Arbitrage bot’s spam attack on the Polygon network generated $6,800 per day

The growth of layer-two protocols has been one of the major stories of 2021 as the rising popularity of decentralized finance (DeFi) and nonfungible tokens (NFT) have driven transaction costs higher on the Ethereum (ETH) network effectively pricing out many participants.  Earlier this year the Polygon network, formerly known as MATIC, emerged as one of the top contenders in the race for an effective Ethereum layer-2 scaling solution, and the project’s QuickSwap DeFi platform was also one of the more successful Uniswap clones. The platform was quite popular initially but…

Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More

Cardano has now lost its spot at the 3rd place on the crypto top 10 as its price had refused to move in accordance with the broader crypto market. While other altcoins had rallied alongside bitcoin, ADA had remained mostly stagnant. Despite the hype created around the project when smart contracts capability was launched last month, support has dwindled for the asset. Its race above $3 had seen it overtake Binance native token BNB to clench the top 3 spot. But ADA has once again surrendered this position as it…

DraftKings Steps Further Into Crypto With Plans to Become Polygon Validator

“Scalability and sustainability remain among the critical challenges of blockchain technology,” Paul Liberman, president of global product and technology at DraftKings, said in a statement Monday. “Although DraftKings Marketplace is still in its nascency, we are bullish on the possibilities that blockchain, NFTs, cryptocurrency and more will present as we prepare for Web 3.0 alongside Polygon and the new innovations ahead for digital collectibles.” Source link

Invesco Drops Efforts to Launch Bitcoin Futures ETF

“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF,” the statement said in full. Source link

Mining Giant Bitfury Confirms Plans for an IPO

Key Takeaways Bitfury is planning to launch an IPO in the near future, according to comments made by CEO Valery Vavilov. The company has not announced a date for an IPO, nor has it revealed the exchange that the sale will take place on. The sale will likely be one of the largest initial public offerings from a European cryptocurrency company. Share this article The Bitcoin mining giant Bitfury has confirmed that it plans to carry out an initial public offering (IPO) in the near future. Bitfury IPO Is On…

DeFi on the Ballot: Yearn Developer Matt West Is Running for Congress

First a MakerDAO lobbyist, now a Yearn candidate. As regulatory stormclouds gather over Washington and crypto advocates seek to obtain a louder voice in U.S. politics, one Yearn.Finance developer is running for Congress on a pro-crypto platform. That said, he may need the decentralized finance (DeFi) community’s help if he hopes to win. On Oct. 12, Matt West declared his candidacy for Oregon’s newly formed 6th U.S. House district. West holds a Ph.D. from the University of Texas in chemical engineering with a focus on renewable energy, and works at…

New York Attorney General Orders Two Crypto Lending Platforms Shut

Key Takeaways The Attorney General of New York State has banned two crypto lending companies from operating within the state, and has sent letters to three additional entities requesting more information regarding their business practices. New York AG Letitia James contends that crypto lending products are securities, and therefore must be registered as such. This is not the first time the NY AG has taken decisive action against cryptocurrency-related entities. Share this article New York Attorney General Letitia James announced today that two “unregistered crypto lending platforms” must cease operations…

Mudrex launches DeFi mutual fund model for retail investors

Cryptocurrency asset management firm Mudrex has announced the launch of its new Coin Sets investment vehicle. The new offering allows investors to diversify their asset portfolio across a range of high-performing decentralized finance, or DeFi, assets, as well as nonfungible tokens, or NFT’s.  The niche financial model fosters the distribution of risk exposure in what is often considered a volatile marketplace, allowing investors to bet on the value proposition of an entire sector, rather than the individual potential of a single asset. The basket of assets is also rebalanced on a…

DraftKings Co-Founder Matt Kalish Explains Why the Betting Site Is Serious About NFTs

DraftKings co-founder Matt Kalish became personally infatuated with non-fungible tokens (NFT) earlier this year. He’s now helping his sports betting giant navigate digital collectibles. It’s one of the few publicly traded companies with an on-platform NFT marketplace. This week on “Opinionated,” Danny, Ben and Anna learn more about the Bored Ape Yacht Club-owning president of DraftKings. In a wide-ranging conversation, the hosts spar over what makes an NFT valuable, whether fundamental tech specs matter, and why it’s important to see big names like DraftKings jumping in. Non-fungible tokens are more…