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OKEx Renames its Public Chain OKExChain; Aims for EVM Compatibility

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Cryptocurrency spot and derivatives exchange, OKEx announced that its public OKChain chain has been officially renamed OKExChain. The Cosmos SDK-based public chain, developed by OKEx, supports a number of decentralized [dApps] applications and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on them. Its multi-chain structure has significantly boosted the efficiency and scale of application development.

In addition, the latest monthly progress report revealed that the OKExChain testnet has been upgraded to v0.11.1.

Commenting on the development, OKEx CEO Jay Hao stated

“We are very confident in the technical strength of OKEx. Throughout our extensive testing, OKExChain has shown very high performance with all the necessary elements of a decentralized public chain.”

The exec also went on to add that,

“Decisions such as whether to enable open node elections, commit to open source, or have governance tokens are indispensable elements of a public chain. So, this is also the easiest way to judge whether a ‘public chain’ is truly public or just a pseudo-public chain.”

The Malta-based platform announced the launch of OKExChain in February this year to support the community with more decentralized applications. This was followed by the OKEx DEX roll-out, which happens to be the first decentralized OKExChain-based application.

In April, OKExChain became the first exchange-developed public chain to become a 100% open-source, where each individual could become a validator node, and even the parent organization OKEx does not have the ability to control the public chain.

In addition, OKEx also claimed that its public chain could process more TPS than the Ethereum blockchain and has reportedly already cooperated with over 60 ecosystem partners, including the public chain, PoS mining pool, explorer, wallet, and other key components of the crypto industry.

In the coming days, OKExChain aims to become EVM-compatible and support all existing Ethereum smart contracts, making it easy for developers to move their decentralized applications to the new chain.

Ethereum Classic Suffers Yet Another 51% Attack; 7,000 Blocks Reorganized

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Ethereum Classic [ETC] has suffered a 51% attack for the third time in a month following which reorganization of over 7000 blocks occurred on the network which corresponded to approximately two days of mining.

A chain reorganization takes place when a party gains more hashing power than the rest of the miners in the network. The offending miner then achieves the ability to rewrite the chain’s history and also “double-spend” the blockchain’s native token. The double spends made in the latest attack is not known yet.

A leading organization behind the Ethereum Classic network, ETC Labs called the entire fiasco “suspicious” as it occurred a day after the core-dev meeting.

The 51% attack was first spotted by the mining pool Ethermine’s parent entity Bitfly which revealed that all the lost blocks will be removed from the immature balance and that the platform will check all payouts for dropped transactions.

Ethereum Classic official Twitter handle also responded and tweeted,

“While ETC is still making progress in evaluating proposed solutions, we are aware of the current risk to the network at these low hash rate levels. To miners, exchanges, and other service providers we suggest keeping confirmation requirements levels well above 7K for now.”

Following the attack, Ethereum Classic’s hash rate which was declined significantly over the past couple of months was down by 4.77% in the last 24 hours. At 3.78 Th/s, the hash rate was still hovering close to its three-year low.

ETC Cooperative, which happens to be another prominent foundation supporting ETC network’s development also addressed the recent turn of events and tweeted,

“We are aware of today’s attack and are working with others to test and evaluate proposed solutions as quickly as possible. As ETC makes progress in areas, it still makes up just ~3% of ETH’s hash rate. We kindly ask that miners, exchanges, and others raise confirmations to >12K.”

The network suffered its first 51% attack of the year between July 29 and August 1, when 3,693 blocks were reorganized. Less than a week later 4,000 blocks were reorganized after the network was hit by the second attack. During this time, the adversary was able to double-spend 807,260 ETC [nearly $5.6 million, at that time] after spending 17.5 BTC [around $200,000] to acquire the hash power for the attack.

In light of these events, cryptocurrency exchange, OKEx had revealed that it was considering the removal of the asset.

The series of attacks pertaining to the network insecurity has pushed ETC’s price further down the bearish region as it was down by nearly 50% since February this year. Notably, ETC had suffered a similar attack in 2019.

Bakkt Volume Smashes Previous Record, Hits New ATH at $147 Million

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Almost a month after breaking its record twice in two consecutive days, volumes on Bitcoin futures offered by Intercontinental Exchange [ICE] subsidiary, Bakkt, hit yet another milestone.

The institutional investing platform registered its highest-ever figure of $147 million in volume with 12,791 contracts traded on 25th August, as per the data from the crypto-analytic site, Skew. As compared to its previous high in July for Bitcoin’s monthly futures, Bakkt’s figures were up by 15%.

skew bakkt bitcoin futures total open interest volumes 1

On the other hand, the open interest [OI], which is an indicator of the total number of outstanding contracts held by investors, declined and was found to be at $9.5 million. This may be due to the fact that the latest move followed a correction in the underlying asset price that plunged to $11,397 as opposed to its previous high, which was driven by Bitcoin breaking the almost three-month range-bound trading channel.

Bakkt’s physically-settled contracts which are paid out in BTC registered a volume of $134 million while its cash-settled contracts, which are delivered in US Dollars, accounted for $13 million.

However, New York Stock Exchange-owned Bakkt wasn’t the only institutional exchange that recorded a new peak. Its rival, Chicago Mercantile Exchange [CME] also saw nearly a month-high surging to a volume of $935 million while its open interest was found to be at $713 million, according to data from Skew Analytics.

skew cme bitcoin futures total open interest volumes

Leading cryptocurrency exchange and derivative platform, OKEx‘s ‘BTC Top trader sentiment index’ also spiked to 0.59 as volumes rose to $4.5 billion despite a low open interest. However, these figures were still negligible when compared in a macro aspect of the derivatives market.

The aggregated daily volume of the collective derivatives platform, as noted by Skew, suffered from poor figures in August. It continued to remain below $20 billion for the most part of the month since the underlying asset’s price sustained major corrections and failed to breach $12,000 despite multiple breakout attempts.

However, with the latest surge, the aggregated daily volume also rose, though not significantly, to $17 billion, a level that was last seen on 19th August when Bitcoin’s price soared to $12,278. Could this spur a rally for Bitcoin in the near-term?

DeFi Project ‘Curve’ Eyes for $1B TVL Days After ‘Unexpected Deployment’

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The DeFi boom of 2020 is real and is showing no signs of slowing down. Over the past couple of years, the DeFi ecosystem has evolved significantly with the foray of new market participants which are continuously building new infrastructure.

The new kid in the block is a decentralized Ethereum liquidity exchange pool called Curve Finance. According to DeFi Pulse, the protocol is getting closer to a $1 billion mark in total locked value [USD]. As the upward movement continued, a TVL of $922.7 million was recorded.

defi pulse

The figures first shot up on 14th August from a mere $254.5 million, surging by an astonishing 262.5% in a period of two days. With this, Bitcoin locked in Curve Finance’s exploded to 11.637.

This comes after popular cryptocurrency exchanges such as OKEx, Huobi, and Binance announced support for its native token, CRV.

This token is used for the purpose of voting in platform governance. In addition, CRV is also used as a reward for liquidity providers. In addition, a portion of the trading fees collected is used to conduct constant token burns.

Unexpected deployment fuels Curve adoption

Initially developed as a viable alternative to trading stablecoins on general-purpose DEXes, Curve is a well-known name in the space and hence, the anticipation surrounding the launch was also quite high.

It was the unfolding of an interesting turn of events that multiplied the hype. This involved an anonymous DeFi user who deployed the Curve token and contracts on the Ethereum mainnet well before the team’s official announcement. The user, with a relatively new Twitter account, revealed,

“Yo, @CurveFinance! Saw your DAO is ready to rock and I gots to MAXIMIZE MY ALPHA ! So I went ahead and deployed it for you. Get at me in DM to verify and lets get this party started!!”

While the Curve team had no prior knowledge about the contract deployment, hours after the above Twitter post, however, the officials of the DeFi platform verified the deployment process and confirmed the legitimacy. This subsequently forced Curve Finance to launch its decentralized autonomous organization or DAO and governance token CRV.

In an official statement, the Curve team announced,

“Someone deployed $CRV based on smart contracts we had published on github, front-running our efforts. While we initially were skeptical, it appeared to be an acceptable deployment with correct code, data, and admin keys. Due to the token/DAO getting traction, we had to adopt it.”

The Curve team further added that the deployment had correct code, data, and admin keys and also went on to add that the community member who deployed it relinquished any admin power.

Pre-mining accusations

Curve Finance is touted as one of the most prominent platforms in the space. But speculations regarding users’ pre-mining CRV token surfaced in the DeFi community. This was due to the fact that contracts were already deployed by the anonymous user unexpectedly. Soon after which some DeFi users started staking yCRV, tokens that represent shares of Curve’s liquidity pools, in a bid to earn CRV tokens even before the team could verify that the contracts had been properly deployed.

Indian Crypto Industry Worried of Alleged New Crypto Ban by Authorities

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Five months ago, the Indian crypto industry was filled with hope and excitement as the Supreme Court lifted a ban on cryptocurrencies. Nevertheless, the excitement and hope were once again overshadowed by uncertainty, after an anonymous government official allegedly reported that the government is drafting a new law to ban digital currencies.

According to the alleged government official, two ministries and the Reserve Bank of India ( RBI) are proactively structuring the legal framework to outlaw cryptocurrencies for good in India. A report by the Indian news outlet, Moneycontrol, on August 4,  claimed some Indian authorities want to ban cryptocurrency trading in the country. The report suggests that the Ministry of Electronics and Information Technology, the Ministry of Law and Justice, and the Reserve Bank of India (RBI) are deliberating on the structure of the law to ban digital assets.

New crypto ban scare in India

The news outlet quotes the anonymous official, saying, “Once Parliament resumes for the session, we are hoping to get [the law] ratified.” Indian lawmakers are expected to assemble again in late August or at the beginning of September. As per the official, the government wants to outlaw cryptocurrencies through a statutory structure, as opposed to other means such as RBI’s blanket ban. He adds, “It will clearly define the illegality of the trade.”Back in 2018, the Reserve Bank of India prohibited banks from offering their services to businesses involved with cryptocurrencies. However, the crypto ban was lifted by the Supreme Court back in March. Notably, the recent revocation of the blanket ban led to the rise of many new cryptocurrency exchange platforms in the subcontinent. Indian authorities are now threatening to introduce a law banning cryptocurrencies rather than RBI’s crypto ban.

Crypto is vital to Indians during coronavirus pandemic

Cryptocurrency exchanges across India have reported substantial growth in the last few months, as investors shift away from traditional assets. Notably, many parts of India are under strict movement restrictions since the government imposed a lock-down in March.

Indian-based crypto exchange platform, WazirX, saw a massive 80 percent growth in both March and April. Furthermore, CoinDCX, which is also based in India, saw ten times more new registrations the week after the crypto ban was lifted, than the average registrations before the repeal.

Ethereum-Bitcoin Price at a Yearly-High; ETH Futures Sees $300 Milllion OI

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The development of Bitcoin and Ethereum has been an ongoing situation throughout 2020. When the market pumped between January-February in 2020, Ethereum blindly followed Bitcoin in the charts, as their correlation index surged from 0.826 to $0.881. During the collapse as well, the correlation continued to increase, tipping off at 0.901.

Many suggested that despite its importance, Ether continued to be dependent on Bitcoin for a bull run. The tables have largely turned now over the past few months and it is evident with respect to the recent data.

skew ether price as of bitcoin price

According to the above skew chart, Ethereum is currently inflicting its largest price percentage with respect to Bitcoin in a year. Ether value is 3.3 percent of Bitcoin price which was last observed in June 2019.

Besides, the 1-month correlation between Ethereum and Bitcoin dropped down to 58 percent on 1st August. Before 1st, the correlation between Ethereum and Bitcoin was above 90 percent in the industry.

Ethereum Futures and $1 billion crypto liquidation

One of the main reasons for Ethereum steadily grown over the past couple of weeks is due to the growth of its derivatives market.

skew total eth options open interest

The total Ethereum Options interest on Deribit and OKEx is at an astounding all-time high of $313 million and $30 million respectively at the moment. Derivatives on Bitcoin’s end is not the most popular product anymore with ethereum carving out its own space in the futures market.

For Ethereum, it is definitely a huge boost since its exposure to traders on this platform will further lead to better classification and reach over the rest of the industry.

There was avid speculation that the recent sell-off at $415 ETH, 24-hours back took place due to the liquidations worth over $1 billion on Bitcoin and Ethereum futures contracts in a short period. According to data, it was the largest liquidation since March 13th, when Bitcoin and Ethereum had dropped down to $3600 and $120 respectively.

However, popular analyst Alex Kruger said,

“That was a blowoff top in ETH and BTC last night. A blowoff doesn’t have to be “the top.” Silver and gold had a blowoff top last week. See how similar charts are in the days and minutes preceding the crash. Bigger picture remains unchanged. Higher highs ahead in 2020 IMO.”

Indian Crypto Firms Optimistic Despite Crypto Blanket Ban Rumors

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Indian crypto firms remain optimistic for the bright future, despite rumors of an imminent ban on cryptocurrencies from India. Last week, the Indian Ministry of Finance submitted a proposal to permanently ban digital currencies from the country.

The Indian cryptocurrency industry has begun to experience growth since the Reserve Bank of India ( RBI) has been forced to lift the banking ban by the apex court, giving the government embattled industry a new lifeline. Even so, after three months of a smooth ride, the industry is once again facing the threat of permanent dismantlement.

Indian crypto firms under siege

If the new bill awaiting approval by ministers passes into law, it will end the booming cryptocurrency industry. Notably, the new law will affect crypto-related firms and individuals who own and trade digital currencies. 

Regardless, some Indian crypto firms are still optimistic and claim there is no need to panic. The first cryptocurrency firm that comes to mind when talking about the Indian crypto sector is WazirX. WazirX has been making headlines in the media for record-breaking trading volumes, and the recent high-profile acquisition by exchange giants Binance.

Optimism galore

According to the CEO and founder of WazirX, Nischal Shetty, the news of a blanket ban are merely rumors. He says:

“While we do not question the credibility of the source, we do know from our own links within the government that India’s crypto sector, in fact, is viewed in a positive light. There is no ban being considered, as far as we know.”

Moreover, the founder and CEO of CoinDCX, Sumit Gupta, commented on the rumors. The crypto firm recently managed to raise $2.5 million in extra funds to venture into several crypto-related investments in India.

Furthermore, Gupta launched CoinDCX’s online crypto and blockchain learning platform to drive adoption. He noted that India is yet to enjoy the best days, and he sees his new initiative introducing digital currencies to at least 50 million people in India. He stated:

“The launch of DCX Learn is a big step toward understanding and embracing crypto. It comes at a time when Indian crypto companies are thriving. So, instead of focussing on rumors, we must do all we can to fast-track financial inclusion in India.”

Indian Cryptocurrency Exchanges Approach RBI for Regulatory Clarification

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In April 2018, the Reserve Bank of India(RBI) had placed a ban on cryptocurrency trading that restricted banks and other financial institutions from enabling cryptocurrency-related services. In March of this year, the Indian Supreme Court lifted Reserve Bank’s two-year ban on cryptocurrency trading in India for what many said was a historic verdict.

After the Supreme Court verdict, many statistics showed that a growing number of Indians were interested in cryptocurrency trading, and many exchanges saw an increase in trading volume.

Cryptocurrency exchanges have now approached the Reserve Bank of India (RBI) as stated by The Economic Times, and sought clarification on their status and domestic tax within the country. Crypto exchanges wrote to the Reserve Bank of India (RBI) seeking clarification as financial institutions refused to provide the financial services they wanted because of a lack of clarity on the part of the regulators, The Exchanges have requested clarity on the platform’s categorization as commodity, currency, goods, or service that defines whether they are paid under the Good and Services Tax (GST).

Praveenkumar Vijayakumar, Chairman & CEO of Belfrics Global, was reported as saying:

“If the digital assets are not exempted from GST, the digital currency exchanges in India are going to have a standoff with the tax authority. In early 2019, the tax department had reached out to several cryptocurrency platforms in this regard. In the wake of the recent Supreme Court ruling, we have also approached the RBI for clarity on this, as if we pay GST on the whole transaction, then most platforms would not be able to survive,”

In the background, it is claimed that the indirect tax department which collects GST has initiated preliminary discussions on how cryptocurrencies could be brought within the scope of the GST. A few years earlier, the sales tax department and VAT authorities had also launched an investigation into Bitcoins‘ taxability. The indirect tax department also launched an investigation into Bitcoin exchanges operating in India to assess the rate of GST that could be imposed on them.

“After the supreme court judgment, the RBI was supposed to issue a new circular directing the banks to start banking relationships again with cryptocurrency exchanges and businesses. When the Crypto exchanges approached banks to start operations the banks simply denied as they had not received any notification from the RBI till date,” said Sidharth Sogani, CEO, CREBACO Global. “Banks cannot deny the service after the Supreme Court judgment, they are just playing safe as banks will always be anti-Bitcoin, but because of this huge potential is getting sacrificed.”

 

Anonymous Institutional Investors Purchases Multiple Petahashes of Bitcoin Mining Power in First of its Kind Deal

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Bitcoin mining power has always been a key factor in the fight for cryptocurrency domination. It is a known fact that whoever owns more Bitcoin mining power, controls a bigger chunk of all BTC available.

Greenidge Generation, a Bitcoin mining power plant in New York, has sold 106 petahashes of BTC mining power to an anonymous buyer, according to the latest news. This large power transfer was a major marker in an ecosystem waiting for the Bitcoin halving in May. 

BitOoda Digital brokered an agreement between Greenidge and the unknown partner during its initial launch in January. The main intention of the launch was to buy BTC hash power from big institutions in a legitimate over-the-counter transaction. Sources from within the company said the BitOoda product optimizes institutional investors ‘settlement and delivery process.

An official release from Greenidge further promised a fully regulated, safe and secure means of purchasing Bitcoin for institutional investors who were just entering the space. Tim Rainey, the Chief Financial Officer [CFO] of Greenidge stated:

“Providing the same kind of time-tested hedging capabilities seen in traditional commodity markets, such product brings the benefits of clean and energy-efficient bitcoin mining from Greenidge to institutional investors throughout the United States. We look forward to working with BitOoda and other partners as we continue to scale our mining operations and, through our partners, extend the range of investment options over the coming year.”

The main advantage with the BitOoda contract was that users will be able to own Bitcoin at a cheaper rate than the spot market. With the latest deal, Greenidge will be able to use the upfront capital to expand its mining operations to newer regions. Greenidge’s facility is currently capable of generating more than 100 megawatts of clean energy per hour with access to the Empire Pipeline System.

Sources stated that all the contracts will be settled physically and act like traditional products. BitOoda’s Chief Executive Officer [CEO] Time Kelly claimed that the hashpower contract was created by keeping Greenidge’s mining potential in mind. The company is also in the works to develop a suite of next-gen digital asset-based products to lure institutional investors into the decentralized ecosystem.

The latest mining power purchase was done a month before the Bitcoin halving is set to occur. In May, the world’s largest cryptocurrency is set to go through a process that will reduced mining rewards on the blockchain by half. Some analysts have pointed out that owning efficient mining systems to enable miners to cut losses and make profits. The industry was now waiting with bated breath for some form of price surge after the spread of coronavirus destroyed all semblance of ecosystem growth.

Petition For Silk Road Founder’s Release Crosses Major Milestone As Crypto Proponents Continue Their Support

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The cryptocurrency industry has also been subject to several scandals and the Silk Road was surrounded by one of the initial furore. The Silk Road was a digital network developed by Ross Ulbricht that enabled users to access the dark web using cryptocurrencies like Bitcoin and pay for commodities.

Since Ulbricht was arrested in 2013, some members of the cryptocurrency community have attacked the decision to place him behind bars for a crime that was not under proper jurisdiction. This led to the creation of FreeRos.org, a website that has recently accepted petitions for release and crossed the 275,000 mark.

The news came almost seven years after multiple agencies, such as the Federal Bureau of Investigation, had put the cryptocurrency enthusiast behind bars. Ulbricht’s arrest was widely scorned by a large sector of the cryptocurrency industry, with personalities like Roger Ver also calling for his release.

Ver, the Chief Executive Officer [CEO] of Bitcoin.com has raised awareness about Ulbricht’s plight multiple times over the past. He has even urged the Bitcoin Cash community to rally behind the jailed Ulbricht. The FreeRoss website was set up by a group of Ross Ulbricht’s family, friends, and supporters with the aim of coaxing the Justice Department to reduce his sentence. The petition starts by saying:

“My son, Ross Ulbricht, is a first-time offender serving a double life sentence without parole, plus 40 years, for a website he made when he was 26 years old and passionate about free markets and privacy. Ross―an Eagle Scout, scientist and peaceful entrepreneur―had allnon-violentcharges at trial. He was never prosecuted for causing harm or bodily injury and no victim was named at trial. This is a sentence that shocks the conscience.”

Ulbricht started the Silk Road with the intention of creating a decentralized marketplace by removing the middleman and establishing a safe transaction system. Law officials began looking into it when reports revealed that the website was also home to illegal substances such as cannabis, MDMA and other drugs.

The ease of access and delivery shocked lawmakers in the United States and other countries. Once they had enough evidence, the FBI infiltrated Ulbricht’s home and took him into custody. The entire event was the start of a tussle between the cryptocurrency industry and the legal framework.

The accused’s family had come to the record several times earlier to say that the case recurred to corruption and extortion. Accusations of prosecution misconduct and constitutional violations were also mixed up as Ulbricht’s support grew daily. The petition hopes to soon cross over 300,000 signatures and bring the arrest to mainstream attention.

Tim Draper was another popular personality who asked for Ulbricht’s release from prison. The billionaire investor stated that convicts who had harmed other people suffered less than what Ulbricht was going through. This was in the same vein as Ulbricht’s family, who called the decision as a “miscarriage of justice”.

The latest information about the case has also said that Ulbricht has been cut off from all visitors due to the spread of the Coronavirus. He will be put in isolation for 30 days with the prison claiming that Ross was doing “just fine” in prison. Ulbricht provides updates about himself on Twitter with an ardent fan following standing by him on the social media platform as well.