Top Blockchain News for Sep 22, 2023

September 22, 2023

Welcome to Morning Blockchain, where we dive into the exciting world of blockchain and cryptocurrency. Today, we’ll explore future technologies that have the potential to disrupt the field, from stablecoin regulations and digital asset exchanges to decentralized hashpower marketplaces and risk evaluation tools. Get ready to sip on a can of knowledge and stay ahead of the game in this ever-evolving industry.

Top Stories

Binance participated in MiCA discussion with European Banking Authority Binance, the crypto exchange giant, is consulting with the European Banking Authority regarding stablecoin regulations in the EU’s MiCA legislation, particularly discussing whether stablecoin operators can receive a grace period when applying for EMI licenses, which could impact the European crypto market and the competitiveness of European crypto exchanges globally if not addressed. South Korea’s second-largest city plans digital-assets exchange for November The city of Busan in South Korea plans to establish a digital assets exchange that will allow users to trade tokenized commodities on a blockchain, aiming to become a “blockchain city”; this is relevant to blockchain and cryptocurrency as it shows the city’s commitment to developing its blockchain infrastructure and promoting crypto adoption. Tether increased stablecoin loans to $5.5 billion after saying it planned to stop: WSJ Tether, the stablecoin issuer, has been found to have continued lending its stablecoin USDT to clients, despite previously stating they would stop doing so; this is relevant to blockchain and cryptocurrency as it raises concerns about the transparency and stability of Tether and its impact on the broader market. Binance.US lawyers ask court to dismiss SEC case Binance’s U.S. arm is asking a D.C. district court to dismiss a case brought by the Securities and Exchange Commission (SEC) alleging wash trading, calling the allegations “unsubstantiated with facts”; the motion also challenges the SEC’s depiction of certain tokens as securities and argues that the SEC does not have the authority to regulate digital assets as securities. Speeding up the JavaScript ecosystem - Polyfills gone rogue This article discusses the issue of npm packages having excessive dependencies, particularly in the eslint ecosystem, which leads to large node_modules folders; this is relevant to blockchain and cryptocurrency as it highlights the importance of optimizing code and reducing unnecessary dependencies, which can ultimately improve the performance and efficiency of blockchain applications and smart contracts. Lumerin to launch decentralized Bitcoin hashpower market on Arbitrum Lumerin is launching a decentralized hashpower marketplace on the Arbitrum One network, allowing users to buy and sell Bitcoin mining hashpower through smart contracts, which helps manage operational risk and allows for dynamic adjustments in hashpower, while also addressing concerns over hashpower centralization. This is relevant to blockchain and cryptocurrency as it offers a new way to trade hashpower and potentially increase the accessibility and liquidity of Bitcoin mining. Infamously Hacked Crypto Exchange Mt. Gox Delays Repayment Deadline by a Year After enduring a decade of searching for a solution, Mt. Gox creditors, who suffered from the exchange’s 2014 hack, have only managed to recover 20% of the stolen bitcoin, making this relevant to blockchain and cryptocurrency as it highlights the long-lasting impact of security breaches in the industry. DraftKings’ Billionaire-Backed Crypto Analytics Firm CoinScan Raises $6.3M CoinScan, a new player in the blockchain industry, is coming out of stealth mode to create tools that can evaluate the risk of rug pulls and monitor token distribution, wallet holdings, and trading activities in real time, addressing the need for transparency and security in the cryptocurrency space. UK regulator warns crypto firms over ’lack of engagement’ with new rules The UK’s Financial Conduct Authority (FCA) has warned unregistered cryptocurrency firms about their lack of engagement with the regulator regarding the upcoming financial promotions regime, expressing concerns about their readiness to comply and potential penalties for non-compliance, which is relevant to blockchain and cryptocurrency as it highlights the increasing scrutiny and regulatory requirements for crypto asset firms in the UK. FarmVille co-creator’s startup raises $33 million from a16z crypto and others Blockchain-gaming startup Proof of Play, led by FarmVille co-creator Amitt Mahajan, has raised $33 million in a seed round, with participation from high-profile investors including a16z crypto, Anchorage Digital, and Naval Ravikant; the startup aims to create fun and accessible blockchain games, with its first title, Pirate Nation, already in beta form, allowing players to battle, craft, trade, and quest in search of the digital token PGLD for Pirate Gold. Stader Labs tests ‘Liquid Restaked Token’ to amplify ether staking rewards Stader Labs has launched the “Liquid Restaked Token” (rsETH) on testnet, allowing users to stake ether on multiple networks simultaneously and earn rewards from various sources, maximizing holdings and opportunities in the crypto landscape; this is relevant to blockchain and cryptocurrency as it introduces a new way for users to participate in staking and DeFi while increasing liquidity and flexibility. What is Web3 and how is it different from Web2? Web3, the next generation of the internet, is based on blockchain technology and allows for decentralization, user ownership, and direct transactions without intermediaries, enhancing privacy and reducing censorship risk. It is closely linked with cryptocurrencies and offers monetary incentives for participation, but there is a potential for centralized power despite its decentralized nature. Tether makes strategic investment in Northern Data Group Stablecoin issuer Tether has made a strategic investment in Northern Data Group, a German company that provides data center and cloud environment services, indicating Tether’s commitment to supporting emerging technology and innovation in the blockchain and cryptocurrency space. Lens Protocol-based web3 social app Orb raises $2.3 million Orb Technology, the developer of Lens Protocol-based web3 social app Orb, has raised $2.3 million in pre-seed funding, signaling momentum for the Lens ecosystem and the wave of new apps built on web3 technologies; Orb is a community-focused web3 social app with chat and communities features, and it has gained traction among Lens users, with tens of thousands of users trying the app so far. Polygon Labs proposes facilitating Celo’s migration to Ethereum Layer 2 with CDK Polygon Labs has proposed that the Celo blockchain community use their Chain Development Kit (CDK) to facilitate a planned Layer 2 transition on Ethereum, competing against Celo’s core development team’s proposed plan to transform its Layer 1 into an Ethereum-based Layer 2 using OP Labs’ software package called OP Stack.