Schlagwort: crypto business

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Jito Foundation unveils governance token for Solana MEV development

  • Jito Foundation Launches Governance Token (JTO).
  • Impactful Solana MEV Mitigation by Jito Labs.
  • The JTO token will have a total supply of 1 billion.

Jito Foundation, the driving force behind Solana MEV developer Jito,  has made a significant move with the launch of a governance token, JTO.

This move aims to not only manage the protocol but also foster development in the Solana ecosystem. With a total supply of 1 billion JTO tokens, this initiative seeks to democratize decision-making within the Jito Network, allowing community members to play a pivotal role.

Empowering Solana’s liquid staking with JTO tokens

In a bid to address challenges posed by Maximum Extractable Value (MEV) on Solana, Jito Labs, backed by the Jito Foundation, has taken a proactive approach by launching a governance token, called JTO, for the Jito Network.

The Jito MEV network, consisting of validators, has now garnered over 40% of the Solana network’s stake weight. This statistic underscores the practical impact of Jito Labs in mitigating MEV-related issues on the Solana blockchain. Jito’s software enables Solana to run more efficiently and earn MEV rewards.

With a carefully crafted tokenomics model, the Jito Foundation has allocated 34% of the JTO tokens for community growth, emphasizing the importance of grassroots involvement. Additionally, 10% of the tokens are earmarked for an airdrop, a gesture recognizing the vital contributions of community members in bootstrapping the network.

With JTO, users can set fees for the JitoSOL stake pool, update delegation strategies by controlling StakeNet parameters, manage the DAO treasury of JTO tokens and revenue from JitoSOL, and contribute to the enhancement of the Jito Network.

Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs, are among notable investors in Jito Labs, which successfully raised $10 million in a Series A funding round last year.

This governance token launch by the Jito Foundation aligns with the broader trend of decentralized decision-making within blockchain projects. By involving the community in protocol management and development decisions, the Jito Network aims to strengthen its position within the Solana ecosystem.

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HSBC and Hang Seng join Standard Chartered and Fubon Bank in China’s Digital Yuan Pilot

  • HSBC and Hang Seng Bank have officially joined China’s digital Yuan pilot.
  • HSBC China customers can now utilize their debit cards to access personal digital Yuan wallet services.
  • There have been collaborative efforts between foreign banks and China’s financial authorities.

International banking giants HSBC and Hang Seng Bank have officially joined China’s digital Yuan pilot, signalling a pivotal moment for foreign banks in the digital currency space. This comes barely a month after HSBC launched digital asset custody services.

This move underscores a growing trend of traditional financial institutions embracing central bank digital currencies (CBDCs) globally.

Foreign banks enter Digital Yuan pilot program

Being foreign banks, HSBC and Hang Seng Bank have made headlines as part of the first group of foreign banks to officially announce their participation in China’s digital Yuan pilot.

Reports from the 21st Century Business Herald reveal that the banks have embarked on this journey, embracing the innovative technology behind the digital Yuan.

HSBC China customers wielding debit cards can now leverage the official digital Yuan app for personal wallet services. This includes the ability to activate and deactivate wallets seamlessly. Moreover, these customers can utilize their conventional debit cards to top up their digital RMB wallets, marking a practical integration of traditional and digital financial services.

Standard Chartered, another international banking heavyweight, has confirmed its involvement in the digital yuan pilot. The bank’s Mainland China arm has successfully accessed the digital Yuan interconnection platform, enabling it to offer digital Yuan exchange services to its customers. This move underscores a strategic push by foreign banks to play a pivotal role in China’s evolving CBDC landscape.

Collaborative efforts and CBDC adoption

Standard Chartered’s collaboration with a Mainland Chinese chartered clearing organization overseen by the People’s Bank of China emphasizes the collaborative efforts between foreign banks and China’s financial authorities. This aligns with the broader trend of HSBC and Hang Seng intensifying their CBDC adoption plans, not only within Hong Kong but also on a global scale.

These developments mark a watershed moment in the integration of traditional banking institutions into the digital currency landscape, emphasizing the increasing importance of CBDCs in the evolving financial ecosystem.

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Shiba Inu dips by 4% this week: is the dip an opportunity to buy more meme tokens?

Key takeaways

  • Shiba Inu is down by 4% over the last seven days as the market undergoes a correction.

  • Shiba Memu’s presale has now raised more than $4.6 million as more investors troop in.

The cryptocurrency market is undergoing a slight correction after its excellent performance in recent weeks. However, Shiba Memu’s presale continues to hit new highs. 

Shiba Inu could slip below $0.000008

SHIB, the native token of the Shiba Inu ecosystem, is down by 4% over the last seven days. The poor performance comes as the broader cryptocurrency market undergoes a correction.

At press time, the price of Shiba Inu stands at $0.000008077 per token. If the bearish trend continues, SHIB could drop below the $0.000008 level in the near term. 

What is Shiba Memu?

Shiba Memu is a new Web3 project that is launching as a meme token. The project continues to attract interest from investors as the broader cryptocurrency market continues to record an excellent year. 

Its presale recently surpassed the $4.5 million mark and could soon hit the $5 million milestone if the interest continues. 

Shiba Memu is a project that seeks to help individuals and entities handle marketing campaigns. According to their whitepaper, the Shiba Memu platform will leverage blockchain and AI to offer marketing services to users.

The use of AI and blockchain technology would allow Shiba Memum to become a self-sufficient marketing powerhouse. With this platform, users can carry out a wide range of marketing activities. 

The platform will operate 24/7 thanks to its use of AI. It will also identify ideal creative scenarios and develop excellent marketing campaigns for users.

The team revealed that its launch as a meme token is due to the fact that they intend to take advantage of the hype around meme projects. Meme coins have become important in the crypto industry, growing from a market cap of $0 in 2019 to $35 billion in 2023. 

What separates this project from the thousands of other meme coins available in the market is that it offers utility to users. The Shiba Memu AI technology will help users develop their marketing strategies, write their PRs, and promote their services and products on relevant forums and various social media platforms. 

At launch, Shiba Memu will only be available to users on the BNBChain and Ethereum blockchains. 

Shiba Memu’s presale surpasses $4.6 million

Although the broader crypto market is having a poor start to the week, Shiba Memu’s presale continues to hit new milestones. The project has raised $4.615 million so far. At this rate, the Shiba Memu presale will hit the $5 million mark. 

The team will use the funds to develop its AI technology and a suite of other products. 

Click here to find out more about Shiba Memu’s presale event. 

Should you increase your Shiba Memu investment?

Shiba Memu is an excellent project that has a lot of prospects. Investors have been pouring funds into the project over the past few months thanks to its unique value proposition.

If you have invested in Shiba Memu before, you can purchase more of its tokens as the project could be one of the biggest winners in the upcoming bull run. The token could gain massive adoption over the coming months or years, and that could see its price soar higher. 

Listing on cryptocurrency exchanges and gaining massive adoption could see the SHMU token rally to new highs in the coming months and years. 

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Tornado Cash nosedives 55% after Binance announces TORN delisting

  • Tornado Cash (TORN) price fell sharply on Monday afternoon, nosediving 55% from near $4.00 to lows of $1.64.
  • The decline followed Binance’s announcement that it would list TORN, WTC, PERL and BTS.
  • Binance agreed a $4.3 billion settlement with US authorities last week, with ex-CEO Changpeng Zhao stepping down.

Tornado Cash (TORN) shed 55% of its price on Monday as the market reacted to Binance news around the latest token delistings. At the time of writing, the price of TORN was $1.70, down from near $4.00 earlier in the day.

According to data from CoinGecko, the Tornado Cash token traded to lows of $1.64 across major crypto exchanges.

Binance to delist TORN

On Monday, Binance announced the exchange would be delisting Tornado Cash (TORN) BitShares (BTS), PERL.eco (PERL) and Waltonchain (WTC). The crypto platform has planned to delist trading pairs for BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, WTC/USDT.

The swift reaction of the market saw prices of the above tokens plummet sharply. Binance’s announcement stated:

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

It noted that based on their latest review, they had “decided to delist and cease trading on all trading pairs” for listed tokens. The delisting will occur on December 7, 2023 at 3:00 (UTC). The exchange 

As well as Tornado, the prices of Waltonchain, PERL.eco and BitShares dropped 56% to $0.075; 54% to $0.0077; and 47% to $0.0057 respectively.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the crypto mixing service. 

Meanwhile, Binance agreed to a $4.3 billion settlement with the US authorities for various sanctions violations. Former Binance CEO Changpeng Zhao also stepped down.

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Inflows into crypto investment products hit 9-week high of $346M

  • Crypto investment products hit 9-week high of inflows.
  • Total inflows for week up to November 24 was $346 million, with $312 million in Bitcoin-related ETP products.
  • Ethereum saw $34 million of inflows amid a turnaround in sentiment.

Crypto investment products recorded $346 million in inflows for the week ending November 24, according to a weekly report by digital assets management firm CoinShares.

The report highlights last week’s inflows into crypto exchange-traded products as the “highest total observed in the past 9 weeks of inflows,” CoinShares head of research James Butterfill noted. 

According to the analysis, crypto products are on a run of inflows that’s now the biggest since the last bull market. Positive net inflows are likely to continue given the sentiment around the potential approval of a spot-based ETF in the US.

Bitcoin ETPs record $312 million in inflows

As total crypto ETPs inflows hit $346 million, the largest chunk of that went into Bitcoin (BTC) products, with a total of $312 million in weekly inflows. The figure pushed the inflows count for the flagship cryptocurrency $1.5 billion year-to-date. Meanwhile, short bitcoin products saw outflows of $0.9 million.

Elsewhere, altcoins continued to experience a resurgence in inflows. Ethereum (ETH) registered a total of $34 million in inflows for the week, while Solana (SOL), Polkadot (DOT) and Chainlink (LINK) saw $3.5 million, $0.8 million and $0.6 million respectively.

Ethereum is on a 4-week run totalling $103 million, CoinShares noted, a scenario that sees the world’s second largest cryptocurrency by market cap nearly flip the run of outflows see in 2023. The CoinShares team attributes this to a “decisive turn-around in sentiment”, probably informed by recent events including the filing of a spot Ethereum ETF by BlackRock.

Last week’s inflows have pushed total assets under management in crypto funds to $45.4 billion. It’s the the highest level since May last year. 

Total crypto ETP inflows surpassed the $1 billion mark year-to-date earlier this month.

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