Author: Admin-aX9d7
Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, the Ethereum protocol reporter on CoinDesk’s Tech team.In this issue:Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisors and Hidden MiddlemenEthereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New ProposalBitcoin Debate on Looser Data Limits Brings to Mind the Divisive Ordinals ControversyCoinbase’s Base Network Achieves ‘Stage 1’ Status, Reducing Centralization RiskNetwork newsMOVEMENT’S TOKEN DUMP SCANDAL: Movement, a buzzy crypto startup supported by Trump’s World Liberty Financial, was rumored to be closing a $100M series B round. Instead, following a…
Cryptocurrency debit card firm Baanx has partnered with Visa to launch stablecoin payment cards tied to self-custodial wallets, starting in the U.S. with Circle’s USDC dollar pegged token, the companies said.The Visa cards enable holders to spend USDC directly from their crypto wallets, using smart contracts to move a stablecoin balance upon card authorization from the consumer to Baanx in real time, with Baanx converting the balance into fiat for payment, according to a press release on Wednesday.Allowing people to manage their money on-chain with the help of major card networks like Visa and Mastercard is a fast growing segment…
Crypto was born from an open-source ethos, where code was shared publicly, accessible for review and shaped by community contributions. Transparency and verifiability are foundational principles that enable trust in Bitcoin.But as the space matured, some disadvantages of open source surfaced. Innovative smart contract platforms and decentralized finance (DeFi) applications were forked to create direct competitors — from the wave of Uniswap clones to Ethereum forks — which prioritized speed and lower fees over decentralization.As a result, some projects opted for closed-source development to protect proprietary designs and reduce the risk of exploits, hoping to delay or deter malicious actors…
Key takeaways:ETH price has underperformed its peers during the current bull market, but gas sponsorship could lure developers and traders back to the network.Ethereum’s upcoming Pectra upgrade promises to improve staking efficiency, potentially increasing demand for ETH.Data suggests ETH price bottomed. Will the Pectra narrative reignite bullish momentum?Since 2024, ETH (ETH) has been more of a meme than a market mover. Unlike most of its rivals, ETH still hasn’t reclaimed its all-time high of $4,870 from November 2021, and it regularly underperforms even in the weak altcoin market. Currently, ETH trades at $1,813, down 56% from its local peak in…
In brief FIFA Collect is migrating to its own EVM-compatible blockchain, leaving Algorand. No action is required for holders of soccer-themed collectibles from the platform. The migration is scheduled to take place no sooner than May 20. FIFA Collect, the official digital collectibles platform for the International Federation of Association Football (FIFA) soccer organization, will migrate to its own Ethereum Virtual Machine (EVM) compatible FIFA blockchain—leaving behind Algorand in the process. Scheduled to occur no sooner than May 20, the migration away from Algorand does not require any immediate action from FIFA Collect users or NFT owners. “As FIFA Collect evolves, we…
Eric Trump said traditional banks could “be extinct in ten years” unless they embrace cryptocurrency and blockchain, telling CNBC that today’s financial plumbing is too slow, costly, and exclusionary. Eric Trump: SWIFT Is ‘a Disaster,’ Blockchain Does It Better Eric Trump, executive vice president of the Trump Organization, argued that legacy rails such as the […]
In brief Blockchain intelligence firms TRM Labs and Chainalysis have identified Russian crypto exchange Grinex as a rebrand of sanctioned exchange Garantex. Evidence suggests Garantex anticipated its shutdown by creating the A7A5 ruble-pegged stablecoin in December 2024 and transferring assets to Grinex. The apparent resurrection of Garantex as Grinex, alongside increased activity on Russia-linked exchanges ABCEX and Rapira, raises questions about the effectiveness of sanctions in eliminating illicit cryptocurrency operations. Shuttered Russian exchange Garantex has rebranded as Grinex, according to on-chain analysis from blockchain intelligence firm TRM Labs.Garantex handled over $100 billion in transactions prior to its dismantling by international…
Coinbase (COIN) filed a brief in the U.S. Supreme Court case involving an Internal Revenue Service request for data on hundreds of thousands of its customers back in 2016, arguing the court should “protect Americans’ privacy interests in digital information stored by third-party service providers.”The U.S. tax agency — in an action during the first administration of President Donald Trump — had been seeking financial records under the stance that the individuals’s transaction records should be made available once they’d shared their information with a third party. In this instance, that party was Coinbase. The exchange fought to narrow the…
Ethereum remains in a waiting phase, between consolidation and potential recovery. Find our full analysis and current technical outlook for ETH. In Brief Technical analysis: Ethereum trades around $1,800, consolidating below resistance at $1,850. Weekly rebound of +13% and rising volumes (+76%) indicate renewed interest. The long-term trend remains bullish, short-term momentum has turned positive, but medium-term trend remains bearish below $2,104. Momentum is recovering. Derivatives analysis: The derivatives market remains balanced: open interest stable, similar buy and sell flows (neutral CVD), and slightly positive funding. Liquidations are low, mostly on longs, reflecting a generally cautious stance. Forecasts: Maintaining above…
In brief The U.S. economy contracted at an annualized rate of 0.3% in the first quarter. Traders grew more confident that the Federal Reserve would cut interest rates this summer. The U.S. Dollar Index (DXY) rose on Wednesday but has declined 8.3% year-to-date. Bitcoin fell on Wednesday after the U.S. economy shrank for the first time in three years, underscoring recession concerns. But an economic contraction might actually be bullish for the asset, according to one analyst.The growing prospect of a U.S. recession–typically defined as a decline in GDP for two straight quarters–is lifting rate cut hopes as the dollar appears…