Sun. AM-PM Seeds of Wisdom Crypto Update(s) 11-3-24

(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)

Seeds of Wisdom

COINBASE EXPANDS CFTC-REGULATED FUTURES WITH SILVER AND STELLAR (XLM) CONTRACTS

▪️Coinbase recently announced the launch of futures contracts for silver (SLR) and stellar lumens (XLM) through its Coinbase derivatives exchange.
▪️Coinbase’s futures contracts for these assets align with its mission to offer secure, accessible and regulated financial products.

Coinbase Derivatives’ primary goal in launching new cryptocurrency futures contracts is to create markets that offer retail traders diversification, price discovery, risk management and margin.

It has taken a significant step toward its goals with the launch of new futures contracts for silver (SLR) and Stellar (XLM).

These join the list of products already regulated by the CFTC, which includes LTC, DOGE, SHIB, AVAX, DOT, LINK, Gold, BTC, ETH, BCH and Oil. In its official account X announced that the contracts will be launched on November 11, 2024.

Coinbase Derivatives is a Commodity Futures Trading Commission (CFTC) registered contract marketplace that allows users to trade and hedge the price of digital assets.

Derivatives are contracts that derive their value from an underlying asset or commodity, allowing you to gain exposure to an underlying asset without buying it.

The impact of Coinbase’s silver futures and XLMs

Coinbase’s official statement suggests that by combining traditional commodities such as Silver with cryptocurrencies such as Stellar, they aim to create a more comprehensive trading platform.

This approach aims to diversify opportunities, allowing investors to manage risk across different asset classes. The futures contracts they offer support effective pricing, meaning they help establish fair market prices and allow traders to respond with confidence to market changes.

The Stellar and Silver contracts are designed to increase market accessibility and are structured for retail trading with smaller contract sizes.

Specifically, each Silver contract represents 50 troy ounces, while each Stellar Lumens contract is 5,000 tokens. With the introduction of these retail-sized contracts, Coinbase aims to encourage broader participation among retail traders who may be looking for affordable ways to enter the futures markets.

With silver being a new tradable asset for Coinbase, it reflects a push into the commodity markets. Silver futures offer users a means of hedging against inflation or other economic changes, as silver remains a traditionally stable asset in times of market volatility.

On the other hand, XLM is a decentralized open source network that allows for low-cost cross-border transactions between any cryptocurrency pair.

In addition, Stellar has a decentralized exchange (DEX) that allows users to trade assets on the network. In addition to its low-cost trading capabilities, Stellar uses a unique system, the Stellar Consensus Protocol (SCP), to process transactions faster and more reliably than many traditional networks.

In other developments, CNF reported that Robinhood announced its support for Stellar on its official X account on October 23. This allows EU users to deposit and withdraw XLM on the Robinhood app.

This is an important move for Robinhood and XLM, as flexibility in handling the currency can benefit both ecosystems. Despite a 1.94% drop in XLM’s price to $0.0914 in the last 24 hours, trading volume increased 10.74% to $54.29 million, indicating continued investor interest in XLM’s various use cases.

@ Newshounds News™

Source: Crypto News Flash

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METAMASK DEV CONSENSYS: SEC CLAIMS UNSUPPORTED IN LAW

Ethereum infrastructure developer Consensys has filed its response to the U.S. Securities and Exchange Commission’s claims of federal securities law violations, adding to its lawsuits against the agency.

The SEC previously a-----d Consensys’ crypto wallet, MetaMask, of operating as an unregistered broker and securities issuer.

Consensys fully refuted the SEC’s a---------s, criticizing the agency and its chair, Gary Gensler, for what it described as an unconstitutional attack on the decentralized finance ecosystem. Its court-submitted reply reaffirmed its stance and dissatisfaction with the SEC’s lawsuit.

This action is just the latest step in the SEC’s recent campaign to seize control over the future of blockchains and cryptocurrency, one of the fastest-growing and most innovative technologies in the world… The SEC’s attempt to impose its regulatory authority on this technology and insert itself into this crypto architecture is unsupported in the law — its claims must fail.

Consensys response to SEC suit

Before becoming the subject of an SEC probe, Lubin’s firm had sued the SEC over its Ethereum investigation. Agency prosecutors closed the inquiry and promptly filed a complaint against MetaMask’s creator. The SEC alleges that MetaMask facilitated i-----l securities trading and that its staking service violated financial regulations.

Consensys countersued the regulator to determine whether the law grants the SEC regulatory oversight. Bill Hughes, a lawyer for Consensys, revealed that U.S. Judge O’Connor granted an expedited calendar for the case.

Meanwhile, CEO Joseph Lubin announced staff layoffs attributed to regulatory battles and macroeconomic factors, with Consensys reducing its workforce by 20%.

Several firms under pressure from SEC litigation may see the approaching U.S. general e-------s as a potential advantage. Digital asset companies have donated over $190 million to crypto-focused super PACs like Fairshake, outspending all other industries.

@ Newshounds News™

Source: Crypto News

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WARREN BUFFETT PREFERS CASH AND WHY | YOUTUBE

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

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Source: Dinar Recaps

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XRP LEDGER MAKES MAJOR LEAP FOR INSTITUTIONAL-GRADE DEFI AS THIS FEATURE LAUNCHES

According to an exciting announcement by the RippleX official X account, the XRPL oracle pricing amendment is now live. This amendment adds a “Price Oracle” feature to XRP Ledger, as defined in the XLS-47 specification. The XRPL price oracle is intended to store pricing information about asset pairs that exist outside of XRP Ledger, allowing smart contracts that rely on XRP Ledger to use this information.

A blockchain oracle is a system in which a service feeds information to the blockchain about the outside world, which may subsequently be accessed by decentralized apps (dApps) that run primarily on or with the blockchain.

Oracles provide a secure and efficient means of bringing real-world data onto a given blockchain system for smart contract use. This is particularly critical for institutional DeFi, which is central to XRPL.

XRPL’s Oracle is protocol-native, which means that it is built into the network itself and not a Layer 2, similar to XRPL’s AMM.

External oracles such as Band Protocol and DIA, which are currently integrated into XRPL, will also be able to connect and provide price feed data.

With the new XRPL price oracle and integrations with Band Protocol and DIA, XRPL’s native oracles will be able to offer real-time data for key DeFi features like the AMM and lending protocols.

This represents a significant step forward for institutional-grade DeFi. The XRPL DID amendment went live last week, marking yet another significant milestone for XRP Ledger. DID is a unique, user-owned identifier that is not controlled by any central authority.

Use cases for XRP price oracle

Many upcoming XRPL protocols will require oracles, such as the XRPL Lending Protocol for lending rates and liquidation management, as well as the XRPL AMM and DEX for determining asset prices across all Web2 and Web3 marketplaces. The XRPL EVM Sidechain will also need it to support EVM smart contracts and quick data syncs between the mainnet and sidechain.

Tokenized assets would also require an XRP price oracle. In February, Ripple and Zoniqx announced a partnership that will bring Zoniqx’s asset tokenization infrastructure to XRP Ledger. This would require that the prices of real-world assets be streamed on-chain in real time.

@ Newshounds News™

Source: U Today

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CARDANO COMMUNITY DIVIDED ON CHARLES HOSKINSON’S ROLE AS BLOCKCHAIN EMBRACES DECENTRALIZATION

▪️Cardano has launched Node 10.11, a significant update that supports the Chang 2 hard fork.
▪️This upgrade empowers ADA holders and encourages active participation in Cardano’s governance.
▪️Meanwhile, the Cardano community is divided on the role of the blockchain network’s founder, Hoskinson.

Cardano has introduced Node 10.11, marking a major leap in the network’s journey toward decentralized governance.

On November 1, Intersect MBO, a Cardano-led member organization, launched Node 10.11 as the first mainnet release to support the Chang #2 inter-era hard fork. This upgrade transitions the network from its initial technical bootstrapping phase into a fully on-chain governance model.

Cardano’s Governance Evolution Continues with Chang #2

Node 10.11 includes features designed to empower governance within the Cardano ecosystem. 

Stake Pool Operators (SPOs) can now delegate their votes to preset options, and Delegated Representatives (DReps) gain an auto-abstain feature.

The update also enhances Cardano’s ledger, command-line interface (CLI), API, and networking code, creating a more robust foundation for governance and user interaction.

Intersect highlights the Chang 2 upgrade as the completion of Cardano’s move to fully on-chain governance, an evolution from the initial bootstrap model introduced in the first Chang upgrade.

This shift allows ADA holders—who since the Chang 1 update on September 1, have been able to delegate governance responsibilities to DReps or represent themselves—to play a more active role in the network’s decision-making processes.

Under the new Chang 2 framework, ADA holders must delegate to a DRep to withdraw staking rewards, although rewards will continue to accrue regardless of delegation status. Withdrawals will be possible only after delegating to a DRep or selecting the auto-abstain or no-confidence options.

This would encourage active participation in Cardano’s governance structure as it moves closer to its decentralized vision.

“Following a successful Chang #2 hard fork, decisions on the Cardano blockchain will be shaped and voted on via fully decentralized governance, as detailed in CIP-1694,” Intersect stated.

Meanwhile, as Cardano enters this new phase, its founder, Charles Hoskinson, has engaged the community in a unique way. Following some recent public criticism, Hoskinson launched a poll on X (formerly Twitter) asking, “Is Charles Hoskinson a c----r for Cardano?”

As of now, the vote is nearly split, with the “no” responses holding a narrow majority at 51% to 49%. However, the poll has sparked diverse reactions across the community. Some prominent ADA supporters have defended Hoskinson and suggested the poll results might be influenced by bots or external factors.

Indeed, with six days remaining, the poll reflects the community’s mixed perspectives on Hoskinson’s role and influence within Cardano.

@ Newshounds News™

Source: Be In Crypto

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LAYERS OF THE GLOBAL CURRENCY RESET & REVALUATION: WHAT YOU NEED TO KNOW! | YOUTUBE

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

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Source: Dinar Recaps

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