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Bybit Unveils NFT Collection as Part of Velocity Series

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Bybit, the third most frequented cryptocurrency exchange globally, has today unveiled the eagerly awaited NFT collection by Rik Oostenbroek as part of the Velocity Series. This series represents a unique Web3 collaboration, bringing together Bybit, Oracle Red Bull Racing, and elite digital artists.

On August 24, Rik Oostenbroek, the renowned Dutch artist, will debut two distinct NFT sets under the Velocity Series.

The first collection, titled “Momentum,” will be exclusively up for grabs by Velocity Pass NFT possessors through a Dutch auction.

This collection marks Rik’s inaugural journey into the sphere of 3D digital art, allowing technological data to shape the artwork’s end result.

The “Flow State” collection, comprising a capped set of 1000 NFTs, will be exclusively airdropped to the first 1000 Velocity Pass NFT owners.

To uphold its exclusiveness, no public sales will be held for this collection post-airdrop.

READ: Ripple Labs vs. SEC: Appeals Process Sparks Debate Over Ongoing Legal Case

The Velocity Pass is an esteemed NFT, offering art aficionados a golden ticket to four distinctive Bybit-sponsored NFT launches from the Velocity Series.

These launches align with the Grand Prix events in the Netherlands, Japan, the U.S., and Abu Dhabi. Additionally, pass bearers stand a chance to clinch rare rewards from Oracle Red Bull Racing and Bybit.

Rik Oostenbroek, the inaugural artist to partner for the Velocity Series, is celebrated for his dynamic designs, abstract manifestations, and carefully curated color schemes.

After creating visual masterpieces for iconic brands like Nike, Apple, and Paramount Pictures, Rik’s transition into the NFT space has been met with overwhelming praise for his captivating artistry.

Anndy Lian, Bybit’s Head of Partnerships, expressed, “This union of technology and artistry is aimed at paving a nexus for art enthusiasts, collectors, and motorsport fans. The Velocity Series masterfully blends the thrill of racing with the art of NFT, encapsulating the core of both domains.”

Caroline Buckland, leading the Fan Engagement at Oracle Red Bull Racing, added, “We’re thrilled about this inaugural and groundbreaking NFT collaboration within the Velocity Series. It’s a tribute to the fusion of art, innovation, racing exhilaration, and Rik’s unparalleled artistic vision.”

New Zealand Parliament Report Advocates Gradual and Adaptable Approach to Crypto Regulation

In the midst of escalating calls for cryptocurrency regulation across the globe and the ongoing debate surrounding enforcement-based approaches, a recently issued report to the New Zealand Parliament advocates for a measured and adaptable strategy.

Initiated by the Finance and Expenditure Committee of the New Zealand House of Representatives in 2021, this comprehensive report titled “Exploration of Cryptocurrency: Current State, Future Prospects, and Potential Risks” emphasizes the importance of a gradual and flexible regulatory stance.

Jointly authored by a legal expert from MinterEllisonRuddWatts law firm and an associate professor of commercial law at the University of Auckland, this 99-page document meticulously reviewed public opinions gathered earlier and offers 22 prudent recommendations.

Overall, the report displayed a positive perspective on blockchain technology and digital assets.

While acknowledging persistent challenges such as price volatility, environmental concerns, and illicit activities, the report discouraged the imposition of overly stringent limitations, contending that such restrictions could impede the viability and competitive edge of businesses that increasingly embrace cryptocurrency payments.

The report also cautioned against a preemptive regulatory push:

“Developing and instituting a comprehensive regulatory framework would be an intricate endeavor. […] Based on our assessment, regulatory bodies lack the necessary resources and infrastructure for effective management.”

“Instead, we propose that issues be tackled as they surface.

“Our suggestion is for the Government and regulators to establish consistent and coherent guidelines pertaining to the treatment of digital assets within existing legal frameworks,” the report emphasized.

It further advised local legislators to monitor regulatory advancements in the United States, United Kingdom, and Australia before devising domestic policies.

Certain regulatory interventions are deemed essential.

READ MORE: Coinbase’s ‘Stand with Crypto Alliance’ Gains Momentum Amidst Lawmaker Engagement Push

The report urges the Financial Markets Authority (FMA) to introduce a novel investment category tailored for digital assets, incorporating a sandbox provision, alongside a distinct category for personal property.

Furthermore, the report advocates for the FMA to spearhead a dedicated subcommittee within the Council of Financial Regulators, tasked with furnishing expert counsel and a synchronized approach to address industry-related challenges.

Concurrently, a more comprehensive task force, encompassing representatives from pertinent government entities including law enforcement, tax authorities, and the central bank, should be convened to engage with the digital asset sector.

The report concluded by underscoring the need to sustain research into central bank digital currencies.

In a landscape where the cacophony for cryptocurrency regulations is crescendoing, the New Zealand report stands out as a call for prudent and adaptable action, promoting a harmonious equilibrium between innovation and oversight.

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Binance Contemplates Legal Action Against Former Payment Provider

Cryptocurrency exchange Binance is contemplating taking legal action against its former payment provider, Checkout.com, according to a spokesperson for Binance on August 18.

The potential legal conflict stems from communications dispatched by Checkout.com to Binance on August 9 and August 11.

As reported by Forbes, Guillaume Pousaz, CEO of Checkout.com, terminated the partnership with Binance due to concerns regarding regulatory actions, Anti-Money Laundering (AML) measures, sanctions, and compliance controls within relevant jurisdictions.

A Binance representative responded via email, stating, “We do not agree with Checkout’s purported basis for termination and are considering our options for legal action.”

The spokesperson emphasized that on-ramp and off-ramp services on the exchange are unaffected by this dispute.

However, the discontinuation of the business relationship prompted Binance to close down Binance Connect on August 16.

Launched in March 2022, Binance Connect was a regulated platform facilitating crypto buy-and-sell operations.

The platform supported over 50 cryptocurrencies and fiat transactions, bridging the gap between crypto firms and the traditional financial system.

READ MORE: Former US President Donald Trump’s Ethereum Wallet Surges to $2.8 Million

At one point, Binance had been the largest customer of Checkout.com, processing around $2 billion in transactions in a single month in 2021.

Binance has encountered a series of setbacks in recent months, leading to its global branches struggling to secure partnerships.

In June, the exchange disclosed the discontinuation of support from its euro banking partner, Paysafe Payment Solutions, in Europe.

The Australian branch faced a sudden cutoff from the banking system in June.

Similarly, Binance.US confronted challenges in finding banking partners in the United States, with former collaborators Silvergate and Signature Bank facing closures during the banking crisis earlier this year.

The ongoing crisis has even prompted Binance CEO Changpeng Zhao to explore the possibility of purchasing a bank, as he revealed in an interview.

The legal and operational challenges faced by Binance do not seem to be abating.

On June 5, the U.S. Securities and Exchange Commission filed a lawsuit against the global exchange and its CEO, accusing them of violating securities laws and engaging in the unregistered offering of securities in the United States.

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Shiba Memu Ignites the Crypto World: $2M Presale Surge as Meme Coin Races Towards Listing

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London, United Kingdom, August 21st, 2023, Chainwire

Shiba Memu, a dynamic new cryptocurrency meme coin supported by AI, is causing a stir as its presale surpasses the impressive $2 million fundraising milestone. This remarkable achievement was further spurred by the recent news it would list on BitMart, a renowned crypto exchange, all within the first month of the presale’s launch.

The inception of the Shiba Memu AI stems from the team’s previous experiences with exorbitant marketing agency fees. This motivated Shiba Memu to develop a self-promoting AI solution capable of adapting to various practical applications.

Presently at $0.021700 per token, Shiba Memu’s price experiences scheduled increments every 24 hours due to the team’s well-crafted smart contract. This mechanism is particularly appealing to presale supporters, as it ensures that the token purchase price remains lower than the eventual listing price on exchanges. For instance, if purchased today at $0.021700, the increase by the end of the 60-day presale would amount to 10%.

Those interested can acquire SHMU tokens via the official Shiba Memu website.

The Surge of Shiba Memu: Unleashing AI Potential

Shiba Memu’s remarkable success can be attributed to its untapped AI potential. In its nascent stages, the AI employs Natural Language Processing (NLP) and Sentiment Analysis to scour the web, primarily focusing on social platforms, for mentions of Shiba Memu. It tailors its promotions accordingly, transforming the brand from a simple cute dog meme to an amusing and engaging one, infused with a sharp sense of humor. The project’s forthcoming AI dashboards scheduled for Q4 further stimulate investor interest in meme coins with tangible utility.

The project’s tokenomics demonstrate a robust structure, with 85% of tokens allocated to the presale, 10% to exchange listing liquidity, and 5% to development. This allocation empowers SHMU holders to actively participate in the future development of the dApp.

Crypto Community Propels Shiba Memu’s Soaring Engagement

In the recent video shared by influencer, CryptoPRNR, Shiba Memu was featured among the top four cryptocurrencies predicted to perform well in the next bull run. Additionally, Shiba Memu was also showcased as the best meme coin to buy in 2023 on investing website Invezz. This recognition highlights the project’s strategic advancements and AI-driven capabilities, solidifying its position as a competitive player in the crypto market. The inclusion of Shiba Memu in this selection also reflects the growing interest and attention directed towards AI-powered crypto projects within the broader cryptocurrency community.

The Shiba Memu presale is approaching its closing date on the 1st of September. At this juncture, the price is set to reflect an increase of 119% from its launch price, moving from $0.011125 to $0.024400.

About Shiba Memu

Shiba Memu (SHMU) is a fresh dog-themed crypto meme coin that supports a platform utilizing AI to promote itself and generate buzz in online communities. This technology is poised to gain traction within the blockchain industry in the coming years, establishing Shiba Memu’s position as an industry innovator. The innovative AI technology behind the project demonstrates true innovation in the meme coin sector, offering small and medium-sized businesses access to effective marketing solutions that could significantly cut costs and provide a competitive advantage.

To learn more, or to buy SHMU, visit: Website | Whitepaper | Socials

Contact

Shiba Memu Team
Shiba Memu
contact@shibamemu.com

Beyond Instant Payments: Zebec Launches Modular L3 Nautilus for Scalable Payment Streaming

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New York, USA, August 21st, 2023, Chainwire

Zebec has launched Nautilus, a modular L3 network that supports its blockchain-based global payment infrastructure. Nautilus enables continuous payment streaming and real-time payroll services on a previously impossible scale.

As a first-of-its-kind L3, Nautilus enables more than just instant payments. It can also facilitate Zebec Protocol’s live-payment streaming service at scale, made possible by the fastest EVM environment in web3. 

Capable of parallel transaction processing, Nautilus is built for scalability, interoperability, and security through interchangeable modules for consensus, settlement, data availability, and transaction execution. This modularity will have a significant impact on how web3 payment infrastructure is composed and adopted.

“Zebec is helping to create a future where money moves more freely, providing individuals, businesses, investors, and teams with quicker and easier access to funds and tokens,” said Zebec Founder Sam Thapaliya. “Launching the Nautilus Chain, and the new suite of products built on it, is a significant step towards our vision.”

With Nautilus now live, Zebec’s team is set to bring single-side staking and DeFi yields online in select jurisdictions and power ZebecPay – its live streaming web3 payroll services. Zebec is also in the process of launching a traditional payroll app, WageLink, with a planned integration with Circle. With the Nautilus chain functionality, Zebec is able to offer crypto off-ramps directly linked to US bank accounts (via a partnership with CoinFlow) and roll out Zebec Card programs in Asia and Europe. These products and services will augment Zebec’s existing services.

Zebec started as a continuous settlement protocol that enabled real-time payments, or payment streaming, allowing businesses to pay employees and partners in real-time in a tax-compliant way. However, the limitations of existing blockchain technology soon became apparent. Networks were either too slow or too unreliable to keep up with demand. To solve the issue, Zebec Labs created a next-generation blockchain: fast enough to facilitate payment streaming at scale, which could, critically, integrate with Ethereum-based chains. 

Originally planned for Zebec’s core DeFi projects for internal payments and value/assets transfer, Nautilus testnet became one of the most prominent testnets in the crypto world. Having facilitated over 50 million transactions, with 400,000 wallets and 3,000 smart contracts deployed in its first 8 months, Nautilus chain has proven its utility and functionality beyond DeFi and opened to projects from other sectors, such as NFTs, Gamefi, etc., thus becoming a “general purpose” L3.

A huge upside to Nautilus’ modular system is that it gives developers the flexibility to configure the “chain stack” they use to build their dApps. A modular chain uses interchangeable modules for consensus, data availability, settlement, and execution. Each of these layers can be configured to developer needs or optimized based on the dApp being serviced. Especially at the execution layer, customized rollups can be deployed that optimize for privacy or scalability, or decentralization — whatever is required by the dApp. 

Modular chains allow for infinite horizontal scaling and greater levels of interoperability. Since developers build from the same pool of modules, code is safer, more battle-tested, and easier to connect. More rollups and parallel chains can be deployed to increase block space and throughput effectively. Nautilus is a pioneer in this new type of blockchain, and its architecture will permanently change how blockchains are built and bring them into the real world. 

At launch, Nautilus’ settlement layer is built using Solana’s VM, MOVE, and its execution layer on Neon EVM using Solidity smart contracts. Data availability is stored off-chain using Celestia. Nautilus’ initial default execution layer will use optimistic rollups, but the team plans to transition to zkRollups for faster settlements, privacy, and even higher levels of scalability. 

Nautilus is built with Celestia and Eclipse empowering modular chains. Through Celesita, Nautilus allows projects to tailor their consensus and settlement layers. Eclipse allows builders on Nautilus to deploy customized rollups on their execution layer. 

The result is a chain with Solana-like speeds but with the security and decentralization of Ethereum. According to its engineers, Nautilus has been tested up to 3,000 TPS, but the team expects the number to increase with the transition to zkRollups. By having such a high TPS, Nautilus chain provides a platform that can keep up with the demands of the real world, opening the door to decentralized markets for financial instruments and assets, such as stocks, bonds, real estate, and tokenized real-world assets.

Thanks to Nautilus, Zebec can now operate on a much larger scale. Businesses can pay employees and partners in real time through live payments or payment streaming. Zebec’s goal isn’t merely to provide more efficient payment services; it’s to onboard millions of new users through user-friendly, secure payment apps and new use cases.

Zebec’s innovation paves the way for pay-as-you-go payment plans for streaming services, car-sharing platforms, gyms, residential clubs, and more. It enables potential new business models and applications not yet created. As Zebec continues to innovate and grow its ecosystem, it invites developers and founders from around the world to join it in creating a more connected, efficient, and accessible financial future.

About Zebec

Zebec enables real-time and continuous streams of payments and financial transactions for payroll, investments, and more. It was founded in 2021, with investments from Circle, Coinbase, Solana Ventures, Breyer Capital, Republic, and Lightspeed Venture Partners, among others. Zebec already services hundreds of companies, running thousands of continuous payment streams and bringing the blockchain to our day-to-day lives.

Website | Twitter | Discord | Telegram

About Nautilus

Nautilus is a high-performance real-world payment modular chain. Using celestia and eigenlayer, It delivers high-speed and low-cost transaction processing with a secure and stable decentralized foundation.

Website | Twitter | Telegram | Medium

Contact

Elena Solovyov
Zebec
elena@zebec.io

Crypto Industry Adapts to Bear Market

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Amidst the ongoing bear market dampening venture capital investments in the cryptocurrency sector, innovative financing avenues like grants have gained prominence as they foster community support and nurture established projects’ growth.

Presently, approximately 40 crypto initiatives, as stated by Blockchain Grants, are extending grants to developers focused on Web3 solutions.

Contrarily, data from Cointelegraph Research underscores that the crypto venture capital space has suffered due to the market downturn, causing a substantial 30% decrease in capital infusion into Web3 projects over the past year.

Grants and venture capital diverge in purpose and prerequisites.

While grants align with particular goals and values, venture capital centers on startups with exponential growth potential and financial profitability.

However, the efficacy of grants rests on reinvesting funds into the project, according to Naveen Agnihotri, CEO of Cumberland Labs.

Agnihotri emphasizes that grants can be a boon for burgeoning crypto projects if funds are channeled back into project development.

Alternatively, venture capital, he notes, can enable founders to bootstrap their projects, given the mutually incentivized engagement between parties.

To sustain accountability and innovation, the SingularityNET team has revamped its Deep Funding grant initiative.

This updated program, now in its third round, will evaluate teams based on milestones, deliverables, and peer revisions.

Proposals are open until September 3 across five funding pools, with over $1.5 million earmarked for AI-related projects.

READ MORE: Former US President Donald Trump’s Ethereum Wallet Surges to $2.8 Million

According to Rafael Presa, operations manager of Deep Funding, grant programs are pivotal in shaping the next phase of crypto industry evolution by supporting innovative ideas, research, and solutions.

Since its inception in 2022, the Deep Funding program has nurtured 28 artificial intelligence (AI) projects through decentralized voting within the SingularityNET ecosystem.

Furthering this trend, the Interledger Foundation employs its grant program to bolster initiatives targeting payment networks for unbanked communities worldwide.

Briana Marbury, CEO of the Interledger Foundation, highlights that grants can alleviate financial constraints faced by entrepreneurs and innovators, enabling ideas that might otherwise remain unrealized.

The program is currently accepting applications, with grants exceeding $100,000 in this round and a deadline of November 21.

Applying for grants necessitates a deep understanding of grantor objectives and priorities, demonstrating a sincere commitment to the program’s essence.

Engaging with the community, soliciting feedback, and refining proposals showcase dedication to collaboration and improvement, according to Presa.

In these challenging market conditions, Naveen Agnihotri advises projects to focus on addressing genuine issues when presenting grant proposals.

He encourages taking advantage of the bear market’s contemplative environment to devise significant ideas and craft comprehensive grant proposals, highlighting that even in lean times, quality ideas attract funding.

In summation, while the bear market impacts venture capital, the rise of grant programs offers a lifeline for crypto projects, nurturing innovation, collaboration, and impactful solutions.

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Bored Ape Yacht Club’s Yuga Labs to Scale Back OpenSea Support

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Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), is preparing to reduce its support for OpenSea due to the imminent removal of the Operator Filter, a tool designed to enforce on-chain royalties.

Introduced in November 2022, the Operator Filter allowed creators to limit secondary sales of nonfungible tokens (NFTs) to marketplaces that upheld creator royalties, effectively excluding platforms like Blur.

Nonetheless, OpenSea disclosed on August 17 that it would discontinue the tool by the end of the month.

The rationale cited a lack of widespread adoption within the ecosystem, instances of platforms bypassing the tool, and opposition from creators.

Responding to this decision, Yuga Labs CEO Daniel Alegre posted an announcement on X (previously known as Twitter), revealing the gradual phasing out of their reliance on OpenSea’s Seaport marketplace smart contract.

In his statement, Alegre outlined that Yuga Labs would initiate the process of winding down support for Seaport across upgradable contracts and new collections.

The objective is to complete this transition by February 2024, aligning with OpenSea’s strategy.

Alegre underlined Yuga Labs’ commitment to safeguarding creator royalties and ensuring fair compensation for their creative efforts.

The BAYC community responded positively to Alegre’s announcement, with prominent content creators and NFT project founders, including EllioTrades and Alex Becker, voicing their support.

READ MORE: Coinbase’s ‘Stand with Crypto Alliance’ Gains Momentum Amidst Lawmaker Engagement Push

The CEO and co-founder of the Forgotten Runes Wizards Cult NFT project, dotta, lauded Yuga Labs for taking a leading role in championing the cause of creator royalties.

This move also garnered interest from Luca Netz, CEO of the Pudgy Penguins NFT project, who commended Yuga Labs and suggested they might follow suit.

Netz indicated a willingness to engage in dialogue about enforcing creator royalties, as highlighted in a post by Coinbase NFT.

The question of whether to uphold and enforce creator royalties has ignited debates within the NFT community over the past year.

Initially, enforcing creator royalties was the norm during the NFT boom in 2021.

However, platforms like Blur disrupted the scene in October 2022, gaining significant market share by offering zero trading fees and an optional creator royalty payment structure.

Consequently, trading fees and royalty percentages experienced a general decline as marketplaces competed for user adoption.

The NFT community now finds itself divided between proponents of the cost-effective trading approach offered by platforms like Blur, advocating for diverse creator compensation models, and those advocating unwaveringly for royalty payments as a necessity.

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Crypto Influencer Files $16 Million Lawsuit Against Bitget Exchange

Cryptocurrency influencer Evan Luthra has initiated a legal battle against Bitget, a crypto exchange, alleging the freezing of his account following a new token listing in March.

Luthra asserts that his withdrawal requests were halted and approximately $200,000 in Tether was locked up while his attempts to gain clarity were met with silence.

This incident is intertwined with Luthra’s association with the Reel Star project.

He had been engaged as an advisor to Reel Star, a startup dedicated to a social media app for content creators.

As part of his compensation, Luthra received Reel Token (REELT), the project’s utility token. Following its listing, Luthra sold 1.3 million REELT tokens on Bitget.

However, this action led to the suspension of his account over suspicions of market manipulation.

Bitget’s spokesperson disclosed, “Bitget faced a manipulative attack by a group of traders attempting to profit by manipulating trades on the exchange.”

Bitget claims to have reached out to Luthra for an explanation, but despite admitting to the token sale, he reportedly failed to provide a satisfactory reason for the behavior.

Luthra contends his innocence, referencing alleged approval from Reel Star’s co-founder Navdeep Sharma for the token sale.

Seeking $16 million in damages and the release of his $200,000 held by Bitget, Luthra filed a lawsuit against the exchange, Foresight Ventures, and key executives.

He argued that Bitget unjustly restricted his tokens, which he had acquired through legitimate means.

READ MORE: Former US President Donald Trump’s Ethereum Wallet Surges to $2.8 Million

Gracy Chen, Bitget’s managing director, stated that the exchange prioritizes user protection and undertakes immediate action against illegal activities.

Bitget unveiled an investigation into the matter, disclosing findings and a compensation plan for over 500 affected clients.

The exchange’s response clarified, “After our investigation, we believe the account mentioned has been involved in suspicious trading behaviors on Bitget.”

The cryptocurrency community exhibited mixed reactions on platforms like X (formerly Twitter). While some supported Luthra, highlighting challenges faced by users of centralized exchanges, others defended Bitget’s actions as protective of users’ interests.

Well-known figures within the crypto space, including Changpeng Zhao, CEO of Binance, also chimed in on the dispute.

At present, Bitget’s CEO Chen notes that the exchange was unaware of the lawsuit. Evan Luthra contends he was merely a token recipient for consultation and should not be deemed a part of the project team.

The ongoing case underscores the evolving complexities of the crypto landscape and the vital role of exchanges in maintaining security and fairness.

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Bitcoin Hovers Near 2-Month Lows Amidst Extensive Liquidations and Market Uncertainty

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Bitcoin remained close to its lowest levels in two months at the opening of Wall Street on August 18th, as the market grappled with significant liquidations.

Data from Cointelegraph Markets Pro and TradingView indicated that BTC’s price movement was relatively stagnant, following an 8% loss triggered by a single daily candle.

The cryptocurrency market experienced a wave of liquidations across its derivatives sectors, with these dominating the scene while spot selling remained subdued.

Notably, trading firm QCP Capital highlighted a substantial short liquidation event on the Deribit exchange, hinting at a major account being wiped out.

Market observers, including QCP, noted that the reaction to a reported write-down of SpaceX’s $373 million Bitcoin holdings appeared to be overblown.

Recollections of past instances of market influence by Elon Musk, CEO of SpaceX and Tesla, resurfaced, leading some to hope that the market would not revisit such volatility.

The scale of liquidations seen rivaled those following the FTX exchange meltdown, which caused BTC/USD to plunge to $15,600 in November 2022.

The cryptocurrency’s price wavered around $26,000, sparking differing interpretations among market participants about the situation’s true nature and its future ramifications.

Noted trader and analyst Rekt Capital provided a grim outlook, pointing out a potential double-top formation for BTC/USD in 2023 and the lack of support from trend lines and moving averages during the downturn.

READ MORE: Former US President Donald Trump’s Ethereum Wallet Surges to $2.8 Million

Conversely, some market participants remained optimistic.

Trader CryptoCon identified two significant benchmarks that often precede successful price rebounds during bull market retracements: the relative strength index (RSI) bouncing at the 0.382 Fibonacci retracement level.

According to CryptoCon, this pattern repeated across multiple cycles.

Rekt Capital also highlighted the oversold condition of the daily RSI, a level unseen since June 2022, but reminiscent of bear market conditions.

Looking ahead, market focus turned to Jerome Powell’s forthcoming commentary, as the chair of the United States Federal Reserve’s speech at Jackson Hole was anticipated to hold the potential to introduce new volatility.

In summary, Bitcoin struggled near its two-month low on August 18th as the market grappled with significant liquidations across derivatives, despite relatively weak spot selling.

Traders offered differing perspectives on the situation, with some expressing concern over potential negative patterns, while others identified historical indicators of rebounds during bull market retracements.

The anticipation of Jerome Powell’s upcoming speech further added to the market’s uncertainty.

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Coinbase’s ‘Stand with Crypto Alliance’ Gains Momentum Amidst Lawmaker Engagement Push

Shiba Inu’s Shibarium Network Restarts Block Production After Temporary Pause

Shiba Inu’s layer-2 Shibarium network has successfully resumed block production after a temporary suspension of transactions that lasted nearly a full day.

The block explorer Shibariumscan.io confirms that the layer-2 blockchain, Shibarium, is back online and actively generating blocks.

The pause in operations was triggered by an unexpected surge in traffic shortly after the mainnet launch, which prompted the network to activate a fail-safe mode to protect user funds.

Lead developer Shytoshi Kusama has reassured the community that despite the challenges posed by the heightened blockchain traffic, the security of funds remains uncompromised.

Both the bridge and the chain are reported to be functioning seamlessly, and Kusama is optimistic about a smooth restart for Shibarium.

A recent blog post by Shiba Inu developer Kaal Dhairya, dated August 18th, has outlined the project’s strategy to address the surge in traffic.

Plans include scaling operations to accommodate the increased activity on Shibarium. Regular updates on the network’s status will be provided to users.

It’s worth noting that Shibarium is built on the foundation of Polygon, a blockchain network.

The Shiba Inu project has taken proactive steps to ensure a safe restart.

READ MORE: Coinbase’s ‘Stand with Crypto Alliance’ Gains Momentum Amidst Lawmaker Engagement Push

They have secured insurance coverage worth $2 million to mitigate any potential challenges related to fund retrieval.

This announcement has instilled confidence in the community, leading to the resumption of block production on the network.

The development team is maintaining vigilant oversight to monitor the network’s performance.

Despite these positive developments, the ShibArmy community has expressed concerns about the spread of fear, uncertainty, and doubt (FUD), which can have a negative impact on the project’s reputation.

Nevertheless, community members remain optimistic and supportive of the network’s efforts to address the temporary transaction pause.

In terms of price movements, Shiba Inu (SHIB) has shown fluctuation within the past 24 hours, with a trading range spanning from a low of $0.0000076 to a high of $0.0000093.

Concurrently, the price of BONE has experienced a 15% decline, settling at $1.18, while LEASH has seen a 5% drop in the same timeframe, currently valued at $430.

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