Monat: Januar 2023

Uniswap V3 Protocol Moving to Binance Chain: 80% of UNI Token Holders Vote Yes

• The Uniswap community recently voted on a proposal to move the decentralized exchange’s V3 protocol to the BNB Chain, with 80% of UNI token holders voting in favor.
• The temperature check was organized by OxPlasma Labs and saw 20 million UNI tokens cast in the poll.
• This move could see Uniswap benefit from the increased speed and performance of the Binance Chain.

The cryptocurrency industry has seen a surge in the popularity of decentralized exchanges (DEXs) in recent months. These peer-to-peer trading platforms offer users the chance to trade digital assets without the need for a centralized authority. Uniswap, one of the most popular DEXs, recently held a “temperature check” to gauge support in the Uniswap community for a possible move of the decentralized exchange’s V3 protocol to the BNB Chain.

The poll was organized by OxPlasma Labs and saw 20 million UNI tokens cast in the poll. Of these tokens, 80% of UNI token holders voted in favor of the move. This could see Uniswap benefit from the increased speed and performance of the Binance Chain.

The Uniswap protocol works by matching trades and supplying liquidity between traders. It locks up a user’s digital assets and provides liquidity for trades through a “pool”. This pool is maintained by a series of smart contracts and it is these contracts that could be moved to the BNB Chain.

Moving to the BNB Chain could also offer Uniswap users a number of additional benefits. For example, BNB’s lower transaction fees could provide cost savings for Uniswap traders. It could also add additional security to the platform, as BNB has a strong track record of keeping its platforms secure.

In addition, the BNB Chain offers a number of additional features that could be beneficial to Uniswap users, such as the ability to launch tokenized assets and trade them directly on the BNB Chain. This could open up a range of new trading opportunities for Uniswap users.

The move to the BNB Chain is not yet confirmed, but it is clear that the Uniswap community is in favor of the move. This could pave the way for Uniswap to become even more popular and offer users a more secure, cost-effective and feature-rich trading platform.

Crypto Revolution: Empowering Marginalized Communities to Take Control

• Crypto is not hurting lower income and marginalized communities, but instead providing them with new tools to regain control from oppressive financial systems.
• Rep. Jesus Garcia’s comment that crypto companies are “making money using one thing: hype” and that “ordinary investors” lose when the hype runs out is unhelpful and implies certain communities are ill-informed and vulnerable.
• Grassroots projects can lead the crypto recovery by empowering marginalized communities to take control of their finances and benefit from the booming crypto industry.

Crypto has been a game-changer for many lower-income and marginalized communities around the world. Unlike traditional financial systems, crypto provides these communities with the tools and resources to gain control over their own finances, unlocking potential for financial independence and freedom. This is a major step forward in the fight against poverty and inequality.

Rep. Jesus Garcia recently raised eyebrows when he declared that crypto companies are “making money using one thing: hype” and that “ordinary investors” lose when the hype runs out. This statement is not only unhelpful, but implies that certain communities are ill-informed and vulnerable, which is simply not true. Crypto is providing unprecedented access to financial independence for people who may have previously been excluded from the traditional financial system.

The crypto industry is growing quickly and there is no doubt that it can benefit the communities that need it most. However, for this to happen, grassroots projects must be at the forefront of the crypto recovery. These projects have the potential to empower and equip marginalized communities to take control of their finances and benefit from the booming crypto industry. They can also provide access to education and resources to further develop the industry and ensure that everyone can benefit.

Grassroots projects can also help to create a more equitable and transparent industry, including measures to ensure that everyone is included in the decision-making and benefits from any profits generated. This could lead to a more sustainable industry, providing higher quality services and products to users, and ultimately, a more inclusive and equitable world.

In conclusion, crypto has the potential to revolutionize the lives of lower-income and marginalized communities around the world. Grassroots projects can help to lead the crypto recovery, empowering these communities to take control of their finances and benefit from the booming crypto industry. This could lead to a fairer and more transparent industry, as well as a more equitable and inclusive world.

117 Parties Express Interest in Buying FTX Units Ahead of Deadline

• Around 117 parties have expressed an interest in buying units of FTX, as a deadline for initial bids approaches.
• The crypto company’s bankruptcy case could take years, but the estate has prioritized the sale of LedgerX, FTX Japan, FTX Europe and stock-clearing platform Embed, arguing they are the easiest to separate and have a risk of losing value if not sold quickly.
• Attempts to urgently sell LedgerX and FTX Japan have invited legal protest.

As the deadline for initial bids for units of crypto company FTX draws closer, more and more interested parties have expressed interest in buying the units. According to a legal filing posted Sunday, around 117 parties have expressed interest, with various financial and strategic investors among them.

The FTX bankruptcy case could take years to resolve, but in the meantime the estate has prioritized the sale of certain assets, such as LedgerX, FTX Japan, FTX Europe and the stock-clearing platform Embed. This is because these assets are the easiest to separate, and they have a risk of losing value if they aren’t sold quickly.

However, the attempts to urgently sell these assets have invited legal protest from some parties. Nevertheless, the sale of FTX units is still set to go ahead and the deadline for initial bids is fast approaching.

The implications of this sale for the FTX bankruptcy case remain to be seen. It will be interesting to see what happens when the bids are reviewed and the sale is finalized. It could potentially have a huge impact on the crypto industry, and it will be interesting to see what the outcome of the case will be.

Crypto Trader Arrested After Draining $110 Million from Decentralized Exchange

• Federal authorities have announced the arrest of Avraham Eisenberg, a crypto trader who drained $110 million from Mango Markets, a decentralized crypto exchange.
• This case raises questions around the application of commodities manipulation and fraud laws to crypto and the impact and utility of uncovering weaknesses in decentralized protocols.
• Gareth Rhodes, a managing director at Pacific Street, commented on the case and the importance of decentralized exchanges such as Mango, Uniswap, and Aave.

Avraham Eisenberg, a crypto trader, was arrested by federal authorities on Tuesday after he drained $110 million from Mango Markets, a decentralized crypto exchange. The entire operation was made public on the blockchain and in real-time on Twitter, leading to the arrest of Eisenberg and raising questions around the application of commodities manipulation and fraud laws to the crypto industry.

Gareth Rhodes, a managing director at Pacific Street, commented on the case and the importance of decentralized exchanges such as Mango, Uniswap, and Aave. He said, “Mango Markets is a crypto trading platform where users can buy, sell, lend and borrow crypto tokens. These exchanges are fully decentralized and all transactions are conducted on the blockchain, transparent to all. Rules regarding margin requirements, liquidation triggers and the setting of token prices are established by code that is posted on GitHub, and the marketplace operates without human intervention or oversight.”

In the case of Mango Markets, oracles are used to set the price of tokens on its exchange, which monitors the average price the same token is listed for on other exchanges. This allows a user to borrow crypto assets with a certain amount of leverage. However, in Eisenberg’s case, he was able to exploit the oracles and take advantage of the decentralized nature of the exchange to drain $110 million.

The implications of this case are far-reaching. Not only does it highlight the potential for manipulation and fraud in decentralized protocols, but it also highlights the need for individuals to uncover these weaknesses and ensure that the crypto industry remains safe and secure. It is also a reminder that even though these protocols are decentralized, they are not immune to human error and can be exploited if the proper safeguards are not in place.

As the crypto industry continues to grow and evolve, it is important to remember the lessons learned from this case. It is essential that individuals remain vigilant and that protocols are continuously monitored and updated to ensure that these types of fraudulent activities do not occur in the future.

FTX Japan to Allow Customers to Withdraw Funds in Mid-February

• FTX Japan customers will be able to withdraw their funds as of mid-February.
• Customers will have to set up an account with Liquid Japan, a local crypto exchange purchased by FTX earlier this year.
• Withdrawals from FTX Japan were halted on Nov. 8 after local financial regulators ordered the exchange to suspend services.

FTX Japan, the subsidiary of FTX Trading, announced on Thursday that customers will be able to withdraw their funds as of mid-February. This marks the first time customers of the collapsed crypto exchange will have access to their money since FTX Trading Ltd. filed for Chapter 11 bankruptcy protection in the US in November.

In order to facilitate the withdrawal process, FTX Japan has asked its customers to first set up an account with Liquid Japan, a local crypto exchange purchased by FTX earlier this year. After customers verify their balances, FTX Japan will begin processing the withdrawals as of mid-February. However, the company has stated that this timeline could change depending on the progress of the external security audit.

The withdrawal process was halted on Nov. 8 after local financial regulators ordered FTX Japan to suspend services. Following the suspension, FTX Trading Ltd. filed for bankruptcy in the US and FTX Japan began working with the company’s bankruptcy lawyers to ensure that Japanese customers‘ funds would not be part of FTX Japan’s estate.

The resumption of customer withdrawals marks a positive step forward for FTX Japan and its customers. With the impending return of customer funds, FTX Japan is hopeful that its customers will be able to begin trading on the exchange once again.

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