Fantom's Layer 2 exploration, Binance's $5M Curve commitment, steady crypto trends despite inflation rise, Ripple's legal saga, and Xverse's funding boost.
Fantom Explores Deploying an Optimistic Rollup on Ethereum

Fantom Explores Deploying an Optimistic Rollup on Ethereum

Aug 11, 2023
| Issue

Welcome to the second last edition of Datawallet Daily for the week. Today's drop will cover the following:

Fantom Explores Deploying an Optimistic Rollup

The Fantom Foundation is delving into the possibility of integrating optimistic rollups to bridge the Fantom and Ethereum blockchains. Co-founder and architect, Andre Cronje, shared that they are actively researching various stacks, such as the Optimistic and Arbitrum Stacks, to potentially serve as their canonical bridge. 

While the implementation would grant Fantom more access to Ethereum's liquidity, Cronje emphasizes that he sees this technology not as creating a "Layer 2" network but more as a "bridge" or sidechain between blockchains, challenging conventional terminologies and their implications in the crypto world. Despite these claims, the architecture would indeed reflect that of a conventional Layer 2 leveraging existing frameworks on Optimism or Arbitrum, such as Coinbase Base or Arbitrum Nova.

Binance Labs commits to $5 million investment in Curve

Binance Labs, the investment division of the world's largest cryptocurrency exchange based on trading volume, has pledged to invest $5 million in the Curve DAO Token (CRV), which serves as the token for the Curve decentralized exchange (DEX) on the Ethereum blockchain. In a blog post announcement, it was revealed that Curve is considering deploying its platform on Binance's BNB Chain in a potential collaboration between both entities.

Curve functions as a stableswap and DEX with approximately $2.4 billion locked in total value, according to data from DefiLlama. However, last month brought some tarnish to its reputation within the decentralized finance (DeFi) sector when it fell victim to a hack resulting in losses exceeding $70 million.

BTC and ETH trade sideways despite rising inflation

Despite a notable increase in inflation, cryptocurrency prices remained stable on Thursday. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 3.2% from July of the previous year, which was slightly below economists' predictions. This surge follows a decrease to an annual inflation rate of 3% in June.

SEC files Ripple ruling appeal 

In its legal battle against Ripple Labs, the SEC is pursuing a rare interlocutory appeal. On Wednesday, the US regulator submitted a letter to Judge Analisa Torres, requesting permission to file the appeal as a pre-trial motion. If granted, this motion would halt the proceedings until the appeal process concludes.

The SEC raised several unresolved concerns in its ongoing case against Ripple. Of particular contention was Torres' previous ruling that deemed programmatic XRP sales as non-securities. The regulator took issue with this judgment and is seeking further review. Through this legal maneuver, the SEC aims to address key points of disagreement and potentially alter the course of litigation against Ripple Labs.

Xverse raises $5 million from Franklin Templeton

Xverse, a bitcoin wallet that offers support for ordinal inscriptions and BRC-20 tokens, has secured $5 million in seed funding through a funding round. The round was led by Jump Crypto, with participation from Franklin Templeton, Sfermion, Alliance, NGC Ventures, and other investors as well. 

Xverse is headquartered in Hong Kong and began the process of raising funds for this round several months ago. Founder and CEO Ken Liao stated that the round recently concluded but did not provide details regarding its structure or valuation.

Other breaking news

Wrapping up

In today's packed edition, we delved into Fantom's exploration into optimistic rollups, casting a fresh perspective on "Layer 2" terminologies, while Binance Labs amplifies its stake in the crypto realm with a $5M Curve investment. Amid rising inflation, BTC and ETH remain unswayed, the SEC's litigation against Ripple Labs intensifies, and Xverse celebrates a significant funding milestone. With notable news from Base mainnet to Aptos' promising partnership, the crypto landscape continues to buzz with relentless dynamism. Stay tuned as we keep you abreast of these evolving narratives.