Autor Cointelegraph By Judith BannermanQuist

1inch seeks to optimize gas costs with its new v5 router

1inch seeks to optimize gas costs with its new v5 router

Uverejnil používateľ | nov 15, 2022 |

According to 1inch, users’ gas costs for swaps will be at least 10% lower than its previous offerings in the DEX segment, thereby, making swapping activity on the Ethereum network more profitable for its users. In the Router v5, 1inch estimated that swaps will be approximately 5% more gas efficient than in the previous version, and 10% more gas efficient, compared to the second best performing player in the DEX segment.New features and improvements made to the Router v5 from previous routers include; a new interaction logic, pre-/post-interactions, and an improved smart contract error processing system. The new edition is also meant to prioritize security and has been audited by almost a dozen industry projects, such as Consensys, OpenZeppelin, and ABDK Consulting.Sergej Kunz, the co-founder of 1inch Network, shared with Cointelegraph: “It’s been almost a year since the 1inch Router v4 was released, and during that time we have accumulated enough improvements for the new fifth version. […] We have optimized gas costs even better, so now our users will save at least 8-14% more than using any other DeFi product.”Related: 1inch wallet users get domain names with Unstoppable Domains partnershipAt the beginning of the year, Cointelegraph reported that the 1inch Network would deploy the 1inch Aggregation Protocol and the 1inch Limit Order Protocol on Avalanche and Gnosis Chain, formerly known as the xDai Chain. In August, 1inch integrated with South Korea’s most popular metaverse blockchain, Klaytn, to provide its user base, access to the 1inch Limit Order Protocol v2, as well as provide deeper liquidity and improved token swaps via the 1inch network. Decentralized exchange (DEX) aggregator, 1inch, is set to release its latest router; Router v5. The company said that Router v5 promises to make users’ DeFi experience more convenient by reducing gas costs for swaps.

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Visa terminates debit card program with FTX

Visa terminates debit card program with FTX

Uverejnil používateľ | nov 15, 2022 |

Only a month after payments giant Visa announced a partnership with FTX to roll out a debit card program in 40 countries worldwide, Visa has abruptly ended the program due to FTX’s recent insolvency and bankruptcy issues. FTX’s liquidity issues were triggered last week when Binance CEO Changpeng “CZ” Zhao announced that Binance would liquidate the entirety of its FTX Token (FTT) holdings, which inadvertently led to a bank run that brought on FTX liquidity issues. In October, when the news of FTX and Visa’s partnership circulated online, the native cryptocurrency of the FTX trading platform, FTT, spiked by about 7%, reaching a high of $25.62. After the recent turn of events, FTT is currently trading at $1.89. Things have quickly spiralled for the once reputable crypto currency exchange, FTX, and it comes as no surprise that companies like Visa, are working to distance themselves from the disgraced platform. “The situation with FTX is unfortunate and we are monitoring developments closely. In all our undertakings—in digital currency and beyond—our focus on security and trust remains paramount. We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer.” — a Visa spokesperson told CointelegraphRelated: Visa’s trademark applications suggest more involvement in crypto spaceVisa is not the only company severing ties with FTX. On Nov 11, Cointelegraph shared that The Securities and Exchange Commission of Cyprus, or CySEC, reportedly issued a statement amid FTX’s filing for Chapter 11 bankruptcy in the United States requesting the exchange halt operations for its Europe arm.In another instance, Plaid, the fintech company which facilitates communication between financial services apps, and users’ banks and credit card providers, suspended FTX U.S access to its products, citing “concerning public reports” of fraudulent activity.

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Inaugural Gam3 Awards to honor the best Web3 games of 2022

Inaugural Gam3 Awards to honor the best Web3 games of 2022

Uverejnil používateľ | nov 14, 2022 |

The inaugural edition of the Gam3 Awards — a new Web3 gaming awards event hosted by Polkastarter Gaming — is set to take place on Dec. 15, according to an announcement provided to Cointelegraph on Nov. 14.Awarding the best gam3s 16 categories. 30+ industry leaders. $300k prizes. 15 December 2022. Save the date. Voting starts soon ⬇️https://t.co/p0niqHYzHw pic.twitter.com/8n0ArqZXS1— GAM3 AWARDS | 15th Dec (@PolkastarterGG) November 14, 2022The awards ceremony intends to recognize this year’s best Web3 games, highlight the developers behind them, and showcase blockchain as a net plus to the gaming industry. In the announcement, the Gam3 Awards said it hopes to celebrate the future generation of Web3-gaming builders by inviting game studios to nominate and recognize their own employees, developers and professionals across specializations who represent the future of Web3 gaming. The event is set to be simultaneously broadcast across Polkastarter Gaming’s Twitch, YouTube and Twitter channels and will feature a jury comprising over 30 gaming and Web3 thought leaders, ecosystem partners and media outlets. Winners of the first Gam3 Awards will receive a portion of the $300,000 worth of prizes from sponsors such as ImmutableX, Blockchain Game Alliance, Machinations, Naavik and Ultra. The event is set to bring together industry leaders, ecosystems and media outlets to reward the top game developers and content creators within the Web3 gaming ecosystem. Speaking with Cointelegraph, a representative confirmed that the venture capital firm Bitkraft would also be joining as a partner and member of the jury. Judges will weigh each game based on multiple criteria including core loop, graphics, accessibility, replayability factor, fun elements and overall playing experience. Winners will be awarded based on categories such as “action game,” “mobile game,” “adventure game,” “casual game,” “RPG,” “shooter game,” “graphics,” “strategy game,” “card game,” etc. Related: Crypto gaming needs to be fun to be successful — Money doesn’t matter Despite the continuing bear market, Web3 and blockchain-based games appear to be growing in popularity and doing quite well. According to the analytical service DappRadar, blockchain games and metaverse projects raised $1.3 billion in the third quarter of 2022. The company’s research revealed that “gaming activity accounted for almost half of all blockchain activity tracked by DappRadar across 50 networks, with 912,000 daily Unique Active Wallets (UAW) interacting with games’ smart contracts in September.”

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Genesis receives additional equity infusion of $140M following recent market events

Genesis receives additional equity infusion of $140M following recent market events

Uverejnil používateľ | nov 11, 2022 |

Genesis trading announced on Nov. 10 that it will receive an additional equity infusion of $140M from its parent company, Digital Currency Group. According to the company, this decision was made to “strengthen its balance sheet” and boost its “position as a global leader in crypto capital markets”. Genesis said it also hopes that the equity infusion will put its company in a position to support its clients and “the growing demand” for its services. This is according to a snapshot of a letter sent to their clients, as shared by Wu Blockchain on their Twitter account. Genesis sent letters to clients stating that it had obtained an additional equity infusion of $140M from parent company, Digital Currency Group. Genesis, with $175 million locked in FTX, is also the largest creditor to Three Arrows Capital Babel Finance. pic.twitter.com/d77QCODdsf— Wu Blockchain (@WuBlockchain) November 11, 2022On Oct 10, Genesis trading revealed that its derivatives business had around $175 million worth of funds locked away in an FTX trading account. Although FTX is facing a “liquidity crunch” and has recently filed for bankruptcy, Genesis assured its clients that the millions of dollars locked in FTX would not impact its market-making activities. As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.— Genesis (@GenesisTrading) November 10, 2022

Genesis also reassured its clients that they don’t have “an ongoing lending relationship with FTX or Alameda.” In light of recent market events which have taken a toll on the entire cryptocurrency industry, many companies are distancing themselves from the FTX fallout, including Tether, Circle, Kraken, and Coinbase, who have all openly declared that they are not exposed to the troubled firms. Related: Genesis Trading reveals $175M of funds are locked in FTX In July, Genesis Trading was among the prominent lending firms that had exposure to the now-liquidated Singaporean crypto hedge fund Three Arrows Capital (3AC). Back then, the former CEO Michael Moro shared that the firm had managed to mitigate losses after 3AC had failed to meet a margin call on capital borrowed from Genesis.

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FTX US suspends withdrawals, according to on-chain data

FTX US suspends withdrawals, according to on-chain data

Uverejnil používateľ | nov 11, 2022 |

Following an announcement on Nov. 10 that FTX US may halt trading on its platform, on-chain data suggests that the platform has paused withdrawals from the United States-based platform on Nov. 11.The original announcement on Nov. 10 cautioned users to “please close down any positions” while maintaining that its users would still be able to make withdrawals, as that will remain open.Although the FTX CEO Sam Bankman-Fried, also known as SBF, remained insistent that FTX US was fine and had been unaffected by FTX liquidity issues, it appears things may have spiraled rapidly, as FTX US was included in a Chapter 11 bankruptcy filing in the United States.On Nov. 10, Bankman-Fried assured FTX US users in an apology that “FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.” He added that the platform was “100% liquid” and that “every user could fully withdraw (modulo gas fees etc).”19) A few other assorted comments:This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.It’s 100% liquid. Every user could fully withdraw (modulo gas fees etc).Updates on its future coming.— SBF (@SBF_FTX) November 10, 2022To recap, FTX International’s liquidity issues were triggered within the last seven days when Binance CEO Changpeng “CZ” Zhao announced that Binance would liquidate the entirety of its FTX Token (FTT) holdings. CZ’s announcement inadvertently caused a bank run whereby FTX’s users attempted to withdraw funds only to discover that the exchange didn’t have enough liquidity on hand to meet the demand.Since then, Bankman-Fried has resigned from his position as FTX CEO but will “remain to assist in an orderly transition” before being succeeded by John Ray.Related: FTX crisis likely to spark domino effect, macro analyst explainsFTX’s imminent collapse has invited much scrutiny of the crypto industry. Many global lawmakers and others are suggesting additional regulations for crypto firms, especially since FTX is the latest in a string of crypto-related bankruptcy filings in 2022.

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