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29/09/2024. Weekly CryptoNews Digest (September, 23 – September, 29)
Welcome back to the MNO blog, your premier source for expert insights and guidance on cryptocurrency and HYIP investments since 2007. With over 17 years of combined experience in the cryptocurrency and HYIP industries, I’m dedicated to helping you navigate the complexities of digital assets and make informed decisions.
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Partner with MNO and take your cryptocurrency and HYIP journey to the next level! I’ll provide you with the knowledge, guidance, and support you need to make informed decisions and achieve your financial goals. Let’s dive into the latest cryptocurrency news from September 23rd to September 29th, 2024 in our Weekly CryptoNews Digest and embark on this exciting new chapter in the world of cryptocurrency together!
Changpeng Zhao, the former CEO of Binance, has been released from prison following a reduced sentence. The exact terms of the sentence reduction were not disclosed, but it is believed to be a result of his cooperation with authorities. CZ’s release comes after a high-profile trial that saw him convicted on charges related to market manipulation and insider trading.
The news of CZ’s release has sent shockwaves through the cryptocurrency community. While many have expressed relief at his freedom, others remain skeptical about the circumstances surrounding his reduced sentence. Some have questioned whether CZ’s cooperation was genuine or if it was a strategic move to minimize his time behind bars.
Binance, the world’s largest cryptocurrency exchange, has been grappling with regulatory challenges in recent years. CZ’s conviction and subsequent release have further complicated the company’s position. It remains unclear how his absence from the company will impact its future operations and whether Binance will be able to regain the trust of investors and regulators.
CZ’s release is a significant development in the cryptocurrency industry. It raises questions about the effectiveness of regulatory measures and the potential for individuals to exploit loopholes in the system. As the cryptocurrency market continues to evolve, the case of Changpeng Zhao will likely have lasting implications for the industry as a whole.
SKY LAUNCHES USDS STABLECOIN ON SOLANA
Sky, formerly known as MakerDAO, has made a significant move in the cryptocurrency market with the launch of its USDS stablecoin on the Solana blockchain. Leveraging the Wormhole cross-chain protocol, Sky aims to provide a stablecoin solution that is both secure and accessible to users of the Solana ecosystem.
The USDS stablecoin is designed to maintain a stable value of one US dollar. It is backed by a reserve of various cryptocurrencies, including DAI, which is another stablecoin issued by Sky. By utilizing a decentralized governance model, Sky ensures that the USDS remains transparent and accountable to its users.
The launch of USDS on Solana is expected to have a positive impact on the Solana ecosystem. By providing a stable asset, Sky can attract more users and developers to the platform, fostering growth and innovation. Additionally, the integration of USDS with other decentralized applications (dApps) on Solana can create new opportunities for users to participate in various financial activities.
Sky’s USDS stablecoin launch marks a significant milestone for the company and the cryptocurrency industry as a whole. As the demand for stablecoins continues to grow, Sky’s USDS has the potential to become a leading player in this space.
The cryptocurrency market is bracing for a significant influx of tokens as several high-profile unlocks are scheduled to occur. Among the most notable are VENOM and YGG, which together represent a total value of $48 million. These unlocks can have a substantial impact on the market, both positively and negatively.
On the one hand, token unlocks can inject liquidity into the market, leading to increased trading volume and potentially driving up prices. As more tokens become available for trading, demand may outpace supply, causing prices to rise. Additionally, unlocks can attract new investors who may be eager to acquire tokens at a potentially lower price point.
On the other hand, token unlocks can also have a negative impact on the market. A sudden influx of tokens can lead to a decrease in price, as sellers may be more willing to part with their holdings at a lower price. This can create a downward pressure on the overall market, affecting other cryptocurrencies as well.
The impact of token unlocks on the market depends on various factors, including the size of the unlock, the sentiment of investors, and the broader macroeconomic conditions. While some unlocks may have a positive effect, others could lead to a market downturn. Investors should be aware of these upcoming events and carefully consider their investment strategies accordingly.
Celestia, a blockchain scaling project, has successfully raised $100 million in a funding round led by prominent investors. This significant investment will fuel Celestia’s ambitious goal of increasing blockchain capacity to accommodate 1 gigabyte blocks. By achieving this milestone, Celestia aims to surpass the transaction speed of traditional payment systems like Visa, which currently processes approximately 24,000 transactions per second.
The additional funding will enable Celestia to enhance its infrastructure and develop innovative solutions to address the scalability challenges faced by existing blockchains. The project’s focus on increasing block size is a crucial step towards enabling faster transaction times and lower fees, making blockchain technology more accessible and practical for a wider range of applications.
Celestia’s success in securing this substantial funding round is a testament to the growing interest in blockchain scaling solutions. As the demand for blockchain-based services continues to rise, projects like Celestia are playing a vital role in expanding the capabilities of this transformative technology.
The future of blockchain technology hinges on the ability to scale and meet the increasing demands of users. Celestia’s ambitious goal of achieving 1 gigabyte blocks represents a significant step forward in this direction. If successful, the project could pave the way for a new era of blockchain adoption and innovation.
INITIA RAISES $14 MILLION IN SERIES A FUNDING
Initia, a blockchain development company, has successfully raised $14 million in a Series A funding round. This significant investment will fuel Initia’s ongoing efforts to develop innovative Layer 1 blockchain solutions and expand its operations.
One of the key initiatives resulting from this funding is the acquisition of Celatone, a blockchain technology company specializing in decentralized applications (dApps). The acquisition will strengthen Initia’s capabilities in dApp development and enable the company to offer a more comprehensive suite of blockchain services to its clients.
Initia’s focus on Layer 1 blockchain development is a strategic move to address the scalability and efficiency limitations of existing blockchain platforms. By building its own blockchain infrastructure, Initia can tailor the technology to meet specific use cases and potentially overcome the challenges faced by other blockchains.
The successful completion of the Series A funding round is a major milestone for Initia. The additional capital will provide the company with the resources to invest in research and development, expand its team, and pursue strategic partnerships. As the blockchain industry continues to evolve, Initia’s innovative approach and focus on Layer 1 development position it well to become a leading player in this rapidly growing field.
POLYGON COMPLETES MAJOR MAINNET UPGRADE
Polygon, a popular layer-2 scaling solution for Ethereum, has successfully completed a major mainnet upgrade. This upgrade is designed to enhance the network’s scalability and performance, making it more efficient and attractive to developers and users.
One of the key improvements introduced in the upgrade is an increase in block size. By allowing larger blocks, Polygon can process more transactions per second, reducing congestion and improving user experience. Additionally, the upgrade includes optimizations to the network’s consensus mechanism, making it more secure and reliable.
The successful completion of the mainnet upgrade is a significant milestone for Polygon. It demonstrates the project’s commitment to continuous improvement and its ability to adapt to the evolving needs of the blockchain industry. As a result of this upgrade, Polygon is expected to become even more competitive as a scaling solution for Ethereum-based applications.
The upgrade is also likely to have a positive impact on the broader cryptocurrency market. By improving the scalability and performance of Polygon, more developers may be incentivized to build applications on the platform, leading to increased adoption and potentially driving up the value of Polygon’s native token, MATIC.
US IMPOSES SANCTIONS ON RUSSIAN NATIONAL, CRYPTOCURRENCY FIRMS
The US Treasury Department has announced sanctions against an alleged Russian hacker, a Russian cryptocurrency firm and a Russian crypto exchanger. The sanctions targeted Sergey Sergeevich Ivanov, cryptocurrency firm Cryptex and crypto exchanger PM2BTC.
“The United States and our international partners remain resolute in our commitment to prevent cybercrime facilitators like PM2BTC and Cryptex from operating with impunity,” said Bradley Smith, acting under secretary for Treasury’s terrorism and financial intelligence unit. Cryptex is based in Saint Vincent and the Grenadines but operates in Russia.
The Treasury alleges that Sergey Sergeevich Ivanov has “laundered hundreds of millions of dollars’ worth of virtual currency for ransomware actors, initial access brokers, darknet marketplace vendors, and other criminal actors for approximately the last 20 years.”
The sanctions aim to disrupt Russian cybercrime operations and limit their ability to use cryptocurrency for malicious purposes. This action aligns with the US government’s broader efforts to counter Russian aggression, including its invasion of Ukraine.
UNISWAP V4 LAUNCHES WITH NEW FEATURES
Uniswap, one of the most popular decentralized exchanges (DEXs) in the cryptocurrency market, has officially launched its highly anticipated V4 version. This major upgrade brings a range of new features and improvements aimed at enhancing the platform’s functionality and user experience.
One of the key additions in Uniswap V4 is the introduction of “perpetual pools.” These pools allow for the creation of perpetual swaps, which are similar to futures contracts but do not require margin calls. This feature opens up new trading opportunities for users and can potentially attract more liquidity to the platform.
Another significant improvement in V4 is the enhanced gas efficiency. By optimizing the underlying code and algorithms, Uniswap has reduced the amount of gas required for transactions. This translates to lower fees for users, making the platform more cost-effective.
The launch of Uniswap V4 is a major milestone for the decentralized finance (DeFi) ecosystem. As one of the most influential DEXs, Uniswap’s updates have a significant impact on the market. The new features introduced in V4 are expected to attract more users and liquidity to the platform, further solidifying its position as a leading player in the DeFi space.
That’s a wrap on this week’s crypto news on MNO! I hope you found it insightful and the updates informative and helpful. As we head into the busier fall season, let’s take a moment to relax and reflect on the exciting developments in the crypto world. A huge thank you to our incredible community for your ongoing support – I’m always grateful for your passion and engagement.
Take some time to recharge this weekend and don’t forget to share your thoughts in our MNO TalkBack poll – your feedback is invaluable to us.
I’ll be back next Sunday with the latest crypto news and updates. In the meantime, keep building your portfolio and remember that we’re here to support you in reaching your financial goals. Thanks for being part of the MNO – For Money Lovers!
Filed under Cryptocurrencies, Daily News by on Sep 29th, 2024. 
