Things continued to chug along in the world of decentralized finance with collaborations, deepening ties, and enhancing adoption.
The headlines:
- Kraken plans to close its NFT marketplace;
- Bitwise filed for a crypto ETF;
- Cboe launched cash-setted Bitcoin options;
- Ripple unveiled a software upgrade;
- Plus, North Korean hackers have other crafty moves to steal digital assets (more on that later);
- And much more!
As always, these are your decentralized diaries!
Interested in getting your brand in front of the massive & high level audiences of Digital Wealth News and AI&Finance? Click here to schedule a zoom meeting w/ publisher Cindy Taylor
Bitcoin is Sideways at $95k (as of 12/2/24)
The crypto markets continued sliding, with Bitcoin prices hitting a $98,693.17 high from a $90,770.82 low. Bitcoin is currently at $95,698.05.
The altcoins are also moving similarly. Ethereum (ETH) is at $3,611.40, Solana (SOL) is at $225.46, Avalanche (AVAX) is at $48.46, Polkadot (DOT) is at $8.80, Chainlink (LINK) is at $21.07, and Uniswap (UNI) is at $14.12.
Kraken Wants to Shut Down its NFT Marketplace
Boutique crypto exchange Kraken revealed plans to sunset its NFT marketplace barely a year after its launch. On November 27, the platform transitioned from beta to withdrawal-only mode.
Additionally, the ecosystem will close its doors on February 27,2025.
Bitwise Filed for a Crypto ETF
Premier digital asset firm Bitwise filed for an ETF based on its 10 Crypto Index Fund. Crypto utility firm CF Benchmarks will calculate the new instrument’s Net Asset Value (NAV).
BNY will handle operations and cash reserves. According to a November 27 filing, the instrument will feature several crypto tokens, including Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polkadot (DOT), Solana (SOL), Cardano (ADA), Avalanche (AVAX), Bitcoin Cash (BCH), Uniswap (UNI), and XRP.
Ripple Had an Ecosystem Upgrade
XRP issuer Ripple Labs revealed an upgrade of its ecosystem. Rippled 2.3.0 offers new features, including updated APIs, improved security, and faster transactions.
The enhancements also solve previous developer and user issues.
Avalanche Updated its Testnet
EVM-powered Avalanche launched its Avalanche9000 testnet. The improvement has several new features, including a massive C-chain transaction fee drop and permissionless Layer-1 subnets for DeFi ecosystem development.
The upgrade also has cross-chain capabilities, including Interchain Messaging (ICM) for decentralized applications (dApps).
Similarly, the Avalanche Foundation introduced the ‘Retro9000 $40 million grant program to improve ecosystem adoption.
Chainlink Increased its Optimism Network Integrations
Orace-focused Chainlink and the Optimism Layer-2 protocol had several combinations. Chainlink Functions, Chainlink VRF, and Chainlink Data Streams are on the Optimism OP Mainnet.
Additionally, Optimism joined the adoption-focused Chainlink Scale program.
North Korean Hackers Changed Their Crypto Theft Tactics
Interestingly, North Korean crypto thieves are back with a plan. This time, the bad actors now pose as IT workers.
At the Cyberwarcon cybersecurity event in Washington, D.C., Microsoft researcher James Elliot revealed that these ‘false’ IT workers have targeted and gained access to global IT networks and have stolen billions of dollars in cryptocurrency tokens.
Consequently, Elliot indicated that the workers may seem unconnected but are (actually) linked.
Celsius Network Will Pay $127 Million to Creditors in a Second Payout
Bankrupt crypto lender Celsius is set to execute its second distribution to creditors. According to a November 27 filing, eligible parties will receive cash or crypto tokens worth 60.4% of their claims.
Creditors who can’t receive digital assets will get cash payments.
Trust Wallet Unveiled a Binance Ecosystem Integration
Web3-focused Trust Wallet revealed a deployment with Binance. Through its Binance Connect deployment, Trust Wallet’s users now have a fiat-to-crypto onramp and peer-to-peer options.
Additionally, users can access over 300 digital assets with seamless options.
Base Network Now Supports the Phantom Crypto Wallet
Boutique crypto wallet Phantom enabled support for the Base blockchain. Users now have access to tokens on the Ethereum Layer-2 network.
Plume Network Enabled a New Tokenization Standard
Tokenization-focused Layer 1 blockchain Plume revealed that it took things further by joining the ERC-3643 Association. The ERC-3643 standard, dubbed ‘Token for Regulated Exchanges’ (T-REX), deploys a compliance framework for tokenization ecosystems.
Consequently, the standard also supports decentralized identity (DID) systems.
BlackRock’s BUIDL Has a DeFi Stablecoin Deployment
A three-way collaboration improved BlackRock’s BUIDL DeFi footprint. Decentralized platform Curve partnered with payment-focused blockchain Elixir.
The cooperation will enable users to mint the deUSD Elixir’s stablecoin and swap the tokens of other DeFi stablecoins.
Sumsub Partnered with Elliptic Against Crypto Crime
Verification ecosystem Sumsub partnered with blockchain analytics firm Elliptic to help fight crypto-related criminal activities. The cooperation combines Elliptic’s analytics capabilities with the Subsum ecosystem.
Furthermore, the collaboration improves Sumsub’s Crypto Transaction Monitoring and Travel Rule offerings.
Polkadot 2.0 will Occur in Q1 2025
According to an announcement from Polkadot blockchain developer Parity Technologies, Polkadot 2.0 will launch in the first quarter of next year. The enhancement will feature several improved capabilities, including Agile Coretime, Async Backing, and Elastic Scaling.
The first duo has been deployed on the network, and Elastic Scaling is coming next year.
Similarly, the decentralized ecosystem Hydration revealed the launch of the ‘Hydration Money Market,’ a borrowing platform where users can provide, earn interest, and borrow crypto tokens.
Solv Protocol will Launch a Bitcoin Yield Protocol Product
Bitcoin-based DeFi platform Solv plans to launch a ‘Microstrategy-type’ App that generates yields. According to a November 29 Twitter/post, Solv’s co-founder Ryan Chow announced that the On-Chain MicroStrategy setup will generate passive returns on Bitcoin Layer-2 networks.
