Schlagwort: crypto business

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Injective’s INJ 3.0 upgrade goes live after community passes proposal

  • INJ 3.0 went live on the mainnet today, Injective announced.
  • Injective price rose slightly after the vote, hitting highs of $29.15.

Injective (INJ) has announced that the INJ 3.0 upgrade is now live on the mainnet following a historic on-chain vote.

According to the layer-one blockchain’s team, IIP-392 passed with the highest percentage of approval for such an upgrade, and Injective is now in a new era.

“INJ 3.0 is officially live on mainnet, allowing $INJ to become one of the most deflationary assets in all of crypto. Over the next two years, the supply of INJ will be decreased on an accelerated pace,” the L1 blockchain posted on X.

Injective upgrade INJ 3.0 key to network

Injective’s tokenomics system changes as a result of the vote, with the inflation parameters changed to 4% for the lower inflation bound and 7% for the upper inflation bound.

The new parameters ranks Injective among the most deflationary assets in the industry, with INJ deflation jumping 400% over the next two years.

IIP-392 was introduced on April 19 and featured a governance proposal that sought to bring controlled reduction in Injective’s inflation rate via incentives and token scarcity. The changes, which went live after voting ended today April 23, put the network in a position where the network can swiftly react to fluctuations in staking.

These changes come after Injective launched its Vulcan upgrade in January this year. Today’s deployment of INJ 3.0 saw the token’s price rise slightly to hit $29.15 before retreating to $27.63.

INJ traded around $28.58 at the time of writing, with a 24-hour volume of $98.3 million.

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Akash Network’s AKT rallies by 54% today as Algotech’s presale approaches $4m

TL;DR

  • AKT is the best performer amongst the top 100 cryptocurrencies by market cap today, adding 54% to its value.
  • Algotech’s presale is approaching the $4 million mark as more investors troop into the project.

AKT leads the market charge

The cryptocurrency market has been performing well since the Bitcoin halving on Friday. However, Akash Network’s AKT token leads the charge after performing excellently over the last few days.

AKT is up by 54% in the last 24 hours, outperforming the other major cryptocurrencies by market cap. At press time, AKT is trading at $6.24, up by 75% over the last seven days. 

Akash Network’s rally comes after the token was listed on Upbit, a leading South Korean cryptocurrency exchange. The crypto exchange added USDT and Korean won trading pairs for AKT.

What is Algotech?

Algotech continues to generate steam amongst investors as its presale is approaching a key milestone. The project is developing a cutting-edge decentralized algorithmic trading platform designed specifically for the fast-paced world of cryptocurrency trading.

Algotech targets retail traders and will provide them with advanced algorithms and machine-learning features. The project is bringing AI features to retail traders with the intention of eliminating the limitations and challenges associated with manual trading.

Algotech’s unique AI features

Algotech seeks to take advantage of the growing volume in the cryptocurrency market to help traders achieve their trading goals. Thanks to the launch of Bitcoin ETFs, large institutions are coming into the market, which means there is more liquidity now than in the past. 

As the trading volumes increase, crypto traders need to develop their edge to make a profit. Algotech will help traders build their edge in the market. Its advanced algorithms analyze assets across over 1000 unique data points to identify the next breakout opportunities. 

The platform’s algorithms also enable traders to make split-second entry decisions for high-precision trading. The platform monitors market funding levels, availability, liquidity and spread. This helps reduce risk for traders. 

Algotech also comes with an AI-based trailing stop feature, which allows traders to manage risk and protect their trading capital. Its AI tools also present traders with arbitrage opportunities. In addition to that, Algotech provides access to trading strategies, community resources, and trading education.

Will Algotech be a strong project?

Algotech is still in its presale but it could become a very strong project in the cryptocurrency space. If the development team rolls out its features and products, it could attract thousands or even millions of traders in the crypto space. 

Their whitepaper indicates that only 30 million ALGT tokens will be issued. Of this amount, 10% of the tokens have been allocated to R&D and funding for testing, durability and performance on the current and new algorithms.

Furthermore, another 10% has been allocated to the support in promotion and bounty to partners. The founders will hold on to only 7% of the total supply while the team gets a 3% allocation. Finally, 70% of the total token supply is available for public sale (including marketing).

Token holders will enjoy certain incentives such as a percentage of trading fees on the platform. They would also participate in governance decisions within the Algotech ecosystem. 

Should you purchase ALGT tokens?

The Algotech presale is moving swiftly and is currently in its third stage. It has raised nearly $4 million so far and could go higher in the coming days and weeks. In this stage, the ALGT token is going for $0.08, with more than 98,000 tokens sold so far.

With the right level of adoption, Algotech’s ALGT token could record massive gains in the medium to long term. In addition to Algotech’s features, token holders will receive a certain percentage of platform trading fees.

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SEC seeks $5.3 billion from Terraform Labs and Do Kwon

  • The US Securities and Exchange Commission (SEC) seeks a $5.3 billion judgement against Terraform Labs and co-founder & CEO Do Kwon.
  • Terraform Labs filed a motion for settlement at $3.5 million; dO Kwon offered $800,000.

The US Securities and Exchange Commission (SEC) is after a $5.3 billion judgement against Terraform Labs and its co-founder and CEO Do Kwon.

SEC recently filed a motion in the US District Court for the Southern District of New York, outlining the disgorgement and civil penalties it wants imposed against Terraform Labs and Kwon.

The $5.3 billion amount includes $4.7 billion in disgorgement and prejudgment interest following the recent fraud verdict against the crypto company.

Terraform Labs offers $3.5 million, Do Kwon $800,000

SEC also seeks $520 million in civil penalties, of which the SEC wants $420 million imposed against Terraform Labs and $100 million against Kwon. The securities watchdog has also filed for injunctions against Kwon, seeking a ban against him taking any executive roles in the market.

The regulator also wants Kwon to comply with full financial disclosures requirements.

SEC’s filing and suggested charges contrast massively to that of the Terraform Labs and Kwon. In their brief, the company and the detained Kwon proposed civil remedies of $3.5 million, while Kwon offered just $800,000.

The proposed penalties and civil remedies await judicial approval, with this the next step after the jury’s verdict on April 5, 2024. The verdict was that Do Kwon and his company was liable for defrauding investors, particularly offering misleading statements about the stablecoin TerraUSD (UST), crypto token Luna (LUNA) and wLUNA.

LUNA and UST’s collapse in 2022 saw a massive contagion across crypto. Do Kwon went on the run before being arrested in Montenegro in May 2023. He remains in custody amid potential extradition – Kwon is wanted by both the US and South Korea.

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Ledger Live brings crypto swaps to users via MoonPay partnership

  • Ledger and MoonPay have expanded their partnership to offer crypto swaps and buy via Ledger Live.
  • The companies will also offer a custom Nano X for MoonPay.

Ledger will offer access to instant crypto purchases to its Ledger Live users in its latest partnership with crypto payments firm MoonPay.

The development is part of MoonPay’s expanded collaboration with the hardware wallet maker, according to details shared in a news release on Monday.

Easy crypto swapping via Ledger Live

MoonPay said in an announcement that the platform will become a Ledger feature partner, enabling the instant purchase of crypto. The partnership also brings MoonPay Swap and MoonPay Sell to Ledger Live, providing for crypto swaps and sell, with crypto-fiat transfers. 

Coins that users can swap include Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) among others.

Other milestones for the two companies will be the release of a custom Nano X for MoonPay. The limited-edition release for “Ledger x MoonPay” Nano X will include crypto vouchers and Ledger Recover subscription.

“Expanding our partnership with Ledger allows more people to leverage MoonPay’s seamless Web3 solutions while benefiting from Ledger’s safety offerings – further enhancing the crypto experience for current and future users,” said MoonPay co-founder and CEO Ivan Soto-Wright.

Ledger and MoonPay are expanding on the partnership struck in 2021, which saw the launch of MoonPay-enabled Ledger Live’s crypto buy feature.

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Figure Markets CEO confirms FTX’s auction of remaining locked Solana (SOL)

  • FTX to auction the remaining locked Solana (SOL) tokens.
  • The last SOL token sale by FTX attracted significant buyer interest.
  • Figure Markets confirms it will participate in the auction.

The embattled FTX cryptocurrency exchange is set to auction the remaining locked Solana (SOL) tokens from its estate. The decision follows the success of the previous sale, which generated significant interest from buyers.

The upcoming auction has been confirmed by Mike Cagney, the CEO of Figure Markets and board chair of Figure, who disclosed that the decentralized exchange will take part in the auction.

Figure Markets introduces SPV investment opportunity

To facilitate Figure Markets’ participation in the upcoming SOL auctions from the FTX estate, Figure Markets has unveiled a Special Purpose Vehicle (SPV) open to non-US investors (subject to KYC) and accredited US investors.

The SPV will operate based on community consensus, where each dollar invested equals one vote in determining bid prices and subsequent management decisions.

Investors interested in participating in the SPV can do so using USD, USDC, BTC, or ETH. Figure Markets will charge a 50 bps annual management fee to cover the costs of setting up the SPV and ongoing management. Additionally, while there’s no confirmed timeline yet, Figure Markets intends to integrate the SPV into their exchange, allowing investors to use their investment as collateral for borrowing and margining.

By offering this investment opportunity, Figure Markets aims to provide investors with a streamlined way to participate in the auction of locked Solana tokens from the FTX estate. With the SPV structure, investors can have a say in bid prices and subsequent management decisions, creating a community-driven approach to investment in the cryptocurrency space.

FTX’s previous Solana (SOL) token sale

The success of FTX’s previous SOL token sale to industry giants like Pantera and Galaxy Digital cannot be understated.

With approximately $2.6 billion generated from selling two-thirds of its locked Solana tokens at around $60 per token, the FTX estate made significant gains from the sale.

For the investors, considering Solana’s current price hovering around $153, the decision to buy in previous Solana sales appears to have been a prudent one.

However, the volatile nature of cryptocurrencies calls for careful consideration and risk management especially seeing that the unlocking of huge amounts of tokens could create a surplus in supply and unless the demand goes through the roof, the token price could plummet.

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