Binance will sell its remaining FTT tokens as a response to CoinDesk's recent scoop regarding Alameda Research's balance sheet. The cryptocurrency exchange received roughly $2.1 billion worth of BUSD and FTT as part of its exit from FTX's equity last year. Alameda's CEO claims that the firm's financial condition is stronger than what was reflected by the balance sheet. They have offered to buy Binance's FTT token holdings for $22 each.
CoinDesk recently obtained financial documents belonging to Alameda Research containing information about its financial position and relationship with FTX. Alameda had approximately $14.6 billion in assets and $8 billion in liabilities at the end of June. The firm owned around $5.82 billion in FTT, FTX's native token. While FTX, FTX Ventures, and Alameda all claim that they operate independently, the documents show how close the companies are and call into question the true value of their assets.
Google's cloud division is working with Solana to bring its Blockchain Node Engine to the Solana chain. The company is operating a block-producing Solana validator to participate in and validate the network. Google Cloud will be indexing the Solana blockchain and bringing the data to Big Query next year. Some people have criticized Google's mission to host Solana nodes in the cloud as it will result in more centralization.
Ethereum's Shanghai update will dramatically reduce some fees paid by builders. Builders package transactions that are sent to Ethereum into blocks that are relayed to validators who order them into the blockchain. There are some concerns that large builders may use their power to seek out advantages or claim more fees. Many validators opt to work with builders to get extra fees from traders. The change will mean users only pay for successful transactions.
CoinDesk recently posted an article showing problems with Alameda's balance sheet. A whale transferred 23 million FTT worth around $530 million to Binance after the post was made. Many people believe the whale may be Binance. The price of FTT decreased by around 10% after the transfer. This Twitter thread presents an analysis of whether FTT will crash. It is very likely that FTT will crash if the big whales start to sell the token.
The Digital Commodities Consumer Protection Act originally aimed to cover crypto intermediaries, but it has now extended to DeFi. The industry should be aiming for a DCCPA that is constrained to centralized intermediary oversight, a more comprehensive bill, or something entirely new. This Twitter thread discusses the issues with the current version of the DCCPA and why lawmakers should take their time in crafting the bill. The current bill could kill DeFi outright.
Nova Labs, the company behind Helium, will provide SIM cards and free trials to new Solana Saga phone users. Saga phones sold in the US will get a free 30-day subscription to Helium Mobile. The Helium Network is a decentralized grid of wireless hotspots powered by cryptocurrencies. Solana's Saga phone is an Android device that is tightly integrated with the Solana blockchain. It is expected to be released in March 2023.
A recent report revealed that Alameda Research's assets were significantly comprised of tokens from Sam Bankman-Fried's other projects. The company only had $134 million in cash on hand at the end of June. This article discusses how FTT may just be another flywheel scheme where the token was created to attract investors and borrow assets. Alameda's token assets would quickly become worthless if the firm attempted any large sales.
The cutting-edge technologies of today will one day become normalized due to mass adoption and current indications show that activity on Ethereum will continue to increase.
Blockchains are moving towards modular architecture designs to achieve true scalability due to the challenges that come with monolithic blockchain designs.
This article looks at the history of email, the rise of spam, anti-spam measures, how these measures resulted in the death of decentralized email, and how Bitcoiners need to be wary to prevent something similar from happening to Bitcoin.
There is no exact timeline yet for when Polygon will complete its transition to a true layer 2, but the team has confirmed that it is currently working towards that goal.
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