Schlagwort: crypto business

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Chainlink opens v0.2 staking with 45 million LINK pool

  • Chainlink has announced its Staking v0.2 is live, with a pool size of 45 million LINK. 
  • v0.1 stakers are eligible to migrate their staked LINK from November 28.
  • Minimum stake for community is 1 LINK and for node operators 1,000 LINK.

Chainlink has officially upgraded its staking mechanism, with the new Staking v0.2 going live on November 28.

The v0.2 staking will feature a 45 million LINK pool, with this accounting for 8% of the blockchain project’s circulating supply.

Announcing that v0.2 was now live on the Ethereum mainnet, the Chainlink team said that existing v0.1 stakers were eligible to migrate their staked LINK with effect from November 28. The group’s accrued v0.2 rewards will give them access during a 9-day Priority Migration phase.

LINK holders will have access from December 7, with this subject to “predefined eligibility requirements”, while general access is scheduled to kick off from December 11.

Minimum stake for community is 1 LINK

Staking plays a crucial role as a core initiative in the economic structure and security of the Chainlink network. With staking, network participants such as node operators back the ecosystem by locking up their LINK, thereby helping secure the oracle services. In return, stakers earn rewards.

According to details in today’s press release, the staking limits will be a minimum of 1 LINK and maximum of 15,000 LINK for the community. Meanwhile node operators will have the opportunity to stake a minimum of 1,000 LINK and maximum of 75,000 LINK.

Anyone can stake up to the said limit amounts as long as the pool remains open. 

Of the 45 million LINK, a pool size share of 40,875,000 LINK has been allocated to the community members. The rest, 4,125,000 LINK will be open to node operators that are currently servicing the Chainlink Data Feeds.

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Changpeng Zhao resigns from Binance.US board

  • Changpeng Zhao has reportedly resigned from the Binance.US Board of Directors.
  • The former Binance CEO has also relinquished his voting rights in the US affiliate and will not participate in any governance decisions.

Binance.US has announced that Changpeng Zhao, who recently resigned as the CEO of the global crypto exchange Binance, has stepped down as Chairman of the Board of Directors.

CZ has also transferred his voting rights and will no longer be involved in the US-based crypto platform’s governance, according to a statement posted on X on Tuesday.

“As CZ transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer be involved in our governance,” the company said in the post.

The update by the Binance.US team also pointed out that while it may share the Binance brand and technology stack with the global company that agreed a $4.3 billion settlement with the US authorities, that’s as far as it goes.

“Binance.US is not a party to the settlements announced last week, nor do we have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC.”

According to the statement, Binance.US is “fully operational” and will continue to serve its customers, offering the same products and services they did before the recent developments.

SEC sued Binance and Binance.US

The US Securities and Exchange Commission (SEC) sued Binance, founder Changpeng Zhao and its US affiliate Binance.US in June.

SEC’s charges include allegations that Binance operates unregistered exchanges, broker-dealers and clearing agencies. The world’s largest cryptocurrency exchange by trading volume also misrepresented trading controls to let high-value US customers trade on the Binance.com platform.

The regulator also alleged the crypto platforms offered and sold unregistered securities. 

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FSB calls for global regulation of multifunction crypto firms

  • The Financial Stability Board (FSB) says multifunction crypto-asset intermediaries (MCIs) are critical to the cryptocurrency ecosystem.
  • However, their business models have vulnerabilities and risks that may negatively impact global financial stability.
  • The FSB recommends a global approach and cooperation on regulation of these MCIs.

The Financial Stability Board (FSB), an international organisation that monitors and makes recommendations about the global financial system, is seeking for greater cooperation among national regulatory bodies when it comes to the regulation of crypto.

In particular, the FSB has called for cross-border collaboration between different regulators across the globe in the supervision of multifunction crypto-asset intermediaries (MCIs). While critical to the crypto ecosystem, there are risks and vulnerabilities linked to crypto behemoths that combine services and products.

These risks can be impactful on global financial stability, the FSB said.

MCI vulnerabilities

In its report published on Tuesday, the FSB describes MCIs as “individual firms, or groups of affiliated firms – such as FTX (prior to its failure) – that combine a broad range of crypto-asset services, products, and functions.”

Per the Swiss-based organisation, these services and products typically marks a trading platform’s operations and bear similarities to those handled in traditional finance.

However, unlike in crypto, traditional finance platforms do not usually offer all these under the same entity. Often, restrictions are applied “to prevent conflicts of interest and promote market integrity, investor protection, and financial stability.”

While it says vulnerabilities in crypto, including leverage, liquidity mismatch, and technology, are not dissimilar to those in traditional finance, a combination of functions only works to exacerbate the potential vulnerabilities.

Examples of combined functions at MCIs include proprietary trading, market making and lending and borrowing. FSB pointed to the collapse of crypto-friendly banks this year as an indicator of how growing interconnectedness could pose risks.

Allowing crypto firms to combine different activities as is with MCIs risks vulnerabilities that can have negative impact on the global financial system, FSB warned in its report. A global approach to regulatory enforcement across the crypto-asset markets is therefore needed, the agency recommended.

Concerns and issues in the latest report are a follow up on FSB’s February 2023 report on risks of decentralised finance (DeFi) on financial stability. The FSB also released a global regulatory framework for crypto, which the G20 endorsed in September this year.

As highlighted last week, crypto exchange Binance agreed a historic $4.3 billion penalty as settlement with US authorities, with its founder and then CEO stepping down.

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dYdX trading and launch rewards live after governance vote

  • dYdX trading and launch rewards went live on the dYdX Chain on November 28.
  • dYdX users can now earn rewards for using the dYdX Chain, with $20 million set for launch rewards.

dYdX trading rewards are live on the dYdX Chain, the decentralised derivatives trading protocol announced on Tuesday.

This comes as the platform began its full trading after progressing from the beta stage, with the move made possible following a community vote. 

dYdX Chain progresses to full production trading

The dYdX Chain’s mainnet beta went live on November 14, with trading available across 33 markets and offering leverage of up to 20x. The platform recorded more than $1.86 million in trades across some 14k transactions over the two weeks.

With 100% of trading fees accrued by traders, the launch of full production trading on November 28 opens up trading rewards distribution to users. Unlike staking rewards, trading and launch rewards were inaccessible to traders during the beta stage. 

Rewards are paid in the native DYDX token.

“Following the conclusion of the governance vote earlier today, trading rewards are now fully enabled. Staking rewards for validators and stakers will continue to be paid in USDC and DYDX,” the dYdX Chain team wrote in a blog post.

Approximately 50,000 DYDX are available to traders as rewards each day and will be distributed immediately rather than traders having to wait for a month.

$20 million approved for launch incentives program

Other than the trading rewards, the community is also poised to benefit from a launch incentives program. Chaos Labs, an economic security and risk management platform for DeFi protocols, will manage the program while the dYdX Foundation will handle the distribution.

$20M of DYDX was approved for the incentives, with the funds taken from the dYdX Chain Community Treasury. The rewards will be distributed to the community over the next six months – 80% of which will be for trading activity and 20% for market maker activity.

According to today’s announcement, the launch incentives program will monitor the protocol, with possible adjustments to the above weights taken in tandem with the activity on dYdX Chain.

Full trading on the dYdX Chain will initially support four markets – Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and Chainlink (LINK). 

New markets will be added continuously over the next few weeks, with these available via the dydx.trade frontend operated by the dYdX Ops subDAO, a community-run dYdX DAO.

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Animoca Brands now largest Validator in TON Network after strategic investment

  • Animoca Brands has secured its position as the largest validator on the TON blockchain.
  • Animoca Brands actively supports third-party gaming projects within the TON ecosystem.
  • Telegram’s endorsement of TON as its blockchain of choice for Web3-related developments in September adds weight to TON’s prominence.

Hong Kong-based venture capital firm Animoca Brands has made a significant move in the blockchain and gaming space, solidifying its position as the largest validator on the TON (Telegram Open Network) blockchain.

The strategic investment aligns with Animoca’s focus on gaming and metaverse projects, contributing to the TON ecosystem’s development.

Animoca Brands’ investment in TON

In a recent announcement, Animoca Brands confirmed its investment in the TON ecosystem, refraining from disclosing specific details regarding the terms of the investment. The firm is actively supporting third-party gaming ventures within the TON ecosystem, emphasizing its backing for TON Play, the blockchain network’s dedicated gaming infrastructure project.

In September, TON received a notable endorsement from Telegram, designating it as the preferred blockchain for Web3-related developments. This endorsement positioned TON as a significant player in the blockchain space, especially given the vast potential audience of Telegram, boasting a user base of 800 million. With Animoca Brands’ investment and involvement in TON, the gaming and metaverse sectors may witness increased innovation and collaboration within the TON ecosystem.

This strategic move by Animoca Brands underscores the growing intersection of blockchain and gaming, with TON providing a robust infrastructure for decentralized applications (DApps) in the gaming industry. As TON continues to gain support from influential players like Animoca Brands, it reinforces the blockchain’s position as a key player in the evolving landscape of Web3 technologies.

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