Ecosystem developments in the field of Bitcoin and altcoins are of great importance. That’s why it’s critical to keep up with the latest developments in projects. In this article, we will share the latest developments for six altcoin projects. Here are the details…
KuCoin integrates with popular altcoin Avalanche
Kucoin Wallet, a popular Web3 wallet, has recently announced its official integration with one of the largest blockchains, Avalanche. This move will allow Kucoin wallet users to have easy access to Avalanche local assets via the Avalanche C-Chain. Avalanche is a network that specifically addresses scalability, decentralization and security issues. It primarily supports smart contracts with decentralized applications and fast transaction times.
With Avalanche’s C-Chain integration, KuCoin Wallet users can increase their transaction speed and experience low transaction fees. In addition, the full integration of the Avalanche ecosystem to both mobile and PC gives users the chance to explore a wealth of decentralized applications and unified monitoring of real-time assets from all devices.
NBA Topshot NFTs counted as securities
A US court ruled that Top Shot NFTs are securities because they meet the requirements to be considered an investment contract. This was because the value of the moments depended on the management efforts of Dapper Labs, which was responsible for creating and managing the NBA Ball shot. This meant that buyers had to rely on Dapper Labs’ organizational efforts to create and sustain the value of these NFTs, commonly referred to as “Moments.”
The lawsuit was filed in the District Court for the Northern District of California, as investors argued that NFTs should be considered securities in accordance with US federal legislation. In addition, Dapper Labs had broken securities regulations by neglecting to report NFTs to the Securities and Exchange Commission (SEC).
Solana launches a new NFT app
Solana Mobile recently introduced a new NFT minting app called Minty Fresh, which allows anyone to minting NFTs directly from their Saga phone with just a few clicks. The implementation is seen as an important step towards making the process of extracting NFTs more accessible to the masses. Because NFTs are a complex process that requires users to go through complex steps on their computers.
Whether you want to cement your memories on chain, make your art into a digital collectable or just mint an NFT in a snap on the go, you can do it from your Saga. pic.twitter.com/tlCnpM1xmi
— Solana Mobile (@solanamobile) February 22, 2023
However, with Minty Fresh, all you need is a photo and a Saga phone to turn it into an NFT in seconds. This preserves the memories in the chain. During a SAGA preview event in Melbourne, Solana Mobile’s Head of Engineering showed off how easy Minty is to use by minting an NFT live.
This altcoin will use Chainlink’s proof-of-reserves technology
TrueUSD (TUSD) has announced the integration of Chainlink’s proof of reserve technology to increase transparency and reliability in the stablecoin issuance process. Thus, using Chainlink’s decentralized Oracle Network, TUSD becomes the first programmatically controllable stablecoin with real-time on-chain verification of off-chain reserves. This means a significant move towards decentralization, transparency and independent verification.
Frax community votes for algorithmic stablecoin
Frax Finance, the decentralized stablecoin protocol, has undergone a major change with the approval of the community FIP-188 proposal. The voted proposal will gradually remove algorithmic support for the protocol’s stablecoin and will instead issue a fully collateralized stablecoin with a 100 percent collateral ratio (CR). This move aims to improve the long-term health and growth of the protocol. Frax Finance was launched in December 2020 and has evolved significantly since then.
The original protocol had a variable margin rate for Frax that adjusted to market demand, allowing the market to dictate how much margin is required for each FRAX. Recently, however, trust in algorithmic stablecoins has waned with the collapse of the UST, as we’ve also reported on Cryptokoin.com.
Floki announces Amino Rewards partnership
Floki has announced a new strategic partnership with Amino Rewards, a Web3 Rewards network focused on sports, health and wellness. As part of this collaboration, Amino will lock all liquidity pool (LP) tokens and team/ecosystem/project tokens exclusively with Floki’s crypto locker protocol, Flokifi Locker. Amino Rewards is also an official partner of Washington Commanders, a professional American football team in the NFL.
The partnership with Floki could take Amino to new heights with Dreamlabs, Amino’s incubator company. Initially, the total value of the tokens to be locked is expected to range from 4 million to 8 million. Flokifi Locker allows individuals and project developers to quickly and securely lock liquidity pool (LP) tokens and NFTs. It is audited by Certik, the leading security auditor in the crypto industry.
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