Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity – Altcoins Bitcoin News

It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe there’s a chance USTC can regain its peg. Terra Supporters Want to Repeg the Once-Stable Coin USTC Amid the craziness surrounding the FTX collapse, fans of another stunted crypto project want to get Terra Money’s former stablecoin UST (now USTC) back to…

SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look to Fork Project – Altcoins Bitcoin News

According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted. **Editor’s Note: An update has been added to the end of this story at 6:50 p.m. (ET) on Nov. 13, 2022, to reflect that Serum devs have forked the protocol. A So-Called ‘Trustless’ Defi Protocol With a Possible Tainted Upgrade Authority…

FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable Tokenomics Highlights Red Flags – Altcoins Bitcoin News

Following the collapse of FTX and the exchange filing bankruptcy on Nov. 11, the trading platform’s exchange token called ftx (FTT) has shed 91.6% in value during the last seven days. While the FTT token’s utility is based entirely on the backing of the now-bankrupt FTX and Alameda Research, the token is still trading for $1.85 per unit. Moreover, FTT’s deployer contract surprisingly unlocked 192 million FTX tokens on Nov. 12, 2022. While a few crypto exchanges have halted FTT deposits, crypto coin aggregation sites like coingecko.com have flagged the…

Stablecoin GUSD’s Supply Jumps Close to 130% Higher in 30 Days – Altcoins Bitcoin News

While the stablecoin economy has seen fluctuations from specific stablecoin tokens either increasing the project’s number of tokens in circulation or decreasing the supply, the stablecoin GUSD issued by Gemini has increased by 129.5% during the last 30 days. GUSD Sees Supply Balloon by Nearly 130% There’s been a number of changes within the stablecoin economy as Bitcoin.com News reported events like the demise of Terra’s stablecoin terrausd (UST), which is now referred to as terrausdclassic (USTC). Following the Terra stablecoin depegging event in mid-May, a number of other stablecoin…

Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum – Altcoins Bitcoin News

On Nov. 2, 2022, the digital asset custody business and financial services provider Bitgo introduced a wrapped version of the meme coin asset dogecoin built on top of the Ethereum blockchain. The company detailed the wrapped dogecoin initiative, the Wdoge DAO, is through a partnership between the Dogecoin Foundation, Bluepepper, and Mydoge wallet. Bitgo Introduces Wrapped Dogecoin Initiative Almost four years ago in January 2019, Bitgo launched the popular ERC20 token wrapped bitcoin (WBTC). WBTC is essentially a wrapped version of bitcoin built with the ERC20 standard on top of…

$3 Billion Erased From the Dollar-Pegged Token Economy, HUSD Depegs, USDC Supply Drops 10% – Altcoins Bitcoin News

Over three billion in value was erased from the stablecoin economy during the past 30 days. The trend occurred despite the number of tethers in circulation rising by 2.2% last month. On Oct. 1, 2022, tether’s market capitalization was approximately $67.95 billion, and it’s risen to $69.36 billion since then. Circle’s usd coin, on the other hand, had a valuation of around $47.20 billion 30 days ago and today, the market cap is $42.54 billion, after the stablecoin project’s number of tokens in circulation dropped by 10.3%. Stablecoin Economy’s Supply…

Huobi Global to Delist HUSD — Stablecoin Slips Below $1 Parity to $0.89 – Altcoins Bitcoin News

On Thursday, the cryptocurrency exchange Huobi Global announced that the trading platform plans to delist the stablecoin HUSD and the delisting will begin at 08:00 (UTC) on October 28, 2022. Furthermore, users with HUSD held on the exchange will see their balances auto-converted to the stablecoin asset tether and the exchange expects to complete the full conversion by November 4. Huobi Global Reveals Plans to Delist HUSD and Auto-Convert Balances to Tether, HUSD Stablecoin Drops Below $1 Peg Following Announcement Huobi is set to delist the stablecoin HUSD according to…

Proof-of-Stake L1 Blockchain Token Aptos Climbs Close to 20% Higher in 24 Hours – Altcoins Bitcoin News

Five days ago, the Aptos blockchain went live after the project received an influx of capital from venture capital (VC) firms and crypto exchanges like a16z, Binance, and FTX. During the past 24 hours, aptos (APT) is up more than 19% against the U.S. dollar and up 11.1% against bitcoin’s value. The VC-backed blockchain token has managed to situate itself within the top 60 largest crypto market capitalizations in existence. Aptos Market Cap Climbs Over $1 Billion, APT Transactions per Second Increases From 4 to 16 A new token has…

Binance and Paxos-Backed Stablecoin BUSD’s Market Cap Climbs 22% in 2 Months – Altcoins Bitcoin News

In mid-August, or 68 days ago, the market capitalization of the stablecoin BUSD was approximately $17.7 billion and since then, its grown 22.88% higher to today’s $21.78 billion. BUSD’s growth comes at a time when the market valuations of the top two stablecoins tether and usd coin have shed some excess weight. While Tether and Usd Coin Have Shed Billions, BUSD Climbs 22% Higher in Just Over 2 Months Before the Terra stablecoin implosion, in mid-April 2022, the dollar-pegged economy looked a whole lot different than it does today. For…

Ripple and Peersyst Devs Push XRP Toward Ethereum Compatibility With First Phase of an EVM Sidechain – Altcoins Bitcoin News

According to an announcement from Ripple’s core development team Ripplex, developers have introduced the first step toward Ethereum Virtual Machine (EVM) compatibility with the XRP-based sidechain XRPL. The XRPL is now live on Devnet and developers can “assess available technologies,” alongside deploying “existing Solidity apps on the EVM sidechain.” Ripple Core Developers and Peersyst Reveal First Phase of the EVM Sidechain XRPL On Monday, October 17, Ripplex announced the introduction of the XRP-based and EVM-compatible side chain XRPL. The distributed ledger project XRP is the sixth largest crypto project by…