crypto
In a significant effort to combat fraudulent activities in decentralized finance (DeFi), LayerZero Labs has flagged 803,093 addresses as potential sybils. The targets “airdrop farming,” where users create multiple fake accounts to unfairly benefit from token distributions. LayerZero’s sybil self-reporting successThe flagging of the 800k addresses took place after LayerZero announced the conclusion of its sybil self-reporting phase on May 18. During the self-reporting phase, which began on May 3, users were allowed to self-report sybil addresses in exchange for 15% of their planned token airdro...
Invezz
XRP, the cryptocurrency backed by Ripple Labs, has caught the attention of crypto market participants today, May 20, as significant whale transactions have created a buzz. These movements come amid a period of highly volatile price action for XRP, prompting traders and investors to speculate on potential gains. Whale activity: major transactions recordedOn-chain data from Whale Alert reported a substantial 283 million XRP moved in a series of transactions over the past 24 hours. Among these, a notable transaction involved 33 million XRP, valued at $16.76 million, transferred to Bitstamp by a w...
Invezz
The burn rate of Shiba Inu (SHIB) has skyrocketed by over 500% today, according to data from Shibburn. This significant increase in the burn rate has generated optimism among traders and investors about potential positive price movements for the meme coin, often dubbed the “Dogecoin killer.” Massive token burn despite trading slumpDespite the impressive burn rate hike, SHIB traded in the red, indicating that the immediate price reaction has not yet mirrored the positive sentiment. The token saw a substantial decline in its supply with the burning of 9.83 million tokens, primarily from two spec...
Invezz
The U.S. Congress has passed a bill targeting the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This action marks the first standalone crypto legislation seeking to reverse the requirement that crypto assets be recorded as liabilities on balance sheets. Passed last week, the legislation under the Congressional Review Act (CRA) seeks to repeal SAB 121. The bill mandates that entities holding crypto assets for clients recognize these assets and corresponding liabilities at fair value in their financial statements. SAB 121 faces criticismThis requirement has been heavily criticized for poten...
Invezz
Bitcoin Layer-2 (L2) platform Mintlayer has announced an upgrade to its staking program, enhancing the user interface (UI) to make it more accessible and easier to use. The simplified staking program is integrated into Mintlayer’s blockexplorer and Mojito wallet browser extension, enabling users to stake their ML tokens and earn substantial rewards. Industry-leading APY attracts usersThe launch of Mintlayer’s enhanced staking program is set to empower more users to stake their ML tokens, with an impressive annual percentage yield (APY) currently around 198%. This attractive staking program is ...
Invezz
Bitfinity Network has announced a groundbreaking development in the blockchain space by enabling Ethereum Virtual Machine (EVM) compatibility on the Internet Computer (ICP) platform. This move allows for seamless integration of Ethereum’s smart contract functionality with Bitcoin-based assets, marking a significant milestone in cross-chain interoperability. The Bitfinity Ethereum Virtual Machine (EVM)The protocol’s Execution Layer launch introduces the Bitfinity Ethereum Virtual Machine (EVM), a Bitcoin sidechain built on the Internet Computer’s tech stack. This innovation enables Solidity-bas...
Invezz
The U.S. Senate voted 60-38 on Thursday to overturn the controversial Securities and Exchange Commission (SEC) crypto policy known as Staff Accounting Bulletin No. 121 (SAB 121). This move aligns with a similar effort by the House of Representatives to erase the policy. Despite this legislative push, President Joe Biden has pledged to veto the resolution, maintaining the policy’s enforcement. Bipartisan support and veto challengeThe vote saw a dozen Democrats joining a majority of Republicans in favor of overturning SAB 121, comfortably surpassing the simple majority needed for passage. Howeve...
Invezz
SKUx, a digital instant payments startup, and Visa, a global payments giant, have announced a strategic agreement. The partners will work together to support further growth and adoption in the digital payments space. SKUx announces agreement with VisaIn an announcement on Thursday, SKUx said the collaboration will tap into its payments-based solutions to accelerate digital transformation for merchants and consumer packaged goods (CPG) companies. The alliance will focus on various use cases, including customer acquisition, loyalty programs and consumer care. “SKUx is privileged to announce our ...
Invezz
In just two years, Pyth Network has achieved remarkable milestones: expanding to over 55 blockchains, securing $300 billion in total volume, and integrating with more than 350 applications. To understand the factors behind this growth and its impact on the blockchain ecosystem, Invezz spoke Michael Cahill – CEO, Douro Labs (Core Contributor to Pyth). On rapid growthInvezz: Pyth has reported some fascinating growth numbers. What made this growth possible? I think a big driver in this explosive growth is Pyth’s architecture as a pull oracle. Legacy oracles, and most oracle today, are push oracle...
Invezz
Recently, Binance Coin (BNB) has seen a major price uptrend following the ecosystem incentives seen across the BNB Chain, which can result in higher demand for the crypto. Cosmos (ATOM) is also in the spotlight, as Ripple and Evmos joined forces to build an XRP Ledger EVM sidechain, which will be built with emOS on the Cosmos SDK. While both of these have displayed bullish performance, all eyes are also on Rollblock (RBLK), as its presale has already sold over 23.2 million RBLK tokens. To see which crypto can spike the most and which is the best crypto to invest in now for June, we will go ove...
Invezz
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