Ethereum Name Service (ENS), the blockchain-based service that simplifies address resolution, has announced plans to develop its own Layer 2 network, dubbed Namechain, using Linea’s advanced technology stack. Ethereum Name Service Partners with Linea to Build 'Namechain' Layer 2 Network ENS selected Linea, a Layer 2 solution based on zkEVM, for its ability to maintain full compatibility with Ethereum's existing smart contracts and tools. As ENS shared in a recent blog post, zkEVM technology enables reliable and seamless interactions between Ethereum’s Layer 1 and the new Namechain Layer 2. Linea is also recognized as the first Layer 2 team to implement a trust-minimized version of ERC-3668 and provide decentralized cross-chain name resolution for ENS altcoins. The Linea platform is powered by Consensys, a leading Ethereum-focused research and development firm. The Namechain initiative is at the core of ENSv2, an upgrade introduced earlier this year that aims to increase the scalability and affordability of the Ethereum Name Service. This upgrade includes: Tier 2 Adoption: Domain name registrations and renewals will move to Tier 2 Name Chaining, reducing transaction costs and increasing efficiency. Layer 1 Integration: Name resolution services will remain on Ethereum Layer 1 to maintain ENS's decentralized infrastructure and compatibility. The move to Tier 2 is expected to increase ENS's capacity to process larger volumes of domain name registrations and renewals, improving overall user experience and cost efficiency. With Namechain, ENS aims to further expand its use in decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain-based ecosystems. This development underscores ENS's commitment to remain at the forefront of blockchain innovation while maintaining compatibility with Ethereum's core network. *This is not investment advice. Continue Reading: Ethereum Name Service (ENS) Partners to Develop Its Own Layer 2 Network! Here Are the Details
Bitget Token (BGB) has achieved a remarkable milestone, hitting an all-time high of $4.38 amid heightened market enthusiasm. The current trading volume has surged by 56%, surpassing $320 million, reflecting
Wilmington, Delaware, December 18th, 2024, Chainwire Silencio Network, the world’s largest decentralized environmental intelligence platform, has successfully closed a $2.5 million Seed funding round, solidifying its position as the leading innovator in decentralized infrastructure. Led by Blockchange Ventures, this round brings together continued support from Borderless Capital and Master Ventures, alongside new strategic backers such
Deutsche Bank, the largest bank in Germany by total assets, is exploring the launch of an Ethereum layer-2 to address compliance issues for financial institutions. This is according to a report from Bloomberg today. Notably, the layer-2 network will especially be useful for mainstream financial institutions looking to get into blockchain but are hindered by compliance concerns. The Purpose of Project Dama 2Named Project Dama 2, the initiative seeks to improve transaction efficiency while ensuring stricter regulatory compliance for financial institutions.Public blockchains, such as Ethereum , hold great promise for asset tokenization and improving operational efficiency. However, they could present compliance challenges for regulated organizations, including risks of interacting with unauthorized or sanctioned entities. To address these issues, Deutsche Bank's Layer-2 solution will connect with Ethereum and leverage ZKsync technology to enable more efficient and affordable transactions.Boon-Hiong Chan, who leads applied innovation for Deutsche Bank in the Asia-Pacific region, stated that the Layer-2 framework enables banks to design a tailored list of validators for processing digital asset transactions. Notably, this method improves compliance by ensuring only approved entities are involved in validation. Furthermore, the platform is designed to provide regulators with exclusive oversight abilities, allowing them to track fund movements when required.For context, Project Dama 2 is a component of the Monetary Authority of Singapore's (MAS) Project Guardian, a program that brings together 24 leading financial institutions to explore blockchain-based asset tokenization. Centralization Risks?Deutsche Bank's participation confirms its dedication to using blockchain for enhancing operations while adhering to stringent regulatory standards. The bank plans to release a minimum viable product of the platform next year, subject to regulatory approval.However, the project's design, which includes curated validators and exclusive oversight rights for regulators, raises concerns among blockchain enthusiasts who value decentralization as a core principle. With the decision to hand over regulators "super admin rights" and limit transaction validation to approved entities, the initiative could undermine the open and permissionless nature of blockchain. Deutsche Bank Warming up to Crypto and BlockchainMeanwhile, this development is not Deutsche Bank's first foray into blockchain and digital assets. In June 2024, the bank partnered with Austrian crypto broker Bitpanda to facilitate cryptocurrency transactions for its clients. This collaboration enabled Deutsche Bank customers in Germany to buy and sell cryptocurrencies through internal transfers, simplifying the investment process in digital assets. Furthermore, Deutsche Bank has been exploring crypto custody services. In May 2024, reports confirmed that the bank plans to offer digital asset custody solutions, aiming to provide secure storage for cryptocurrencies and other digital assets. Before this, last June, Deutsche Bank applied with Germany's regulator Bafin to procure a digital asset custody license. Most recently, Deutsche Bank inked a partnership with leading exchange Crypto.com to help the platform bolster its banking support in the Asia Pacific (APAC) region.
NiceHash is on the move. The crypto mining platform, which has been a mainstay of the industry for over a decade, has announced its relocation to Zug, Switzerland. Zug offers a regulatory environment that aligns with NiceHash’s mission to operate transparently while supporting its global user base. While already running compliant operations in Europe, the shift of HQ demonstrates its determination to walk the walk. The transition, initiated in November and expected to conclude by mid-December, places NiceHash at the heart of one of the world’s most blockchain-friendly jurisdictions. The relocation not only enhances NiceHash’s ability to comply with the European Union’s evolving regulations but reinforces its reputation as a trusted platform in the crypto mining space. A Strategic Move Amid Tightening Regulations NiceHash’s decision to base itself in Switzerland comes as the European Union’s Markets in Crypto-Assets Regulation (MiCA) prepares to take full effect by the end of 2024. MiCA introduces a comprehensive framework for crypto assets, mandating stringent requirements for issuers and service providers. Additionally, the Travel Rule obliges cryptocurrency platforms to collect and share customer information for transactions above specific thresholds, aligning crypto operations with traditional financial standards. By relocating to Zug, NiceHash can position itself as a proactive player in this new regulatory landscape. Switzerland’s clear and supportive legal framework ensures that NiceHash can continue to provide its services to European users while meeting the requisite compliance standards. Crypto companies operating across the EU are now rapidly falling into line with MiCA. Crypto Mining Comes in From the Cold While crypto exchanges have been widely regulated for several years now, it’s taken longer for the mining sector to follow suit. In an increasingly interconnected digital landscape, however, that intersects with fiat on- and off-ramps, compliance has become unavoidable. Aside from avoiding the wrath of regulators, mining firms that adhere to international standards stand to benefit from institutional capital, which is fast flowing into every major crypto vertical. Since its inception in 2014, NiceHash has focused on driving down the barriers to cryptocurrency mining by creating a marketplace where buyers and sellers of hashing power can connect. Sellers can monetize idle computing resources, while buyers gain access to on-demand computational power without the need for expensive hardware. This flexibility has made NiceHash a go-to platform for hobbyists and professional miners alike. Where NiceHash has led, other mining companies are likely to follow. The benefits of maintaining MiCA compliance aren’t just limited to keeping regulators at bay: they’re a signal to European crypto users that they’re open for business, and that best practices will be followed when it comes to custody, audits, data storage, and verification. The move to Switzerland marks another chapter in NiceHash’s mission to simplify mining while maintaining transparency. Operating under one of the world’s most forward-thinking regulatory frameworks ensures NiceHash will continue to lead the industry in user-friendly mining solutions. As MiCA and other EU regulations are rolled out, crypto companies are being compelled to adapt or risk falling behind. Most are choosing the former. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Market setting back up following surge of liquidation
Solana's network activity lit up on Tuesday as the Pudgy Penguins NFT project debuted its native token, PENGU, on the programmable blockchain. The layer 1 blockchain, considered a cheap alternative to Ethereum, registered a total transaction tally of 66.9 million, the highest since its inception in 2020, according to data source Artemis. To highlight how busy it was, Solana's transaction count eclipsed the total of all other major chains combined. Solana also led other blockchains in terms of daily decentralized exchange trading volume and daily active addresses but lagged Base, Ethereum and Tron in the stablecoin transfer volume. Since the dawn of the ongoing crypto bull run in early 2024, Solana has been a go-to blockchain for retail investors looking to make a quick buck from memecoins, NFTs and other smaller tokens. Tuesday was no different, as holders of original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) lined up for the PENGU airdrop, which began at 08:00 ET. The project reported over 100,000 claims in the first hour with over 4.7 million website views. PENGU debuted at a market cap of $2.3 billion but has since seen the value drop to $2 billion, according to data from Coingecko. Solana's SOL token rose 3.2% to $229 on Tuesday, following the market leader bitcoin higher. However, the token has struggled to keep the momentum going today, receding to $217, likely representing caution ahead of the Fed rate decision .
Matthew Sigel, head of digital assets research at global asset management firm VanEck, suggested in a recent interview with Natalie Brunell that the U.S. government might establish a strategic Bitcoin reserve in 2024. He speculated that this could involve reclassifying the approximately 200,000 Bitcoin already held by the government, seized in criminal cases, as a