Bitcoin developer Burak has introduced Brollups, a Layer 2 technology that eliminates the need for forks or proprietary tokens. Brollups enable fast, low-cost Bitcoin transactions by packaging transactions off-chain and then processing them on-chain. Burak hopes to demonstrate that Bitcoin improves transaction efficiency while maintaining security and decentralization with this technology.
The National Australia Bank (NAB) has ceased developing Ethereum-based stablecoin, AUDN, just a year after its announcement. The development team has joined Ubiquity, a new AUD-backed stablecoin initiative supported by Animoca Brands, Merit Circle, and Concave.
The SEC stopped its Ethereum 2.0 investigation after Consensys filed a lawsuit, claiming that ETH is a commodity and hence not subject to the SEC's authority. This decision follows public and Congressional pressure. Consensys, a software provider, wants legal clarification to avoid being classified as securities or brokers. This ruling is viewed as a major victory for the cryptocurrency sector, underlining the importance of precise regulatory restrictions.
Tether has launched Alloy by Tether, a groundbreaking digital asset backed by Tether Gold (XAUt). The first token, aUSDT, is over-collateralized by physical gold stored in Switzerland and designed to maintain the value of one US dollar. Users can mint aUSDT by depositing XAUt through Ethereum-compatible smart contracts, ensuring transparency with Price Oracles. Alloy by Tether offers a new category of tethered assets, providing stability and modern asset management solutions. This innovation is expected to revolutionize digital transactions, payments, and portfolios with gold-backed security and reliability.
UXLINK has launched its Social DEX to Earn feature on its Dapp and Telegram Bot, introducing Trade Fee Rebates, Pre-Market, and Bridge assets. This initiative aims to enhance user trading experiences and allow users to earn on-chain points. The launch of these trading features aims to create a trustworthy trading environment with the motto "More Trust Less FUD.
SEC Chair Gary Gensler has announced that the regulator expects to approve the S-1 registration forms for spot Ethereum ETFs by the end of summer. This approval would allow these ETFs to launch in the US, providing traditional investors with regulated exposure to ether without needing to hold the asset directly.
Terraform Labs, the company behind the failed LUNA and TerraUSD, has agreed to a $4.47 billion settlement with the SEC over a civil fraud lawsuit. This includes $3.5 billion in disgorgement and $466 million in prejudgment interest. The Settlement prohibits Kwon and Terraform Labs from dealing in cryptocurrency assets.
Ripple is introducing the XRPL EVM Sidechain, enhancing XRP Ledger with Ethereum Virtual Machine compatibility. This sidechain, utilizing Axelar Bridge for eXRP transactions, facilitates interoperability and expands opportunities in decentralized finance and real-world asset tokenization. The focus is on ensuring the bridge's security and improving user experience. Axelar, with its robust validator network, simplifies cross-chain operations. Ripple and Peersyst are refining this integration to streamline token transfers. Meanwhile, Ripple's XLS-38 amendment for custom sidechain creation remains under review pending community validation and real-world applications, with updates expected over the next 12-15 months.
GameStop successfully raised over $2 billion in its second sale within a month after a rally influenced by Keith Gill, also known as Roaring Kitty. This rally, sparked by Gill's first YouTube livestream in three years, saw GameStop shares jump by almost 23% on Tuesday. The company's shares have doubled in the past six months, largely driven by retail investors who popularized the concept of meme stocks during the pandemic.
The FBI has issued a warning about rising work-from-home job scams involving cryptocurrency. Scammers lure victims with fake job offers, such as rating restaurants, and direct them to make crypto payments to unlock more work. Victims often see fake earnings on a sham interface but can't cash out. Red flags include jobs requiring no references and excessive use of the word "optimization" in job descriptions. With remote work's popularity surging, more are falling prey. In 2023, remote workers globally reached 28%, and crypto investment losses rose 53% to $3.94 billion. The FBI advises caution against such scams.
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