The blockchain industry is constantly changing with collaborations, technological advancements, and shifts in regulations and market trends. This week has been full of events in the blockchain space including MetaMask wallets’ introduction of pool staking and controversies surrounding allegations that Biden is now open to receiving cryptocurrency donations. Stay updated on all the blockchain news, from this week.
MetaMask Adds ‘Pooled Staking’ for Users
MetaMask, the self-custodial wallet for Ethereum, is introducing a new feature called pooled staking. This new function aims to simplify and make it cost-effective for individuals to contribute to securing the blockchain network. Users now have the opportunity to engage in Ethereum staking, a known investment strategy in the realm of cryptocurrency.
Consensys, a UK-based platform is keeping up with competitors like Lido and Rocket Pool by introducing liquid staking tokens (LSTs). These tokens can be used by users for financial activities such as borrowing, lending, or reinvesting in finance protocols. However, this new staking feature will not be accessible in the United States or the United Kingdom.
The ZKsync to airdrop 3.675 billion ZK tokens
In the coming week, selected wallets will be receiving an airdrop of 3.675 billion ZK tokens making up 17.5% of the total 21 billion ZK tokens in circulation. This initiative was announced by ZKsync. A total of 695,232 wallets will be picked to benefit from this airdrop based on their activities on the ZKsync Era and ZKsync Lite platforms. The distribution of these airdropped tokens will see 89% going to users and 11% to contributors who have supported the ZKsync ecosystem.
The remaining token allocation includes ecosystem initiatives (49.1%) investors (17.2%) and the Matter Labs team (16.1%). These tokens will be available for trade immediately without any lock-up period. A cap of 100,000 tokens per address is allowed to prioritize individual investors over whale-hounding tokens.
Terraform Labs to settle SEC charges for $4.47 billion
Terraform Labs has reached an agreement with the SEC to pay $4.47 billion. The SEC has requested approval for the settlement from a judge in the Southern District of New York. Recent information indicates that Terraform Labs has been found to have acted after a court ruling two months ago. As part of the settlement, Terraform has agreed to pay $3.5 billion and an additional penalty of $420 million to the SEC.
This recent deal between Terraform Labs and the SEC has raised doubts among many regarding the company’s ability to meet its commitments, especially considering its previous bankruptcy filing before facing legal action from the Securities and Exchange Commission. A recent agreement was reached following a market loss of $40 billion, in 2022 stemming from the collapse of the Terra ecosystem.
President Biden’s Team Exploring Crypto Campaign Donations
The U.S. Senate’s Intelligence Committee has approved a measure that would require crypto firms to gather more user data or risk penalties to combat crypto terrorism. The Intelligence Authorization Act (IAA) passed the committee with a 17-0 vote although the crypto aspect was not explicitly mentioned when Senator Mark Warner announced the decision. The IAA aims to bolster the IC’s capacity to detect and address emerging threats from adversarial nations.
Hackers often demand Bitcoin and other cryptocurrencies in attacks but insiders in the crypto industry doubt that this provision will survive the budgetary process. President Joe Biden’s campaign team has engaged in discussions with companies regarding accepting cryptocurrency donations through leading exchange Coinbase as competition intensifies ahead of November’s presidential election.
BNB Incubation Alliance Launches to Advance Blockchain Innovation
BNB Chain and Binance Labs have recently announced the launch of the BNB Incubation Alliance (BIA), an effort aimed at expediting the growth of up-and-coming blockchain ventures. As per the update on the BNB Chain Blog, the alliance intends to collaborate with well-known venture capitalists, startup incubators, and developer communities to foster innovation within the blockchain sector. Projects to be selected should typically be in the incubation phase and exhibit indicators such as being in the launch stage or having recently launched their products.
Every tiny update is pushing the world towards a future that’s more decentralized, and dynamic with a power to make a lasting impact on finance, governance, and other areas significantly. As we look forward to what’s coming this week the excitement grows. In the blockchain space, there’s always something happening; every week introduces ideas and challenges to overcome. Keep following as we observe and share updates on this thrilling adventure, curious to see what unfolds in the upcoming chapter.
