Cryptocurrency

Backed 1:1 by the U.S. dollar, USDX serves as a DeFi primitive on Flare, with reserves primarily held in 1-3 month Treasury Bills by regulated tier-1 financial institutions.Developed by HT Digital Assets, Hex Trust’s tokenization ecosystem, USDX serves as a building block for DeFi and bridging applications on Flare. These include lending and borrowing protocols, perpetual futures exchanges, and staking opportunities. USDX holders can earn real-world yields by staking their tokens in a dedicated T-Pool created by DeFi credit marketplace Clearpool.”Stablecoins are fundamental for the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real-world yield,” said Flare Co-Founder Hugo Philion.Alessio Quaglini, CEO & Co-Founder of Hex Trust, added: “The launch of Hex Trust’s first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a pivotal evolution in stablecoins. Powered by Hex Trust’s tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation.”USDX’s introduction is said to mitigate crypto market volatility, streamline transactions, and enhance security and trust within the digital asset ecosystem. As adoption by Flare-native projects grows, USDX will offer new opportunities for users to generate returns on their digital assets.Unlike centralized stablecoins like USDC and USDT, which are backed by real-world cash or cash equivalents, decentralized stablecoins are collateralized by cryptocurrencies and often operate using algorithmic mechanisms.Established in 2018, Hex Trust is a licensed digital asset custodian that caters to protocols, foundations, financial institutions, and the web3 ecosystem. It offers custody, DeFi, brokerage, and other services built on regulated infrastructure. Clearpool CEO & Co-founder Jakob Kronbichler noted: “Launching a custom T-Pool for USDX on Flare is great for both everyday users who want to earn a real-world yield from their stable holdings, and for FAssets agents who can earn additional yield for their USDX while it’s collateralized in the system.” More

ELFi Protocol, a decentralized derivatives trading platform, has successfully completed two rounds of strategic financing, raising a total of $5 million. The latest round with leading investment from IDG Capital and KuCoin Ventures. ELFi Protocol has been launched on the Arbitrum testnet and is conducting an open beta test of the Genesis NFTs.About ELFiELFi is a decentralized derivatives trading platform that focuses on delivering top-notch trading functionalities. It’s the pioneer in supporting Portfolio Margin within the P2Pool model, and boasts a sophisticated risk management system for listing contracts of various risk levels. Additionally, ELFi introduces innovative liquidity pool designs, offering industry-first low-risk stablecoin liquidity pools and LSD re-collateralized liquidity pools. It strives to better meet market and user demands through features like risk isolation, asset pricing, and LST asset support.ContactTonyELFi Protocolbusiness2@elfi.xyzThis article was originally published on Chainwire More

LAKE (LAK3), a pioneering Web3 ecosystem dedicated to transforming the global water economy through blockchain technology, Real World Assets (RWA) and the LAK3 token, is excited to announce its participation and sponsorship of the London Blockchain Conference, taking place from May 21 to 23. Ahad Ali, LAKE’s Director of Communications, will be a featured speaker at the event, highlighting the role of blockchain and RWA in the future of water.The London Blockchain Conference is renowned for gathering the brightest minds in blockchain, cryptocurrencies, and technological developments to explore the future of these transformative technologies. LAKE’s participation underscores its commitment to integrating blockchain and RWA solutions for water accessibility on a global scale.Ahad Ali to Address Global Water ChallengesDuring the conference, Ahad Ali will deliver a keynote presentation on the innovative use of blockchain and RWA to address global water challenges on May 21 at 1:35pm on the Spotlight Stage. His talk will focus on how LAKE (LAK3) leverages blockchain and RWA to turn people into active participants in the water economy, ensuring transparency, efficiency, and equity in water management.Experience LAKE’s Water of Web3 FirsthandThe LAKE team is thrilled to meet attendees and share insights about their groundbreaking project. Conference participants are invited to visit LAKE’s booth to experience the water directly sourced from our partner, Sembrancher, exemplifying the quality and sustainability of our resources. This unique tasting experience will highlight the tangible benefits of LAKE’s blockchain and RWA-based water solutions.Engage with LAKE at the ConferenceAttendees of the London Blockchain Conference are encouraged to visit LAKE’s booth located at E12, where they can meet the team, learn more about the project, and discover how LAKE is paving the way for the future of water. The team will also be available to discuss potential partnerships and collaborations.LAKE is an innovative Web3 ecosystem facilitating a fair and decentralized access to water worldwide. This is the first project to bring a clear, transparent and decentralized ecosystem changing the way we interact with water, from purchasing, warehousing, to distributing, consuming and even donating it. With a mission to connect millions to Web3, LAKE sparks transformative change in how we perceive and manage this increasingly scarce vital resource.Users can learn more about LAKE (LAK3) at https://lak3.io and of their participation in London Blockchain Conference at https://londonblockchain.net/en/partners/sponsors.ContactMedia and Event ManagerCherence de BeneyLAK3 Companycherence@lak3.ioThis article was originally published on Chainwire More

The world’s biggest and best-known cryptocurrency is up 82.3% from the year’s low of $38,505 on Jan. 23. Ether, the coin linked to the ethereum blockchain network, rose 13.3% on Monday to $3500. The approval and launch of spot bitcoin exchange-traded funds in the U.S. this year has opened the asset class to new investors and reignited the excitement that evaporated when prices collapsed in the “crypto winter” of 2022. More

The move upwards pushed Ethereum’s market cap up to $378.09B, or 15.29% of the total cryptocurrency market cap. At its highest, Ethereum’s market cap was $569.58B.Ethereum had traded in a range of $3,048.33 to $3,413.84 in the previous twenty-four hours.Over the past seven days, Ethereum has seen a rise in value, as it gained 6.66%. The volume of Ethereum traded in the twenty-four hours to time of writing was $12.83B or 18.24% of the total volume of all cryptocurrencies. It has traded in a range of $2,864.5002 to $3,413.8357 in the past 7 days.At its current price, Ethereum is still down 29.83% from its all-time high of $4,864.06 set on November 10, 2021.Bitcoin was last at $69,591.6 on the Investing.com Index, up 4.52% on the day.Tether USDt was trading at $1.0004 on the Investing.com Index, a gain of 0.04%.Bitcoin’s market cap was last at $1,353.99B or 54.75% of the total cryptocurrency market cap, while Tether USDt’s market cap totaled $111.51B or 4.51% of the total cryptocurrency market value. More

The notable surge followed a lower-than-expected CPI report on Wednesday, with the last three trading days of the week, contributing 89% of total inflows, indicating a renewed link between crypto prices and interest rate expectations.Bitcoin (BTC) was the primary recipient of these inflows, underscoring its position as the leading cryptocurrency on the market. Bitcoin ETFs saw inflows amounting to $942 million over the week. The absence of significant interest in short positions on BTC suggests a positive investor outlook. To date, Bitcoin investment products have accumulated $13.85 billion in inflows since the beginning of the year.Cardano’s inflows are particularly significant as it saw no inflows the previous week but recorded nearly $2 million this week. This brings the total investment in Cardano ETPs to $10 million for the year, reflecting increased investor interest in this asset.On the other hand, Ethereum faced challenges with outflows totaling $23 million. This bearish sentiment is tied to uncertainties surrounding the SEC’s approval of a spot ETF, causing cautious investor behavior.With substantial inflows into Bitcoin and Cardano last week, the growing confidence among investors in these digital assets can be confidently asserted.This article was originally published on U.Today More

Over the years, Wright has boldly claimed that he is the mastermind behind Bitcoin. This claim has been met with skepticism and controversy, leading to a legal battle with the Crypto Open Patent Alliance (COPA), a consortium of leading cryptocurrency firms. COPA’s lawsuit, initiated in 2023, accused Wright of extensive document forgery to bolster his claims.The climax of the legal saga came on March 14, 2024, when the court dismissed Wright’s assertions as unfounded. The judge criticized Wright’s evidence as unreliable and his narrative as fabricated, ultimately rejecting his claim to Bitcoin as intellectual property. The ruling not only discredits Wright’s narrative but also reinforces the mysterious aura surrounding the true identity of Satoshi Nakamoto.Now the court has published an approved judgement in this regard. According to a written judgment delivered on May 20, Judge Mellor announced the result of the Satoshi Identity Issue given the conclusion of closing submissions. The declaration follows: “First, that Dr Wright is not the author of the Bitcoin White Paper. Second, Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period between 2008 and 2011. Third, Dr Wright is not the person who created the Bitcoin system. Fourth, Dr Wright is not the author of the initial versions of the Bitcoin Software.”The implications of this ruling, which has now been penned down, are profound for the cryptocurrency industry. It reaffirms the decentralized and leaderless ethos of Bitcoin, ensuring that no single individual can lay claim to its origins. Moreover, it puts to rest one of the most contentious and publicized claims to the Satoshi Nakamoto pseudonym.As the dust settles on this legal dispute, the crypto community is left to ponder the enduring mystery of Bitcoin creator Satoshi Nakamoto’s identity. While many have claimed or been linked to the name, the anonymity of Bitcoin’s creator remains intact, preserving the foundational principle of a currency free from the control of any one person or entity.This article was originally published on U.Today More

Decentralized funding protocol Polimec has launched with the goal of kickstarting a new era of community-funded Polkadot projects. The protocol provides a transparent way for teams to raise funds and issue tokens while maintaining regulatory compliance.The first project to feature on Polimec is Apillon, an infrastructure solution for web3 developers. With the start of the first Evaluation Round on Polimec, investors get the opportunity to appraise projects and decide whether they should advance to the Funding Round. Other projects that are set to raise funds on Polimec include Mandala Chain, Gotem, and ImpactScope.Polimec is designed to maintain the decentralization integral to web3, providing a regulatory-compliant environment that connects investors and startups globally. To participate in a project on Polimec, users must obtain a Deloitte KYC Credential, which if eligible grants access to funding information, evaluation of projects and participation in funding rounds.Projects can conduct single or multiple funding rounds using Polimec, while investors can participate in rounds that meet their criteria. Protocol governance is determined by the PLMC holders, an on-chain council and technical committee. Any PLMC holder can submit a proposal, which results in a token-holder vote provided it gets the required backing.Polimec enables emerging web3 projects, focused on the Polkadot ecosystem, an opportunity to achieve their funding goals. This will maximize their prospects of developing transformative blockchain solutions and increasing adoption by solving real-world problems. Polimec simultaneously gives web3 investors of all kinds access to projects committed to fundraising on a transparent and compliant basis.The first Evaluation and Funding Rounds to be performed on Polimec will give the Polkadot community an opportunity to experience the future of web3 fundraising and to appraise some of the most innovative projects currently seeking capital to turn their ideas into reality.About PolimecPolimec is a permissionless fundraising infrastructure protocol providing an automated framework for projects to raise funds within a broad and diverse investor base with transparent and fair access for all. The protocol allows access to fundraising and governs the issuance, distribution, and conversion of tokens to mainnet.The protocol maximizes value creation for Web3 projects, allows different stakeholders to participate in funding rounds, and minimizes information asymmetry between participants and issuers to grow their community. The underlying reward mechanism ensures that the interests of the various participants and projects are aligned for sustainable fundraising.Learn more: App: https://app.polimec.org/Webpage: https://www.polimec.org/Knowledge Hub: https://hub.polimec.org/ContactFoundation Council & MarketingFlavio BianchiPolimec Foundationflavio@polimec.orgThis article was originally published on Chainwire More