XRP Whales Move $30M To Exchanges

Cosmos Hub Greenlights ATOM Inflation Cut, Circle To Boost USDC Circulation In Japan, Cosmos Fork Coming Soon?

Welcome to Coinfeeds Daily Digest! Today we cover Paradigm's public criticism towards Blast regarding its recent launch of a new Ethereum layer-2, its execution, operations, and marketing strategy. Paradigm was one of Blast's early investors. In other news, dYdX is moving forward with unlocking $500 million of their tokens, which amounts to 30% of the supply, as well as XRP whales moving $30 million to exchanges, arguments in the Cosmos ecosystem after their community vote brought ATOM's inflation rate down to 10% and the project’s co-founder expressed wishes about creating a fork of the network.

Market Update

News

XRP Whales Move $30M To Exchanges: Bullish Sentiment Amidst Uncertainty

Whales have transferred an eye-catching $30 million worth of XRP to various exchanges. This move has raised eyebrows and fueled speculation about a potential sell-off. When whales deposit large sums into exchanges, it often suggests they might be preparing to sell, which can lead to increased selling pressure. | Read More

Circle To Boost USDC Circulation in Japan After Partnering with SBI

A significant partnership has emerged between Circle, the company behind the popular stablecoin USDC, and SBI Holdings, a major financial services company based in Tokyo. This collaboration is set to revolutionize the way digital currency operates in Japan, potentially setting a new standard for its adoption. | Read More

Cosmos Hub Greenlights ATOM Inflation Rate Reduction To 10%

The Cosmos Hub, a pivotal player in the blockchain ecosystem, has recently passed a significant proposal that will see the maximum inflation rate of its native token, ATOM, reduced from 14% to 10%. This strategic move is aimed at bolstering the network's security by curbing excessive spending. | Read More

Paradigm Criticizes Blast's Launch Operations, Raises Security Concerns

Paradigm, which led Blast's seed round, has publicly criticized the startup's marketing strategy and launch execution. Dan Robinson, the head of research at Paradigm, took to social media platform X to voice his concerns. He highlighted that Blast's decision to launch a bridge before fully operationalizing its layer-2 network and disabling withdrawals for three months could set a troubling precedent. | Read More

Cosmos Co-Founder Wants To Fork The Network

A proposal to adjust the economic model of ATOM, has passed, leading to a significant divide within the community. Cosmos co-founder Jae Kwon has been vocal about his opposition. In response, Kwon is advocating for a network fork. This would create a new version of the network, called AtomOne. | Read More

dYdX Prepares for a $500 Million Token Unlock

On December 1, dYdX will unlock 150 million tokens, representing 30% of its total supply allocated to investors, founders, and past and future employees. This will introduce $500 million worth of tokens into the market at current prices. | Read More

Inferno Drainer Shuts Down After Helping Steal $70M

Inferno Drainer, a service infamous for enabling phishing scammers to siphon off nearly $70 million in crypto, has declared that it's shutting down. This wallet-draining kit, which has been a tool for hire, facilitated the theft of vast sums from unsuspecting victims. | Read More

HTX Exchange Restores Bitcoin Services After $30 Million Hack

In a significant development for the cryptocurrency community, HTX, the exchange formerly known as Huobi, has announced the reinstatement of Bitcoin services following a $30 million hack. Users of the platform can now resume deposits and withdrawals in Bitcoin, as well as other major cryptocurrencies. | Read More