Hi all! Welcome to another edition of the Datawallet newsletter, your go-to place for all things crypto-related. As usual, we will be covering various trending crypto topics aimed at all levels of investors. There are a few more stories today, so grab your favourite caffeinated drink and enjoy.
Today’s drop will cover these key daily news items:
zkSync Launches the ZK Stack for Hyperchains
zkSync recently launched the ZK Stack, a modular framework facilitating developers to construct their own ZK-driven Hyperchains. Rooted in Era's open-source code, it aligns with the ZK Credo, guiding principles by zkSync for the future of ZK tech and culture. It's part of zkSync's initiative to establish a ZK-enabled Internet of Value, promoting personal freedom.
This cutting-edge tool offers developers unparalleled sovereignty, allowing customization of their Hyperchain projects, from data availability mode to decentralizing the sequencer with their token. The ZK Stack is open source, EVM compatible, tried-and-true, and future-proof. Being free and composable, it fosters the development of Hyperchains for a trustless network, ensuring low latency and shared liquidity. It is poised to adapt to future Ethereum scaling advancements.
ZK Stack allows for custom Hyperchains tailored to diverse use cases, offering trustless, affordable, asynchronous connectivity. Whether a lightweight sequencer with low latency, trustless interactive apps, a closed private chain requiring ecosystem connectivity, or a system using a native token as base, ZK Stack caters to varied needs. This new technology is expected to be a boon for the zkSync ecosystem, which has already exploded in total value locked (TVL) with over $170 million in assets on the network.
Meet ZK Stack 🧰: Your modular framework for building sovereign ZK-powered Hyperchains, based on Era’s open source code.— zkSync ∎ (@zksync) June 26, 2023
Last week, we shared an initial draft of the ZK Credo, a set of guiding principles for ZK tech and culture to reshape the internet. The ZK Stack is our… pic.twitter.com/joiXn23Syc
After 13 years two whales moved 100 BTC on-chain
Data from the blockchain indicates that two wallets, each containing 50 BTC mined in 2010, have moved the coins to a new address.
This renewed activity, after 13 years of inactivity, occurs as Bitcoin's price soared past $31,300 for the first time in a year. The latest surge is attributed by market players to renewed hope for the approval of a spot Bitcoin ETF and Bitcoin's dominance surpassing 50% on American exchanges.
The reason behind these Bitcoin whales transferring these coins on-chain after years of non-use remains unknown. However, a prevailing theory suggests that these transfers may serve as a means for them to communicate signals to each other about when to inflate the asset's price.
After more than a decade of inactivity, two whales moved 100 BTC on-chain to different wallets. https://t.co/WIR4EiiLh9— Unchained Crypto (@Unchained_pod) June 27, 2023
Traders short TUSD stablecoin
The speculation around TUSD's stability is causing traders to short it, with worry that the stablecoin might once more lose its dollar parity. The number of short positions on TUSD has been progressively rising, with a noteworthy event on June 21, where a trader initiated a $4M position through the Aave protocol. Shorting is an investment plan where investor offloads borrowed assets with hopes of repurchasing them at a reduced price later, intending to gain from a potential drop in the asset's value.
❗️Traders Short TUSD Stablecoin After @PrimeTrustCo Halts Withdrawals— The Defiant (@DefiantNews) June 26, 2023
Concerns mount that the stablecoin may again shed its dollar peg, and on June 21, one trader opened $4M short positions using the Aave protocol.
❗️Read the full storyhttps://t.co/9oj4wZrLEn
Chibi Finance rugs users
The creators of Chibi Finance, a platform based on Arbitrum, are suspected of embezzling more than $1 million in different tokens just after the platform's launch on Tuesday. The money was quickly moved to other networks. According to the security company CertiK, the Chibi developers were able to carry out this theft by setting up a harmful contract that enabled them to take funds from Chibi's smart contracts.
Developers behind @Chibi_Fi appeared to have rug pulled users for over $1 million this morning while Crypto Twitter influencers quickly deleted posts promoting the project. By @shauryamalwa.https://t.co/Qw3tRUcAvk— CoinDesk (@CoinDesk) June 27, 2023
SAP tests cross-border USDC payments
The multinational software corporation, SAP, is currently conducting trials on cross-border USDC transactions using Ethereum's Goerli testnet. Bernhard Schweizer, the head product specialist and project leader of SAP Digital Currency Hub, stated that the experiment has been underway since the previous quarter and is available for participation to businesses worldwide.
NEWS: Software company SAP is testing cross-border stablecoin paymentshttps://t.co/QEZe3qNw0u— Blockworks (@Blockworks_) June 26, 2023
FTX debtors recover $7 billion
According to recent legal papers, about $7 billion in tangible assets has been reclaimed by debtors from FTX. This sum is still not quite the estimated $8.7 billion the exchange is indebted to its clients, but it seems the deficit is decreasing. Still, it remains uncertain if the recovered $7 billion will be used to settle the debts of customers.
The new management team of bankrupt crypto conglomerate FTX Group said it has recovered about $7 billion in liquid assets so far https://t.co/Woi2L3YsrY— Bloomberg Crypto (@crypto) June 26, 2023
Other breaking news
- HSBC allows BTC, ETH ETFs in Hong Kong
- Diva mainnet launched
- Mythical Games raises $37 million
- Dubai launching a crypto regulatory arm
- Ethereum foundation announces Devconnect Scholar Program
In this edition, we've touched on the launch of zkSync's ZK Stack, movement of 100 BTC by inactive whales, shorting of TUSD, SAP's USDC cross-border payment trials, and the Chibi Finance scam. FTX's debt recovery marks a positive note. Other key updates were also highlighted.
As the crypto sphere continues its dynamism, we hope this newsletter sharpens your understanding. Until next week, stay safe and informed. Keep hodling!