Recently, various altcoin projects announced critical developments. In this article, we will mention the three that stand out. Here are the details…
New plans for altcoin SXP revealed
Nayiem, a key member of the Solar (SXP) Foundation, offered a glimpse into the future of SXP in a recent announcement, revealing plans to bridge the gap between fiat currencies and cryptocurrencies. Nayiem expressed his excitement about the all-in-one banking solution for Solar that will be announced in the next few days. According to him, the solution aims to increase user-friendliness and accessibility in cryptocurrency transactions through a series of innovative features.
These features include cryptocurrency-friendly bank accounts. There are also dreams of establishing international IBANs and plans to offer innovative crypto debit cards. Apart from this, there are also plans to offer crypto gift cards without KYC. Later, plans to integrate with Apple and Google regarding payment attract attention. Nayiem urged the community to stay tuned for the big reveal. Thus he concluded his announcement. Although SXP reached its all-time high of $5.86 in May 2021, its current trading price remains some 90% below that level.
Critical community offering on Arbitrum
On November 16, Arbitrum launched a community bid aimed at providing reserve funding for successful STIP (Arbitrum Improvement Proposal) proposals. The proposal outlines one-time feedback funds for all approved but unfunded proposals from Arbitrum STIP. The total budget is planned to increase by 10,000 ARB to reach 71.4 million ARB, and 26 additional projects will be funded, bringing the total number of funded projects to 56.
The Cosmos community is in an important debate
The Cosmos community is currently embroiled in a heated debate over a crucial proposal to lower the maximum inflation parameter of ATOM, the network’s native cryptocurrency. The proposal aims to reduce maximum inflation from 20% to 10%, resulting in a significant drop in the current inflation rate from approximately 14% to 10%. As of last update, the proposal faces strong opposition with 41.4% voting against. The voting process will continue until November 26, and tensions and speculations about the possible outcome will increase. Central to the dynamics of the network, the proposal explores the heart of ATOM’s inflationary model.
Cosmos uses a dynamic inflation rate based on the bonded or staked rate of ATOM, and the proposed discount aims to strengthen the Atomic Economic Zone (AEZ) and improve Inter-Blockchain Communication (IBC) DeFi protocols. The reduction could stimulate adoption of IBC DeFi protocols and money markets across the chain. While ATOM remains a highly liquid and recognizable asset, the current high inflation rate is hindering DeFi throughput, impacting user growth and adoption. The decision on this proposal will have wider implications for the sustainability and predictability of ATOM’s future supply.
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