Shiba Inu Is Launching a DAO

According to a new blog post, the development team behind Shiba Inu (SHIB) has announced that it will launch a DAO.

Shiba Inu is getting a DAO.

Shiba Inu’s DAO will collectively make governance decisions regarding the project’s ShibaSwap exchange. Users who have staked Shiba Inu’s reward token $BONE to receive $tBONE will be able to vote.

In the beta version of the DAO, called DAO 1, users will decide how token rewards are distributed between various liquidity pools.

The team explains that this gives power to its community of users. “Rewarded liquidity pools will be decided fully by the users….this avoids the Developers from making those very choices,” it wrote.

Users will also be able to stake tokens to vote for other cryptocurrency listings and pairs, a feature that is intended to attract liquidity deposits for those assets. This will occur on a cyclical basis, with a minimum of 30 pairs being showcased every 14 days.

Later, a new DAO called DAO 2 will allow users to make general proposals around the development of the project.

Shiba Inu was launched in August 2020 as one of several Ethereum-based tokens aiming to capitalize on the popularity of Dogecoin.

Though many other similar tokens fell through the ranks, Shiba Inu maintained its popularity. It is now the 13th largest cryptocurrency overall, with a market capitalization of $18.4 billion.

The news comes approximately one week after Dogecoin announced a massive roadmap that will include several new features.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

Ripple and Top Players Shift 334.5 Million XRP as Coin Rises to $0.956

According to the Whale Alert blockchain tracking platform, in the past 20 hours, a staggering amount of 334.5 million XRP has been transferred. Among the participants are Ripple tech behemoth, leading Korean exchange Bithumb and other platforms.

In the meantime, while the richest XRP wallets keep grabbing the coin, the XRP price has surged above the $0.9 level.

334.5 million XRP on the move

According to the above-mentioned cryptocurrency tracker on Twitter, over the past 20 hours, the Ripple tech service provider, along with several crypto exchanges, made six major transfers, sending almost 335 million XRP coins.

Ripple Labs wired a massive lump of 125,000,000 XRP or the equivalent of $113,009,250. Among other senders are the leading South Korean exchange Bithumb (which has been quite active in transacting large amounts of XRP recently), FTX exchange, and Binance.

Bithumb has overall transferred 180 million XRP, sending 100 million in a single transaction—that is worth $88,878,584.

FTX shifted 17,000,000 to Binance.

Overall, the fiat equivalent of the transferred 334.5 million coins is $319,423,308.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 125,000,000 (113,009,249 USD) transferred from Unknown wallet to Unknown wallet

— Whale Alert (@whale_alert) XRP whales keep increasing their holdings

According to recent data, some large XRP wallet owners have resumed adding XRP to their holdings after selling part of their riches recently.

Around 63.30% of the total XRP in circulation is owned by the top 100 accounts—that is, 33,739,990,734 coins.

Five wallets with a minimum holding of one billion XRP now store . Thirteen wallets with balances of 500,000,000 to 999,999,999 XRP hold 7,605,328,597 XRP. Seventy-two addresses that hold from 100,000,000 to 499,999,999 XRP now store 14,165,454,853 XRP tokens.

XRP Accumulation 👊😎more:

— JamesRuleXRP💫HODL💫DYOR💫I Told You So🚀👊😎 (@RuleXRP)
XRP adds 10% to its price

Since Dec. 21, when the eighth-largest cryptocurrency, XRP, traded at $0.88, its price got a boost of 10.14%, hitting 0.9707 earlier today.

At press time, the coin is sitting at $0.9549.
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What is metaverse? Why is it matter ?

 

AscendEX Lists Pontoon Token, TOON

AscendEX is thrilled to announce the Pontoon Token (TOON) listing under the trading pair TOON/USDT starting on Dec. 20 at 2 p.m. UTC.
Pontoon Finance is a one-click liquidity mirror solution with cross-chain features aiming to reduce fragmented liquidity across chains and address the lack of trustless, decentralized interoperability between DeFi protocols. The protocol solves various challenges facing the DeFi sector and has been designed to accelerate the growth of the multi-chain DeFi ecosystem.
Pontoon incentivizes liquidity providers with attractive yields and rewards staking users with additional earnings. Pontoon is a Proof-of-Stake relayer network secured by a series of validators running relay nodes, providing stakers with rewards based on the fees collected from transactions validated by the nodes.
Through Pontoon’s unique decentralized and incentivized model, it looks to benefit both users looking to move assets across chains and liquidity providers who enable the movement of assets in the marketplace by operating as lenders and relayers.
TOON is Pontoon’s ERC-20 native governance token, which leverages a community-first approach in its utility. Tokens are distributed as rewards and incentives for users, liquidity providers, and replayer network node operators who actively participate with the protocol. TOON’s primary utilization from users is to participate in protocol governance.
Pontoon has earmarked 35% of the total token supply for community rewards, in an effort to drive a community-first ethos. This allocation of tokens is distributed entirely to the Pontoon user base. The tokenomics of Pontoon’s token ultimately allows for community-driven governance and a fair incentivization model, which both facilitate the ecosystem’s growth.
About AscendEX
AscendEX is a global cryptocurrency financial platform servicing more than one million institutional and retail traders with the resources needed to obtain more value from their crypto investments. Operating at the nexus of centralized finance and decentralized finance, AscendEX’s platform features access to marginfutures, and spot trading, a robust wallet infrastructure, and staking support for over 200 industry-leading blockchain projects, all producing industry leading yields and returns, further driving the growth of the crypto ecosystem. In efforts to cultivate scalable and secure forms of decentralized financing, AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” through supporting some of the industry’s most innovative projects from the DeFi ecosystem.
To learn more about how AscendEX leverages best practices from both Wall Street and the cryptocurrency ecosystem to extract the highest value per dollar to its users, please visit:
Website: https://ascendex.com
Twitter: https://twitter.com/AscendEX_Global
Telegram: https://t.me/AscendEXEnglish
Medium: https://medium.com/ascendex
About Pontoon
The Pontoon Finance protocol was developed to solve the multiple challenges facing the DeFi sector and accelerate the growth of the multi-chain DeFi ecosystem. Pontoon aims to reduce fragmented liquidity across chains and address the lack of trustless decentralized interoperability between Defi protocols.
For more information and updates, please visit:
Website: https://pontoon.fi/  
Twitter: https://twitter.com/PontoonFi   
Telegram: https://t.me/pontoon_announcements

XRP Cryptocurrency Is 2% Up In The Last 6 Hours

(VIANEWS) – XRP (XRP-USD) cryptocurrency is currently on bullish momentum by 2.14% in the last 6 hours. At 20:25 EST on Sunday, 19 December, XRP (XRP-USD) is at $0.8503.

Volume

Today’s last reported volume for XRP is 2724960738, 46.1% below its average volume of 5055788413.52.

All-Time High and Low

XRP’s current value is at $0.85, 75% below its all-time high of $3.4 on Sunday, 7 January.
XRP’s current value is at $0.85, 31523.17% above its all-time low of $3.4 on Thursday, 22 May.

Market Cap and Supply

XRP’s current market cap is at 40134859151. The total supply is 100,000,000,000.00, maximum supply is 100,000,000,000.00, and the circulating supply is 47,247,295,769.00.

XRP (XRP-USD) Range

Concerning XRP’s daily highs and lows, it’s 2.45% up from its trailing 6 hours low of $0.8300 and 0.04% up from its trailing 6 hours high of $0.8500.
Currently, XRP (XRP-USD) has 2308658 Twitter followers and 341422 Reddit subscribers.
As of now, on Github, there are 1303 forks, 4031 stars, and 509 subscribers.

Volatility

XRP’s last week, last month’s, and last quarter’s current intraday variation average was a negative 0.24%, a negative 0.80%, and a positive 3.09%, respectively.
XRP’s highest amplitude of average volatility was 3.18% (last week), 3.33% (last month), and 3.09% (last quarter), respectively.

Crypto Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, XRP’s crypto is considered to be oversold (<=20).

News about Bitcoin

  • $23m in Bitcoin was just transferred onto coinbase. According to Benzinga on Friday, 17 December, “What happened: An anonymous cryptocurrency wallet holding $23,408,240 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Coinbase. “, “It’s likely that this Bitcoin whale is planning either on selling Bitcoin or trading it for other altcoins.”
  • Bitcoin, ethereum, dogecoin head lower: is it time to brace for A ‘chop season?’. According to Benzinga on Friday, 17 December, “What Happened: The apex cryptocurrency, Bitcoin (CRYPTO: BTC), fell 2.89% to $47,811.50 over 24 hours. “, “The relief rally, seen in Bitcoin and other major cryptocurrencies, changed course on Thursday. “
  • Bitcoin suisse founder to step down as 2021 profit set to double. According to Bloomberg Quint on Friday, 17 December, “Niklas Nikolajsen, the veteran founder of Bitcoin Suisse, is stepping down as chairman of the board as of Jan. 1.”, “Nikolajsen, who founded the broker in 2013, said on Friday that it’s the right time to hand over to a new chairman to “further guide the strategic direction of our company.” The 46-year-old expat from Denmark, who said he started buying Bitcoin when it was worth less than $1, will now dedicate more attention to his “private affairs, not least my family,” he said.”
  • Btc/usd forecast: Bitcoin stuck between two technical levels – 17 December 2021. According to DailyForex on Friday, 17 December, “The Bitcoin market has fallen just a bit during the trading session on Thursday as we continue to trade back and forth overall. “, “Obviously, there are a couple of weeks left, and it would not be completely out of the question for Bitcoin to break well above $60,000 in that short of a timeframe, but right now we just simply lack the momentum. “
  • Bitcoin drop risks extending slide to a fifth consecutive week. According to Bloomberg Quint on Friday, 17 December, “Crypto proponents have long argued that Bitcoin and other digital assets, on account of their being an idiosyncratic asset class, could act as hedges against inflation and swings in other areas of the financial market. “, “Only 21 million Bitcoin will be put into circulation under the computer protocol that governs issuance, though that figure isn’t expected to be reached for several decades.”

 

Polkadot and Parachains

The first five parachains have gone live on Polkadot.

Polkadot has launched its first five parachains, kicking off the blockchain’s path to becoming an interoperable ecosystem.

Polkadot has been hosting parachain slot auctions since Nov. 11. Projects hoping to win a slot hosted crowd loans to raise DOT and staked the tokens they received to bid on parachain slots. The first five auction winners were Acala, Moonbeam, Parallel Finance, Astar, and Clover, projects focusing on decentralized finance, cross-chain interoperability, and other use cases. Each project now has a parachain lease until Oct. 20, 2023.

Acala, a project aiming to create a Defi hub on Polkadot, is among the most anticipated parachains set to deploy on the network. The project’s co-founder Bette Chain said of the launch:

“We couldn’t be more excited to be launching Acala’s parachain to provide a DeFi platform and native, decentralized stablecoin to the Polkadot ecosystem and beyond.”

Polkadot is a smart contract blockchain that will host up to 100 parachains. Founded by former Ethereum CTO Gavin Wood, it focuses on enabling application-specific parachains to communicate with each other. Parachains are secured by Polkadot’s main central chain, which is called the Relay Chain. Parachain slots are auctioned off to teams over a period of 96 weeks.

Despite the rapid growth in the number of public blockchains, interoperability between chains is yet to mature. Sending tokens and data across chains presents challenges because every the blockchain ecosystem is fragmented. While many interoperable bridges have emerged, they are generally considered risky due to their dependence on centralized processes such as token wrapping.

To address the interoperability issue, Polkadot enforces cross-chain communication at the protocol level and natively secures Layer 1 parachains through a process called shared security. Discussing how the parachain model solves the problem of and the novel value they create for Web3 space, Wood said:

“The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the Internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this.”

With only five parachains operating on Polkadot so far, additional slots will be allocated in batches over the coming months. The next batch of Polkadot parachain auctions is slated for Dec. 23, with auction winners to be awarded on Mar. 11, 2022.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

Former SEC Boss Jay Clayton Comments on Ripple Lawsuit

In a recent interview on CNBC, former Securities and Exchange Commission Chairman Jay Clayton made a rare comment, albeit a short one, about the high-profile Ripple lawsuit that he brought against the company during his last days on the job last December.”Squawk Box” host Becky Quick asked the former government official about potential conflicts of interest surrounding the enforcement action that some XRP proponents believe may have given an unfair advantage to rival Ethereum.While refusing to make any insightful comments about the case, Clayton says that the defendants are entitled to their opinions:

Look, it’s America. People have the right to defend themselves. They have the right to their opinion.

Clayton says that SEC officials, who are not allowed to comment on the case, let facts stand where they are and speak for themselves.Ripple is accused of illegally selling $1.3 billion worth of XRP tokens, which the SEC alleges are unregistered securities, with CEO Brad Garlinghouse and co-founder Chris Larsen also acting as defendants in the case.The company started claiming that the SEC gave Ether and Bitcoin a “free pass” by designating them non-securities. The agency, however, has clarified that it is yet to take an official stance on any particular digital currency.In mid-July, Sarah Netburn, the magistrate judge overseeing discovery disputes in the Ripple case, authorized the deposition of William Hinman, former director of the agency’s Division of Corporation Finance, who said that Ether was not a security in his now-famous 2018 speech. In his testimony, Hinman said that he had warned Ripple it had to bring XRP into compliance with security laws.Hinman’s law firm being part of the Enterprise Ethereum Alliance and Clayton joining hedge fund One River Asset Management shortly after his departure from the SEC provided a breeding ground for speculation within the XRP community.Ripple executives have shied away from peddling conspiracy theories about conflicts of interest, but Garlinghouse did say the timing of the lawsuit was sketchy in a September interview:

I get this question a lot…The timing stinks. It’s not a good look.

More Wins For XRP and Ripple?

  • Fox Business Gasparino reports that the SEC is arguing that Bitcoin and Ether are not officially non-securities in their case with Ripple.
  • The revelation strengthens Ripple’s fair notice defense.
  • Meanwhile, Ripple files a motion to present one more expert witness.

The US Securities and Exchange Commission (SEC) has reportedly testified that it has not officially declared Bitcoin and Ethereum as non-securities. The complete turnaround from their decision in 2018 that declared the two cryptocurrencies to not be securities was made recently in the ongoing case between the apex US regulator and Ripple according to Fox Business’ Charles Gasparino.

According to Gasparino, the new argument by the Gary Gensler-led SEC is also directly opposite to the regulatory approach of former chair Jay Clayton.

“SEC now arguing it has not officially declared BTC and ETH compliant cryptos, according to testimony in the SEC versus Ripple. That appears to be a 180 from not just Bill Hinman’s speech, but the regulatory approach of former chair Jay Clayton,” Gasparino said in his tweet.

Implications for the SEC vs. Ripple lawsuit

Gasparino has previously noted that Gensler seems to be waiting for the outcome of the Ripple lawsuit before disclosing his standing on Ethereum. The recent argument by the commission has however elucidated that the SEC may go after Ether as it has declared that it never officially called it a compliant crypto asset.

The revelation has sparked a lot of speculation about the implications it would have for not just Ripple’s XRP, but also Bitcoin and Ether.

According to one market participant “WKahneman,” if it is true that the SEC says Ether and Bitcoin have not been cleared as non-securities, it undermines their case as they only make Ripple’s argument stronger.

As one of its defenses, Ripple has argued that the SEC failed to give it fair notice on the status of XRP. On their part, the SEC has argued that the age-long security laws of the US are clear on what is a security and what is not.

The latest SEC argument has in a way confirmed this. This is because it has long been believed that Bitcoin and Ethereum were in the clear with the SEC as they had been evaluated by the law – the Howey test – and found to not be securities. If Bitcoin and Ether are no longer in the clear when it was long thought they were, there is no way that Ripple could also have been given fair notice of wrongdoing.

The current status of the lawsuit

The entire crypto-community is waiting for the result of the SEC’s lawsuit against Ripple as it is widely considered to have a lot of consequences for the entire industry no matter which way it falls. Currently, the case is at the stage of Expert discovery. Between both parties in the case, 16 experts have so far been disclosed. This is according to a filing by Ripple that sought to depose one more expert.

This is notably the last stage before the case proceeds to summary judgment or any kind of final decision.

In a related development, Empower Oversight Whistleblowers & Research has filed a Freedom of Information Act (FOIA) lawsuit against the U.S. Securities and Exchange Commission Wednesday in Virginia Eastern District Court concerning the regulation of cryptocurrency. The suit seeks records that probe possible conflicts of interest involving senior SEC officials in the SEC versus Ripple case.
Do you want paying HYIPs ?

Ripple Chair Proposes Plan to Move Bitcoin Away From Proof-of-Work

Ripple executive chairman and co-founder Chris Larsen has proposed a strategy to incentivize Bitcoin miners to move away from the energy-intensive Proof-of-Work consensus mechanism.

On Friday, Ripple co-founder and executive chairman Chris Larsen published a strategy on how Bitcoin could reduce its energy consumption.

According to Larsen, Bitcoin miners “should see a change away from PoW as a net positive for their longevity.” He begins his proposal by conceding that moving Bitcoin away from the energy-intensive Proof-of-Work consensus mechanism would be challenging, which is why he’s suggesting a code change that would introduce new lucrative incentives for miners to ease the potential transition.

“One challenge of making such a code change is the assumed opposition by bitcoin miners—especially given the enormous and growing investment in US mining operations,” he said in the blog post. Nevertheless, Larson seems to believe that there still might be a way to get miners on board and incentivize them to stop expanding their operations.

The “least disruptive” solution, according to Ripple’s co-founder, would be to “take a snapshot of the current hash rate of existing miners and then reward miners on a pro-rata hash power basis[…]” This would give existing miners rights to future Bitcoin rewards without them needing to expand their mining operations and thus spend additional energy. Explaining how the concept would work in practice, Larson said:

“Consider Marathon Digital, which runs 8% of the current global hash rate, earning 75 BTC per day as of November 1, 2021. Under such a code change, Marathon would continue to earn 8% of daily Bitcoin rewards but would not need to expend any energy to receive this reward.”

According to Larson, under the new regime miners would also enjoy a long-term revenue stream, as their rights to future Bitcoin rewards could be tokenized and sold on the open market. “Under such a proposal, miners would gain additional economic benefit—gaining the same revenue with substantially less operating costs,” he concluded.

The issue of Bitcoin’s immense energy consumption has been the subject of endless debates both within and outside crypto circles over the past years. Those in favor of the status quo argue that Proof-of-Work is the most reliable mechanism to secure the Bitcoin network without sacrificing decentralization. On the other hand, opponents—including Larson—have for long been raising the alarm against Bitcoin’s immense energy expenditure, citing environmental concerns and arguing in favor of the less energy-intensive Proof-of-Stake mechanism.

However, Larson’s proposed solution to Bitcoin’s energy consumption problem runs into several issues of its own. For one, it doesn’t account for new miners joining the network and removes incentives for open-market competition for Bitcoin rewards between existing miners. This directly opposes Bitcoin’s fundamental proposition of prioritizing network decentralization and security over anything—including efficiency—by introducing new rigid, centralizing elements to its design.

Finally, judging by his proposal, the Ripple chairman seems to believe that miners are the sole entities controlling Bitcoin’s consensus, which goes against the opinion of many subject matter experts, including the one of renowned Bitcoin educator Andreas Antonopoulos. Namely, besides the miners, there are four other consensus constituencies in Bitcoin: software developers, exchanges, wallet creators, and merchants. All of these, plus the majority of the Bitcoin community itself, would have to get on board with Larson’s proposal if it ever were to become reality—a feat that seems unlikely considering Bitcoin’s history.

Why Is Dogecoin Slumping Today?

Dogecoin (CRYPTO: DOGE) traded 3.88% lower at $0.17 over 24 hours leading up to early Friday morning.

What’s Moving? DOGE has plunged 18.78% over a seven-day trailing period.

The meme cryptocurrency traded 0.96% lower against Bitcoin and rose 2% against Ethereum.

Since the year began, DOGE has gained 2889.67%. It fell 37.24% in the last 30 days and 29.44% in a 90-day period.

DOGE rose to an all-time high of $0.74 in May. At press time, it traded 79.96% below that level.

Why Is It Moving? DOGE declined in tandem with other large coins at press time as the global cryptocurrency market cap decreased 4.48% to $2.26 trillion.

DOGE was the most mentioned coin at press time on Twitter, as per Cointrendz data. It attracted 4,715 tweets. The next mentioned name was Bitcoin, which attracted 2,341 tweets.

Cryptocurrencies plunged on Thursday after China Evergrande Group (OTC: EGRNF) defaulted on a debt obligation. Electricity shortages in Kazakhstan were another reason the apex coin took a hit, as per an analyst.

DOGE-co creator Billy Markus had his say on the Evergrande-led cryptocurrency carnage on Thursday.

if you’re wondering why the crypto market shat itself today pic.twitter.com/ZnFU4c37Dr

— Shibetoshi Nakamoto (@BillyM2k) December 9, 2021

pic.twitter.com/La0WNNrejo

— Shibetoshi Nakamoto (@BillyM2k) December 9, 2021

Dogecoin-bull and Tesla Inc (NASDAQ: TSLA) CEO Elon Musk said Thursday that he was thinking of quitting his jobs and “becoming an influencer full-time.” The comment by Musk attracted plenty of attention from cryptocurrency enthusiasts.

Just as long as you shill $doge 😉

— Lark Davis (@TheCryptoLark) December 10, 2021

Looking forward to your YouTube channel on how to shill $DOGE

— Jay Hao | OKEx CEO (@JayHao8) December 10, 2021

$200 Million Worth Shiba and Other Tokens Stolen from BitMart Exchange

Cayman Islands-headquartered cryptocurrency exchange BitMart has suffered a $200 million hack, according to data provided by blockchain security company PeckShield.Initially, PeckShield tweeted that $100 million worth of tokens were stolen from one of the exchange’s Ethereum hot wallets.Shiba Inu (SHIB) is at the top of the list of affected assets. The hacker made away with 893.8 billion SHIB tokens (roughly $33.4 million at press time).

Estimate loss of : ~$100M. Here is the list of the transferred-out assets and their amounts

— PeckShield Inc. (@peckshield)

Saitama (SAITAMA), Dogelon Mars (ELON) and Akita Inu (AKITA) were also among more than 20 cryptocurrencies that were stolen from Bitmart. Later, PeckShield also added $95 million worth of Binance Smart Chain-based tokens. SafeMoon (SAFEMOON) accounted for almost half of the sum, with the hacker pocketing 29.4 trillion tokens ($43.8 million at press time). BitMart has acknowledged the security breach in a statement, claiming that only a small percentage of its total assets has been affected by the incident.According to Sheldon Xia, BitMart is yet to determine the possible methods that were used to pilfer the wallets.

1/3 We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 millions.

— Sheldon Xia (@sheldonbitmart)

The attacker has already started withdrawing their stolen funds with the help of Ethereum-based mixing service Tornado.cash. According to CoinGecko, BitMart is in the top 20 exchanges by trading volume.Last month, TechCrunch reported that it was seeking a valuation of $300 million.