The long-awaited Ethereum merge will most likely occur in September this year. This will be the largest fundamental shift in the history of crypto.
The network has suffered an immense increase in traffic and uncontrolled spikes in gas fees. The merge will ultimately alleviate these bottlenecks, making the network even more secure and less energy-intensive by switching from the proof-of-work to the proof-of-stake framework.
Ethereum has predominantly been the most popular network for new blockchain entrants, as well as nonfungible token users.
As Seedify eagerly waits to see one of the biggest moves forward in the crypto industry so far, it is also prepared to integrate with the upgraded Ethereum network by opening a parity pool between its native token, SFUND and Ether (SFUND/ETH).
The integration will enable Seedify to expand its community, reach new audiences and enable easy adoption for new holders, stakers and farmers with its ecosystem.
With multichain support provided, anyone using the Ethereum network will be able to adopt Seedify utilities much faster, thus adding an extra layer of growth to boost their utilities and SFUND.
In an effort to extend the reach of Seedify’s ecosystem, they will also be adding SFUND/ETH farms very soon to ensure the liquidity of SFUND on Ethereum provides a healthy trading economy.
Seedify will also be holding surprise events to boost the exposure of SFUND to Ethereum-native users in order to increase the visibility of SFUND on the Ethereum network.
Users who want to enjoy the new implemented transfer can simply follow the below easy-to-use tool to seamlessly transfer SFUND tokens between BNB Smart Chain (BSC) and Ethereum without any issues:
- Go to multichain.xyz.
- Click on “Enter App,” or go directly to app.multichain.org/#/router.
- Connect a wallet. Users should ensure they’re on BSC.
- In the dashboard provided, make sure to select the following networks: BNB Chain Mainnet on top and Ethereum Mainnet at the bottom.
- Select SFUND by searching the token name on both box fields for tokens.
- Enter the amount of SFUND to transfer.
- Click “Swap” at the bottom.
- Click “Confirm.”
- The SFUND tokens will be transferred to the Ethereum network within minutes
Holders can also transfer SFUND from the Ethereum network. The process is similar, except the first field needs to be changed.
There is no commission deduction when transferring SFUND bought from the Ethereum network to BSC.
Cross-chain transactions are very simple and accrue only a small fee to complete the transfer.
Seedify’s contract addresses are as follows:
- BSC network: 0x477bc8d23c634c154061869478bce96be6045d12
- Ethereum network: 0x461d52769884ca6235b685ef2040f47d30c94eb5
For more information on Seedify and to purchase SFUND, please refer to the website.
To stay up to date with Seedify’s announcements, follow its social media links:
Cardano user Adam Dean, who flagged some testnet issues in the upcoming Vasil hard fork, has shared a screenshot of his most recent Vasil testing, which he tagged “Building, together, stronger, better than ever.”
As reported earlier, Adam Dean highlighted critical issues with the previous Vasil node 1.35.2, sparking a debate within the community. Dean indicated then that the Vasil upgrade was being rushed, which led to technical issues.
After hard forking the Cardano testnet to Vasil functionality with the initial Vasil node 1.35.0, the IOG teams proceeded to work on v1.35.1 and 1.35.2 as a result of the bugs discovered.
The team then released the Vasil node 1.35.3, which the Cardano creator, Charles Hoskinson, noted was “heavily tested” after earlier urging SPOs to upgrade to the node. Stake pool operators confirm “fix” According to Cardano pool operator, Andrew Westberg, “the fix to the issues pointed out earlier in the v.135.3 was successful and was confirmed by other SPOs.”
A Twitter user who goes by the name “the Ancient Kraken” also gives a green light on the Vasil node 1.35.3: “I think I properly reproduced the bug that was in 1.35.2 that caused issues for testnet on the spo dev net going on right now.
As of now, it does seem like 1.34.1 and 1.35.3 behave as expected in terms of smart contract usage. Everything is looking good.” Adahandle cofounder, “Conrad,” also tweeted a confirmation of this: “Retweeting this to confirm that, as of now, all tests demonstrate that 1.35.3 is, in fact, ready to go. All issues detected on 1.35.0, 1.35.1, and 1.35.2 could NOT be recreated.”
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Peter Schiff has shared his view on the lawsuit against Mark Cuban, who allegedly promoted a cryptocurrency scam that led to financial losses among those who invested in a Ponzi scheme.
Schiff believes that Cuban’s story is just the beginning, and he has been warning people for years that when the Bitcoin bubble pops, all people who lost money in the cryptocurrency industry will try to make some of it back by suing people who promoted certain projects or gave investment advice.
The famous Bitcoin critic also believes Cuban knew how dangerous investments in Bitcoin can be, and the businessman knew it was a “scam” but still decided to promote certain projects.
Schiff was surprised that Cuban used the market opportunity and his name to profit from the crypto mania as he thought that the Shark Tank star has more than enough money to live happily without tying his name up with cryptocurrency scams.
In the end, the gold supporter added that only people winning from this whole situation is lawyers. Schiff remains a heavy Bitcoin critic and does not believe in the long-term future of the asset or the technology behind it. Recently, Schiff predicted a significant drop of the first cryptocurrency ahead of BTC’s plunge to $21,000.
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Hype Labs, a web3 company builder and venture capital, hosted its opening event after the first day of Korea Blockchain Week, an event with over 7,000 registered attendees and 120 speakers from around the world.
Co-hosted with one of the largest cryptocurrency exchanges, Huobi, Hype Labs held Hype Night to celebrate its commitment to discovering, funding, and accelerating bold entrepreneurs looking to disrupt the current web2 landscape.
Hype Night was held at a recently renovated venue, Daily Cheongdam, one of the trendiest lounge bars in Seoul. In attendance were fund managers and industry leaders, including but not limited to Microsoft, Union Bank, Eurazeo, Binance, FTX, Bybit, FBG Capital, Paradigm, Fireblocks, Cointelegraph, Krust, KB Securities, STIC, Intervest, Meritz, Korea Investment & Securities, Honors Asset Management, and executives from Hype Labs portfolio companies.
Envisioning a web3 ecosystem, the Hype Labs team commented, “Hype Night was an amazing event where our network of partners were able to share their vision for the future of web3.” The team continued, “We are also grateful to all those who attended and look forward to building the future of the internet.”
In the near future, Hype Labs plans to expand their fund and build an accelerator program for web3 companies and entrepreneurs. In addition to working with bold web3 entrepreneurs, Hype Labs is also looking to work with traditional web2 companies looking to transition to or explore web3. What’s more, the company is looking to bring in a wider audience of investors and fund managers into the web3 space.
About Hype Labs
Hype Labs is a company builder dedicated to supporting bold web3 entrepreneurs looking to build, scale, and market their disruptive products and services. Since its inception, Hype Labs has been committed to unlocking the full potential of its portfolio of blockchain entrepreneurs passionate about building out the next version of the internet.
Using its network and know-how, Hype Labs actively contributes to growth and success of each project, which include but are not limited to Animoca Brands (a venture capital and game software company valued at $5.9 billion dollars), Fellaz (a leading web3 entertainment company partnered), OG.xyz (an infrastructure service for NFT creators, collectors, and traders), gaming companies, and NFT projects.
Media Contact
Company: Hype Labs
Contact: Daniel Park
Email: daniel@hypelabs.com
Website: https://hypelabs.com
AscendEX is excited to announce the listing of Betswap.gg token under the trading pair: $BSGG/USDT. Trading begins at 1:00 PM UTC on August 18th, 2022. Betswap.gg is a decentralized sports betting platform that allows users to set odds by being on either side of the bet. Backed by blockchain technology, worldwide players can have access to bet on all types of sports and use stablecoins to place bets.
Betting on Decentralization
Betswap.gg is the first truly decentralized (DeFi) peer-to-peer betting exchange. The platform allows users to place bets by transferring money to a smart contract while other users act as the bookmaker. Built on Polygon, users can minimize their commission fee by benefiting from the network’s low gas fees. The whole process occurs in an open system that runs on a trustless and immutable blockchain protocol, providing a safe and transparent betting experience.
Be the Book Maker
In the Betswap.gg ecosystem, the BSGG token acts as the main utility token throughout the platform. Among other uses, the token is used for paying fees and as a tool to power the DAO model by giving holders governance rights.
BSGG is also available for staking in liquidity pools to generate rewards. Betting markets are supported by liquidity pools, which empower users around the world to match either side of the bet anonymously.
About AscendEX
Launched in 2018, AscendEX is a global cryptocurrency exchange, servicing over 1.5 million retail and institutional clients globally, through its comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as Bitcoin, Ether, Solana, Cardano, and more. With the new listing of BSGG token on AscendEX, it opens a new entry point for investors and bettors alike, who are looking to participate in a trustless environment!
For more information and updates about Betswap.gg, please visit:
Website: https://betswap.gg/
Twitter: https://twitter.com/BetswapGG
Telegram: https://t.me/Betswap_GG
Discord: https://discord.com/invite/xUTMRhgBNq
For more information and updates on AscendEX, please visit:
Website: ascendex.com
Twitter: twitter.com/_AscendEX
Telegram: t.me/AscendEXEnglish
Medium: medium.com/ascendex
FTX rode the crypto craze to a billion dollars in revenue last year while expanding its global footprint through a flurry of acquisitions, according to internal documents seen by CNBC.
The audited financials give a rare glimpse into the privately held company’s finances. FTX was profitable, quickly expanding across the globe and saw breakneck growth.
The crypto exchange’s revenue soared more than 1,000% from $89 million to $1.02 billion in 2021. Its profitability, like many start-ups, depends on how you measure it. Operating income was $272 million, up from $14 million a year earlier. FTX saw net income of $388 million last year, up from just $17 million a year earlier.
FTX declined to comment on the leaked financial documents.
The company brought in $270 million in revenue in the first quarter of 2022, and was on track to do roughly $1.1 billion in revenue in 2022, according to an investor deck shared with CNBC. But it’s unclear how FTX held up in the second quarter as crypto prices plunged during the recent so-called “Crypto Winter.”
By way of comparison, publicly traded Coinbase also experienced a cash boom during crypto’s bull market, with $7.4 billion in revenue and $3.6 billion of net income last year. But in the second quarter of this year, it reported $808.3 million in revenue, a decline of 64% from the year-ago quarter, and a surprise net loss of $1.1 billion, compared with $1.59 billion in net income a year earlier, as retail trading volumes cratered.
FTX was founded three years ago by former Wall Street quant trader Sam Bankman-Fried. The 30-year-old CEO has recently stepped in as the industry’s lender of last resort, looking to backstop companies as liquidity dried up. On top of multiple loans of hundreds of millions of dollars, Bankman-Fried’s companies also looked to acquire distressed assets. In July, FTX signed a deal that gives it the option to buy lender BlockFi and was in discussions to acquire South Korean Bithumb. FTX also offered to buy Voyager in August but was turned down for what the company claimed was a “low ball bid.”
FTX had roughly $2.5 billion in cash at the end of last year and 27% profit margins, according to the documents. Margins were closer to 50% if advertising and “related party” expenses are stripped out. It last raised money in January, collecting $400 million from investors like SoftBank’s Vision Fund 2 and Tiger Global, at a $32 billion valuation.
Global footprint
FTX was founded at a time when Coinbase and Binance had solidified themselves as the world’s largest trading venues. Coinbase still operates largely within the U.S. Binance, the largest exchange by trading volume got its start in China, later moved its headquarters to the Cayman Islands and is now making a push for the U.S. market with an American subsidiary.
FTX has been quietly building its own fleet of global subsidiaries to compete.
FTX Trading Ltd. is headquartered in Antigua, with FTX Derivatives Markets based in the Bahamas, where Bankman-Fried lives. FTX Trading recently bought Digital Assets DA AG, out of Switzerland, as well as IFS Group and Hive out of Australia – bringing the total to 15 smaller companies across the world. Its portfolio companies span Cyprus, Germany, Gibraltar, Singapore, Turkey and the United Arab Emirates, among other countries, according to the documents. Crypto companies often acquire start-ups to quickly get the proper regulatory licenses to set up shop in a new country.
Bankman-Fried also founded trading firm Alameda Research, which accounts for about 6% of FTX’s exchange volumes, according to the documents.
FTX’s U.S. business is technically owned by a parent company, West Realm Shires Inc. As of 2021, FTX U.S. made up less than 5% of FTX’s total revenue. Still, the company is making a push to expand in the U.S. with a series of high-profile ads and sponsorships.
FTX spent roughly 15% of revenue on advertising and marketing in 2021, according to the documents. That may account for its 2022 Super Bowl ad with actor Larry David and high-profile celebrity endorsements by Tom Brady and Giselle Bündchen, who are also equity investors in the company. FTX also bought the naming rights to Miami’s NBA arena, formerly the American Airlines Arena. FTX planned to spend an estimated $900 million in advertising in the coming years, according to the documents.
The crypto exchange is also expanding into stock trading. It launched equities trading weeks after Bankman-Fried took a 7.6% passive stake in Robinhood, fueling speculation that FTX is looking to buy the trading app in a landgrab for U.S. retail accounts. Robinhood and Bankman-Fried have denied that a deal is in the works.
FTX has certainly ramped up its retail expansion efforts. But the documents show that it’s still mainly a venue for more sophisticated traders using derivatives – either futures, or options. About two-thirds of revenue came from futures trading fees, while roughly 16% came from so-called spot trading. Futures and derivatives trades tend to be more lucrative for exchanges.
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Saint Vincent and the Grenadines, Aug 21, 2022 — ApeX Protocol, a decentralized, permissionless and non-custodial network, first opened the gateways of inclusive access to the crypto perpetual swaps market in February 2022.
Designed to provide solutions to flaws in existing decentralized exchanges (DEXs) such as high gas fees and poor order execution, the ApeX Protocol is firmly anchored in realizing the Web3 vision — shaping a free and open ecosystem for all users to grow their wealth in a safe and trusted environment, where they can participate within an interconnected meta-community.
ApeX Pro, a layer-2 (L2) trading platform built on the ApeX Protocol, has integrated zero-knowledge Rollup (zk-Rollup) infrastructure, bringing an upgrade that will help establish a Web3 social trading platform. ApeX Pro is leveraging first on the rollout of a new order book feature to co-exist with the current elastic automated market maker (eAMM) model.
From ApeX eAMM to ApeX Pro
The ApeX Protocol ecosystem has grown significantly since its inception on the Arbitrum chain in the first quarter of 2022. The benefits of the eAMM model, where trading pairs are set up with a single asset provision and orders are automatically executed based on smart contracts, have been extensively proven in a decentralized environment.
Similarly, the ApeX Protocol has succeeded in upholding a fully permissionless platform with no need for Know Your Customer restrictions or intermediaries in trades. Traders can also enjoy full spectrum asset support and liquidity in perpetuity on the perpetual swaps markets for any token pair.
ApeX Protocol is committed to further bridging the gap between derivatives traders and Web3 innovations with upcoming upgrades. An integrated and open social trading platform marks its next stop, beginning with an optimized order book offering on the brand new ApeX Pro.
A synchronized solution with StarkEx
ApeX Pro will offer its flagship cross-margined perpetual swaps trading platform to users with an upgrade by integrating the best of order book architecture on top of the protocol’s existing framework.
The addition of the order book interface helps to:
- Enhance capital efficiency for users who intend to invest or trade with fewer funds but are still looking for high liquidity provisions.
- Increase flexibility in orders with advanced charting functions, plus visible asks and bids that will help users take more informed trading actions.
- Accelerate the growth of the ApeX meta-community, as the order book interface bridges the gap between users who are used to utilizing order books for trades and a new realm of trading opportunities offered by the world of decentralized finance (DeFi).
- Provide higher trading performance with enhanced market exposure, with leverage and other trading features.
- Support multichain deposits and withdrawals for Ethereum Virtual Machine-compatible chains.
With the help of StarkWare’s L2 scalability engine (StarkEx), ApeX Pro is able to uphold the promise of decentralized and efficient trading by offering users an optimal combination of security and transparency one would usually see in a DEX and the speed and usability users are used to seeing on centralized exchanges.
Leveraging StarkEx’s use of cryptographic proofs in validating transactions and also Validium to boost transaction scalability, ApeX Pro is poised to provide faster transaction processing speeds and some of the lowest gas fees across the DeFi sphere. Engineered for higher liquidity and greater network interoperability, users can access non-custodial trading with Ether (ETH) and any ERC-20 tokens.
What lies ahead
In a rapidly morphing crypto landscape where milestone innovations frequently come into play, ApeX Protocol is charting the course for decentralization to match the needs of individual users — all by kickstarting a new era of Web3 social trading.
Combined with powerful matching engine capabilities, ApeX Pro aims to help traders tokenize data income and realize influence.
Over the coming months, ApeX Pro will launch greater feature and service add-ons so users can be a part of ApeX Protocol’s ecosystem:
- Creation of decentralized identifications: Get access to a customizable, personal trading dashboard.
- New tokens and perks: Soulbound tokens and participation rewards will be made available to users who engage in the ApeX Protocol ecosystem.
- The ApeX decentralized autonomous organization: ApeX is working toward building a DEX infrastructure, where ownership of the platform is eventually conferred upon its users.
The roadmap is designed to be accessible by open markets, as ApeX Pro continues to foster community-led development and establish sustainable growth practices that can support the protocol in perpetuity.
About ApeX Pro
- Website: https://app.apex.exchange/trade
- Twitter: https://twitter.com/OfficialApeXdex
- Telegram: https://t.me/ApeXdex
Singapore, Aug. 21, 2022 — XT.com, the world’s first social infused digital asset trading platform, is delighted to announce that it will soon list the Redlight Finance (REDLC) coin on Aug. 20, 2022, at 1 pm UTC. REDLC and Tether (USDT) is the available trading pair that will be onboarded under the exchange’s main zone, or metaverse.
REDLC is the blockchain governance coin of the Redlight Finance ecosystem. It functions as the platform’s primary medium of exchange for all transactions. Redlight Finance aims to solve blockchain scalability, security and decentralization challenges through its optimized gasless blockchain. Without the involvement of a third party, Redlight Finance’s main objective is to showcase how REDLC can serve as the true bridge from the decentralized finance (DeFi) world to the real world without any hassle.
XT.com encourages crypto enthusiasts and REDLC coin holders to proceed with depositing crypto assets on Aug. 19, 2022, at 1 pm UTC. Furthermore, everyone can participate in and capitalize on REDLC by trading it. XT.com will offer REDLC-USDT withdrawal options specifically on Aug. 21, 2022, at 1 UTC.
The XT team highlights that, in line with its continuous coin listing, this forms a huge part of its long-term goal of building an efficient, secure and inclusive virtual asset ecosystem for its users. Investors are welcome to take advantage of the listing to make a liveable income by trading REDLC-USDT when it goes live.
Jonathan Shih, head of Middle East and Africa at XT.com, said, “We are delighted to partner with Redlight Finance and have their coin listed on our platform. By onboarding the REDLC coin for trading, we will further extend our arms and support Redlight Finance to achieve its aims of solving the security, decentralization and scalability trilemma of blockchains by projecting its REDLC utility coin on our exchange for trading.”
About Redlight Finance
Redlight Finance is a layer-1, Ethereum Virtual Machine-compatible blockchain. It aims to solve the main trilemma of blockchain, which includes scalability, decentralization and security. Moreover, one of Redlight Finance’s goals is to provide a sophisticated blockchain bridge to close the gap between the DeFi world and the real world and connect hospitals, financial institutions and other governmental organizations to securely transition into Web3. To achieve this, the company has developed its one-of-a-kind gasless blockchain with an intuitive use case for traditional crypto investors by integrating smart contracts.
Website: https://redlight.finance
Twitter: https://twitter.com/redlight
About XT.com
By consistently expanding its ecosystem, XT.com is dedicated to providing users with the most secure, trusted and hassle-free digital asset trading services. Its exchange is built from a desire to give everyone access to digital assets regardless of location.
Founded in 2018, XT.com now serves more than 4.5 million registered users, over 500,000 monthly active users and 30-plus million users in the ecosystem. Covering a rich variety of trading categories, together with a nonfungible token aggregated marketplace, its platform strives to cater to its large user base by providing a secure, trusted and intuitive trading experience.
As the world’s first social infused digital assets trading platform, XT.com also supports social networking platform-based transactions to make its crypto services more accessible to users all over the world. Furthermore, to ensure optimal data integrity and security, XT.com sees user security as its top priority.
Website: https://www.xt.com
Telegram: https://t.me/XTsupport_EN
Twitter: https://twitter.com/XTexchange
FTX, the crypto exchange controlled by Sam Bankman-Fried, received a cease-and-desist warning on Friday from the Federal Deposit Insurance Corporation, telling the company to stop “misleading” consumers about the insurance status of their funds.
The FDIC issued letters to five crypto companies, including FTX US. Unlike deposits held at U.S. banks, cryptocurrencies stored with brokerages are not protected by the government.
“Based upon evidence collected by the FDIC, each of these companies made false representations —including on their websites and social media accounts — stating or suggesting that certain crypto-related products are FDIC-insured or that stocks held in brokerage accounts are FDIC-insured,” the regulator said in a press release.
In addition to FTX US, the FDIC notified Cryptonews.com, Cryptosec.info, SmartAsset.com and FDICCrypto.com. The FDIC said the companies must “take immediate corrective action to address these false or misleading statements.” The agency said knowingly misrepresenting or implying that an uninsured product is FDIC-insured is prohibited by the Federal Deposit Insurance Act.
In the letter specifically to FTX, the FDIC said it appeared that on July 20, Brett Harrison, the president of FTX.US, published a tweet stating that direct deposits from employers are stored in FDIC-insured accounts in the user’s name.
Harrison tweeted on Friday that he deleted that post and didn’t mean to indicate that crypto assets stored in FTX are insured by the FDIC, but rather “USD deposits from employers were held at insured banks.”
“We really didn’t mean to mislead anyone, and we didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance,” Harrison wrote.
FTX.US is a U.S. cryptocurrency exchange owned by FTX, which is based in the Bahamas and has been largely focused on building its business outside of the U.S.
The FDIC also said that the websites for SmartAsset and CryptoSec identify FTX as an ”‘FDIC-insured’ cryptocurrency exchange.”
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Bitcoin slumped about 8% on Friday as markets and investors took in Fed comments that suggested a dovish pivot remained unlikely to happen soon.
The crypto traded at $21,438 Friday at 8:30 a.m. ET, and the decline of $1,751.40 marked its biggest single-day drop in a month, according to CoinDesk data. Friday’s move also continued a five-day decline for the world’s biggest cryptocurrency, which hovered near $25,000 before the sell-off. On the year, bitcoin has dropped over 54%.
Meanwhile, ether dropped nearly 10% over the last 24 hours, trading at $1,690.38. Similar to bitcoin, the token has shed approximately 55% in 2022.
The crypto retreat mirrored an overall risk-off trend, with stocks also selling off, after Fed officials dashed hopes for relief from rate hikes anytime soon.
St. Louis Fed President James Bullard said he’d prefer a 75-basis-point hike next month, which would mark the third straight increase of that size, and said he isn’t ready to say inflation has peaked.
“We should continue to move expeditiously to a level of the policy rate that will put significant downward pressure on inflation,” Bullard told the Wall Street Journal Thursday.
Also on Thursday, San Francisco Fed President Mary Daly told CNN that a September rate hike of 50 or 75 basis points would be “reasonable” and predicted increases will continue into at least 2023, pushing back against calls for a dovish pivot by then.
Meanwhile, the US dollar index notched a fresh one-month high Friday as the central bank signaled its committement to more rate hikes.
As investors pile into the safe haven, the index moved above 107, it’s highest since July 18 and on pace for the largest weekly gain since March 2020.
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