We are looking at the developments for EOS and 9 altcoins. While sharing instant developments in the crypto money world, let’s point out that the market dynamics are up-to-date.
EOS takes legal action
The EOS Network Foundation (ENF) is suing for alleged failure to honor its $1 billion investment commitment. Major investor is taking legal action against Block.one (B1).
On July 25, ESF founder and CEO Yves La Rose made the statement on Twitter. He announced that the foundation is preparing to file a lawsuit against B1 for “failure to honor its $1 billion commitment.” “You will have to give up to be eligible to join ENF’s cause,” La Rose said. said.
Credix Finance announced the new development
Credix Finance, the decentralized finance (DeFi) loan marketplace, made an important announcement today. He said he has opened a new private loan lending pool using Layer1 chain Solana. With this move, Credix announced the income of the lenders. Accordingly, he stated that by investing in insurance-protected private loan to Colombian farmers backed by receivables, he could generate annual returns of close to 11%.
On the other hand, Credix thinks that the pool may increase to 150 million dollars in the coming months depending on the capital demand in the country. Credix CEO Thomas Bohner made a statement on the subject. “This groundbreaking initiative not only brings a unique offering to the market. It also provides substantial financial support to farmers in Colombia. This situation also has the power to create a significant social and economic impact.”
The Bank of Italy chose this altcoin
The innovation center of the Bank of Italy has chosen a decentralized finance (DeFi) project that includes Ethereum scaling network developer Polygon Labs and crypto custody company Fireblocks to help financial institutions deal with DeFi and tokenized assets.
In the press release, it was emphasized that Milan Hub, the Italian central bank’s center for developing innovative ideas in finance, will support the development of the Institutional DeFi ecosystem for six months. The platform aims to help traditional financial institutions to transact securely and legally using DeFi rails.
New move from Lido Finance
Lido Finance made a new move today. Accordingly, the DAO announced that they are working on a new governance model.
This model needs to be approved. Accordingly, if approved, investors holding stETH will have veto power over the management decisions of the DAO. However, it should be noted that this development weakens the control power of the LDO community.
Recommendation from Terra Luna Classic member
An important proposal came from Vegas, the leading member of the Terra Luna Classic community. Accordingly, it proposes that 800 million USTC tokens be returned to the Terra Luna Classic community pool from a wallet connected to the Ozone Protocol. However, some prominent members like Alex Forshaw have different opinions. He is of the opinion that these tokens should be sent to the burn address instead of being returned to the community pool.
According to the proposal, the Ozone protocol was originally proposed by Terra co-founder Do Kwon. It was also booted using funds from the community pool. Ozone V1 and Ozone V2 were in high demand for their payload capacities. However, the Risk Harbor team has not fully utilized the 1 billion UST (now USTC) as intended. Therefore, the funds must go back to the community pool. Alex Forshaw, former Terra Rebels and Terra Classic Revival Roadmap co-author, said it’s best to burn the dormant USTC rather than submit it to the community pool. According to Forshaw, validators and stakers will take the work of the USTC team and trash it. However, burning these USTCs will strengthen the repeg narrative. Or the community will burn some and send some to the community pool.
Poloniex has listed for this altcoin
Poloniex crypto exchange, owned by crypto billionaire Justin Sun, founder of the Tron blockchain, tweeted that it has listed one of its Shibarium partners, the Bad Idea AI token (BAD).
To celebrate this extraordinary event, the trading platform is giving away $22,000 worth of BAD tokens to traders.
Report on BNB released
Messari, a crypto research institution, has released its second quarter 2023 report on BNB Chain. Highlights of the report are:
- Daily active addresses and transaction volume on BNB Chain increased by 25.6% and 24.4% respectively, mainly driven by LayerZero activity.
- BNB Chain’s daily active address count reached approximately 1.4 million, nearly reaching the historical average level of the previous bull market cycle (around 1.5 million) that ended in Q4 2021. The average new unique address increased by 91.1% compared to the previous month. Accordingly, after the increase in activity at the end of April, it reached a new historical peak.
- BNB Chain continues to invest in the growth of its ecosystem by introducing the Gas Grant program and the Zero2Hero incubator.
- The increase in network activity has led to a recovery of DeFi activity in LayerZero and other use cases (especially in the SocialFi domain).
- In the second quarter, there was a Planck hard fork. In addition, several technical developments were launched, including the Luban hard fork and opBNB.
Movement of approximately $69 million from the whale
According to on-chain data analyst Yu Jin, a whale/corporate address that pulled 98,000 ETH from OKX and Huobi between December 2021 and March 2022 reported that it transferred 37,000 ETH (approximately $68.63 million worth) to Binance three hours ago. The address currently still holds 60,301 ETH (worth around 111 million USD).
On the other hand, Symbiosis Finance, a multi-chain liquidity protocol, made a move. Accordingly, the Ethereum L2 network announced that it supports the Mantle Network.
Binance makes moves for 2 altcoins
Popular cryptocurrency exchange Binance has made a move that has caught the attention of investors recently. The exchange has added the QUICK and WLD altcoin pairs to its margin trading options. Accordingly, it allowed investors to take advantage of borrowing opportunities with these assets.
With the inclusion of QUICK and WLD altcoin pairs in Binance’s margin trading, investors now have more opportunities to engage in leveraged trading strategies. Margin trading allows users to borrow funds from the exchange, increasing their positions and potential return on investment.
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