Bank of England’s CBDC mission, SushiSwap exchange hit by RouterProcessor2, Hong Kong embraces Web3 and more
BRICS Nations’ Bold Vision: New Global Currency Powered by Blockchain Technology
The bold initiative by the BRICS nations – Brazil, Russia, India, China and South Africa – to develop a new global currency is not only an economic undertaking but also a technological one.
> As these countries work together to create a currency with the potential to transform the international financial landscape, the technological components of this project are critical to its success.
> Blockchain and digital currencies: The backbone of the BRICS currency
> Blockchain technology, the foundation of cryptocurrencies such as Bitcoin and Ethereum, could play a crucial role in the design and execution of BRICS’ new global currency.
> This decentralized, secure and transparent technology provides a more efficient and cost-effective method of processing transactions, controlling currency supply and ensuring the stability of the financial system. More here.
> As these countries work together to create a currency with the potential to transform the international financial landscape, the technological components of this project are critical to its success.
> Blockchain and digital currencies: The backbone of the BRICS currency
> Blockchain technology, the foundation of cryptocurrencies such as Bitcoin and Ethereum, could play a crucial role in the design and execution of BRICS’ new global currency.
> This decentralized, secure and transparent technology provides a more efficient and cost-effective method of processing transactions, controlling currency supply and ensuring the stability of the financial system. More here.
Bank of England Explores Digital Pound: Assembles 30-Member CBDC Dream Team
The Bank of England is reportedly putting together a team of up to 30 people to explore the development of a central bank digital currency (CBDC), according to a report, although the source of this information was not disclosed.
> Earlier this year, the Bank of England and the Treasury launched further research and development to create a digital version of the pound sterling, inviting public input on the proposal.
> While the media has referred to the project as “Britcoin”, the bank has clarified that no decision has been made regarding the use of distributed ledger technology for a digital pound.
> Recently, the bank’s careers page posted job ads for a Digital Pound Security Architect and Digital Pound Solutions Architect, both offering salaries of up to £80,000 ($99,000). Continue here.
> Earlier this year, the Bank of England and the Treasury launched further research and development to create a digital version of the pound sterling, inviting public input on the proposal.
> While the media has referred to the project as “Britcoin”, the bank has clarified that no decision has been made regarding the use of distributed ledger technology for a digital pound.
> Recently, the bank’s careers page posted job ads for a Digital Pound Security Architect and Digital Pound Solutions Architect, both offering salaries of up to £80,000 ($99,000). Continue here.
SushiSwap Smart Contract Exploitation: DeFi Protocol Suffers $3.3 Million in Losses
An early Sunday exploit of a smart contract on the decentralized finance protocol (DeFi) Sushi’s exchange services was announced by developers in a tweet.
> The ‘RouterProcessor2’ contract, responsible for trade routing on the SushiSwap exchange, was specifically affected.
> PeckShield, a security firm, highlighted the issue in Asian morning hours on Sunday, saying: “It appears that the SushiSwap RouterProcessor2 connector has an authentication-related error, leading to a loss of >$3.3 million in losses.”
> Sushi developers later confirmed this finding.
> According to tweets from various security firms, the $3.3 million loss appears to stem from a single user, @0xsifu, a well-known trader in the Crypto Twitter community.
> DefiLlama developer @0xngmi suggested on Sunday that the exploit only affected users who approved Sushiswap contracts in the last 4 days. Details here.
> The ‘RouterProcessor2’ contract, responsible for trade routing on the SushiSwap exchange, was specifically affected.
> PeckShield, a security firm, highlighted the issue in Asian morning hours on Sunday, saying: “It appears that the SushiSwap RouterProcessor2 connector has an authentication-related error, leading to a loss of >$3.3 million in losses.”
> Sushi developers later confirmed this finding.
> According to tweets from various security firms, the $3.3 million loss appears to stem from a single user, @0xsifu, a well-known trader in the Crypto Twitter community.
> DefiLlama developer @0xngmi suggested on Sunday that the exploit only affected users who approved Sushiswap contracts in the last 4 days. Details here.
Web3 investment opportunities: Hong Kong’s finance secretary supports digital economy
Hong Kong’s finance secretary, Paul Chan Mo-po, expressed confidence in investing in the Web3 digital economy, despite recent market volatility and the collapse of some online trading platforms.
> He believes that competent market players who make it through a “burst bubble” can focus on innovation and make significant progress.
> With the government hosting a two-day digital economy summit starting on Thursday, Chan remains optimistic about the future of the Web3 digital economy.
> Industry leaders from companies such as Alibaba, Baidu and Huawei are set to lead the event.
> Chief Executive John Lee Ka-chiu, Deputy Director of the Cyberspace Administration of China, Cao Shumin, and Chen Dong, Deputy Director of the Beijing Liaison Office in the city, are also scheduled to speak at the summit. Full report here.
> He believes that competent market players who make it through a “burst bubble” can focus on innovation and make significant progress.
> With the government hosting a two-day digital economy summit starting on Thursday, Chan remains optimistic about the future of the Web3 digital economy.
> Industry leaders from companies such as Alibaba, Baidu and Huawei are set to lead the event.
> Chief Executive John Lee Ka-chiu, Deputy Director of the Cyberspace Administration of China, Cao Shumin, and Chen Dong, Deputy Director of the Beijing Liaison Office in the city, are also scheduled to speak at the summit. Full report here.
Ethereum’s $31B Unlock: Shanghai Upgrade Marks a New Era for Blockchain
April 12 marks the end of a long-awaited moment in blockchain history, as Ethereum investors can finally access their $31 billion worth of ETH accumulated since the end of 2020.
> The release is a result of Ethereum’s latest upgrade, known as Shanghai, which releases nearly 18 million staked ETH from the blockchain – roughly 15% of its total supply.
> This massive token release marks the completion of Ethereum’s most significant upgrade to date – the Merger.
> In particular, the merger eliminates the need for extensive crypto mining by integrating the original blockchain with a new network that relies on an environmentally friendly transaction validation system called proof of stake. More here.
> The release is a result of Ethereum’s latest upgrade, known as Shanghai, which releases nearly 18 million staked ETH from the blockchain – roughly 15% of its total supply.
> This massive token release marks the completion of Ethereum’s most significant upgrade to date – the Merger.
> In particular, the merger eliminates the need for extensive crypto mining by integrating the original blockchain with a new network that relies on an environmentally friendly transaction validation system called proof of stake. More here.
NFT Aggregator OpenSea Pro takes the lead: rapid growth in active addresses and volume
Since its launch, the NFT aggregator OpenSea Pro has experienced significant growth in active addresses and transaction volumes, securing the top share of transactions in a competitive market.
> OpenSea Pro’s announcement of its new platform, aimed at professional traders and competing new NFT marketplace Blur, led to a sharp increase in both new and active daily addresses.
> Dune’s data reveals that new addresses on OpenSea Pro peaked at over 1,800 daily before stabilizing around 1,000.
> Active addresses also experienced an increase, exceeding 3,500 daily and holding levels just below 3,000 since then.
> The rebranded platform’s daily volume saw a similar increase, surpassing $3 million and consistently staying above $2.5 million. Details here.
> OpenSea Pro’s announcement of its new platform, aimed at professional traders and competing new NFT marketplace Blur, led to a sharp increase in both new and active daily addresses.
> Dune’s data reveals that new addresses on OpenSea Pro peaked at over 1,800 daily before stabilizing around 1,000.
> Active addresses also experienced an increase, exceeding 3,500 daily and holding levels just below 3,000 since then.
> The rebranded platform’s daily volume saw a similar increase, surpassing $3 million and consistently staying above $2.5 million. Details here.
The Elon Musk Effect: How the Entrepreneur Shaped Dogecoin’s Turbulent Journey
The world of cryptocurrency is well known for volatility, yet few digital currencies have undergone the turbulent journey that Dogecoin, the renowned meme coin, has faced.
> With its origins deeply rooted in internet humor, Dogecoin’s rise to fame is as captivating as it is confusing.
> At the heart of this tumultuous affair is none other than Elon Musk, the enigmatic business magnate who has become inextricably linked to the fate of cryptocurrency.
> Musk’s connection to Dogecoin: Elon Musk, CEO of Tesla and SpaceX, has consistently shown support for Dogecoin, regularly expressing his appreciation for the meme coin on social media platforms.
> His fervor has fueled his rise in popularity, generating many headlines and extensive media attention. Continue here.
> With its origins deeply rooted in internet humor, Dogecoin’s rise to fame is as captivating as it is confusing.
> At the heart of this tumultuous affair is none other than Elon Musk, the enigmatic business magnate who has become inextricably linked to the fate of cryptocurrency.
> Musk’s connection to Dogecoin: Elon Musk, CEO of Tesla and SpaceX, has consistently shown support for Dogecoin, regularly expressing his appreciation for the meme coin on social media platforms.
> His fervor has fueled his rise in popularity, generating many headlines and extensive media attention. Continue here.
Decentralized derivatives
dYdX decentralized derivatives exchange closes doors to Canadian clients
dYdX has announced that its decentralized derivatives exchange will no longer be available to Canadian clients.
> Starting today, new users will not be able to join the exchange, while trading support for existing Canadian customers will cease in one week.
> “On April 14th at 17:00 UTC, dYdX will transition all existing users in Canada into shutdown-only mode, and users will retain the ability to withdraw funds from the protocol at any time,” the dYdX team stated in a blog post .
> The exchange cited Canada’s current regulatory environment as the reason for this decision. In recent months, Canada has taken a more restrictive approach to exchanges in the country, a trend that intensified after the collapse of FTX. Details here.
> Starting today, new users will not be able to join the exchange, while trading support for existing Canadian customers will cease in one week.
> “On April 14th at 17:00 UTC, dYdX will transition all existing users in Canada into shutdown-only mode, and users will retain the ability to withdraw funds from the protocol at any time,” the dYdX team stated in a blog post .
> The exchange cited Canada’s current regulatory environment as the reason for this decision. In recent months, Canada has taken a more restrictive approach to exchanges in the country, a trend that intensified after the collapse of FTX. Details here.
Arkansas Passes ‘Right to Mine’ Bitcoin Bill: A Win for Crypto Miners
Arkansas has successfully passed the “Right to Mine” Bitcoin bill through both the House and Senate, and the state’s governor is expected to sign it into law.
> This move aims to secure the rights of cryptocurrency miners in Arkansas.
> The Satoshi Action Fund, which played a crucial role in crafting the bill, shared the news of its demise. Arkansas’ decision follows a similar move by Missouri earlier this month, which unanimously approved the same “Right to Mine” bill by a 12-0 vote.
> The burgeoning digital asset industry has sparked intense debate on the topic of cryptocurrency mining.
> The Satoshi Action Fund has been dedicated to advocating for crypto miners and protecting the importance of their work amid these discussions. Continue here.
> This move aims to secure the rights of cryptocurrency miners in Arkansas.
> The Satoshi Action Fund, which played a crucial role in crafting the bill, shared the news of its demise. Arkansas’ decision follows a similar move by Missouri earlier this month, which unanimously approved the same “Right to Mine” bill by a 12-0 vote.
> The burgeoning digital asset industry has sparked intense debate on the topic of cryptocurrency mining.
> The Satoshi Action Fund has been dedicated to advocating for crypto miners and protecting the importance of their work amid these discussions. Continue here.
Bitcoin Stuck in Range: Awaiting Outbreak as Market Uncertainty
The extended weekend has yet to bring any significant changes to Bitcoin’s price as it continues to trade within an increasingly narrow range.
> Bitcoin looks set to form a third consecutive Doji candlestick pattern on its weekly chart, indicating uncertainty from both bulls and bears regarding the next directional shift.
> However, Bitcoin is not the only asset to experience range-bound trading.
> On April 7, Jurrien Timmer, Fidelity Investments’ Director of Global Macro, tweeted that the S&P 500 had been capped within a range for the past nine months, suggesting a breakout is imminent “sooner or later.”
> While Bitcoin’s inability to surpass the $30,000 mark has led to profit-taking in several altcoins, some have experienced only modest pullbacks.
> This suggests that traders are maintaining their positions in anticipation of an upward movement.
