Layer 3 Degen Chain halts for 11 hours, Tether and Ripple clash over US scrutiny, Chinese workers swap CBDC for cash, Kain Warwick debuts Infinex platform.
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Layer 3 Degen Chain Stalls with No New Blocks in 11 Hours

Layer 3 Degen Chain Stalls with No New Blocks in 11 Hours

Layer 3 Degen Chain halts for 11 hours, Tether and Ripple clash over US scrutiny, Chinese workers swap CBDC for cash, Kain Warwick debuts Infinex platform.

Date:
May 14, 2024
| Issue
#
277

Welcome to the first edition of Datawallet Daily for the week. As always, we’re spotlighting the key stories that have shaped the crypto market in the last 24 hours.

  • Layer 3 Degen Chain Stalls with No New Blocks in 11 Hours
  • Tether and Ripple Clash Over US Government Scrutiny Claims
  • Chinese Workers Swap CBDC for Cash Amid Concerns
  • Synthetix Founder Kain Warwick Debuts Infinex Platform

Layer 3 Degen Chain Stalls with No New Blocks in 11 Hours

The Layer 3 Degen Chain, an Ethereum-based blockchain developed for the Degen meme token, is currently experiencing significant operational downtime. Having halted over 11 hours ago at block #15524774, the network has ceased validating new transactions, affecting decentralized applications and bridges such as Relay bridge, DegenSwap, Mint Club, and Frogswap. As a result, transactions on these platforms are completely halted.

The issue began suddenly around 4:15 p.m. ET on Sunday, and the team is actively working to resolve it in collaboration with Conduit, a rollup infrastructure platform. 

Tether and Ripple Clash Over US Government Scrutiny Claims

Tether’s CEO Paolo Ardoino has countered accusations from Ripple CEO Brad Garlinghouse that the U.S. government is targeting Tether (USDT). Ardoino emphasized Tether’s compliance achievements on social media, noting its cooperation with global law enforcement and its effectiveness in blocking assets linked to illicit activities, emphasizing over $1.3 billion in blocked assets. 

He criticized Garlinghouse’s remarks as hypocritical, pointing out Ripple’s own legal challenges and its plans to introduce a competing stablecoin. Ardoino asserted that USDT remains a robust, stable, and widely adopted stablecoin, indirectly suggesting that Ripple’s allegations might stem from competitive motives rather than substantive regulatory concerns.

Chinese Workers Swap CBDC for Cash Amid Concerns

Some Chinese workers participating in the pilot program for China’s Central Bank Digital Currency (CBDC), known as the digital yuan or e-CNY, are reportedly converting their digital salaries into physical cash immediately upon receipt. Concerns include the absence of interest on balances within the e-CNY app and its limited acceptance in both online and offline transactions. 

Although China has largely transitioned to a cashless society, the digital yuan faces significant challenges such as privacy concerns and limited use cases. Despite these hurdles, over $250 billion in transactions have been conducted using the digital yuan as of mid-2023. Authorities are encouraged to address privacy and security issues more effectively to facilitate broader acceptance of the digital currency.

Synthetix Founder Kain Warwick Debuts Infinex Platform

Kain Warwick, co-founder of Synthetix, has launched a new platform called Infinex, aimed at simplifying user engagement with decentralized finance (DeFi). Infinex integrates various DeFi applications into one accessible interface. Designed to alleviate common DeFi entry barriers such as complex wallet configurations, asset bridging, and high gas fees, the platform offers cross-chain capabilities secured by passkey authentication and social sign-in options.

Warwick’s goal with Infinex is to make onchain trading more accessible, allowing users to retain control of their assets without dependency on centralized systems. Initially supporting blockchains like Ethereum, Solana, Polygon, Arbitrum, Optimism, and Base, Infinex will operate in conjunction with Synthetix, which currently has about $500 million in deposits.

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