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Table of Contents

InQubeta: artificial intelligence meets innovation

Bitcoin spot ETF on Euronext

Conclusion

Jacobi Asset Management’s recent introduction of a Bitcoin (BTC) Spot ETF on Euronext could bridge the gap between traditional finance and crypto, potentially unleashing a new era of investment possibilities.

Amidst this development, InQubeta is fast rising. The artificial intelligence (AI)-centric altcoin appears to be capturing the imagination of tech enthusiasts and investors alike. The convergence of AI and non-fungible tokens (NFTs) can also open new avenues for innovation. 

This article explores InQubeta’s growth potential while shedding light on Europe’s new Bitcoin exchange-traded fund (ETF).

InQubeta: artificial intelligence meets innovation

At the intersection of emerging technology and crypto lies InQubeta. The project integrates AI into core functionalities, elevating its potential and growth potential.

Market sentiment around InQubeta is intrigue and curiosity, fueled by its fusion of blockchain, NFTs, and AI. This pairing actively bridges the worlds of decentralized finance (defi) and artificial intelligence, resonating with investors who recognize the transformative potential of this symbiotic relationship. As AI is adopted across industries, the project’s forward-looking strategy appears to align with the general trajectory of modern technological advancements.

The InQubeta presale has sold over 280 million QUBE, raising nearly $2.3 million in the first three presale phases. This success can be attributed to many factors, primarily stemming from its multifaceted features, including an NFT marketplace, staking opportunities, and governance mechanisms that have resonated with investors. Community support and strategic partnerships have also helped create a network effect beyond the altcoin’s technological prowess. 

Notably, third-party audits have added an extra layer of assurance, instilling confidence in the project’s security and functionality. InQubeta’s journey highlights the dynamic synergy between innovation, community engagement, and strategic foresight that defines today’s crypto landscape.

Bitcoin spot ETF on Euronext

Jacobi Asset Management’s launch of the Bitcoin Spot ETF on Euronext can accelerate the convergence between crypto and traditional investment worlds. This move sparked interest and improved access to the world’s leading digital asset.

The growing interest in Bitcoin ETFs is propelled by the instrument’s ability to provide investors with a means to indirectly get exposure to BTC without the complexities of managing private keys or navigating crypto exchanges. 

The ETF trades under the ticker BCOIN, and its listing on Euronext could further drive Bitcoin’s adoption and mainstream recognition. 

Conclusion

Jacobi Asset Management’s BCOIN ETF debut on Euronext and the rise of the AI-centric altcoin InQubeta point to the dynamic shifts in the industry. These developments underscore the increasing intersection of crypto and traditional finance, with the Bitcoin ETF bridging the gap for traditional investors while InQubeta leverages AI in core processes. The arrival of a Bitcoin ETF can open new possibilities as InQubeta’s approach heralds the role of technology in shaping the altcoin scene. 

Table of Contents

Buy the dip?

Bitcoin whales shuffle

Bitcoin (BTC) has been consolidating between $25,800 and $26,100 since Aug. 18. However, market intelligence data suggests that the flagship cryptocurrency is undervalued.

According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s price is currently undervalued at this point.

Buy the dip?

On the other hand, the social volume for the term “buy the dip” has dropped significantly after it skyrocketed last week. Per Santiment, the optimism for a “quick market recovery” has faded.

You might also like: SpaceX’s Bitcoin dump triggers chain reaction, liquidations surpass $1 billion

Moreover, the Analysis suggests that most optimism came from Reddit, while Twitter and Telegram had a small share that has already been neutralized.

“Believe it or not, it’s a good sign that people are no longer certain that this is a dip buy spot.”

Santiment analyst

Per Santiment, Bitcoin’s social dominance witnessed a massive surge when the asset took a deep dive from the $28,000 mark on Aug. 18. 

Furthermore, the analyst suggests that long-term active BTC investors are still profitable, with the 365-day MVRV ratio sitting above 5%. Per Santiment, many short positions remain open on exchanges despite the recent price downturn.

Bitcoin is up by 0.24% in the past 24 hours and trading at $26,070 at the time of writing. The hike comes as the asset’s 24-hour trading volume witnessed a 40% surge, reaching $12.9 billion.

BTC dropped below the $26,000 mark on Aug. 21, while the number of addresses holding at least one coin reached a new all-time high.

Bitcoin whales shuffle

According to data provided by BitInfoCharts, a Bitcoin wallet has accumulated 118,300 BTC over the past three months. The assets in the address are currently worth $3.08 billion at the time of writing.

While some claim the address belongs to the Gemini crypto exchange, data provided by Arkham suggests the wallet belongs to Robinhood.

When El Salvador adopted Bitcoin as legal tender two years ago, the IMF was scathing of the move, and warned of dire consequences. Two years later and El Salvador is flourishing.

IMF against decentralisation

Max Keiser, pro Bitcoin entrepreneur, now living in El Salvador, was interviewed on the Swan Bitcoin YouTube channel, where he gave his thoughts on the IMF and how El Salvador is on a much better path.

Keiser started by saying that in his view the IMF was akin to a central bank, and that central banks do not like decentralised money, and that the IMF does not like the idea that El Salvador can adopt Bitcoin and decentralise itself away from the fiat monetary system.

Years of US exploitation

Keiser quoted John Perkin’s book “Confessions of an Economic Hitman” which tells of US-backed hitmen who he claims were out to instigate coups and topple governments.

He said that the US always looked upon Latin America as its own “backyard” and that it was there to be controlled with the help of huge multinational corporations such as the United Fruit Company which heavily exploited the countries in which they were based.

Keiser said that since Bitcoin came into being with its decentralised and sound money, it was putting central banks out of a business that has been perpetuated for 300 years and would end up making them extinct, and in the process also make the IMF irrelevant. 

El Salvador’s energy program

One of the biggest excuses for detractors maligning Bitcoin is its heavy use of energy for its proof-of-work consensus. However, Keiser explained how El Salvador will use geothermal energy to supply the power for Bitcoin mining.

Nevertheless, the lead time for developing such an infrastructure is around five years, therefore the country is developing its wind and solar plants to help fill in the gap until volcano power is fully harnessed and online. $1 billion was raised for this project, of which $250 million has already been allocated.

Keiser talked of how in the future countries will compete to provide the Bitcoin hashrate, and how El Salvador was the only country in the world to have a pro-Bitcoin mining policy right now. 

The IMF and central banks across the world should be very worried. Financial technology has moved on and will leave all these legacy financial institutions in the dust of yesterday.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Table of Contents

FTX Debtors Accuse Grayscale of Depriving Shareholders

Major Shareholders Rally Behind Lawsuit Against Grayscale

Court Ruling on GBTC Discount Holds Investment World in Suspense

What’s Next for GBTC?

The post Bloomberg Analyst Eyes Bitcoin’s Future Through GBTC’s ETF Transformationappeared first on Coinpedia Fintech News

Bloomberg ETF analyst James Seyffart has disclosed that the chances of Grayscale Bitcoin Trust ($GBTC) converting into an ETF have drastically soared since June.

This week, he has put the chances of Grayscale’s Bitcoin Trust converting into an ETF squarely on the map. Seyffart’s assertions don’t come without substance – GBTC trading at a 26% discount to its net asset value makes his predictions hard to ignore. 

FTX Debtors Accuse Grayscale of Depriving Shareholders

FTX Debtors have taken aim at Grayscale, the company that manages GBTC. “Depriving shareholders of billions through extracting exorbitant management fees” is no small charge.

FTX Debtors are among the major shareholders of Grayscale Bitcoin Trust and Grayscale Ethereum Trust, and their legal action has sent shockwaves throughout the cryptocurrency community.

Major Shareholders Rally Behind Lawsuit Against Grayscale

Major shareholders including Alameda Research Ltd., UTXO Management, and numerous funds have launched GrayscaleLitigation.com, where eligible shareholders can join as co-plaintiffs in a lawsuit against Grayscale Investments, LLC. The lawsuit demands the repayment of excessive fees and injunctive relief to allow redemptions.

The participants have until September 1, 2023, to sign on, adding further momentum to an already volatile situation.

Court Ruling on GBTC Discount Holds Investment World in Suspense

A highly anticipated ruling from the DC Circuit Court of Appeals on Grayscale Investments’ lawsuit against the US Securities and Exchange Commission (SEC) looms large. Regardless of the outcome, it has the potential to dramatically impact Grayscale’s flagship bitcoin trust and the discount at which its shares currently trade.

Seyffart predicts that GBTC could reach “a near-zero discount” with an official announcement and timeline for its conversion to an ETF.

What’s Next for GBTC?

The court’s decision, regardless of its favor, will be instrumental in shaping the trajectory of GBTC. Should the ruling favor the SEC, industry experts believe the specifics of the decision will be paramount. A rejection based on market manipulation concerns could push GBTC towards a bigger discount, while a more benign ruling might have a lesser impact.

The discount could close significantly with a Grayscale victory, according to Chase White, senior research and policy analyst at Compass Point Research & Trading, but not entirely, as further regulatory processes could take up to 240 days.

The total cryptocurrency market cap stood at $1.05 trillion following a 0.35% drop in the past 24 hours.

Chart patterns for SEI, SOL, FTM, AXS, and OP suggest these altcoins will experience large price moves.

SEI was the biggest 24-hour loser and was trading at $0.1458 following a 24-hour loss of more than 5%.

The global cryptocurrency market cap slipped 0.35% during the last day of trading. As a result, the total was estimated to be $1.05 trillion at press time, according to CoinMarketCap. Following the sharp drop in cryptocurrency prices last week, many traders and investors will begin looking for trade opportunities for the coming month in an attempt to move on from the market crash.

5 cryptocurrencies that are showing promising signs for substantial gains this September are Fantom (FTM), Optimism (OP), Axie Infinity (AXS), Sei (SEI) and Solana (SOL). Technical indicators on these altcoins’ charts suggested that the cryptocurrencies may experience substantial price movements in the coming weeks.

$FTM $SEI $SOL

Ripple CTO David Schwartz has reacted to ongoing speculation that XRP is just Bitcoin, save for a few differences.

The discussion on X (formerly Twitter) started after a user claimed that XRP was simply a copy of Bitcoin with a few tweaks.

The X user "Scams are Bad5" claims to have spotted the MIT license document somewhere in the XRP source and so came to this conclusion, according to Kevin Smith, who went on to query the Ripple CTO on the rationale behind including the Bitcoin license in the XRP source.

The tweet caught the attention of Ripple CTO David Schwartz, who replied by explaining the genesis of the XRP Ledger and where things currently stand.

XRP Ledger (XRPL) was initially developed in 2011 by three engineers: David Schwartz, Jed McCaleb and Arthur Britto.

Intrigued by Bitcoin, they set out to create a better version that addressed its flaws and established a more sustainable digital asset designed exclusively for payments.

In response to the X user's conjecture, the CTO of Ripple indicated that XRPL began in 2011 as a copy of Bitcoin core, but things changed as time went on. This is because XRPL took on a new form and essentially relinquished some of its Bitcoin semblance.

Schwartz claims that by the middle of 2012, the address format and the copyright notice were essentially all that was left.

The question of whether XRPL is still employing SHA256, RIPEMD160 and Base58 for addresses came up as the talk went on. In response, Schwartz said that he believed addresses were still being operated similarly to Bitcoin at first.

In a positive development, Upholdcryptocurrency exchange has reported on Ripple's noteworthy accomplishment of being named an official partner of the "cross-border payments interoperability and extension taskforce," a division of the Committee on Payments and Market Infrastructures of the Bank for International Settlements (BIS).

Table of Contents

TRKA Stock Price Analysis 

Trka Stock News 

1  NASDAQ: TRKA stock price shed 5.43% on August 18. 

2 The termination of the CEO & CFO might push TRKA stock toward a fresh 52-week low. 

3 Grant Lyon will serve as interim CEO of the company, and Eric Glover will handle the role of CFO. 

NASDAQ: TRKA stock lost 5.43% of its trading price on the August 18 trading session. It opened at $1.25, lowering to $1.14, it hit a high of $1.26 and closed at $1.22 with an intraday trading volume of 1.1139 Million. 

As per available data, TRKA stock lost over 40% of its trading price weekly and more than 75% in a quarter. In 52 weeks, Troika Media Group, Inc. stocks traded highest at $24.75 and lowest at $1.03.

Troika Media Group, Inc. has a market capitalization of $20.166 Million, and the average trading volume of its stock is 2.194 Million (press time). Over the last few weeks, TRKA stock has been on a decline.

TRKA Stock Price Analysis 

On August 17, buyers tried their best to pull the TRKA stock price upwards, but the price failed to beat the immediate resistance of $2. It is important to note that on August 18, TRKA stock opened below its last trading closing. 

Source: TRKA stock price chart from TradingView 

From August 01 to 14, TRKA stock was trading above $2, but on August 15, it opened below its last closing price of August 14. A sudden decline in trading price and surge in selling volume was seen on August 15. 

Technical analysis suggests that in the next trading session, TRKA stock will probably decline further and register a fresh 52-week low. 

Several market analysts claim that if buyers dominate, TRKA share price might face immediate resistance of $2.27 and the next possible resistance of $2.62.

On the other hand, If sellers continue their dominance in the coming sessions, then the stock price might fall $1. 

Trka Stock News 

Troika Media Group, Inc. recently terminated top executives. Sadiq Toam, serving as Chief Executive Officer was terminated from his position on August 14, 2023. 

Erica Naidrich, the CFO was also terminated by the management on August 14, 2023. As per available information, both terminations were executed for the cause under the terms of the employment agreement. 

According to available information, Grant Lyon will serve as interim CEO of the company, and Eric Glover will additionally handle the position of CFO. 

Troika Media Group, Inc Earnings & Revenue

In Q1 2023, Troika Media Group, Inc. generated $59.04 Million in revenue, including -$7.90 Million and -13.38% of profit margin. In Q2 2023, the company generated $68.10 Million in revenue, from which net income was -$10.85 Million and profit margin was -15.94%. 

In 2022, Troika Media Group, Inc generated $116.41 Million in revenue, from which net income was -$38.69 Million and profit margin was -33.24%. From the reported revenue of 2022, the gross profit of the company was 22%, earnings before interest, taxes, depreciation, and amortization (EBITDA) was -14%, earnings before interest and taxes (EBIT) was -17%, and its net income was -33%. 

According to TradingView, 15.238 Million TRKA shares are free-floating, and the remaining 1.292 Million shares are closely held by the company’s financial backers or the board of directors. 

Technical Levels

Support Level: $1 

Resistance Levels: $2.27 and $2.62

Conclusion

Troika Media Group, Inc. has terminated Sadiq Toam (Chief Executive Officer), and Erica Naidrich (CFO). Technical analysis shows the stock is suffering after the move. 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Adalytics finds ads for adult products are displayed to children on YouTube through Google’s AI-powered ad-targeting system.

Tracking and targeting children without parental consent violates federal privacy laws.

Google denied the report, saying it is “deeply flawed and misleading.”

New research findings by Adalytics show Google may have been tracking and targeting children with ads for adult products on YouTube using an ad-targeting system powered by artificial intelligence. 

Adalytics Finds YouTube Ads for Adult Products Are Shown to Children

Adalytics said it found over 300 brands’ ads for adult products, like cars, displayed on 100 YouTube videos for kids. The ads were particularly shown to a user not signed in on YouTube and linked back to the advertisers’ websites, which would tag the user’s browser with tracking software from Google, Meta, Microsoft, and other companies. 

The New York Times reported an instance where ads for credit cards by BMO, a Canadian bank, were displayed to a viewer in the United States on a Barbie-themed children’s video on the “Kids Diana Show” YouTube channel. The ads were run using an ad-targeting system from Google called “Performance Max” which leverages artificial intelligence to pinpoint ideal customers.

The findings are a concern because tracking the data of children below the age of 13 for the purpose of ads without parental consent violates federal privacy law, especially the Children’s Online Privacy Protection Act or COPPA. 

Citing Adalytics’ report, US Senators Edward J. Markey and Marsha Blackburn on Thursday urged the Federal Trade Commission to investigate whether Google and YouTube violated COPPA. The senators worry that the tech giant may have facilitated “the vast collection and distribution” of millions of children’s data for ad-targeting purposes.

“This behavior by YouTube and Google is estimated to have impacted hundreds of thousands, to potentially millions, of children across the United States,” the senators told FTC. 

Google Denies Violating COPPA

A spokesperson for Google, Michael Aciman, responded to the report by Adalytics on Thursday, saying the findings were “deeply flawed and misleading.” However, Aciman did not refute claims that ads for adult products are displayed on YouTube videos designated for kids. 

Aciman reportedly said running such ads on children’s videos is useful because parents who were watching could become customers. The spokesman explained that Google does not run personalized ads on children’s videos, but rather it bases the ads on webpage content previously viewed by the users – a practice Aciman says fully complies with COPPA. 

Regarding the data collection and tracking that happen after viewers click on an ad, Google said it does not have the ability to control it on a brand’s website. According to Aciman, users’ data can be collected even when they click on ads shown on different websites. 

Google Settled with FTC for $170 Million

The tech giant has previously been accused of violating federal privacy laws in the past. In 2019, Google was accused by the Federal Trade Commission and the State of New York of illegally collecting the personal information of children watching kids’ videos on YouTube.

In September 2019, Google paid a $170 million fine to the FTC in settlement of the accusation. YouTube then agreed not to collect and stop serving personalized ads on children’s videos.

Pepe (PEPE) was one of the most searched meme coins at the beginning of the year. As its popularity increased, the number of addresses, which was around 137,000 at the time of writing, also increased. In contrast, only 10,300 addresses were holding Bitcoin at the time of writing.

Pepe and Bitcoin Holders in Common

Not only short-term addresses held PEPE; it was observed that many Bitcoin (BTC) whales were also interested in the meme coin. According to Nansen, 1.27% of all addresses holding PEPE and BTC had both coins. There were over 50,000 BTC in a total of nine addresses.An address called Hgvmax.eth emerged as the leading holder of both Pepe and Bitcoin. The total value of Hgvmax.eth’s Pepe and Bitcoin assets exceeded $650,000 at the time of writing. However, the most significant wallets were in Unibot, where their ownership exceeded $800,000.

Not Only Pepe

An even more remarkable participant known as Elite DEX investors started investing in mid-May when they acquired 18.3 million tokens. According to Zerion, they gradually increased their assets and reached an average token cost of $0.0036, recovering most of their initial investments. Similar to Token Millionaire, this trader also had a modest amount of Pepe, although only a small residue due to the profitable sale of their primary stacks.

This Elite DEX Investor demonstrated increased activity in meme coin trading by holding an eclectic mix of tokens in their portfolio. Beyond Bitcoin and Pepe, their involvement extended to various other cryptocurrencies, shaping a diversified investment strategy.

Correlation Between BTC and Meme Coins

According to Nansen’s data, most of the largest Bitcoin holders, including four out of the top 10 Bitcoin holders, previously owned or currently own Pepe. This interesting relationship between BTC and meme coins could provide context for what the future holds for these cryptocurrencies.

In the past three months, PEPE showed the highest correlation with BTC in July. Subsequently, Shiba Inu (SHIB) and Dogecoin (DOGE) exhibited similar price movements to BTC in early August. However, at the time of writing, no significant correlation was observed between any of the meme coins and BTC, as the leading coin exhibited only sideways movement during this period.

Activities on the social front can play a crucial role in determining the future success of these meme coins. The social interaction count for PEPE increased by 53.4%. For DOGE, this increase was 20.6% in terms of mentions and 1.1% in terms of interactions. Shiba Inu observed the highest increase in the meme coin sector and experienced a 119% increase in mentions and a 74.5% increase in interactions over the past week.

In terms of overall sentiment, all these meme coins showed a significant increase in weighted sentiment. This indicates that the positive outlook for these tokens outweighed the negative ones at the time of publication. However, the emergence of tokens like BALD could pose a risk to these meme coins and impact their ongoing dominance.

Table of Contents

CFD: In a Nutshell

Buying with CFDs

Selling with CFDs

How Does Leverage Work in CFDs?

Benefits of Using CFD

Margin Trading

Higher Leverage

Flexibility 

Difference Between Futures Contract and CFD

1 Contracts for Differences have emerged as the go-to means for trading.

2 They enable traders to hold the value of the instruments instead of the instrument itself. 

3 With distinct terms and functionality, they improve the trading scenario to a large extent.

A whole new world of decentralized trade emerged with the advent of blockchain. Smart contracts made every record indelible and everything transparent and reliable. As the technology moved ahead, it paved the way for even more sophisticated solutions. Contract For Difference (CFDs) is one such solution that radically changes the way deal with trading instruments.

CFD: In a Nutshell

Contract For Difference (CFD) is a form of decentralized agreement. It allows traders to wager on the price movements of underlying instruments. They include equity stocks, bonds, commodities, and currencies. In this ecosystem, traders are allowed to hold a position on the future value of instruments. They can surmise the price and bet on its upward or downward movement. 

Moreover, the traders never own the instruments when they deal with CFDs. They never have to pay for associated services like account handling or stamps. The investors of this deed get profited by real-time fluctuations. Hence, the protocol assesses their positions in real-time. In the same way, the profits and losses are credited or debited from the account in real time.

Moreover, CFDs don’t grant voting or any other rights to the traders. They also don’t confer any ownership of the asset to the traders. 

Buying with CFDs

When investors trade with CFDs, they buy and hold the position for a long time. Later, they close the position by selling. Essentially, traders have to consistently buy and sell to make profits. With analysis and strategic trading, one can pocket lots of profits in this trading environment.

Selling with CFDs

In a typical selling scenario, CFD sellers mostly indulge in the “shorting” practice. They pocket profits from falling prices and by being proactive. At the same time, they use CFDs to instantly buy and sell the instruments. 

How Does Leverage Work in CFDs?

Margin trading becomes an intrinsic part of leverage trade in CFDs. It enables users to execute large trades while amplifying the price movement. Traders need to deposit a small amount of total trade to maintain the exposure. In this way, they are able to augment their profits and check margins. 

Benefits of Using CFD

These distinct agreements come with so many merits. Once users know about them, they can play wisely around them. 

Margin Trading

There are plenty of margins that traders get on CFDs. They help investors hold their position for a long or short period. Furthermore, they can maintain specific account balances and allow all types of transactions too. 

Higher Leverage

The traders get more leverage with CFDs than with traditional trading. The standard leverage can be 2% at the lowest and 20% at the highest. It offers better returns while reducing the need for capital.  

Flexibility 

Since traders buy and sell positions instead of instruments themselves, they can do it very easily. It makes the whole trading very convenient for everyone. The holders can even get cash dividends. 

Difference Between Futures Contract and CFD

Futures contracts expire within a particular duration. In that period, their holders have to sell them. CFDs, on the other hand, have no such obligation. The market participants can buy or sell them whenever they like. 

With CFDs, there’s a lot that traders can do. They can pocket profits at regular intervals while shedding all the risk. They bring all the merits that traders look for.  

Reported Bloomberg, United States Securities and Exchange Commission is set to allow the first exchange-traded funds (ETFs) based on Ether Futures.

According to an Aug. 17 report from Bloomberg — which cited anonymous sources familiar with the matter — the regulator does not look as though it will block the applications of nearly twelve companies including ProShares, Volatility Shares, Bitwise and Roundhill who have filed to launch Ether futures ETFs in recent weeks.

It remains unclear which ETF applications would be approved by the SEC, however, officials indicated that several of the filings may be approved by as soon as October.

#crypto

Shytoshi Kusama announces the launch of the layer 2 scaling solution built on Ethereum, Shibarium.

The announcement was delivered at the Blockchain Futurist Conference in Canada.

Shibarium is built on a community-focused and environment-friendly PoP consensus mechanism.

Shiba Inu ecosystem officially announced today the launch of the much anticipated Ethereum layer 2 blockchain, Shibarium. The lead developer and co-founder of the ecosystem, known by the pseudonym Shytoshi Kusama, unveiled the launch of Shibarium, at the Blockchain Futurist Conference in Canada.

Kusama pinpointed the necessity of encompassing “community and decentralization” in the promising crypto and blockchain projects. Shibarium is built on a community-focused and environmentally friendly consensus mechanism called the Proof of Participation (PoP). Assuring that Shiba Inu’s project is rooted in the “intersection of those two principles”, he stated,

Any such promise absolutely must start at a place of both community and decentralization. As part of one of the most popular cryptocurrencies on the planet, Shibarium lives at the intersection of those two principles in a way that eludes most other technologies, even many other blockchains.

With the launch of the layer 2 scaling solution, the platform underscores Shiba Inu’s transition from a memecoin to its own blockchain network. As per the press release, Shiba Inu’s new blockchain ecosystem is built on a sturdy foundation of both validators and delegators. While the validators ensure the network’s overall security, the delegators provide support. Both validators and delegators are awarded the ecosystem’s governance token BONE as a reward for participation.

The highly anticipated Shibarium launch follows a series of trials and testnets. Towards the end of July, a Shiba Inu team lead Lucie,announced the live public testing of the Shibarium Beta Bridge, marking it as the second testnet. Following the trials, the platform boasts a larger community with more than 21 million user wallets created.

Tether has announced modifications to its USDT issuance strategy, discontinuing support on the Bitcoin, Kusama, and Bitcoin Cash while indicating potential future collaborations.

Tether, the issuer of the stablecoin USDT, has announced significant changes to its support on various blockchains. After an extensive evaluation focusing on security, customer service, regulatory compliance, and overall oversight, Tether halted support for USDT on the Bitcoin(BTC), Kusama(KSM), and Bitcoin Cash(BCH) platforms.

The company cited insufficient traction as the primary reason, saying “when a blockchain does not show a considerable increase in usage over a considerable time, it becomes increasingly challenging to justify the necessary resources and oversight. It can even pose potential security risks.”

The immediate implication of this move will be the cessation of USDT-Omni, USDT-Kusama, and USDT–BCHSLP minting from today, Aug. 17.

Nevertheless, Tether has assured users that USDT redemption on these platforms will continue as per standard procedures in the next 12 months.

Additionally, for those seeking alternatives, there is the option to swap impacted USDT to other versions via platforms like Bitfinex.

Omni was the pioneering layer Tether utilized in 2014, facilitating the issuance of its stablecoins on Bitcoin. Despite the gradual decrease in USDT’s Omni-based usage due to the availability of the stablecoin on other blockchains, Tether hasn’t closed the door entirely on the prospect.

They could reconsider issuing USDT on Bitcoin via Omni, especially if there’s a noticeable increase in Omni Layer’s decentralized exchange (DEX) and token issuance protocol activities.

Tether is also collaborating with RGB, a smart contract system on Bitcoin’s layer-2 and 3. They could, in the future, issue USDT on Bitcoin once USDT’s implementation on RGB becomes operational.