Starknet STRK Token Staking to Hit Mainnet in Q4
Starknet STRK Token Staking to Hit Mainnet This Q4
Starknet is expected to introduce native token staking by the end of this year, pending community approval of a Starknet Improvement Protocol (SNIP) submitted by core developer StarkWare. If approved, staking could launch on the testnet soon, with a mainnet release planned for Q4 2024. Currently, the market capitalization of Starknet's STRK token is $870 million, placing it 71st overall.
The SNIP proposal highlights this as a critical step in decentralizing Starknet, fostering a staking community, and providing new opportunities for users and developers. The initial phase will feature a permissionless on-chain staking protocol and stake delegation, with rewards based on a proposed minting curve and a 21-day lock-up period for fund withdrawals.
CFTC Chair Claims 70-80% of Crypto Are Commodities
CFTC Chairman Rostin Behnam testified before the Senate Agriculture Committee, discussing the classification of digital assets. He emphasized that an Illinois court recognized Bitcoin (BTC) and Ethereum (ETH) as commodities under the Commodity Exchange Act, aligning with the CFTC’s stance and contrasting with SEC Chairman Gary Gensler’s view that most cryptocurrencies are securities.
Behnam highlighted that 70-80% of crypto tokens are non-securities, underscoring a significant regulatory divergence. He called for new federal legislation to enable the CFTC to regulate these non-security tokens and protect investors, stressing the need for comprehensive legal frameworks to address risks and gaps in the current regulation policies.
Notcoin, Sign, and 1inch Launch ‘Triangle’ on TON Network
Notcoin, in collaboration with DeFi platform 1inch and on-chain attestation protocol Sign, announced the launch of Triangle, an accelerator program aimed at supporting developers on the Telegram platform and The Open Network (TON). Triangle aims to integrate crypto and traditional technology, leveraging Telegram's 900 million users to promote crypto application adoption.
It will provide resources, guidance, and a community of experienced builders, focusing on TON infrastructure, decentralized finance, and bridging Web2 and Web3 consumer applications. Notcoin, which initiated the Telegram tap-to-earn gaming trend, has already seen massive success, with Telegram-based games attracting hundreds of millions of users.
BitMEX Pleaded Guilty to Violating the Bank Secrecy Act
The US Attorney for the Southern District of New York announced that BitMEX, a major crypto exchange and derivative trading platform, pleaded guilty to violating the Bank Secrecy Act by failing to implement an adequate AML program. From 2015 to 2020, BitMEX operated in the US without an AML program, exposing it to massive money laundering and sanctions evasion.
Legal issues have plagued BitMEX since 2022, resulting in probation for Greg Dwyer, former head of business development, and home detention for co-founder Arthur Hayes. The guilty plea underscores the necessity for cryptocurrency companies to adhere to US regulations if they wish to operate in the US market. BitMEX faces heavy penalties, including up to five years in prison and substantial fines.
Data of the day
Decentralized social media protocol Farcaster saw a big rise in user engagement, reaching a record 73,700 unique casters last week. The platform now has 62.58 million total casts, 280,120 total users, 3,050 hubs, and 190,540 connected addresses, with a network size of 142.83 GB.
Farcaster has also generated 611.03 ETH in revenue, highlighting its value-creation potential. This growth may be attributed to founder Dan Romer's announcement of a new tool for in-app payments using USDC, simplifying transactions by allowing users to send payments directly to another's Farcaster ID.
More breaking news
- The German government has reduced its Bitcoin holdings to less than $1 billion as of today, following an apparent selloff that has accelerated in the last two days.
- Goldman Sachs plans to launch three new tokenization products this year, including a RWA marketplace, with a focus on the United States and Europe.
- Block, Jack Dorsey's financial services company, has announced the first buyer of its 3 nanometer (3nm) Bitcoin mining chips to Core Scientific.
- Bitcoin Policy UK, a Bitcoin advocacy organization based in the United Kingdom, calls for its use in support of sustainable grids and renewable energy generation.
- Payeer was fined 9.29 million euros (about $10 million) by the Lithuanian Financial Crime Investigation Service (FNTT).
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