Bancolombia introduces Wenia, aiming to disrupt the Colombian crypto exchange industry. The exchange plans to reach 60,000 users in its launch year, enhancing user access to crypto. Continue Reading: Bancolombia Launches New Crypto Exchange, Wenia
Polygon, an Ethereum-oriented layer 2 upgrading service, has delivered the Miden Alpha Testnet as a zk platform targeting builders. Through this, users will be provided with the option of producing proofs about their state transformations. Miden helps improve privacy factors for builders, making way for increased output applications. Polygon is reaching out to builders to …
Chainalysis, a blockchain analysis firm, has been appointed as a council member of Digital Asset Lab. The firm will use its expertise to assist Emirates NBD’s lab in understanding market trends and client needs. The Digital Asset Lab’s objective is to comprehend how Emirates NBD’s customers can utilize digital assets and the associated technology. Leveraging
The post How Ripple’s Stablecoin Launch Could Fuel XRP Price to $5 appeared first on Coinpedia Fintech News The XRP price is $0.53215495, a change of 0.92% over the past 24 hours. Where do you see XRP going? Recent developments within the Ripple ecosystem have given hope, with many speculating that XRP’s price could surge to $5 shortly. Despite occasional spikes, XRP has struggled to break free from its average value of around …
Ethereum sees highest network growth in 19 months. New wallet addresses signal strong, growing interest. Continue Reading: Ethereum Network Activity Surges as Wallet Addresses Increase
Binance CEO Richard Teng alleged that Tigran Gambaryan is being held in "a dangerous prison in order to control Binance."
PRESS RELEASE. Dover, Delaware, USA, May 7th, 2024 – KonnektVPN is a company that is going to modify the VPN industry, offering a pivotal shift from conventional VPN models. The inception of KonnektVPN signifies a bold departure from traditional approaches, prioritizing user privacy, security, and personalized experiences through the integration of cutting-edge artificial intelligence (AI)
A digital Lazarus has risen from the blockchain graveyard. After a decade of slumber, a Bitcoin wallet, presumed lost to the mists of internet history, stirred back to life on May 6th, 2024. This prehistoric beast, a “whale” in crypto terminology due to its massive holdings, sent ripples through the market by transferring a staggering
In a bid to streamline and enhance the user experience of cryptocurrency wallets on the Ethereum network, developers have proposed Ethereum Improvement Proposal 3074 (EIP-3074). This latest initiative aims to address common pain points faced by users when interacting with Ethereum wallets, offering potential solutions to improve accessibility, security, and functionality. EIP-3074 adds new capabilities …
Sui, the year-old Layer-1 blockchain darling, is facing a harsh reality check. While celebrating its first anniversary on May 3rd, 2034, the network finds itself embroiled in a controversy surrounding its tokenomics, the design and distribution of its cryptocurrency, SUI. Related Reading: Is Avalanche About To Blow? Don’t Miss This Potential Breakout – Analyst SUI Supply: Cause for Concern? The fire was ignited by Justin Bons, founder of Cyber Capital, who tweeted concerns about the SUI token supply being overly concentrated in the hands of the founders and early contributors. Bons pointed to a potential 80% allocation – 160 million out of a total 10 billion – going to Mysten Labs, Sui’s creator, and another 600 million earmarked for “early contributors,” raising eyebrows about potential centralization. 1/16) SUI has a great design, except for its token economics: SUI claims to have a capped supply of 10B, with 52% being “unallocated” till 2030 The problem is that over 8B SUI is being staked right now! Over 84% of the staked supply is held by founders! SUI is centralized: 🧵 — Justin Bons (@Justin_Bons) May 2, 2024 This alleged lack of decentralization worries investors. If these significant token holders decide to sell their SUI holdings (dump), it could cause a dramatic price drop, harming regular investors. Sui Fights Back: Transparency On The Agenda The network wasted no time in refuting these claims. The network vehemently denied any accusations of a centralized token supply, calling them “misleading” and “inaccurate.” In a bid to assure investors, Sui emphasized that Mysten Labs doesn’t have control over the Sui Foundation treasury, community reserves, or investor tokens. Total crypto market cap currently at $2.3 trillion. Chart: TradingView The network further clarified that the foundation, as the largest holder of locked tokens, will release them according to a publicly available schedule. They reiterated their commitment to transparency, stating that “every token that will be released has been allocated.” Additionally, Sui highlighted that all staking rewards earned by the foundation are reinvested back into the community, a detail also reflected in the public emission schedule. SUI 24-hour price action. Source: Coingecko Trust Issues: The Market Responds While Sui attempts to quell concerns, some market participants remain skeptical. They question the network’s motives, labeling the token distribution strategy as potentially manipulative. This skepticism coincides with a recent slump in SUI’s price. Related Reading: Whispers In The Deep: Why Are Ethereum Whales Disappearing? Despite impressive gains in the past, the token has shed over 25% in the last month and sits a staggering 90% below its all-time high. This price performance fuels doubts about the project’s long-term viability. The Importance Of Transparency: A Lesson For Blockchain Projects The SUI tokenomics controversy underscores a critical lesson for the entire blockchain industry: transparency is paramount for building investor trust. Justin Bons’ concerns, though potentially exaggerated, highlight the need for clear communication and verifiable token distribution plans. As the blockchain space matures, projects that prioritize transparency and fair distribution models will likely garner stronger investor confidence and ultimately, a more sustainable future. Featured image from Penn Today – University of Pennsylvania, chart from TradingView