, with its myriad of games and ease of access from home, persisted. This convenience, combined with tax-free gambling winnings in the UK, incentivizes players to bet higher amounts.

The rise of non-GamStop casinos in the UK

Another trend gaining traction in the UK is the rise of non-GamStop casinos. These platforms operate outside the jurisdiction of the United Kingdom Gambling Commission (UKGC) and provide an alternative for players seeking to bypass the restrictions of GamStop, the UK’s national online self-exclusion scheme. 

Non-GamStop casinos offer a loophole for self-excluded players, although they operate in a regulatory grey area, lacking the stringent oversight and player protection measures mandated by the UKGC.

While non-GamStop casinos present opportunities for players seeking more flexibility, they also pose significant risks. These platforms are not bound by the same player protection standards, raising concerns about security, fairness, and responsible gambling practices. 

Players engaging with non-GamStop casinos must exercise caution, thoroughly researching the platform’s licensing status, reputation, and security measures.

UK’s regulatory framework for online gambling

The UK’s robust regulatory framework for online gambling, overseen by the UKGC, has also contributed to the market’s growth. 

Strengthened gambling regulations have instilled confidence among players, encouraging them to spend more on various online gambling sites. However, the risks associated with online gambling, such as addiction, bankruptcy, and fraud, remain prevalent. 

The UK government estimates that up to 2.5% of the adult population has a gambling problem, with significant financial costs associated with harmful gambling.

To mitigate these risks, the UK government has introduced measures such as a levy on individual stakes for online slot machines and increased funding for treatment systems. 

Advocates continue to call for additional measures, including slower spin speeds, affordability checks, and public health information about the dangers of gambling.

While non-GamStop casinos offer an alternative for some players, they also highlight the importance of responsible gambling practices and regulatory oversight.

The post Online casinos will generate more revenue in the UK this year than in the US, new data reveals appeared first on CoinJournal.

• Telegram’s in-app browser will support decentralized websites built on the TON blockchain.
• Users can have access to games and services within the mini apps, with Web3 support on both mobile and desktop.

Telegram now offers access to decentralized websites, thanks to the unveiling of a new in-app browser.

In a July 31 announcement, Telegram said the launch brings Web3 to millions of the instant messaging platform’s users.

“Today’s update brings a new in-app browser that supports multiple tabs and makes Web3 available to almost a billion users, a Mini App Store, a new kind of mini apps, the ability to gift Stars to friends — and much more,” the Telegram team noted.

Telegram reveals in-app support for TON Sites

Telegram CEO Pavel Durov also commented on the in-app browser support, noting that the TON blockchain will host the decentralized websites dubbed “TON Sites”. Access to the websites will be available across Telegram’s mobile and desktop apps.

According to the Telegram CEO, the addition of in-app browser support for TON Sites means Telegram’s more than 950 million monthly users now have a new way to access Web3.

“The Browser lets users switch between viewing websites and messaging, merging communication with news consumption. It is equipped with all the features you would expect from a browser — like search, bookmarks, and multiple tabs,” Durov wrote.

Currently, more than 500 million of Telegram’s nearly 1 billion users use mini apps every month. The new update, which comes as part of an earlier announced launch for a Mini App Store, means more of this user base will have fresh access to games and services.

Tap-to-earn crypto apps on Telegram

Telegram’s crypto-friendly environment continues to see a surge in top apps tapping into crypto gaming. One of the Web3 apps to hit dominance is Hamster Kombat.

This popular tap-to-earn game that has grown massively within the crypto community. With millions of players, the tap-to-earn game is on the verge of another milestone. It’s set to offer one of the sector’s most anticipated airdrops of the year.

Another Telegram-based app attracting a lot of attention is Catizen. Like Hamster Kombat, this mini game is built on the TON blockchain.

In a recent post, Durov said Catizen has over 26 million players and has already managed $16 million in earnings from in-app purchases.

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• Polymarket surpasses $1 billion in trading, driven by US election betting surge.
• Trump leads with 57% odds; Harris’s odds rise to 40% after Biden’s withdrawal.
• Series B funding of $70 million and MoonPay partnership boost Polymarket’s platform growth.

Polymarket, a leading crypto betting platform, has achieved a significant milestone, surpassing $1 billion in trading volume.

This surge has been largely driven by intense speculation surrounding the upcoming United States presidential election.

Donald Trump leading with 57% odds

According to Dune Analytics, Polymarket’s bet trading volume reached $1,051,670,878 million by July 31, a substantial increase from $111 million in June and $63 million in May.

The majority of this activity has been fueled by wagers on the US presidential election set for November 4, with over $458 million bet on the outcome so far.

Currently, former President Donald Trump holds a strong lead with 57% odds, while Vice President Kamala Harris has seen her odds improve significantly to 40%, following President Biden’s unexpected withdrawal from the race.

Polymarket has grown considerably but remains unavailable to American users

While Polymarket is predominantly used for betting on political outcomes, the platform also offers markets on a variety of topics, including cryptocurrency, sports, business events, and the 2024 Olympic Games.

The platform’s growth has been further bolstered by a $70 million Series B funding round led by Peter Thiel’s Founder Fund on May 14, with participation from Ethereum co-founder Vitalik Buterin.

To make the platform more accessible, Polymarket partnered with payments platform MoonPay on July 24. This collaboration enables users to make deposits using debit and credit cards, streamlining the onboarding process for those outside the cryptocurrency community.

Adding to its credibility and expertise, Polymarket enlisted election analyst and statistician Nate Silver as an adviser on July 16.

Interestingly, despite its focus on US events, Polymarket remains unavailable to American users.

With its diverse range of prediction markets and a growing global audience, Polymarket continues to thrive as a leading destination for speculative betting, attracting users keen on a wide array of topics.

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