Tuesday 27 September 2022
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Peer-to-peer lending

Aave taps Pocket Network to beef up decentralized app development

Aave (AAVE), an open source decentralized finance (DeFi) protocol, is teaming up with decentralized Web3 infrastructure provider Pocket Network to offer developers increased scalability and ease of use when building decentralized applications (DApps) on the Aave Protocol. According to the statement on Tuesday, Aave will use Pocket's distributed network of more than 44,000 nodes to access on-chain data from various blockchains to power decentralized applications. Developers building Aave-powered DApps may now access blockchain data from Pocket Network on demand following the new integration. Michael O’Rourke, CEO of Pocket Network, remarked that: “The goal is to power the next wave of decentralized applications that combine Aave’s best-in-class liquidity market with Pocket’s unrivaled RPC coverage, which now supports 50 blockchains and is well on its way to achieving its goal of 100 blockchains in 2022.”Aave Grants DAO made this agreement possible by providing a grant for the purch..

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ApeCoin price eyes 45% rally following Otherside metaverse demo

ApeCoin (APE) rallied to start the week as traders considered Yuga Labs’ decision to open its Otherside metaverse for selected users. In doing so, the token broke out of a technical pattern that hints at another 45% price rally by September 2022. Otherside metaverse euphoriaAPE’s price surged by almost 23.5% week-to-date to reach $6.12 a token on July 19. The weekly gains came as a part of a rally that started on July 16. Interestingly, Yuga Labs invited 4,300 players of its Otherside gaming metaverse for a demo — and the tour of its Bored Ape avatar online platform — on the day of APE’s rally. APE/USD daily price chart. Source: TradingViewThat suggests traders purchased APE after taking cues from the Otherside update, given it serves as a governance token at ApeCoin DAO. This decentralized autonomous organization (DAO) powers the ecosystem of apps and services deployed by Yuga Labs and third-party brands, including Otherside. APE price eyes 45% rallyThe Otherside euphoria has also pr..

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Bitcoin is for billions: Fedimint on scaling BTC in the global south

“Bitcoin is for billions, not billionaires,” a phrase first coined by investment researcher Lyn Alden, could soon become a reality, according to Fedimint. The protocol that aims to scale Bitcoin (BTC) while making it more private has been buoyed by a $4.2 million seed round for the Fedi application. Cointelegraph spoke to Obi Nwosu, co-founder and CEO of Fedi, about the “incredible group of inspiring people who we are working with to support their activities to increase the freedoms of some of the most oppressed regions of the world,” and why the mobile app Fedi could solve issues related to scaling, custody and privacy. Lyudmyla Kozlovska, head of the Open Dialogue Foundation — which focuses on supporting people in post-soviet Europe — Farida Bemba Nabourema, a Togolese human rights activist, and Fadi Elsalameen, president of the Palestinian Security Project and a fellow at the Foreign Policy Institute at the Johns Hopkins School of Advanced International Studies, support the Fedi a..

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Dubai to ramp up metaverse efforts with 40,000 new jobs

One of the leading crypto hubs in the Middle East, the emirate of Dubai, launches the Dubai Metaverse Strategy that aims to turn it into one of the world’s top 10 metaverse economies. The strategy promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. On Monday, the Emirates News Agency reported o the launch of the Dubai Metaverse Strategy by Vice President, Prime Minister and Ruler of Dubai H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. Al Maktoum hopes to transform the emirate into a global tech capital, focusing primarily on artificial intelligence (AI) and Web3. The Dubai Metaverse Strategy goes in line with the objectives of the United Arab Emirates AI Strategy to enhance the nation’s status as one of the world’s leading countries in futuristic sectors by investing in new technologies. The Dubai Metaverse Strategy will include research and development (R&D) collaborations to enhance the metaverse’s economic contributions, utilizing accelerators and ..

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100X Bitcoin energy use would mean ‘absurd’ $20M BTC price — developer

A new contributor to the Bitcoin (BTC) energy debate says that 1 BTC would have to cost $20 million to use 100 times its current energy demands. In a Twitter debate on Monday, Sjors Provoost, a Bitcoin developer and author of Bitcoin: A Work in Progress, cast doubt on the largest cryptocurrency’s future energy use. Bitcoin could survive on “waste energy breadcrumbs”How much energy Bitcoin uses to survive has become a topic of friction that has gone from within the industry to global government. Throughout the process, Bitcoin proponents have complained that a combination of bias and lack of understanding of network principles are leading those in power to make incorrect conclusions about how and why Bitcoin uses the energy it does. While critics argue that Bitcoin must reduce its energy consumption, others explain that Bitcoin, in fact, uses energy that would often otherwise be wasted or inaccessible. Discussing the status quo, fellow developer Matt Odell published a graphic showing th..

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Yuga Labs warns of ‘persistent threat group’ targeting NFT holders

Bored Ape Yacht Club (BAYC) creator Yuga Labs has warned there may soon be a “coordinated attack” targeting multiple nonfungible token (NFT) communities. The NFT company told its Twitter followers on Tuesday that its security team has been tracking a “persistent threat group” targeting the NFT community through compromised social media accounts, urging followers to be on the lookout. This isn’t the first time the company has warned its community of a possible social media-led attack by hackers. Not the first, not the lastIn June, Gordon Goner, pseudonymous co-founder of Yuga Labs, issued a warning of a possible incoming attack on its Twitter social media accounts. Soon after the warning, Twitter officials began monitoring activity on the accounts and fortified their existing security. Goner told investors that the company would never conduct surprise mints, a popular method attackers use to lure victims. The month also saw two official Discord groups linked to BAYC and OtherSide NF..

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Ethereum staking service Lido announces layer-2 expansion

Crypto staking service provider Lido Finance has announced plans to expand staked Ether (stETH) support across the ecosystem of Ethereum layer-2 (L2) networks. In a Monday blog post, the Lido team noted that it would initially begin by supporting Ether (ETH) staking via bridges to L2s using wrapped stETH (wstETH). Moving forward, it will eventually enable users to stake directly on the L2s “without the need to bridge their assets back” to the Ethereum mainnet. In terms of partnered L2s, the team stated that before the announcement, it had already integrated its bridged staking services with Argent and Aztec. It added that the next collection of partnerships and integrations would be unveiled over the next few weeks. Once the fully-fledged L2 staking support is ready, the Lido team noted that it will first start with L2 heavyweights Arbitrum and Optimism before expanding out to other L2s that have sufficiently “demonstrated economic activity.” Given that L2s are designed to reduce t..

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Marathon inks new arrangements to achieve 2023 hash rate target

Bitcoin (BTC) miner Marathon Digital Holdings has secured a deal that provides electricity to generate enough power to contribute 23.3 exahashes per second (EH/s) to the Bitcoin network. Marathon revealed in a Monday announcement that data center operator Applied Blockchain would host 254 megawatts of power, with an option to add 70 megawatts from various other providers, including Compute North. Marathon expects this hosting deal will help it achieve its goal of 23.3 EH/s in computer power by 2023. Exahashes per second (EH/s) refers to the amount of hashing power a miner contributes to secure the Bitcoin network. Applied Blockchain will supply 90 megawatts to Marathon’s Texas facility and 110 to 180 megawatts to a North Dakota facility. Combined, they will contribute about 9.2 EH/s. Compute North has obtained the regulatory approval required to supply 42 megawatts of hosting capacity to Marathon at its Granbury, Texas facility. That location will house 26,000 mining devices that will..

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Celsius lawyers claim users gave up legal rights to their crypto

Celsius’s 1.7 million registered users across over 100 countries gave up title to the crypto they deposited into Earn and Borrow accounts, according to the firm’s lawyers. At the first bankruptcy hearing for Celsius on Monday, lawyers from the Kirkland law firm led by Pat Nash detailed how retail users with Earn and Borrow accounts transferred the title of their coins to the firm as per its terms of service (ToS). As a result, Celsius is free to “use, sell, pledge, and rehypothecate those coins” as it wishes. Terms of Service for Celsius accounts.However, a legal question has arisen about whether Custody account holders retain the title for their assets. Celsius ToS claims that the firm cannot use coins in Custody accounts without user permission. Still, lawyers questioned whether this holds for crypto that the firm is currently in possession of. In their overview of the case, they asked: “Are the crypto assets in Celsius’ possession property of the estate? Is the answer to this questi..

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FBI issues public warning over fake crypto apps

The United States Federal Bureau of Investigation (FBI) has issued a public warning about fraudulent cryptocurrency applications, which have swindled U.S. investors out of an estimated $42.7 million so far. According to an advisory published on Monday by the securities and intelligence agency, cybercriminals have created apps using the same logos and identifying information as legitimate crypto companies to defraud investors. The FBI noted that 244 people had already fallen victim to these fake apps. One case saw cyber criminals convincing victims to download an app that used the same logo as an actual U.S. financial institution, encouraging them to deposit cryptocurrency into wallets purportedly related to their accounts. When victims attempted to withdraw from the app, they would be asked to pay taxes on their withdrawals. However, this was just another ruse to part more funds from victims, as even if they made the payments, the withdrawals would continue to be unavailable. Around..

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