Autor Cointelegraph By Brayden Lindrea

Ethereum scaling network Arbitrum set for major upgrade on Aug. 31

Ethereum scaling network Arbitrum set for major upgrade on Aug. 31

Uverejnil používateľ | aug 30, 2022 |

Ethereum layer-2 scaling solution Arbitrum is set to undergo one of its most significant upgrades on Wednesday, set to increase transaction throughput, slash transaction fees and simplify cross-chain communication between Arbitrum and Ethereum.Referred to as the “Nitro” upgrade, Arbitrum reconfirmed the date of the upgrade in a Twitter post on Aug. 29, confirming that the upgrade will take effect on Aug. 31 at 10:30 AM Eastern Time, while noting a two to four hours of network downtime period is to be expected.Reminder — Arbitrum One is upgrading to Nitro on Wednesday 8/31. There will be 2-4 hours of planned network downtime, starting 10:30 AM ET / GMT-4. 2️⃣ days until Nitro! — Arbitrum (@arbitrum) August 29, 2022Abritrum is an Ethereum layer-2 scaling solution that utilizes Optimistic Rollup technology to bundle large batches of transactions off-chain from Ethereum smart contracts and decentralized applications before submitting it to Ethereum. According to Offchain Labs’ GitHub account, Nitro will represent a “fully integrated, complete layer 2 optimistic rollup system” that builds on Arbitrum One with newly improved fraud proofs, along with updated sequencers, token bridges and calldata compression mechanisms.Offchain Labs is a blockchain-based company established in 2018 which builds a suite of Ethereum scaling solutions, with the Arbitrum One network being the most notable network deployed by the firm.Arbitrum is going to flip Solana. Aribtrum nitro is days away. It’s going to bring faster transactions, cheaper fees, and a better experience for builders.@arbitrum pic.twitter.com/95Edqn881u— Nick Ford (@CryptoWithNick) August 23, 2022

Offchain Labs also updated its ArbOS (Arbitrum Operating System) component, which is now rewritten in the software programming language Go. The new version will improve cross-chain communication between Arbitrum and Ethereum, as well as transaction batching and data compression, which will in turn minimize costs on the Ethereum mainnet.The document also stated that the state of Arbitrum One “will be migrated seamlessly” on to Nitro, which should, if executed correctly, rule out any possibility of a chain split.In an Apr. 2022 article, Offchain Labs said the Arbitrum Nitro upgrade would be “the most advanced Ethereum scaling stack” and that “Nitro will massively increase network capacity and reduce transaction costs,” stating: “Today, we throttle Arbitrum’s capacity, but with Nitro we’ll be able to release those controls and significantly up our throughput. And while Arbitrum today is already 90–95% cheaper than Ethereum on average, Nitro cuts our costs even further.”According to decentralized finance (DeFi) aggregator DeFi Llama, Arbitrum has $936 million total value locked (TVL) on the network spread across 111 different protocols, with GMX, Stargate, Curve and Uniswap among the most popular applications. 2022’s biggest crypto catalysts are mere days away:1) The @Ethereum Merge: Sept. 15 (21 days away)2) @Arbitrum Nitro: August 31 (7)Not familiar and need to catch up?Here are all my threads and Substacks in one place to get you up to speed. pic.twitter.com/Av34myVf6Y— DeFi Surfer , (@DeFiSurfer808) August 25, 2022

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Ripple counsel: SEC's shakedowns leave consumers holding the bag

Ripple counsel: SEC's shakedowns leave consumers holding the bag

Uverejnil používateľ | aug 30, 2022 |

Ripple Labs General Counsel Stu Alderoty has hit back at a recent opinion piece by Security and Exchange Commission chairman Gary Gensler, arguing that the regulator’s crypto market shakedowns aren’t protecting consumers. In an Aug. 28 opinion piece on the Wall Street Journal (WSJ) titled “The SEC Wants to Be America’s Crypto Cop,” Alderoty claimed the SEC is “pushing aside his follow regulators” instead of concentrating on providing regulatory clarity for crypto. He gave an example of the recent “shakedown” of BlockFi by the SEC, which led to the company ending “up on the auction block” and two other similar companies going “belly up,” arguing: “Consumers weren’t protected, they were left holding the bag.”The piece came in response to Gensler’s Aug. 19 article “The SEC Treats Crypto Like the Rest of the Capital Markets” which was also published on WSJ a defended the regulator’s crackdown on the crypto industry. The Ripple counsel however argues that the SEC hasn’t provided sufficient clarity over crypto regulation and instead declares itself as “the cop on the beat” for crypto. He claims the chairman is “pushing aside his fellow regulators” and “front-running” President Biden’s executive order which asks regulators to collaborate on crypto regulation. The executive order, Alderoty referred to is the “Ensuring Responsible Development on Digital Assets,” which was signed on Mar. 9. 2022 to ensure that both the SEC and Commodity Future Trading Commission (CFTC) coordinate and collaborate on establishing a crypto regulatory framework. However, Aldetory claims the SEC has neither abided by the executive order nor provided any “regulatory clarity for crypto” and is instead “protecting its turf at the expense of more than 40 million Americans in the crypto economy.”Gensler argued in his article that U.S. federal security laws were designed to protect investors and that “there’s no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology.” Related: SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTCBut many critics disagree, with Forbes writer Roslyn Layton suggesting in an Aug. 28 opinion piece that the SEC’s decision to double its Crypto Assets and Cyber Unit staff and the SEC’s “regulation by enforcement” approach as reasons for the contrary. Earlier in the month, U.S. Attorney John Deaton also claimed foul play, in that Gensler and the SEC were intentionally targeting cryptocurrencies, and that it has overstepped the mark on what they can currently do to regulate crypto:“It doesn’t take a constitutional law expert to understand that the SEC has limited jurisdiction over the crypto industry; barring congressional action, front line regulation of digital assets belongs with the Commodity Futures Trading Commission — the main regulator of investments that are not deemed traditional securities.”

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Bitcoin is ‘one of the worst cryptocurrencies' claims Cyber Capital founder

Bitcoin is ‘one of the worst cryptocurrencies' claims Cyber Capital founder

Uverejnil používateľ | aug 29, 2022 |

Founder and CIO of crypto-focused fund Cyber Capital Justin Bons have called Bitcoin “technically one of the worst cryptocurrencies,” and a “purely speculative asset without utility” in comparison to other cryptocurrencies due to its lack of technological progress.Bons added his two cents in an 11-part Twitter thread on Aug. 28, stating that Bitcoin and BTC’s value proposition has long deteriorated due to a broken long-term security model, comparatively weak economic qualities, and lack of capacity, programmability, and composability. 1/11) BTC is unique in that it is technically one of the worst cryptocurrenciesIt has a broken long-term security modelIt lacks capacity, programmability & composabilityWith comparatively weak economic qualitiesBTC is, in fact, a purely speculative asset without utility— Justin Bons (@Justin_Bons) August 28, 2022Bons has been an outspoken figure in the crypto community for several years now, having established one of Europe’s oldest cryptocurrency funds (Cyber Capital) in 2016 and considering himself a full-time crypto researcher since 2014. In addition, Bons has run nodes on the Bitcoin and Bitcoin Cash networks. While Justin said he vigorously defended BTC in 2014, he said “the reality is that BTC dramatically changed since that time,” with the decision to not increase the block size limit representing a “major departure from the original vision and purpose of Bitcoin.” “The world has also moved on and progressed. I remember it used to be said that BTC would just adopt the best technologies. This thesis has obviously completely failed as BTC has no smart contracts, privacy tech, or scaling breakthroughs.”Bons however, doesn’t appear to address the Bitcoin Lightning network, which is one of the more obvious solutions to the network’s scaling problem. Bons added that competitor networks have adopted superior token design methods, with some smart contract networks adopting fee-burning mechanisms that can trigger negative inflation rates for the token:“BTCs economic qualities are also incredibly weak […] BTC is competing with cryptocurrencies that can achieve negative inflation […] due to fee burning, high capacity & high utility […] such as ETH post-merge & alternatives such as AVAX, NEAR & EGLD.”Without any significant technological advances or utility, Bons argues that BTC has for many people become a purely speculative asset, who continue to invest “contrary to fundamental reasons of revenue, utility & use case analysis.”7/11) BTC has become a purely speculative assetPeople, for the most part, only invest in BTC because they believe the price will go upOperating on the same modus operandi as a Ponzi scheme investorAll contrary to fundamental reasons of revenue, utility & use case analysis— Justin Bons (@Justin_Bons) August 28, 2022

Bons isn’t the first to use such strong language to describe Bitcoin. In Jun. 2022, Chair of China’s Blockchain Service Network (BSN) Yifan He told Cointelegraph that “all unregulated cryptocurrencies including Bitcoin are Ponzi schemes.”Former U.S. Treasurer and current Ripple Board Member Rosa Rios said last year in September that Bitcoin is nothing more than a speculative tool in comparison to other digital assets like XRP, which is primarily used to facilitate cross-border payments.Related: What is the purpose of Bitcoin: Speculation or dollarization?When it was originally launched in 2009, Bitcoin was designed as an electronic peer-to-peer cash system. Satoshi Nakamoto’s Bitcoin whitepaper addressed that any speculation regarding its value as an investment is simply a by-product of its main purpose. The narrative surrounding Bitcoin has changed over time, with the leading cryptocurrency being seen as an inflation hedge, store of value and digital gold throughout the years.

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Ava Labs CEO denies CryptoLeaks' claims as 'conspiracy theory nonsense'

Ava Labs CEO denies CryptoLeaks' claims as 'conspiracy theory nonsense'

Uverejnil používateľ | aug 29, 2022 |

Ava Labs CEO Emin Gün Sirer has dismissed sensational allegations from CryptoLeaks that his company used litigation to “harm” competitors and fool regulators, labeling it as “conspiracy theory nonsense.”Sirer made the comments in an Aug. 28 Twitter post to his 280,500 followers, referring to an Aug. 26 article from CryptoLeaks alleging the company formed a “secret pact” with U.S. law firm Roche Freedman to use the American legal system “gangster style” to “attack and harm crypto organizations.”How could anyone believe something so ridiculous as the conspiracy theory nonsense on Cryptoleaks? We would never engage in the unlawful, unethical and just plain wrong behavior claimed in these self-serving videos and inflammatory article. Our tech & team speak for themselves.— Emin Gün Sirer (@el33th4xor) August 28, 2022On Friday, CryptoLeaks published a series of candid videos from an unknown source purportedly showing U.S. Attorney Kyle Roche of Roche Freedman LLP detailing his partnership and relationship with Emin Gün Sirer and Kevin Sekniqi, the respective CEO and COO of Ava Labs.  CryptoLeaks claimed that Roche Freedman and Kyle Roche have a deal to provide Ava Labs with legal services in exchange for the AVAX tokens and Ava Labs equity, and would also use “litigation as a tool” to disrupt competitors and misdirect regulators such as the Security Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).The publication also said the videos of Roche suggest there was a tight-knit relationship between Roche and Sirer, which began in academia, and that they also moved into a co-working space together in Aug. 2019, around the time that the deal was made for him to provide legal services in exchange for token supply. Roche stated: “Gün [Sirer] … we did a deal, where I agreed to provide legal services in exchange for a certain percentage of the token supply.”Another video also shows Roche saying that they “used [litigation services] as a strategic instrument to support Ava Labs.” “I sue half the companies in this space, I know where this market is going, I believe [I am] one of the top 10 [crypto experts] in this world… I’ve seen the insides of every single crypto company,” according to the video.This is wild. Not sure if this is true, but assuming the videos are not deep fake…And of course, #binance was a target. We are not even a competitor.https://t.co/R5wBtriEBY— CZ Binance (@cz_binance) August 28, 2022

Roche said in one video that he “makes sure that the SEC and CFTC have other magnets [Avalanche competitors] to go after,” adding that “litigation can be a tool to competition.”Ava Labs CEO Emin Gün Sirer vehemently denied the allegations in the article, stating it was “conspiracy theory nonsense” and saying that Ava Labs would “never engage in unlawful, unethical and just plain wrong behavior.”According to Roche Freedman LLP’s website, Roche employs at least 24 attorneys, with offices situated in New York City, Boston and Miami. Roche attended North Western University School of Law and co-authored “Why Bitcoin is booming” in the Wall Street Journal in Jul. 2017.Roche Freedman LLP’s was recently involved in a high-profile lawsuit against Solana Labs, Solana Foundation, and Solana co-founder Anatoly Yakovenko on Jul. 1. 2022, claiming that Solana violated U.S. Federal Security laws by offering unregistered securities to U.S. investors.About two weeks earlier on Jun. 15, Roche Freedman LLP also filed a lawsuit against Binance, claiming that the crypto exchange unlawfully engaged in the sale of UST to investors.Cointelegraph reached out to Ava Labs for comment, but no immediate response was received. 

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Synthetix looks to turn off the SNX money printer once and for all

Synthetix looks to turn off the SNX money printer once and for all

Uverejnil používateľ | aug 26, 2022 |

The founder of decentralized finance (DeFi) protocol Synthetix, Kain Warwick, has submitted a proposal that would turn off very high yield returns for SNX stakers and cap the total SNX token supply at 300 million. The Synthetix protocol allows traders to issue synthetic versions of crypto native assets, traditional financial assets, and commodities on the Ethereum and Optimism networks. In an Aug. 25 Synthetix Improvement Proposal (SIP) Warwick explained that SNX reward inflation was initially intended to “bootstrap the network”, however, he believes it’s no longer necessary as they can generate sustainable fee yields from atomic swaps. monthly trading volume on @synthetix_io pic.twitter.com/QCWYbB5Xu4— Token Terminal (@tokenterminal) August 25, 2022A big rise in fee revenue has been a result of DeFi protocols 1inch and Curve starting to use the Synthetix platform to conduct atomic swaps, bringing in more traffic to the protocol. In June the protocol surpassed $1 million in daily fees – which was four times the amount Bitcoin was making. According to cryptofees, Synthetix is currently taking a seven-day average of $158,857 in fees, which is a little bit below Bitcoin’s seven-day average of $222,651.Stakers receive all the SUSD stablecoin fees from users of the protocol. Currently, the APY for stakers due to SNX rewards and SUSD fees is around 67%, but this is likely to fall closer to 15%-20% if it’s based entirely on ‘real yield’ from SUSD fees alone.In a Twitter post on Thursday, Warwick — also known as the “father of modern agriculture” for popularizing DeFi yield farming — revealed that he believed following informal discussions that ‘SIP-276: Turn off the money printer’ had a “decent chance” of being passed. A formal presentation about the proposal is planned for next week. Just proposed a SIP to end SNX inflation at 300m tokens in ten weeks. After informal discussions today, it seems like it has a decent chance of passing. A formal presentation is planned for next week. Inflation was designed to bootstrap the network and it has done the job.— kain.eth (✨_✨) (@kaiynne) August 25, 2022

If SIP-276 is passed by the Synthetix governance community, ten periodic installments of 675,000 SNX tokens will be added to the current total supply of 293 million tokens in order to reach the 300 million mark, before ending inflation indefinitely. Twitter user “Synthaman” found the news to be particularly bullish, stating “#SNX is about to become rare commodity with inflation going to ZERO…” while others aren’t so sure what SIP-276 would mean for the protocol over the long term. Related: Income generation on DeFi, explainedAnalyst firm Delphi Digital tweeted that with Synthetix soon putting a stop to the issuance of SNX tokens, the protocol faced the challenge of maintaining its current user base and to “attract new users with organic revenue in a market where yield is abundant.”#Synthetix protocol’s token, #SNX, is about to become rare commodity with inflation going to ZERO… pic.twitter.com/QtqAX1QYtW— SynthaMan (@SNXified) August 25, 2022

It remains to be seen whether decentralized finance (DeFi) protocols like Synthetix can attract enough stakers by relying on fee revenue alone or how an end to SNX inflation may impact SNX token price, which is currently $3.04, up 10.5% over the last week.Warwick also noted that a formal presentation on SIP-276 will take place next week, which will be introduced into Synthetix’s governance process if passed.

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