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Monday, October 30, 2023

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Give Me My Money Back!

Cryptocurrency exchange Gemini has filed a lawsuit against its former business partner, Genesis Global, regarding its Gemini Earn product. The lawsuit pertains to over 60 million shares of the Grayscale Bitcoin Trust (GBTC), which are valued at $1.6 billion and were pledged as collateral.

In an action filed as part of Genesis' bankruptcy case, Gemini is seeking to gain control of the GBTC shares, which, according to Gemini, "would completely secure and satisfy the claims of every single" Earn customer whose funds were locked up when Genesis halted withdrawals last year.

In today's news, we have new incentives for dYdX validators, LayerZero draws the community's ire, and Neo is launching its own sidechain.

Read on!

24h Hot Searches Worldwide 🔥

inSure DeFi (-17.9%)
Beldex (-0.4%)
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Nym (-2.3%)

Most Profitable Crypto Bots

Maestro is the most profitable crypto bot, followed by Unibot and Banana Gun. While 100% of Maestro's revenue comes from the usage of the bot, the other bots derive a majority of their revenue from the tax incurred to traders when they buy or sell a project's native token.

Methodology Update: Changes in How FDV is Calculated

As part of our commitment to provide you with reliable and accurate crypto data, we'll be updating how Fully Diluted Valuation (FDV) is calculated on CoinGecko:

Why change how FDV is calculated?

Recently, there has been an increasing number of tokens undergoing supply burn events. These burned tokens are permanently removed from circulation and cannot be accounted for.

Our updated methodology accounts for these token burns, ensuring a more accurate valuation of projects and coins' market capitalization, as it takes into account their theoretical total supply.

Rabby Wallet is created by DeFi portfolio tracker Debank, a popular alternative to Metamask. Learn about its unique features and how to get started.

Find out now!

Stake for Fees, in USDC

The dYdX Chain will allocate all accrued fees to its network validators and stakers, expanding the DYDX token's capabilities on the version 4 platform.

A spokesperson for the dYdX Foundation clarified that the chain's security incentives would not rely on token inflation as seen in other blockchains; instead, it will be funded through fees collected in USDC and distributed to validators and stakers.

The Block

Backlash

Interoperability protocol LayerZero is facing a backlash due to how it depicted the integration of wstETH on its omnichain fungible token (OFT) standard, a technology designed to transfer the token across three new blockchains.

The tension lies in LayerZero's capacity to create this token, which it can do across permissionless systems and the issue of whether Lido's governance officially endorses it.

Decrypt

Enter the Matrix

Neo is in the process of developing a sidechain aimed at supporting Ethereum-based decentralized applications and ensuring complete interoperability with its N3 mainnet, as revealed by founder Da Hongfei at a Hong Kong event.

In addition to Neo, developers on blockchain networks like XRP Ledger, Horizen, and Cardano are at different stages of developing or have already implemented EVM-compatible sidechains to accommodate Ethereum dApps.

The Block

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Develop a Crypto Trading Strategy Based on Sentiment Analysis

Ever wondered how to incorporate sentiment analysis into your crypto trading strategy?

In today's guide, learn how to extract sentiment data from crypto Twitter/X and generate polarity or sentiment scores. With this data, you can easily construct a trading signal, to enter long and short positions with ETH prices.

Find out more!

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