Polygon proposes replacing MATIC, with POL as the universal token across all its networks. Polygon 2.0 upgrade aims to enhance security, scalability, and sustainability. POL will serve as a unified token for all Polygon-based networks, including PoS, zkEVM, and Supernets. Polygon, a leading Ethereum scaling solution, has put forth a groundbreaking proposal to replace its existing native token, MATIC, with POL as the universal token across all Polygon networks as part of its highly anticipated Polygon 2.0 upgrade. Polygon 2.0 aims to bolster the security, scalability, and sustainability of the Polygon ecosystem. Also, POL would serve as a unified token for all Polygon-based networks, including Proof of Stake (PoS), zkEVM, and Supernets. It represents a significant advancement as the third generation of native assets—a hyperproductive token with groundbreaking features. With the adoption of POL, MATIC token holders will experience a seamless transition, as their tokens will be upgraded to POL on a 1:1 ratio. This upgrade will eliminate the existence of two separate native tokens, streamlining the ecosystem and aligning the community. Further, POL offers several key advantages. Holders of POL will have the opportunity to participate as validators across multiple chains, enabling them to validate and secure various Polygon networks. In addition to the ability to validate multiple chains, POL introduces the concept of multiple roles for validators. Validators can engage in activities such as zero-knowledge proof generation, participation in Data Availability Committees (DACs), and other valuable tasks within its ecosystem. Polygon 2.0: The Four-Layered Structure To enhance security and scalability while ensuring atomic and instantaneous transactions, Polygon 2.0 introduces a four-layered structure. Polygon 2.0 Protocol Architecture (Source: Polygon) The first layer, known as the Staking Layer: maintains the existing validator manager contract on the Ethereum blockchain. The second layer, called the Interoperability Layer, builds upon the Staking Layer and connects all Polygon chains using bridges. The third layer, known as the Execution Layer. That enables Polygon chains to process blocks in a similar manner to Ethereum blocks. It comprises various components such as peer-to-peer (P2P) communication, consensus mechanisms. Finally, the Proving Layer, the fourth layer in the architecture, is responsible for generating proofs for both internal and cross-chain transactions within each Polygon chain. Recommended for you Polygon (MATIC) Price Prediction 2023

N/A, N/A, July 13th, 2023, Chainwire BNB Chain’s Hackvolution is receiving support from COMBO, Google Cloud, CyberConnect, Hooked Protocol, and Ultiverse, as well as several world-leading universities for the upcoming hackathon The Hackathon aims to unleash the power of opBNB and Greenfield to transform developers into successful project founders BNB Chain, the world’s largest smart contract blockchain in terms of daily active users, has today announced Hackvolution, its global 7-week Hackathon, starting on July 13th and running until September 1st. Hackvolution gets support from COMBO, Google Cloud, CyberConnect, Hooked Protocol, and Ultiverse as key partners with mentors joining from leading universities. Interested participants can register here to take part in the upcoming hackathon. The hackathon aims to bring the Web3 community, developers, researchers and scientists together to contribute to the advancement of blockchain technology. The core focus will be on opBNB and BNB Greenfield within the BNB Chain ecosystem, whereby developers will have the opportunity to build decentralized applications (dApps) that leverage the functionality and modularity of these platforms. To bolster innovation across a diverse set of sectors, dApps will be categorized into four domains including, Infra, DeFi, Gaming, and AI. In addition, this event also opens up potential opportunities to access grants and the Most Valuable Builder (MVB) program under Binance Labs incubation. All applicants can expect four days of online workshops and an opportunity to engage with the BNB Chain developer community of 10,000+ developers. They will also receive 24/7 tech support, early access to BNB Chain updates and and exclusive access to the BNB Chain team A panel of judges made up of experts from the Web3 media, community and education sector will evaluate projects based on five key aspects: Technical innovation, Business model and Team configuration. The best 12 projects s from four domains will be selected to participate in the demo day and be eligible for rewards including: $10000 prize for 1st place winners of each track Bonuses based on ranking 1-month trial participation in the BNB Chain Gas Grant program A tailored marketing support package with BNB Chain Access to the discounted tools and services from the BNB Chain Kickstart program $2000 worth of credits and a POC trial coupon valued at $5000 from Google Cloud and Alibaba Cloud There will also be a separate $7500 prize pool for winners of the Local Hacker Stars awards. The hackathon will have a global reach, with offline meet-ups planned across different regions, including Asia-Pacific, CIS, Europe, Middle East & North Africa and Latin America. “We are thrilled to invite participants from all over the world to join us in the BNB Chain Hackvolution,” said Victor Genin, Senior Solution Architect at BNB Chain. “This hackathon is a fantastic opportunity to not only benefit from the rewards on offer but to play a part in shaping the future of blockchain technology and contribute to the growth of the BNB Chain ecosystem.” The key dates for the BNB Chain Hackvolution are as follows: Launch Date: July 13 Registration Period: July 13 – August 22 Greenfield Code Demo: July 21 and July 25 opBNB Code Demo: July 24 Online Workshops: July 28, 31, August 1, and 2 Submission Period: August 2 – August 22 Local Offline Meetups: Dates will be announced on BNB Chain’s social media channels Reviewing Period: August 22 – August 27 Winner Confirmation: August 28 12 Best Projects Demo Day: September 1 To learn more about the hackathon and to register to take part, please visit here. Join us for the BNB Chain Hackvolution and let your ideas, skills, and passion ignite while leveraging the potential of opBNB and BNB Greenfield to create meaningful dApps. About BNB Chain BNB Chain is a community-driven and decentralized blockchain, powered by BNB. It consists of BNB Beacon Chain, its staking and governance layer, BNB Smart Chain (BSC), which is EVM compatible and facilitates a multi-chain ecosystem with its Layer-2 solutions, and BNB Greenfield, its decentralized data storage network. It is the world’s largest smart contract blockchain by daily active users. It has processed 3 billion transactions to date from 232 Million unique addresses making it the largest layer 1 blockchain globally and bringing developers massive user access with ultra-low gas fees, higher transactions per second and has experienced zero crashes since its inception. The ecosystem has more than 1,500 estimated active dApps at any given time across multiple categories such as DeFi, Metaverse, Blockchain Gaming, SocialFi, NFT, Infrastructure, and more. There are numerous programs available to support the Web3 ecosystem including the Gas Grant, Builder Grant, Kickstart, Most Valuable Builder (MVB) and AvengerDAO. Contact Rebecca Reid [email protected]

Data shows that 84.85%, or 1.06 million Shiba Inu addresses, are trading in red. The direction of the SHIB price will be heavily influenced by Shibarium development. Shiba Inu (SHIB) is consolidating its gains and trading sideways along with the rest of the cryptocurrency market, however, the bulk of its investors are now in the red. Specifically, as of July 12, data from the crypto analytics portal IntoTheBlock shows that 84.85%, or 1.06 million Shiba Inu addresses, are trading in red due to the asset’s current pricing, while just 11.14%, or 139,610, are in profit. Consolidation Phase According to statistics, the average price of $0.00001 is a big resistance level for SHIB since the vast majority of the holders in loss (411,390 addresses) have bought Shiba Inu at prices between $0.000008 and $0.000014. Moreover, the price of SHIB is consolidating at the moment. While the future may not look bright for most SHIB holders right now, anything can happen in this industry. This includes both positive (such as the upcoming Shibarium update) and negative (such as the current bearish) changes. The amount of transactions on the Shibarium testnet has increased significantly over the previous two days, as seen by statistics from the Puppyscan explorer. The number of transactions has almost surpassed 29 million, and if current trends continue, it may hit the 30 million mark by the weekend. There has been no recent increase in the number of linked wallets on Shibarium beta Puppynet, which now stands at 17,061,579. After much anticipation from the SHIB community, Puppynet finally went up on March 11 of this year. The direction of the SHIB price will be heavily influenced by factors like Shibarium development and wider market movements. Prospects for SHIB’s future may be better understood if these factors are evaluated. Highlighted Crypto News Today: Mike Novogratz Predicts Significant Bitcoin Price Surge by Year End

In the last week, Ethereum Classic (ETC) recorded a minor surge and a price dip. Axie Infinity (AXS) also seems to have recovered from its June 2023 tussle with the US SEC. Right now, investors are monitoring these tokens to see who will take the lead and present the most viable investment option. Meanwhile, VC Spectra (SPCT) raised $2.4M in private seed sales, making it to investors’ buy list for the second half of 2023. >>BUY SPCT NOW<< Ethereum Classic (ETC) Fails to Sustain Bullish Momentum After its August 2022 price pump and subsequent downward retracement, Ethereum Classic (ETC) has been rather quiet. The token has mostly traded between $15 to $25 in 2023. However, in June 2023, the coin took a minor hit when the US SEC began pushing for new regulations. The price of Ethereum Classic (ETC) hit a new low of $13.99 for the year. However, Ethereum Classic (ETC) took a bullish turn on July 1, 2023, and the token traded for $22.37. Analysts believe that the Ethereum Classic (ETC) price surge was caused by a massive influx of new and returning investors. Sadly, Ethereum Classic (ETC) was unable to sustain its bullish momentum, and the coin is currently ranging and stable. As a result, investors are waiting to see who will take the lead between Axie Infinity (AXS) and VC Spectra (SPCT), as it seems as if Ethereum Classic (ETC) is lacking. Axie Infinity (AXS) Remains Stable After Its Crypto Pump The past few weeks have been eventful for Axie Infinity (AXS). The token opened in June 2023 with a market price of $6.50. However, after the US SEC filed a lawsuit classifying Axie Infinity (AXS) as a security, the price of the token crashed to $4.65 in less than 10 days. Unfortunately, there was no reversal in this bearish trend till late June. Most analysts believe that the positive mood in the crypto market and the start of the second half of the year may have prompted big whales to buy Axie Infinity (AXS), thereby driving up its price. However, the crypto market eventually recovered from the SEC news, and Axie Infinity (AXS) saw a steady rise in price, trading at $6.56 in July 2023. Since the first week of July, Axie Infinity (AXS) has maintained a stable price, currently trading around $6. Therefore, if a sudden price pump occurs in the crypto market, it is likely that Axie Infinity (AXS) will follow suit. VC Spectra (SPCT) Takes the Lead, Offers Hope to Investors VC Spectra (SPCT) is a decentralized hedge fund that aims to drive innovation and development in the blockchain industry through strategic investments. As a VC Spectra (SPCT) holder, you get access to a wide range of profitable blockchain projects at their early stages. In addition, VC Spectra (SPCT) holders get quarterly rewards, exclusive access to ICOs, and profits from buybacks of successful blockchain ventures. Currently, VC Spectra (SPCT) is in its first presale phase and is selling for $0.008. When the crypto finally hits the mainstream market, it will sell for $0.08 and provide its initial investors with a 900% ROI. According to these expert forecasts, in this bull run battle, VC Spectra (SPCT) is clearly leading Ethereum Classic (ETC) and Axie Infinity (AXS). Learn more about the VC Spectra (SPCT) presale here: Presale: https://invest.vcspectra.io/login Website: https://vcspectra.io/ Telegram: https://t.me/VCSpectra Twitter: https://twitter.com/spectravcfund Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Celsius Network has also filed a lawsuit against StakeHound. By June of 2022, after the market meltdown of that year, CEL had dropped to 68 cents. A $2 billion lawsuit has been brought against FTX’s sister firm Alameda Research by Celsius Network on claims of suspicious trading activity that may have affected the price of the Celsius CEL token in 2022. Regulatory agencies such as the U.S. CFTC, the U.S. SEC, and federal prosecutors in Manhattan have been looking into Celsius Network, so the action is timely. Recently, Celsius Network made headlines when it launched a massive $2 billion lawsuit against FTX’s sister firm Alameda Research. The lawsuit states that in 2022, the price of the Celsius CEL token was significantly impacted by questionable transactions made by specific FTX users. In June of 2021, the price of CEL had risen to $8.02, from its ICO price of 30 cents. By June of 2022, after the market meltdown of that year, CEL had dropped to 68 cents. Minimizing Creditor Base Damage Creditors of Celsius Network, who are looking for fairness and clarity, think that the company’s demise may be traced back to fraudulent trading practices. By taking legal action, Celsius Network hopes to recoup significant money and reduce the damage to its creditor base. Celsius Network has also filed a lawsuit against StakeHound in addition to the claim against FTX. According to the complaint, Celsius lost almost $150 million because StakeHound had failed to return the tokens. 55,000 ether, 50M MATIC, and 66,000 DOT are the tokens in dispute. CEO Alex Mashinsky’s crypto lending business had a significant disaster late last year, drawing the attention of regulators. Before its collapse, the business allegedly broke regulations, according to CFTC investigators. Highlighted Crypto News Today: Shiba Inu Investors Trading in Green Shrink to Nearly 16%

TORONTO–(BUSINESS WIRE)–Tokens.com Corp. (NEO Exchange Canada: COIN) (Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a publicly-traded company that builds web3 businesses and owns an inventory of digital assets, is pleased to announce that its subsidiary, Hulk Labs (“Hulk”) is in the advanced development phase of creating a proprietary mobile phone-based web3 video game titled Astraeus Defense (https://astraeusdefense.com/). According to the Federal Trade Commission – Gaming is the largest sector of the entertainment industry with an estimated 3.2 billion gamers globally (2). Surpassing the combined revenues of the Music and Film industries, gaming generates a sum exceeding $170 billion annually (1). Citi GPS’ estimates the number of web3 wallets to surge from one million in 2022 to between 50 million – 100 million by 2025 (2). Mobile games offer a larger addressable global player base, outnumbering PC and console players. The Hulk team has identified this burgeoning opportunity in the video game industry and is positioning itself to be ahead of this shift as gamers move from web2 consoles and PCs to mobile play-to-earn web3 video games. Astraeus Defense is a competitive multiplayer sci-fi combat game that allows players to take on the role of one of eight unique extra-terrestrial species. Targeted at the Zalpha Generation (a combination of generation Alpha and Z), Astraeus Defense will be a mobile first game, with innovative web3 economic mechanics developed by Hulk Labs. Astraeus Defense leverages the most popular mechanisms from successful web2 and web3 minigames, which it pairs with a custom tokenomics system, bringing a novel experience to web3 gaming. In creating the game, Hulk has employed AI technology to develop the concept and establish some of the 2D game art. The team has also employed an AI assistive tool to enhance efficiency of certain aspects of the game’s 3D animation process. Under new leadership, Hulk Labs is utilizing its in-house expertise to launch games for brands and further develop its product offerings. The studio will focus on creating proprietary and branded mobile games targeted at the Zalpha Generation. “We have strategically evolved our approach at Hulk Labs by ramping up the development of our game studio. As part of this, we are excited for the launch of our game specifically targeted at play-to-earn, mobile users. Gaming is a massive market undergoing a shift. We have repositioned Hulk to service this growing opportunity,” says Andrew Kiguel, CEO of Tokens.com. “Hulk Labs boasts an exceptional team of highly skilled developers and tokenomics experts, which allows us to build out our own product lines and gives us the capabilities to service branded games for brands and businesses exploring web3 gaming.” Additionally, Hulk Labs has expanded its team and has hired additional staff to support game development, product development, and core game analytics. The expanded team enables Hulk to deliver on client brand projects and further the development of its data product. Astraeus Defense will be initially beta tested for use in 2023 and is scheduled for full release in Q1 of 2024. For more information on Astraeus Defense visit the website at https://astraeusdefense.com/ or learn more from the whitepaper at https://astraeuswhitepaper.info/. For additional updates and to stay connected follow us on twitter at https://twitter.com/AstraeusDefense and discord https://discord.com/invite/zSsJRkBKM3. About Tokens.com Tokens.com Corp is a publicly traded company that invests in web3 assets and owns an inventory of digital assets. The Company focuses on three operating segments: i) crypto staking, ii) the metaverse and, iii) web3 gaming. The Company also owns a portfolio of web3 related domain names. Staking operations occur within Tokens.com. Metaverse operations occur within a subsidiary called Metaverse Group. Web3 gaming operations occur within a subsidiary called Hulk Labs. All three businesses are tied together by the utilization of blockchain technology and are linked to high-growth macro trends within web3. Through sharing resources and infrastructure across these business segments, Tokens.com is able to efficiently incubate these businesses from inception to revenue generation. Visit Tokens.com to learn more. Keep up-to-date on Tokens.com developments and join our online communities on Twitter, LinkedIn, and YouTube. About Hulk Labs Hulk Labs (Or “Hulk”), is a web3 gaming studio, with a focus on 3 key areas: i) Web3 game economics and branded games for clients. ii) Data analytics via the creation of a web3 gaming dashboard for players. iii) The creation of unique mobile games. With an estimated 3.2 billion gamers globally, and growing daily, Hulk Labs is positioned itself to be ahead of the shift in gaming as gamers move from web2 consoles and PCs to mobile play-to-earn web3 video games. Additionally, Hulk offers expert consultation services in web3 gaming to brands seeking to tap into this exciting space. Hulk Labs is a subsidiary of Tokens.com, a publicly- traded company that builds web3 businesses. Hulk Labs operates at the forefront of the web3 gaming revolution. Stay up to date and connect with us on Twitter. For further information please visit https://hulklabs.com. Forward-Looking Statements This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements in this news release include statements relating to completion of the acquisition and closing date thereof and the benefits to be realized from the transaction, including the potential synergies between Metaverse Group and Tokens.com (including Hulk Labs, the gaming unit of Tokens.com). Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. Sources: Microsoft Activision Administrative Complaint: https://www.ftc.gov/system/files/ftc_gov/pdf/D09412MicrosoftActivisionAdministrativeComplaintPublicVersionFinal.pdf MONEY TOKENS AND GAMES, Citi GPS: https://www.citifirst.com.hk/home/upload/citi_research/rsch_pdf_30143792.pdf Contacts Tokens.com Corp. Andrew Kiguel, CEO +1-647-578-7490 [email protected] Jennifer Karkula, Head of Communications [email protected] Media: Ali Clarke – Talk Shop Media [email protected]

In a jaw-dropping discovery that has sent shockwaves through the Shiba Inu community, a dormant whale has emerged from hibernation. This anonymous early investor, who holds a staggering 10.15% of the total SHIB supply, has recently made significant moves, causing speculation within the community. The whale, identified by his address “0x140”, has been dormant for a staggering 157 days, but has now reawakened with a series of unprecedented transactions. In a span of just 24 hours, the whale distributed a whopping 4 trillion SHIB tokens, equivalent to a staggering $30 million, across nine new wallets. Detailed data from Etherscan confirms the veracity of the whale’s recent movement. The whale distributed precisely 4,000,000,000,107 SHIB tokens across nine new wallets within a 24-hour period. The transfers began with a small amount of 107 SHIB to a specific address, followed by subsequent transfers of 500,000,000,000 SHIB each to eight separate addresses. Shiba Inu Whale Provides A Shock This unexpected flurry of activity has captured the attention of analysts and on-chain experts. Lookonchain, a prominent crypto analytics expert, noted that this whale is likely the largest holder of SHIB, with a current holding of 101.47 trillion SHIB tokens, worth an astonishing $756 million. Furthermore, this early investor has a total of 23 wallets where the SHIB holdings are distributed. This colossal whale’s involvement in the SHIB ecosystem dates back to its early days. Spot On Chain, an on-chain analyst, revealed that the whale initially acquired a staggering 103.33T SHIB with a mere 38 ETH ($14,000) during its inception. Riding the wave of SHIB’s meteoric rise, this investment once reached a staggering valuation of $8.16 billion. In 2021, during the infamous SHIB price pump, the whale made strategic moves, reaping significant profits. Spot On Chain revealed that the whale exchanged approximately 1.9 trillion SHIB across various platforms, including Binance, Coinbase, and MEXC, at an average price of $0.00000969 in July 2021. This savvy maneuver resulted in an estimated profit of $18.49 million. Notably, the whale also executed a substantial sale of 603 billion SHIB tokens for 2,411 ETH, equivalent to $9.6 million at the time. Additionally, the whale deposited a staggering 1.25 trillion SHIB, worth $8.77 million, into Coinbase during the same year. SHIB Breakout Not Confirmed Yet The recent flurry of activity by this influential whale has left the SHIB community speculating about the intentions behind these transactions. With the distribution of such a massive amount of SHIB tokens, there are growing concerns and uncertainties among SHIB proponents. As the market keeps a keen eye on this whale’s next moves, it is evident that the impact of this early investor cannot be underestimated. Holding 10% of the total SHIB supply, this whale wields significant influence over the market and has the potential to trigger substantial fluctuations in SHIB’s price. At press time, the SHIB price stood at $0.00000752. The breakout from the downward trend (yellow circle) that has been in place since the beginning of February has thus still not been confirmed. Also, the longer the price does not make a decisive move towards the 23.6% Fibonacci retracement level at $0.0000083, the more likely it becomes that the SHIB price will remain in bearish territory.

VICTORIA, Seychelles–(BUSINESS WIRE)–#blockchain–KuCoin, the People’s Exchange, proudly announces the first half of 2023 (H1 2023) accomplishments, highlighting exceptional growth and innovation in the face of challenging market conditions. Despite the crypto market fluctuation, KuCoin maintained strong growth and proactively adopted regulatory requirements to enhance the user experience and trust. Key Achievements from KuCoin’s H1 2023 review: Impressive user base expansion and steady trading volume increase: KuCoin’s user base expanded by 26% YoY, reaching 29 million registered users by June 2023, led by the LATAM region. Trading volume across spot and futures markets hit $1 trillion, driven by growth in various regions. The KuCoin Trading Bot saw substantial growth, with 12 million bots created and a trading volume exceeding 5.7 billion USDT in H1 2023. Safety and Security: At KuCoin, the safety and security of users’ assets are of paramount importance. KuCoin has implemented comprehensive security measures to ensure the protection of sensitive data and user funds. This includes industry-standard encryption algorithms, multi-factor authentication for all user accounts, and the majority of client funds stored in cold wallets for enhanced security. Additionally, KuCoin has launched the largest bug bounty program in collaboration with cybersecurity company Hacken, offering $1 million in bug bounty awards, further reinforcing the platform’s commitment to maintaining a secure trading environment. Meanwhile, KuCoin is implementing Mandatory KYC, to enhance security and foster a safer trading environment for all users. Trust and Transparency: KuCoin continues to prioritize trust and transparency by publishing its Proof of Reserves (PoR) data. As one of the first major global crypto exchanges to do so, KuCoin regularly updates its PoR information, assuring users that their funds are fully backed. The latest snapshot from June 30, 2023, reveals a BTC reserve ratio of 104%, ETH reserve ratio of 115%, USDT reserve ratio of 105%, and USDC reserve ratio of 114%. This data confirms KuCoin’s commitment to maintaining a high collateralization ratio, ensuring the safety and integrity of user assets. Global expansion: KuCoin welcomed over 300 new team members globally, fostering deeper engagement with the global crypto community. The exchange’s global communities and social media presence grew, with a 20% increase in user engagement and a Twitter following of 2.5 million. “In the first half of 2023, KuCoin has showcased an exceptional dedication to innovation, trust, and customer satisfaction. We prioritize outstanding customer support, successfully addressing over 300,000 user inquiries by harnessing the power of an AI-driven chatbot between January to June 2023. Trust and transparency form the bedrock of KuCoin’s values, as demonstrated by our stringent anti-fraud measures and the regular release of Proof of Reserves data, ensuring our users that their assets are securely safeguarded. Our commitment to ongoing progress is evident through the addition of 89 new assets, the remarkable expansion of the KuCoin Trading Bot, and the upcoming debut of KuCoin Learn, 6th year anniversary with product and brand upgradation, an indispensable resource for crypto enthusiasts. As we forge ahead, KuCoin remains devoted to empowering our users and fostering the growth of a flourishing crypto ecosystem for generations to come.” – Johnny Lyu, CEO of KuCoin For more details here’s our blog for our KuCoin H1 Review highlights of 2023, here. About KuCoin Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 29 million users in 207 countries and regions. In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2023. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts. Contacts For media inquiries, please contact: [email protected]

Mike is certain that a spot Bitcoin ETF will be approved by the SEC in the near future. The CEO said that a shift in attitude at the SEC or a new administration could be required. Bitcoin, according to crypto billionaire Mike Novogratz, will experience major increases by this year-end. In a recent interview with Bloomberg, Novogratz predicted that Bitcoin’s current consolidation period, between $28,000 and $32,000, will be followed by a significant increase. According to him, this upsurge might happen if the authorities in the United States do a u-turn or flinch in response to the rising popularity of Bitcoin. Novogratz said that the price of Bitcoin did not appear to be much affected by BlackRock’s announcement of its exchange-traded fund (ETF). But he argued that this doesn’t diminish the potential of ETFs to accelerate Bitcoin’s mainstream adoption. He said that these ETF providers showcase upcoming adoption. All Eyes on SEC The CEO of Galaxy Digital is certain that a spot Bitcoin ETF will be approved by the SEC in the future, despite the SEC’s past reluctance to embrace cryptocurrencies. According to Novogratz, this would be the equivalent of the U.S. government stamping its approval on Bitcoin, proving that it has arrived as a legitimate asset class. In addition, he emphasized the significance of large sales staff, such as those at BlackRock and Invesco, in gaining new clients. Also, the SEC continues to take a “really tough” posture on cryptocurrencies, Novogratz said, and this makes the regulatory situation in the United States difficult. Moreover, he said that a shift in attitude at the SEC or a new administration could be required for significant progress to be made in crypto regulation in the United States. Regardless, he has an optimistic stance on Bitcoin and the crypto sector as a whole, anticipating increased trading by the end of 2023. Highlighted Crypto News Today: Coinbase vs SEC Lawsuit: Court Room Hearings Begin

The price of PEPE coin has experienced a significant decline, plummeting over 60% since reaching its peak on May 5. This substantial downturn has dealt a heavy blow to optimistic investors who were aiming to capitalize on their impressive triple-digit profits from June. The latest insights from on-chain data suggest massive whale movement. In light of these developments, a pressing question arises: What lies ahead for the PEPE price, and what can be expected in the future? Trader Accumulates PEPE: A Long-Term Investment? Amidst the crypto community’s ongoing speculation, Lookonchain recently unveiled a noteworthy transaction involving trader “osf_rekt.” It appeared as though osf_rekt was making a conscious effort to maintain ownership of the assets as the user traded 141 Ethereum (ETH) for a staggering 173 billion units of the popular meme coin, PEPE. What makes this transaction even more intriguing is that it was not the first instance of osf_rekt acquiring PEPE. This pattern of behavior by the trader using a pseudonym implies, in most cases, that they have a fundamental view that the cryptocurrency has positive prospects. Considering the widespread buzz surrounding PEPE, this accumulation of tokens by osf_rekt does not come as a surprise. However, it is worth noting that PEPE has experienced a recent decline in value. Over the past seven days alone, its value has depreciated by 14.7%, with a 24-hour slump of 2.8%, ultimately placing its current price at $0.00000150, as reported by CoinGecko. Declining User Adoption And Network Growth In addition, a PEPE price report notes that the meme coin has witnessed a concerning trend of dwindling user adoption. This is evident from the data provided by Santiment, which highlights a substantial decrease in the number of new users joining the PEPE network over the course of one week. Specifically, on July 3, the chart indicates that 1,635 fresh wallet addresses were created. However, as of the time of writing, this number has plummeted by a staggering 47%, leaving only 863 new addresses being generated. The decline in new user sign-ups is not the only cause for worry within the PEPE ecosystem. Another key metric, network growth, has also experienced a disappointing downturn. These figures raise concerns about the overall health and vitality of the PEPE ecosystem. The decline in new user adoption and network growth may indicate a potential loss of interest or a lack of confidence in the project. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Jorge GarcÍa/VW Pics/Universal Images Group via Getty Images

There may be less mining selling pressure if smaller miners give up. The absence of miner accumulation has limited a BTC price increase as per experts. After the last difficulty adjustment on July 12, Bitcoin mining achieved an all-time high of 53.91 trillion units. It’s a way to rank the difficulty of mining Bitcoin. Every two weeks, the blockchain adjusts the difficulty to keep the average transaction time at 10 minutes. As the processing power of the network grows, it makes mining more difficult, cutting down the profits of individual miners. Miners, who have been forced to sell off their supply of mined Bitcoin (BTC) since June, may feel even more pressure as a result of the current adjustment. Some experts have speculated that the absence of miner accumulation has limited a BTC price increase. No Longer Turning a Profit Due to the recent difficulty increase, medium and small-scale miners will likely have to temporarily shut down part of their ASIC gear due to a loss in profitability. There may be less mining selling pressure if smaller miners give up and allow bigger miners to acquire Bitcoin. Independent analyst Charles Edwards developed the hash ribbon indicator to monitor the 30- and 60-day moving averages (MAs) of the network’s hash rate. When the 30-day MA drops below the 60-day MA, it indicates that miners may be giving up and leaving the market since they can no longer turn a profit. The two lines are almost at a crossing, and the increased difficulty may be just what the weaker miners need to give up. If less effective miners left the market, the remaining miners would reap greater rewards, enabling them to keep some of their production in reserve rather than selling it. Highlighted Crypto News Today: Binance Labs Goes Big on Web3 Gaming with $15M Investment in Xterio

Coinbase defenses with major questions doctrine, abuse of discretion, equitable estoppel, unclean hands, and laches. The first hearing between Coinbase and the SEC will play a significant role in shaping the litigation. Coinbase, the second largest cryptocurrency exchange, and the U.S. Securities and Exchange Commission (SEC) entered the courtroom today for the first time as part of the SEC’s lawsuit against the crypto exchange. The outcome of this legal battle holds implications not only for Coinbase but also for the global crypto industry. According to Coinbase’s Chief Legal Officer, Paul Grewal, the exchange has responded to the SEC’s statement and is prepared to address the court during the hearing. Coinbase has been vocal about the need for regulatory clarity in the crypto industry. And has sought to demonstrate that the current legal framework is insufficient for participants to navigate. Lawsuit Allegations: SEC vs Coinbase The lawsuit, filed by the SEC in early June, accuses Coinbase of operating as a broker, exchange, and clearinghouse for unregistered securities. Also, the SEC claims that 13 different cryptocurrencies listed on the exchange meet the requirements of the Howey Test. The Howey Test is a legal evaluation in the United States to determine whether a transaction qualifies as an investment contract, indicating that it should be classified as a security under federal law. The Important Dates in Coinbase – SEC Lawsuit If the parties involved in the case do not reach a settlement, it is expected that the ongoing litigation will continue for several years. Similar to the SEC vs Ripple Labs lawsuit which has been ongoing for three years. However, the pre-motion hearing held today, expected to set the tone for the litigation and shed light on its potential impacts on the global crypto market. The outcome could have significant upshot for other exchanges and industry players. Including Binance as they navigate compliance with federal securities laws. Further, Coinbase has been proactive in its legal defense. Signaling its intentions and publishing a blog post when it received a Wells Notice from the SEC. Also, the exchange has argued that the SEC’s actions violate its due process rights. And that the agency is attempting to preempt Congress by pursuing the lawsuit. Recommended for you SEC Lawsuits Against Ripple, Binance, & Coinbase: Explained

Mike Novogratz, founder of Galaxy Digital Holdings Ltd., recently gave his views about Bitcoin’s future and the anticipated approval of Bitcoin exchange-traded funds (ETFs) in the US, providing a glimpse into what might be in store for the world of crypto. Novogratz’s insights, shared during an interview on Bloomberg TV, come at a crucial time when the crypto market is in flux, sandwiched between mounting regulatory concerns and a growing interest from mainstream investors. BTC On An Upward Trajectory Mike Novogratz paints a promising future for Bitcoin in the coming months. According to his predictions, the digital currency is set to witness a price surge by the end of the year. His focus is currently on Bitcoin’s consolidation between the price brackets of $28,000 and $32,000. An interesting element of Novogratz’s prediction is the anticipated impact of the Federal Reserve’s monetary policy. He foresees a likely upward swing in Bitcoin’s value following the conclusion of the Federal Reserve’s interest-rate hikes. The prevalent market conditions, according to Novogratz, have been influenced by ‘supply pressure.’ So he suggests that significant profits realized by some investors are largely responsible for this situation. This viewpoint aligns with common investment market dynamics, where notable financial gains often result in an increase in selling pressure. Novogratz points out that this trend is playing out in the current Bitcoin market. Anticipating Bitcoin ETF Approval Mike Novogratz’s forecast for the future of Bitcoin doesn’t stop at predicting its market value. He also envisions the potential approval of Bitcoin Exchange-Traded Funds (ETFs) within the United States. This breakthrough could fundamentally alter the crypto investment landscape. If this approval becomes a reality, it would pave the way for industry heavyweights such as BlackRock Inc. and Invesco. These investment titans could introduce Bitcoin to a more extensive investor base, including those who previously had no access to this asset class. In Novogratz’s view, such approval would act as a ‘seal of approval’ from the Securities and Exchange Commission (SEC) and the US government. This validation would further establish Bitcoin’s credibility as an asset. Turning to the topic of his own firm, Galaxy Digital Holdings, Novogratz gave insights into their pursuit of a US listing. He acknowledged that the process is in progress, but admitted that the journey has been slow and ‘frustrating.’ The Toronto-listed company has plans to reincorporate in Delaware with an eye to subsequently list on Nasdaq. However, these ambitions are currently subject to an ongoing review process by the SEC. At present, Bitcoin’s trading activity has been noticeably centered below the $31,000 mark. Specifically, the digital asset was valued at $30,521 at the time of writing. Bitcoin has experienced a slight dip of nearly 1% over the last 24 hours. Featured image from Unsplash, Chart from TradingView

Binance Lab has funded $15 million to enhance technical developments. The gaming platform Xterio plans to expand its Artificial Intelligence technology. Binance, the world’s largest crypto exchange, has played an essential role in developing the Web3 sector. Binance’s investment arm, Binance Labs, has invested $15 million into the Web3 gaming platform and publisher, Xterio. The gaming platform plans to use Binance’s funding for games and technological developments. In recent years, the gaming sector has expanded its network with crypto and Web3 developments to make users more engaged in games. Continuing this significant development, the Web3 gaming platform Xterio announced that the Binance Lab funded $15 million to enhance technical developments. It includes Artificial intelligence (AI) integration and the launch of its tokens. Binance Lab is the venture capital and incubator arm of Binance that focuses on investing in and supporting blockchain entrepreneurs, startups, and the community. It will provide financing and industry projects to enhance the developments. Moreover, it aims to foster the growth and development of the Web3 ecosystem through strategic funding. Binance Lab’s Investment Enhances Xterio Ability Xterio is a free-to-play-and own game developer and publisher. The Web3 gaming platform now plans to expand its Artificial Intelligence technology. Binance Labs stated that Xterio is developing an emotional engine for artificial intelligence. Moreover, with Binance’s Investment, Xterio will integrate the AI interactive experience. And also to create an AI toolkit that can generate consistent product-quality 2D and 3D assets for developers. Michel Tong, the Xterio co-founder, stated, The gaming platform’s core team brings well-experienced Web2 professionals with Web3 expertise. This allows gamers to get into the world and experience Web3 gameplay. Moreover, the head of Binance Labs, Yi He, stated that the Xterio ecosystem is expanding faster than ever and bridges free-to-play genres with on-chain gaming’s enhanced AI capabilities. And also, as part of this collaboration, Binance Labs will support Xterio’s growth, and its token will become part of the BNB chain ecosystem.

The market capitalization of USDC has been on a downward trend since July 2022. Down from its all-time high of little less than $56 billion, it is now standing at $27 billion. The effects of 2022’s events continue to hang heavy over the crypto market. While the value of several cryptocurrencies has increased since the beginning of the year, many cryptocurrency businesses continue to struggle. Consequently, layoffs are still commonplace. Circle, the leading stablecoin issuer, has laid off employees. As a result, it is cutting down on spending on “non-core activities.” The company’s USDC stablecoin is the most notable product. The firm stated: Declining Market Cap Without providing specifics, it referred to the layoffs as a “marginal reduction in headcount.” Circle said in February to the Wall Street Journal that it was planning to increase its workforce size by 15 to 25%, or between 135 and 225 people. After the collapse of LUNA, investors and traders fled to Circle’s USDC stablecoin last year. Tether (USDT), its primary competitor, saw its market capitalization decline as USDC grew. However, Tether has surpassed its previous market value record, with $83.3 billion USDT now available on the market, and now dominates the stablecoin market. The market capitalization of USDC has been on a downward trend since July 2022, when it began to move upward. Down from its all-time high of little less than $56 billion, it is now standing at $27 billion. As of late 2022, Circle had abandoned plans to go public through a SPAC deal. Jeremy Fox-Green, the CFO, claimed that the business was planning another attempt at going public, but not this year. Highlighted Crypto News Today: Charles Hoskinson Wants Algorand To Become Sidechain of Cardano

Within the last 24 hours, Bitcoin and the entire crypto market are experiencing a slight downturn, leaving investors wondering about the reasons behind this dip. Bitcoin briefly rose to $31,009 before falling to 30,254 within a few hours. Ether (ETH) rose to over $1,900, only to drop back to $1,868. CPI Data And The Anticipation Of A Rate Hike One crucial piece of the puzzle lies in the recent Consumer Price Index (CPI) data. Yesterday’s CPI data for June was a positive surprise as the headline CPI year-over-year (YoY) fell to 3.0%, coming in below expectations of 3.1%. Even more encouraging was core CPI YoY which dropped to 4.8%, surpassing market expectations of 5.0%. However, this didn’t significantly alter the market’s view on the upcoming rate hike decision by the Federal Reserve at the end of the month. According to the CME FedWatch Tool, the market still expects a 25 bps hike by the Fed at the next meeting on July 25-26 with a 93% probability. Renowned macro analyst Ted (@tedtalksmacro) is in the minority that believes there won’t be another rate hike. Ted shared the chart below and wrote: Other analysts, however, believe that the core Personal Consumption Expenditures Price Index (PCE) is more important for the Fed. In the most recent release of FOMC minutes, PCE is mentioned ten times compared vs. three mentions of CPI. The Fed’s favored inflation gauge for June will not be released until 28 July. US Government Selling Bitcoin However, it is important to note that following the positive inflation data, traditional markets were setting new highs. The S&P500 rose by 0.74% yesterday and recorded its highest level since April 2022. Meanwhile, Bitcoin still could’t sustainably break $31,000 in its 6th attempt. The reason was likely the news that the US government is moving 9,800 BTC linked to the infamous Silk Road marketplace. The news broke shortly after the release of the CPI and drastically dampened sentiment. In the past, news that the US government is moving and possibly selling some of its Bitcoin always triggered severe price drops. Yesterday’s drop can still be considered moderate and an indicator of market strength. So far, there is only speculation about the US government’s plans. It is known that the US intends to liquidate the seized BTC holdings. The last time this happened was in March. Back then, 9,861 Bitcoin were sold. However, the transfers could also only be used to restructure the BTC holdings. BTC Stuck In Range Additionally, the market activity itself is playing a significant role. Traders actively engage in strategies such as longing at the bottom and shorting at the top of the current Bitcoin range. As analyst Skew aptly puts it, “Most are playing the range well, hedging near range highs & flipping long around range lows.” This trading behavior creates a dynamic environment where short-term price movements can be influenced by the actions of traders seeking to capitalize on market volatility. Skew added: At press time, the BTC price was at $30,431 and remained comfortably in the trading range between $29,800 and $31,300.

The burn rate of SHIB decreased by 94.37%. Shiba Inu is traded at an increased 8.97% in the crypto market. Shiba Inu (SHIB), one of the popular decentralized meme cryptocurrencies is attracting crypto users and investors majorly. Recently, the increase in the burn rate has led to the effective engagement of SHIB investors and enthusiasts. As per the recent update, the price of Shiba Inu is facing a little drop by 1.03% at $0.000007475. Yet, the trading kept on continuing in the market and the volume reached $73M an increase of 8.97%. Furthermore, this predicts the future of SHIB to retain successfully with tremendous active holders. SHIB 24Hr Price Chart (Source: CoinMarketCap) Also, the market capitalization of Shiba Inu is getting low with 1.12% of the total worth $4,405,958,793 over the past 24 hours reports. Meanwhile, the maximum circulating supply is infinite in the count, the current circulation amount of tokens ranges from 589 trillion. Shiba Inu Recent Transaction In consideration of the last 24 hours, a whole of 3,860,333 Shiba Inu tokens burnt. Alongside, a set of 6 transactions have happened. Out of which, 402,955 SHIB transacted to anonymous receivers recently. And, the highest transaction over the last few hours is 1,067,417. Shiba Inu Burn Status The recent burn report shows that 100 SHIB is burnt and the total burn rate is falling by 94.37%. Meanwhile, there are 1,990,121 SHIB tokens burnt in the whole last 24 hours. The overall burn from the initial supply accounts 410,651,363,314,984 SHIB tokens as per the records of SHIBBURN. Hope, the market remains high as it sustains its demand and engagement among crypto investors. Highlighting Crypto News Today: Shibarium Utility Skyrockets to Record Levels within 48 Hours

Crypto custodians play a crucial role as the guardians of users’ crypto funds by safekeeping their private keys. The collapse of FTX has altered the complete scenario. The crypto custody industry is currently working on regaining trust worldwide. TheNewsCrypto engaged in an interview with Arthit Sriumporn, the founder and CEO of Rakkar Digital, an emerging digital asset custodian, to discuss how custodian platforms streamline their operations in the current crypto regulatory landscape. Arthit, with his decade-long expertise in banking and finance, holds a strong focus on providing efficient and effective solutions to address every customer’s challenges. His passion for transforming the financial landscape has led him to position Rakkar Digital as a secure and easily accessible custodian. He highlights the key challenges faced by the crypto custody market and the strategies for mitigating risks. Dorian Batycka (DB): How do you see the current scenario of crypto being adopted by banks and financial institutions? Arthit Sriumporn (AS): The Southeast Asia and Hong Kong markets, in which we operate, have a much clearer regulatory framework. In contrast, the situation in the US, with its variable interest rates, is highly uncertain regarding the digital assets market. At Rakkar Digital, we are a third-party qualified custodian funded by SCB 10X and powered by Fireblocks infrastructure. And what we do is offer safe and qualified custodianship for digital assets. DB: What exactly is a qualified custodian and how that differs from other platforms that hold user funds? AS: There are two parts to custodians. One is using technological infrastructure like Fireblocks to do self-custody, in this case, asset managers or exchanges or brokers can use tech infrastructure like Fireblocks. So they hold custody of their own fund, they hold their own private key. We at Rakkar Digital are licensed custodians. That means we follow regulatory frameworks like anti-money laundering procedures and know your customer rules. The liability is actually with us because we hold a private key on behalf of the customers. So liability is very different. There’s a lot of emphasis on third-party lately now because of what happened with FTX, they hold 100% of their customer assets. In Thailand, the government has a very clear regulatory framework, allowing digital asset operators to hold 10% of their self-custody in a hot wallet for liquidity, but the other 90% has to be stored in a third-party qualified custodian. This model emphasizes the segregation of controls. DB: Centralized & crypto custodian platforms have come under stringent regulatory scrutiny due to a series of events that highly risked the safety of user funds. What measures have these platforms taken to uphold user security against soaring scams, heists, and data breaches? AS: There are multiple players in the ecosystem, operating as de facto exchanges, brokers, asset managers, and hedge funds. The custodian is actually the foundation of everything because custodians safeguard the asset, a very critical part of which is trust and security. And for exchange to implement their own custody is very difficult because their core business is the market match trading, but not safeguarding of the asset. And also these exchanges, it is very crucial for them to not hold everything in one bucket. So let’s say they want to do 100% self-custody, but if something goes wrong, the whole activity of the exchange can be jeopardized. So using qualified custodians, or a third-party custodian, is a good option for digital asset operators to defer the risk. And minimize the risk that can happen on-chain. DB: And how about the integration of third-party custodian tools for digital assets like NFTs? AS: Institutional exchanges and fund managers require adequate governance measures. As for NFTs, we have noticed an increasing number of entities that now offer storage solutions for these digital assets. Our company embarked on this journey last year and secured funding accordingly. While incorporating NFT support is part of our roadmap, we haven’t reached that stage yet. DB: The crypto events of 2022 solidly registered one fundamental lesson in our minds: “Not your keys, not your coins.” How has the integration of multi-party computation (MPC) technology aided wallets in boosting the security of users’ private keys? AS: We’re using Fireblock’s technology, which uses multi-party computation (MPC), that’s the underlying technology infrastructure. The MPC facilitates the division of a key into encrypted key shards and its storage on different servers. At the SDX layer of the hardware, we break it down into multiple key shards. As a custodian, we store keys in the cold wallet, meaning it remains offline and disconnected from the internet. We hold part of the key share in the signing device, which is offline signing. To hack this algorithm, one has to gain unauthorized access to multiple cloud servers and the signing device kept in a secure room. Only authorized personnel have access to the signing device, making it highly secure. DB: Countries are actively developing their CBDCs and harnessing their potential use cases in the financial markets. Regulators and even the crypto community do throw their criticism over these initiatives. In your opinion, what are the pros and cons of implementing CBDCs? AS: Continuing from my previous answer regarding regulations, we are not opposed to a strict regulatory framework. However, what concerns us more is an unclear regulatory environment. What we want to be able to do is we want to understand what can do and what cannot do. We want to avoid a situation like what occurred in the US, where there was significant uncertainty, leading people to take actions that later resulted in legal consequences. I think that’s not fair. So that’s why I said in this market it’s much more clear. Speaking about the pros and cons of Central Bank Digital Currencies (CBDCs), I think governments and central banks are trying to catch up. Of course, CBDCs offer more flexibility and good use cases. It can facilitate a lot of use cases like cross-border remittances or payments. It could speed up and could make people’s lives much easier. People also become apprehensive when a central bank or jurisdictional authority exercises control over a CBDC. The fact that it is electronic and subject to various actions by the governing body further contributes to this unease.

NFTs revolutionize digital ownership as Google Play embraces the trendsetter. Google Play propels NFT adoption, empowering users with unique digital assets In a significant policy shift, Google Play has opened its doors to non-fungible tokens (NFTs) and other digital assets, providing developers with the opportunity to integrate these unique tokens into their apps and games. This decision marks a pivotal moment for the NFT space. It unlocks a world of creative possibilities and signaling a bright future. Google Play’s updated guidelines emphasize transparency by requiring developers to clearly inform users about the presence of blockchain-based elements within their apps. It aims to foster a healthy ecosystem for blockchain technology by actively promoting responsible usage. Google Play And NFTs , A Successful Partners ? As with the integration of NFTs, developers can now reshape traditional games and offer user-owned content, revolutionizing the gaming landscape. By incorporating unique rewards, they can also enhance user loyalty and provide more immersive experiences. Meanwhile, Google Play’s embrace of NFTs reflects a broader acceptance and understanding of the technology’s potential. Collaborating with industry partners, such as Reddit, demonstrates the commitment to creating a fair and trustworthy environment for users. As more developers embrace it, this shift paves the way for mainstream adoption of this transformative technology. Finally, Google Play’s decision to allow the integration digital assets into apps and games marks a significant milestone. By promoting transparency, unlocking creative potential, and fostering mainstream adoption, it is paving the way for a promising future for NFTs. Highlighted News Today Shibarium Utility Skyrockets to Record Levels within 48 Hours

Hoskinson said that Algorand could be better into becoming a sidechain of Cardano. The biggest DeFi protocol on layer-1 blockchain Algorand, Algofi announces shutdown. Charles Hoskinson, the founder of Cardano, has recommended to Algorand (ALGO), a competing blockchain system, that the layer-1 network move its code to Cardano. The founder of Cardano responded to a tweet from the chief technical officer of the Algorand Foundation, John Woods, by making a public appeal for participation. John has created a video explaining where staking stands on the Algorand platform, the safety features it offers, and its potential for future expansion. Although the focus of the video was on Algorand, John did mention Cardano as a leading Delegated PoS protocol. Leveraging Established Protocols Evidently considering this, Hoskinson said that Algorand could be better to look into becoming a sidechain of Cardano. Sidechains are commonplace in the digital currency ecosystem. Each one has its own quirks but often leverages the established protocols and security measures of the main chain. It takes time to develop a stable staking setup that is well-structured and backed by smart contracts. It is said that Cardano’s edge over Algorand’s thriving ecosystem is due to the former’s centralization. While the latter’s strength lies in the breadth and depth of its developers. One major point of contention is the fact that blockchain technology is inherently decentralized. The biggest decentralized financial protocol on layer-1 blockchain Algorand, Algofi, has announced it would shut down because of a “confluence of events” making it impossible to keep it running at an optimal level. A blog post said that the platform, which allows for lending, borrowing, and trading, will soon switch to a withdrawal-only mode. Highlighted Crypto News Today: Algorand Foundation’s Algofi to Close Doors