Curve Finance has revised its fee distribution mechanism, transitioning from the 3crv token to its native stablecoin, crvUSD, to enhance the stablecoin’s utility within the Curve Finance ecosystem and incentivize users.
According to a press release shared with Cointelegraph, switching the fee distribution to crvUSD will create “an additional supply sink for the stablecoin,” primarily due to uncollected fees contributing to this “supply sink” and potentially boosting the total value locked (TVL) in the ecosystem.
Michael Egorov, founder of Curve Finance, discussed the switch’s impact on users with Cointelegraph:
“The transition to crvUSD means that users will now obtain fees in a dollar-denominated stablecoin.
“This shift simplifies the process significantly, as crvUSD doesn’t have to be converted to anything else to be utilized in Curve Finance products.”
The press release highlights that distributing fees in crvUSD will incentivize stablecoin usage, encouraging users to engage more with products and services that use it.
On community incentives through this transition, Egorov explained that Curve users could deposit crvUSD into the ecosystem using the fees earned.
“The value of 3crv, although generally increasing, has a variable conversion rate (currently around 1.03).
“This variability necessitated additional steps for users to convert 3crv into a more stable or usable form of currency for other activities.”
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Curve Finance acknowledges potential liquidity concerns and risks associated with the transition.
Egorov elaborated on the risks, mentioning operational risks and asset age:
“The 3crv token has been operational for over four years and has shown no issues. […] CrvUSD is just one year old and has yet to fully establish its reliability.
“It underwent multiple audits and has been deemed fit for deployment, but it is inherently less time-tested compared to 3crv.”
Egorov also addressed operational risks during the “preparation phase” for on-chain votes required for the change, stating that these risks have been mitigated since “all relevant votes” have passed.
Overall, the switch to crvUSD aims to streamline user experience and boost the stablecoin’s role within the Curve Finance ecosystem, despite some inherent risks and the need for further community adaptation.
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Bolivia’s central bank, Banco Central de Bolivia, has reversed its ban on Bitcoin and cryptocurrency payments, now permitting financial entities to conduct transactions using digital assets to modernize its payment system.
This shift aims to help bolster Bolivia’s struggling economy and bring it in line with Latin American crypto regulations.
The change marks the end of a crypto ban that started in 2014. In December 2020, the government had prohibited banking entities from engaging with cryptocurrencies under Board Resolution N°144/2020.
Now, approved regulations allow banks to transact in cryptocurrencies via authorized electronic channels.
However, the central bank emphasized that cryptocurrencies are not considered legal tender.
Therefore, while banks can trade crypto assets, the Bolivian government does not recognize them as legal currency, and businesses are not required to accept them as payment.
Banco Central de Bolivia also plans to launch an awareness program under its Economic and Financial Education Plan.
This initiative aims to educate the public about the potential risks of cryptocurrencies and how to handle them responsibly.
The new regulations were developed in collaboration with the Financial Investigations Unit, the Financial System Supervisory Authority, and the central bank. These three bodies crafted the regulatory update, which took effect on June 26.
The legislation also aligns Bolivia’s crypto regulations with recommendations from the Latin American Financial Action Task Force, positioning Bolivia among other Latin American nations adopting crypto to boost their economies.
Latin America is increasingly embracing Bitcoin.
Over recent years, several countries in the region have faced economic challenges and rising inflation, prompting them to seek alternative solutions.
Cryptocurrencies have emerged as a popular option in this new economic landscape.
El Salvador was the first country in Latin America and the only one globally to adopt Bitcoin as legal tender alongside the US dollar in 2021.
Mexico, while not recognizing cryptocurrency as legal tender, allows it for value transfers and payments and taxes profits from crypto sales on centralized exchanges.
Brazil has also become pro-crypto, introducing income-tax regulations in 2023, with a 15% tax on crypto profits.
Argentina recently elected a pro-Bitcoin president to combat rampant inflation, following El Salvador’s example.
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Jesse Powell, the co-founder of Kraken, announced on X that he has donated $1 million, primarily in Ether, to Donald Trump’s 2024 presidential campaign.
Powell expressed his support for Trump, highlighting him as the sole major party candidate advocating for pro-crypto policies.
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology.”
In his post, Powell criticized President Joe Biden’s regulatory approach to the crypto industry and accused officials such as Senator Elizabeth Warren and SEC Chair Gary Gensler of reducing the United States’ competitiveness.
“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and others.”
Rudy De La Cruz, general and strategic partner at BasedVC, shared with Cointelegraph that there is “an air of optimism” in the crypto industry.
“According to a Grayscale survey, this is an issue of concern among Americans, though voters are split. […] Organizations and wealthy crypto entrepreneurs supporting candidates who are friendly to the crypto industry is not that surprising.”
Powell believes Trump’s candidacy in the 2024 presidential election presents an opportunity for the U.S. to lead in blockchain technology.
His post, featuring a photo of Powell and Trump, reinforced this alliance and included the hashtag #freeross, referencing Ross Ulbricht.
Ulbricht was sentenced to life in prison without parole plus 40 years in 2015 for operating the online black market Silk Road, which facilitated anonymous transactions.
On June 20, U.S. presidential candidate Robert F. Kennedy Jr. tweeted that he would free Ulbricht if elected in November.
“Ross Ulbricht has been in prison far too long. Two life sentences for hosting an e-commerce platform. Yes, illegal activity took place there, but come on.”
RFK Jr. also mentioned that he would sign a petition for Ulbricht’s release and encouraged others to do the same.
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Bitcoin has experienced a “healthy reset” in bullish sentiment due to a key BTC price indicator reaching eight-month lows.
On June 27, popular analyst On-Chain College highlighted on X (formerly Twitter) that classic patterns are repeating on the Bitcoin Mayer Multiple.
Although Bitcoin remains at $60,000, a notably bearish sentiment has followed its recent 17% dip.
As reported by Cointelegraph, the Crypto Fear & Greed Index is nearing its 2024 lows, and there is little optimism among average hodlers on social media for a price rebound.
The Mayer Multiple, however, suggests that a recovery might be imminent.
This indicator measures Bitcoin’s current price against its 200-day moving average, providing a buy or sell signal based on the resulting ratio.
Its creator, Trace Mayer, originally considered a reading below 2.4 as “buy” territory.
Data from on-chain analytics firm Glassnode shows that as of June 26, the Mayer Multiple stood at 1.05.
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In contrast, for the Mayer Multiple to hit 2.4, the price would need to be nearly $140,000. BTC/USD last reached a 2.4 reading in March 2021.
“The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite the price being $60.9K now vs. $29.9K back in October,” On-Chain College commented.
“A healthy reset of sentiment to shift back bearish while being at twice the price.”
Extreme lows in the Mayer Multiple do not always align with BTC price floors. In mid-2022, the indicator bottomed at around 0.47, but it took another four months for the price to mark the bear market’s lowest point.
As Cointelegraph continues to report, price strength is a hot topic in June, with the Mayer Multiple not being the only “buy” signal currently valid.
Bitcoin’s relative strength index (RSI) has also entered “oversold” territory across multiple timeframes.
On the daily chart, RSI was last at this week’s levels in August 2023 — a period when other bull market support trendlines, such as the short-term holder cost basis, were similarly violated.
“The last time the RSI was this low, Bitcoin had just consolidated for 3+ months, just below the key resistance @ 30k,” popular trader Jelle noted.
“We’re looking at 3+ months of consolidation below 70k now. History repeating?”
BTC/USD was trading at around $60,700 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
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Crypto losses from hacks and scams surged in the second quarter of 2024, more than doubling from the same period the previous year, as reported by blockchain security platform Immunefi.
Losses totaled over $572 million in Q2 2024, a significant increase from $220 million in Q2 2023. Centralized exchange hacks were the primary contributors to these losses.
Before Q2, losses from hacks and scams had been decreasing, with Immunefi noting a 23% reduction in Q1.
This downward trend continued through April and most of May, but the situation worsened dramatically at the end of May and in June.
The most significant loss during the quarter was the May 31 private key hack of crypto exchange DMM, resulting in $305 million worth of Bitcoin being stolen.
Another major incident was the BtcTurk hack on June 22, which caused $55 million in losses. Combined, these two hacks accounted for over 62% of the total losses for the quarter.
Centralized protocols and exchanges experienced approximately $401 million in losses during Q2, making up 70% of the total.
Despite this large financial impact, only five successful attacks were recorded against centralized protocols. In contrast, decentralized protocols faced 62 successful exploits or scams.
Decentralized finance protocols suffered $171 million in losses during the quarter, a 25% decrease from Q2 2023.
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Ethereum and the BNB Smart Chain remained the top two targets for hackers and scammers, responsible for 71% of total losses.
There is also growing evidence that Ethereum layer 2 networks are becoming more popular targets for malicious activities.
Arbitrum was the third most targeted network, suffering four incidents and accounting for 5.5% of the total losses.
Blast and Optimism each faced three incidents, while other networks collectively accounted for 15% of the total losses.
Immunefi founder Mitchell Amador emphasized the importance of centralized exchange security, stating: “This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages. Robust measures to safeguard the entirety of the ecosystem are crucial.”
Some stolen funds were later recovered by security researchers.
For instance, the attacker who exploited the Gala Games protocol returned nearly all the stolen funds, reportedly due to exposing his IP address.
Alex Labs, Bloom, and Yolo Games also recovered most of their lost funds, with recovered funds representing 5% of the total losses in the quarter.
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Puffer Finance, a liquid staking derivatives (LSD) project leveraging Ethereum’s Eigenlayer protocol, is partnering with the Ethereum Foundation to develop based rollups.
This collaboration follows Puffer Finance’s successful $18 million Series A funding round aimed at launching its mainnet.
Rollups, a key scaling solution, process transactions off-chain and bundle them into a single transaction on the base layer, alleviating the load on layer-1 blockchains.
Amir Fourouzani, co-founder of Puffer Finance, explained the current market challenges to Cointelegraph:
“Currently, there’s a challenge in the Ethereum ecosystem known as liquidity fragmentation.
“This issue arises from the fact that current L2 projects are each creating their own ‘super chains,’ leading to isolated pools of liquidity.”
To address this fragmentation, Fourouzani emphasized the need for based-sequencing and based rollups to ensure interoperability between chains.
Puffer Finance has developed a method for organizing pre-confirmations on Ethereum layers while maintaining decentralized validators, bypassing the need for a comprehensive Ethereum Improvement Proposal.
“It took us years to architect and come up with this, but now we have it,” Fourouzani stated. “This is the current central area of research for the Ethereum Foundation.
“The thought leaders over there are trying to push this forward with leaders such as Justin Drake and others.”
READ MORE: German Government Wallet Sells $54 Million in Bitcoin, Sparking Price Drop Concerns
Fourouzani highlighted the potential of based rollups in decentralized finance:
“In the future, every company is going to have its host AppChain.
“Let’s say Aave has its own AppChain, and liquidation is going to hit Aave; well, it’s going to be represented on Uniswap immediately on Uniswap’s AppChain.
“This is the ultimate dream. Uniswap and Aave don’t have to go through any governance token, nor do they have to rely on any governance process.
“So, we are also getting to a credible neutral layer of rollups.”
He also noted the appeal of native yields in an interoperable app chain ecosystem.
“A lot of users would rather have their tokens generating yield with no effort in their wallets rather than just keeping it on the based chain,” he added.
According to DefiLlama, Puffer Finance surpassed a total value locked (TVL) of $1.7 billion shortly after its early test phase in February.
The protocol has raised a total of $23.5 million in venture capital funding.
Puffer Finance’s LSD technology enables Ethereum validators to reduce their capital requirement to just 1 Ether, compared to the traditional 32 ETH needed for individual stakers.
Additionally, users staking Ether through Puffer receive Puffer liquid restaking tokens (nLRTs), which can be used to farm yields in other decentralized finance protocols while earning Ethereum staking rewards.
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Coinbase has decided not to support the upcoming migration of the Artificial Superintelligence Alliance (ASI) for its users.
This migration, worth $7.5 billion, involves a token merger between AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
AI tokens Ocean (OCEAN) and Fetch.ai (FET) are scheduled to merge in July, leading to the launch of ASI tokens.
Initially, OCEAN will migrate into FET on July 1, and later in the month, the merged FET tokens will convert into ASI.
Crypto service providers that support this mechanism will automatically convert users’ token holdings on the designated day.
However, Coinbase has chosen not to participate in this migration.
“According to their statement, “Coinbase will not execute the migration of these assets on behalf of users.”
Despite opting out of the migration, Coinbase will continue to allow trading of FET and OCEAN as usual until further notice.
They have also provided a workaround for users:
“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet.
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“The ASI token merger will be compatible with all major software wallets.”
During the initial merger announcement in March, it was clarified that users could swap FET tokens for ASI at a 1:1 rate. Fetch.ai explained:
“If you have $OCEAN and $AGIX tokens on an exchange, no action is needed.
“We will work with each exchange to ensure a smooth conversion and your holdings will automatically be converted to $ASI tokens directly by the exchange.
“You won’t see $OCEAN or $AGIX on the exchange — but don’t panic! Your tokens are there, just look for the $ASI symbol.”
The new Superintelligence Alliance aims to develop blockchain-based decentralized AI protocols that cannot be controlled by centralized parties or large stakeholders.
Regarding market performance, both FET and AGIX surged over 30% on June 20 after a three-month downtrend.
The increase in AI token value was linked to their announced merger with Ocean Protocol, which aims to form the largest decentralized AI ecosystem.
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Crypto casinos and non-Gamstop gambling platforms, while distinct in their technical aspects, offer a range of benefits for UK players. Both cater to the privacy-conscious. Cryptocurrencies, with their inherent security and anonymity perfectly complement the flexibility focus of non-Gamstop casinos. This synergy creates platforms ideal for players who value control, efficiency, and a wider range of gaming choices.
The Value of Non-Gamstop Casinos:
Gamstop is a self-exclusion service; It’s designed to encourage responsible gambling. The trouble is, Gamstop uses a one-size-fits-all approach for a population of online gamblers with diverse needs. Gamstop just won’t suit everyone. For players who once opted in but no longer need restrictions, Gamstop is a burden, not a boon. Enter non-Gamstop casinos. These platforms operate beyond the Gamstop self-exclusion scheme, catering to those who want more flexibility in their online gambling experience. They offer unlimited access to games of chance, letting players take responsibility for their own enjoyment. (Source: www.sportscasting.com/online-casinos/casinos-not-on-gamstop-uk/)
Beyond flexibility, non-Gamstop platforms offer several other advantages; novelty and choice are chief among them. Unbound by some of the regulations that apply to UK Gambling Commission (UKGC)-licensed platforms, non-Gamstop casinos have the freedom to experiment and introduce unique features to games. Additionally, restrictions placed on certain games by the UKGC may not apply to non-Gamstop casinos, meaning a larger library of games on offer.
Non-Gamstop platforms also give players greater control over their financial transactions by embracing the use of cryptocurrency. Unlike traditional online casinos that require bank details for registration and transactions, crypto transactions ensure anonymity. Crypto eliminates the need to link bank accounts to gambling platforms, enhancing privacy and discretion for those who prefer it.
Transparency and Efficiency of Crypto Casinos:
Crypto betting sites are becoming ever more popular in the UK as cryptocurrency itself becomes increasingly normalised in the public view. These sites offer a dynamic alternative to traditional online gambling platforms by accepting cryptocurrencies like Bitcoin and Ethereum for deposits and withdrawals. Doing so offers many advantages for savvy players, particularly for the privacy-conscious and security-minded among us. Crypto transactions eliminate the need for intermediaries because blockchain technology reduces the risk of fraud and security breaches. While traditional online casinos store player information on vulnerable centralised servers, crypto transactions are recorded on a decentralised ledger, minimising the threat of cyber-attacks and data leaks.
Transactions using cryptocurrency are typically a lot faster than traditional bank transfers. Crypto users can enjoy near-instant deposits and quicker withdrawals, allowing them to seamlessly move funds into and out of their accounts. Eliminating the waiting times of conventional banking methods is a huge boon for impatient players with busy lives. Crypto transactions also cost less compared to traditional payment methods. Fees levied by credit cards and hidden costs for bank transfers can quickly add up, eating into a player’s winnings. Such fees don’t apply when wagering with crypto, making it a much more cost-effective way to manage funds.
The Relationship Between Crypto and Non-Gamstop Casinos:
The convergence of crypto casinos and non-Gamstop platforms showcases the rapidly evolving needs and ever-changing tastes of UK gamblers online. Players seeking greater flexibility and agency look to non-Gamstop casinos as an alternative to the restrictions of Gamstop sites. Meanwhile, cryptocurrencies offer privacy and efficiency for financial transactions within these platforms. As both sectors continue to innovate, refining their offerings, there is every potential that the marriage of crypto and non-Gamstop casinos will lead to a more diverse and exciting online gambling scene. Hopefully, one with greater control, choice, and security for UK players.
Binance, the world’s largest cryptocurrency exchange, has implemented new security measures to prevent the misuse of account features and enhance the platform’s integrity.
This decision was prompted by the discovery of account misuse, which gave certain users unfair advantages.
The new measures aim to create a fair and sustainable market environment that prioritizes the interests of all users.
Binance has warned that it will take stricter actions against account misuse, including suspending or terminating accounts if necessary.
The exchange emphasized that such misuse damages the platform’s reputation and negatively affects the majority of users who adhere to the rules.
The platform offers various account types, including sub-accounts, managed sub-accounts, and fund manager accounts, which are essential for legitimate use cases.
However, bad actors can misuse these features to bypass controls and access better fee rates and higher application programming interface (API) limits.
Binance considers any unauthorized access to other users’ accounts a severe breach of its Terms of Use, Know Your Customer (KYC), and Know Your Business (KYB) policies.
To combat account misuse, Binance has enhanced monitoring of all account usage and related activities.
The platform encourages users to report any suspected incidents of misuse and offers a reward for verified cases.
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The reward amount will be determined on a case-by-case basis. Users can report misuse incidents to misuse-reporting@binance.com.
Binance’s efforts to enhance its security measures are part of its broader attempts to combat security breaches.
ZackXBT, a blockchain investigator, praised Binance on June 22 for its efforts in supporting the broader community during security incidents.
He noted that despite facing media criticism, Binance’s security team actively works to support victims and provide incident response, showcasing a dedication to community support that goes beyond mere words.
According to Binance CEO Richard Teng, the exchange collaborated with authorities to investigate a malicious attack on the Turkish crypto exchange BtcTurk, resulting in the successful freezing of over $5 million in stolen funds.
However, Binance currently faces money laundering charges in Nigeria, where authorities have accused the company of illegally moving $26 billion out of the country.
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Bitcoin‘s price hit a six-week low on June 24, but buyers quickly intervened, pushing it back above $62,000 within 24 hours.
Trader Jelle analyzed Bitcoin’s market structure and noted renewed buyer interest around the $60,000 support zone.
He expressed optimism in a June 25 post on X, saying, “If #Bitcoin can lock in a lower-timeframe higher low today, I think we run it back to $63,500 before the week is out.
“Above that, and red Monday, green week becomes a reality.”
Jelle highlighted Bitcoin’s oversold conditions after it dipped to $58,400 on June 14, comparing it to the price action around $26,000 in August 2023.
Despite differences in the 2024 cycle, Jelle believes significant gains are forthcoming, supported by the relative strength index (RSI).
The RSI, an indicator showing overbought or oversold levels, paints an optimistic picture on the daily timeframe.
“Bitcoin’s daily RSI has not been this low in nearly a year,” Jelle wrote on June 24.
He recalled the last oversold conditions when Bitcoin was at $26,000, suggesting a potential summer shakeout.
Historically, Bitcoin’s strongest upward movements occur when the RSI is in the “oversold” zone below 70, leading to sustained rebounds before a rally becomes stable.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” also commented on Bitcoin’s dip below $60,000, viewing it as an opportunity to increase his holdings.
READ MORE: Bitcoin and Ether Transaction Fees Plunge Amidst Crypto Market Turmoil
He advised, “Bitcoin is crashing. Most people should sell.
“I am waiting to buy more.”
He suggested those fearful of crashes should sell and maintain steady employment during downturns.
The recent crash was partly due to selling pressure from the defunct crypto exchange Mt. Gox.
On June 24, the Mt. Gox trustee announced plans to repay creditors in July, with repayments estimated at over $9 billion in Bitcoin and Bitcoin Cash.
Bitcoin attempted to reclaim the $62,000 level after dropping below $60,000 on June 24.
The support area between $60,000 and $64,000 is crucial, as a breach could lead to deeper corrections.
Trader Aksel Kibar noted in his analysis, “$BTCUSD still a steady uptrend.
Still can be considered a pullback to the channel,” emphasizing the significance of the $60,000 support level.
He warned that breaking this support with a long black weekly candle could shift the outlook from bullish to bearish.
Data from CoinGlass showed significant bid concentrations around $60,200, $60,600, and $61,230 within 24 hours of writing.
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