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Crypto News

Not So ‘Chill Guy’: Solana Meme Coin Plummets After IP Creator’s Accounts Hacked to Share Hoax

A weeks-long feud between the team behind a surging meme coin and the creator of the cartoon that inspired it appeared to reach a happy conclusion late Thursday—until it was revealed that the supposed armistice was fake news spread by a hacker, predictably causing the token to dump in the process.

Could a sentence be more crypto than that?

On Thursday evening, an X (formerly known as Twitter) account belonging to Philip Banks, creator of the beloved “Just a Chill Guy” meme, announced that he had officially given his blessing for the soaring, Solana-based CHILLGUY meme coin to license his intellectual property.

« Some members of CHILLGUY token reached out to me and we had a long discussion, » the post read. « They have been really supportive and nice, and we reached an agreement. I’ve decided to provide licensing and IP rights to the CHILLGUY token and team. »

Previously, Banks had threatened the creators of the token—which leveraged the sweatshirt-wearing dog character to climb to a value in excess of $400 million—with legal action. 

Unsurprisingly, CHILLGUY’s value immediately rocketed over 22% on news of the supposed peace treaty. In the past, licensing agreements between meme coins and their unauthorized inspirations have caused those tokens to skyrocket. After all, who wants a (fairly compelling) trademark infringement suit hanging over the fundamental premise of their project?

But in short order, it became clear that the detente was a hoax. Banks’ account soon posted again, and again, and again—claiming that the crypto-skeptical illustrator had set up a Solana wallet, and was now launching his own “official” Chill Guy meme coin via Pump.fun.

That raised suspicions among traders. The CHILLGUY meme coin’s Twitter account then entered the chat, posting that the token’s team was “taken by surprise” by Banks’ announcement, further suggesting that the deal was not actually real.

As quickly as CHILLGUY had soared, it fell crashing back to Earth. Within 30 minutes, the token collapsed over 25%, to $0.33. It has since fallen a further 10%, to under $0.30 at writing. 

In a bizarre twist, once the token started tanking, Banks’ Twitter account began posting anti-crypto proclamations condemning the hack—perhaps part of an effort to profit from longing and then shorting the asset.

“Chill Guy’s image and rights will NEVER be involved in crypto,” one post read. “Spreading hate, attacking my family, committing crimes to profit off my art…. After today’s events, I’m going to be sending takedown requests, and preparing to battle these crypto platforms legally.” 

But even those posts were not made by Banks himself, the artist said in a subsequent Instagram post, and they’ve since been removed along with all of the other apparently fraudulent missives.

Some things in crypto never change. But at least hackers appear to be working on their method acting skills.

Edited by Andrew Hayward

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2024-12-13 18:03:08

Catégories
Crypto News

Bybit Advances Regulatory Compliance, Temporarily Adjusts EEA Operations

[PRESS RELEASE – Dubai, United Arab Emirates, December 13th, 2024]

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, continues to reinforce its commitment to transparency and regulatory compliance. In response to evolving regulations, Bybit has made the difficult but necessary decision to temporarily adjust the availability of its products and services within the European Economic Area (EEA).

Paving the Way with MiCAR Compliance

Bybit is actively pursuing a Markets in Crypto-Assets Regulation (MiCAR) license in Austria, a cornerstone of its compliance-first approach. This effort underscores Bybit’s dedication to aligning with stringent European regulatory standards, enhancing user protection, and delivering a secure trading environment.

“Obtaining the MiCAR license will be a strategic milestone for Bybit,” said Ben Zhou, Co-founder and CEO of Bybit. “Our proactive stance ensures that we meet and exceed the expectations of both regulators and our users, as we work toward a future where innovation and compliance coexist seamlessly.”

Temporary Adjustments to EEA Operations

To ensure ongoing compliance with applicable regulatory laws, particularly regarding reverse solicitation, Bybit has made the difficult decision to generally cease all communication with the EEA region. This measure is intended to avoid any potential breach of the strict reverse solicitation principle. Existing customers’ access to their crypto assets remains uninterrupted.

Although this was a challenging decision, it was necessary for Bybit to maintain its compliance-first approach. Bybit is actively working towards obtaining a MiCAR license in Austria to become one of the first players in the EEA. Once the appropriate licensing is secured, Bybit will start engagement with its EEA clients in accordance with applicable laws.

Balancing Innovation with Compliance

“As cryptocurrency adoption continues to grow globally, it is Bybit’s mission to deliver secure and reliable trading experiences underpinned by robust regulatory framework to all crypto communities,” said Ben Zhou, Co-founder and CEO of Bybit. “To ensure we meet the highest standards and pave the way for a safer and more sustainable future for the industry, we’ve made the proactive decision to temporarily adjust our operations in the EEA. This allows us to focus on obtaining the necessary licenses and ensuring a fully compliant platform focused on serving EEA clients.”

Commitment to the EEA Market

Bybit will be deeply committed to serving its EEA clients once it receives a MiCAR license. The company is actively engaging with regulatory authorities to expedite the licensing process and start full operations in the region.

Bybit appreciates the support of its users as it navigates this pivotal regulatory journey. For questions or assistance, users are encouraged to contact Bybit’s Customer Support team via Live Chat.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For media inquiries, please contact: media@bybit.com

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2024-12-14 07:21:51

Catégories
Crypto News

PENGU: Everything You Need to Know About the Pudgy Penguins Solana Token and Airdrop

After amassing more than 50 billion social media views and placing toys on shelves in Walmart and Target stores across the country, Ethereum NFT project Pudgy Penguins is launching a token. 

The news sent the Pudgy Penguins floor price skyward, breaching $100,000 and becoming the second largest profile picture (PFP) project in all of NFTs

“A founder’s job in crypto is to maximize for optimal excitement,” said Pudgy Penguins IP owner Luca Netz in a video interview with crypto personality ThreadGuy

While excitement swirls around the Pudgy Penguin ecosystem, find out everything you need to know about its upcoming token PENGU, which will soon be launching on Solana.

What is PENGU?

PENGU is the Pudgy Penguins ecosystem token that’s set to launch on the Solana blockchain. It will have a total supply of 88.88 billion PENGU tokens, 25.9% of which are being set aside for members of the Pudgy Penguins ecosystem via an upcoming airdrop claim.

“By launching PENGU on Solana, Pudgy Penguins grows by reaching an entirely new audience,” said Igloo Inc, the Pudgy Penguin parent company on X (formerly known as Twitter). 

Though the token will launch on Solana, it will eventually expand to Ethereum and Abstract, the consumer-focused Ethereum layer-2 scaling network being built by Igloo Inc. 

To Netz, the PENGU token offers the millions of Pudgy Penguin fans around the world to better connect with the brand, suggesting that tokenization at its core is “alignment.” 

When is PENGU dropping?

PENGU does not have a formal release date, though it is expected soon. Official announcements from the Pudgy Penguins account on X indicate that it will be released by the end of 2024.

A number of copycat tokens are already being traded, attempting to dupe investors into buying an asset with the same or a similar name, but the real token isn’t yet available as of this writing.

Who will get the PENGU airdrop?

More than 88 billion PENGU tokens will be circulating on the Solana blockchain, split among a handful of holder categories as outlined by the Pudgy Penguins announcement. 

Decrypt has reached out to Pudgy Penguins to gain additional clarity on details related to its token distribution. Numbers below are estimates based on an informational graphic provided by Pudgy Penguins. 

25.9% : Pudgy Community

The largest allocation of PENGU tokens is reserved for the Pudgy Penguins community, including but not limited to Pudgy Penguins, Lil Pudgys, and Pudgy Rods (aka Rogs) NFT holders. 

Although specific ratios are not yet announced, it is expected that the largest allocation will be received by holders of the original Pudgy Penguins NFTs—which are most valuable by far—followed by Lil Pudgys and Rogs. 

Project lead Luca Netz confirmed that no snapshot will be taken to capture holders, and instead those holding the assets at the time of token generation will be granted access to PENGU. 

24.12% : Other Communities

The next largest bucket of PENGU tokens will be set aside for other communities in Web3 and potentially beyond, with an expectation of acquiring 5 million new members of the Pudgy Penguin community, according to the announcement graphic. 

Though the official communities have not been named, there’s speculation that projects close to Pudgy Penguins, like the communities receiving exclusive roles in its Abstract Discord, would become eligible for the token. 

Netz did indicate that buyers of Pudgy Toys that interacted with its online Pudgy World gaming platform and collected “Pudgy Traits”—or attributes to equip their virtual Penguins—would be eligible for PENGU as well. Owners of Pudgy Toys can gain access to Pudgy World by scanning a QR code that came with their toy. 

17.8%: Pudgy Penguins Team 

Pudgy Penguins ecosystem employees, current and former alike, will take the third-largest slice of PENGU, receiving nearly 18% of the token pursuant to a one-year cliff and a three-year vesting period. During token distributions, a cliff typically disables the ability for a user to sell or transfer any tokens.

12.35% : Liquidity Pools 

A portion of the PENGU supply will be set aside to create sufficient liquidity for active trading of the token. 

11.48%: Company 

Igloo Inc., the Pudgy Penguins parent company, will receive 11.48% of the PENGU token, subject to the same one-year cliff and three year vest that Pudgy Penguin employees received. 

4% : Public Good

Four percent of the PENGU token supply is set aside for public good efforts. Though not officially described, Pudgy Penguins has undertaken public good initiatives during the last year with its Pudgy Kindness campaigns, sending funds and helping underappreciated streamers go viral on social media. 

4%: Proliferation

Another small percentage of PENGU is set aside for efforts to expand the Pudgy Penguins brand, potentially through listings with centralized exchanges or brand marketing efforts. 

0.35%: FTT Holders

The smallest allocation of the PENGU token is set aside for FTT token holders. FTT is the native token of the infamous FTX exchange, which filed for bankruptcy and ceased operations following its November 2022 collapse.

The token saw a brief spike to nearly $4 on the day of the PENGU announcement—a nearly one-year price peak—but has since retraced. No official holding criteria has been shared at this time.

How to claim PENGU

No details have been shared about how PENGU will be distributed, but users will have 88 days to claim the token once it is live, according to a post on X by Netz.

Pre-market trading

While PENGU is not yet live, pre-market trading has already begun on platforms like Whales Market. At the time of writing, PENGU is trading for $0.04 on more than $650,000 in lifetime volume. At a price of $0.04, PENGU would have a fully diluted valuation of more than $3.5 billion.

Historically, pre-market trading is highly volatile and not predictive of future pricing. However, it sometimes lands pretty close to the target, as seen with the ME token associated with NFT marketplace Magic Eden.

Edited by Andrew Hayward

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2024-12-13 19:17:47

Catégories
Crypto News

5 Reasons Ethereum Could Outperform Bitcoin in Dec and Jan

For the past two years, Bitcoin has come roaring back from 2022’s crypto winter. It was a tough one-year correction cycle, complete with a rash of cash crunches and liquidations of some big names in blockchain.

The crash was so devastating that a few Web3 founders who broke the law even went to jail in the aftermath of that broad market correction.

But BTC – the oldest, longest, most secured Satoshi chain, steadily ratcheted support levels upward over 2023 before melting up this year.

2025: Ethereum at a Glance

Meanwhile, Ethereum and altcoin prices have tracked along with Bitcoin’s rise. The second-largest cryptocurrency by market cap, however, has failed to move with the same gusto, pushing the little orange coin’s fortunes higher.

What characterizes Bitcoin is its avowed simplicity as a global calculator for small sums representing vast amounts of value locked in by a secure computer hash protocol and market forces.

By comparison, Ethereum is built to handle more complexity as a global computer for anything you want. The market appreciates its potential to reliably host powerful smart contracts on a network governed by rules enforced by computer programming rather than trusted rulers policed by civil authorities.

Ethereum’s biggest challenge at the moment is simplifying complexity rather than getting bogged down while remaining a truly automated protocol and round table for its users.

The smart contract platform’s co-founder, Vitalik Buterin, highlighted this challenge in a Dec. 7 post on X. “If Ethereum gave up on verifiability and accepted committees and centralized intermediaries for everything, I would consider it no longer Ethereum,” he wrote.

While Ethereum’s lead team guides its development, here are five reasons crypto exchange values for its ETH tokens could eclipse BTC’s percentage growth over the next 60 days.

1. Ethereum Technical Analysis

As popular analyst Cryptos Batman recently told followers in a post on X, Ethereum’s price recently broke a 3-year bearish trend line. That could indicate a bullish trend reversal, with Ether taking flight like Bitcoin has in recent months.

“For the first time in 3 years, $ETH has closed a candle body above its upper bearish trendline,” Cryptos Batman wrote. “This week’s retest is a healthy sign, setting the stage for a sustainable rally. Opportunities like this don’t come often. Don’t miss it!”

2. Excellent Trump Bump Prospects

In addition to a strong technical backdrop for an Ether bull run, the political/regulatory situation for the asset could hardly be more favorable.

A pro-growth crypto policy was a signature promise of Trump’s campaign. That’s great for the blockchain industry overall but could be especially auspicious for Ethereum prices at exchange.

Ethereum and its ERC20s were always less safe than Bitcoin from regulatory uncertainty, so its price stands more to gain from a pro-growth administration that’s friendly to the decentralized finance business.

3. Santa Claus Rally for Ethereum Incoming?

In the history of liquid financial markets for tradable assets like stocks and cryptocurrencies, there is usually a “Santa Claus” or year-end price rally that extends into January. Often this is the most profitable part of the calendar when these assets make their greatest gains on exchange markets.

So far, this pattern has held up in the experience of Bitcoin and altcoin markets, with BTC and alts like Ethereum making big leaps up the chart in December and January.

During the most recent Santa Claus rally immediately following a Bitcoin halving in 2020-21, like the current December to January period for 2024-2025, ETH’s price performance far surpassed that of BTC.

Here are the figures for that cycle:

Bitcoin’s high price on Dec. 21, 2022 was $24,059. But by Jan. 18, 2023, its top was $37,299. Meanwhile, Ethereum’s high price on Dec. 21, 2022 was $646. By Jan. 18, 2023, however, Ether traded at a high of $1,259. So BTC rallied by 55% while ETH jumped by 95%.

4. BTC Crushed Already ATHs in ‘24, Ether’s Waiting

As long as the fundamentals of value proposition and market conditions remain in line, the tendency of “mean reversion” or a return to the average trend line remains an important factor to consider in a cryptocurrency’s price.

What goes up must come down and what stays down has no where to go but back up again. Accordingly, average Ethereum prices on crypto exchanges look like they’re fixing to do just that in the markets up ahead.

Bitcoin has already melted up the chart in a way that Ether hasn’t so far on this macro market halving cycle. Remember, Bitcoin has already blown past its previous all-time high prices. Ethereum has yet to mark its past record high on this cycle. That means alt season is still ahead of us if markets retrace past crypto trends.

5. Institutions Are Catching Up to Ethereum

While Bitcoin is firmly in the regulated and safe column for institutional investors on Wall Street, altcoins have yet to reach this “most favored nation” status with US financial and commodities regulators.

Ethereum stands out from the rest of the altcoins in that it appears to be well on its way to Bitcoin’s level of mainstream acceptance. At least it has spot ETF products for regulated investors like Bitcoin.

However, the trend toward increased institutional adoption of Ethereum is a tailwind for its price, which markets are counting on as the exchanges continuously revise the valuation for Ether.

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2024-12-14 15:15:56

Catégories
Crypto News

Decrypt, Rug Radio Launch MYRIAD at Epic R HAUS Event During Art Basel Miami

The leading lights of crypto and Web3 jetted to Miami’s Art Basel for a glitzy R HAUS event that saw the launch of Decrypt and Rug Radio’s “integrated media ecosystem” MYRIAD.

With views over Miami Beach and parties, auctions, brunches and networking events sponsored by partners including  CryptoPunks, MOG, Galaxis, BC Games, Infinite Objects, DeLorean, Christie’s, Ledger, CFN, White Walls and Geojam, R HAUS was the showpiece event for the crypto faithful at Art Basel.

Over three days of vibes, brunch events and parties, guests enjoyed drinks by Padre Azul, Goat Rhum, Moonbird Gin, Amnisia Vodka, Rekt Drinks and Happy Dad, admired artwork displays by White Walls and Infinite Objects and took in custom heavy gold and diamonds by Crypto Jeweler. Top Web3 brands joined in, with hardware wallet manufacturer Ledger showcasing its latest products, the top-of-the-line Ledger Stax and newly launched Ledger Flex, alongside partners Gaia, UNFK, BING BONG, BLINK2X, and EXP.

(L-R) DASTAN Co-Founders, COO Ilan Hazan, CEO Loxley Fernandes, Polkamarkets Co-Founder and CEO Alex Solleiro, DASTAN Co-Founder and President Farokh Sarmad. Image: DASTAN

At the event, Decrypt and Rug Radio’s parent company DASTAN announced the beta launch of MYRIAD, an on-chain prediction market designed to create new forms of reader engagement that rewards users, creators and advertisers.

The new platform uses decentralized technology to “reshape the way news is distributed and consumed and restore trust in the media,” said DASTAN co-founder and COO Ilan Hazan.

Three days of vibes

Across three days of events, R HAUS brought together builders, collectors and brands. In partnership with auction house Christie’s, the event showcased the potential of crypto art, with displays by White Walls and Infinite Objects running throughout the three days.

“The vibes were great, the art was wonderful,” said a spokesperson for White Walls, while Infinite Objects founder Joe was “thrilled to be able to contribute to the vibes at RHAUS at Art Basel in Miami for the second year in a row,” adding that. “We couldn’t think of a more epic way to debut our new XXL 26″ Square Wood product including the White Walls integration that made each event over the three days that much more unique. »

Decrypt University x Galaxis

Day 1 also saw a Friends & Family night sponsored by Web3 SocialFi platform Galaxis and next-gen collectibles brand ElmonX, showcasing ElmonX’s TimePunks by luxury watch brand Jacob & Co.

At the event, Decrypt announced that it would relaunch its educational platform Decrypt University with a major upgrade incorporating Galaxis’ on-chain certification and “dynamic utilities.”

Speaking to Rug Radio founder Farokh Sarmad, Galaxis CEO Gergely Fábián hailed the integration of its technology into Decrypt University as a “really good showcase” for on-chain certification and the “benefits you can add to the community.”

Fight Night

Day 2 featured a battle royale as CFN showcased a live watch party of the Ansem vs Bitboy Crypto Fight Night, with guests gathering around poolside screens to watch the crypto influencers come to blows—and tracking the expected outcome on MYRIAD’s prediction market.

Meme coin MOG brought the cool cats out to party with a degen-themed brunch party that saw Moggers mingling under the Florida sun to the strains of BLONDISH’s DJ set. Later, the One-of-One experiences auction co-hosted by Geojam and SuperSnake saw guests bidding on Geojam experiences in support of F*ck Cancer.

It’s a Pudgy World, we’re living in it 

The final day of R HAUS saw guests chill out with NFT collection Pudgy Penguins and Abstract Chain, the blockchain developed by Pudgy Penguins’ parent company Igloo, Inc.

At a Builders Recovery Brunch presented by Abstract Chain and sponsored by Hello Moon and Legion, DASTAN Co-Founder and President Farokh Sarmad took to the stage to announce that MYRIAD would build its “premier consumer experience” atop the Ethereum layer-2 chain. “This is something that we’ve been cooking for a long time, and we finally get to do business together,” Sarmad said, adding that Abstract has “one of the best tech teams that our devs have ever worked with.”

MYRIAD also revealed that the platform’s first Community Contest would be conducted in partnership with Pudgy Penguins. “If you own a Pudgy Penguin, we’ve made custom markets for all of y’all to sign up, earn extra points and participate into the market today,” Sarmad said.

“You can now trade or make some bets on different Pudgy Penguins lore, and things that you think are going to happen on MYRIAD,” said Pudgy Penguins CEO Luca Netz, adding that the next few months are set to be “super exciting” for the NFT collection, with the impending launch of its PENGU token and Pudgy Party mobile game. “We’ve got a lot more clips in the chamber,” he said.

At the closing event in partnership with DeLorean Labs, the EV manufacturer showcased its upcoming DMC token launch. The token will “power our ecosystem and give all the millions of DeLorean fans around the world a chance to participate with the brand,” said Evan Kuhn, President of DeLorean Labs. The token would also enable the iconic car brand to “bring real-world assets to Web3,” including its upcoming new EV.

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2024-12-13 19:17:56

Catégories
Crypto News

These Network Dynamics Could Push Ether Above $5K, According to CryptoQuant

Analysts at the on-chain intelligence platform CryptoQuant have identified network dynamics that could push ether (ETH) above $5,000 in the coming weeks.

Per a weekly report, the Ethereum network is seeing renewed demand and increased network activity. Valuation metrics suggest the second-largest cryptocurrency will trade above $5,000 if supply and demand dynamics continue. The asset was worth $3,910 at press time.

ETH Sees Rising Demand

Gauging ether’s realized price, the average one at which holders bought their ETH, $5,200, is the current upper limit for the crypto asset. Although this point marked the ETH top for the 2021 bull run, the price band will continue to rise as new market participants buy ETH at higher valuations.

The renewed demand for ETH can be seen in the holdings of spot Ethereum exchange-traded funds (ETFs), which hit a new high of 3.41 million coins. These products have witnessed a significant increase in their holdings since their launch in July 2024, and this growth marks a notable recovery from a low of  2.716 million ETH in September.

CryptoQuant noted that with market participants expressing renewed confidence in ETH as an investment vehicle, sustained buying pressure from Ethereum ETFs could contribute to upward price momentum.

Supply Dynamics Flash Positive Signal

The cryptocurrency’s supply dynamics have been positive, especially since the implementation of the EIP-1559 upgrade, which enables the burning of a portion of transaction fees and reduces net issuance. Effects of the Dencun upgrade led to the total supply of ETH growing to its highest level since April 2023; however, the amount of ETH burned via fees began to increase in September.

With the amount of ETH burned through transaction fees increasing from 80 ETH on August 30 to 2,700 as of today, the pace of supply growth has declined over the past few months. This exerts a deflationary pressure on the asset.

In addition, Ethereum has recorded higher network activity, with total transactions and contract calls hitting new highs in 2024. The network’s total daily transactions now hover around 6.5 million to 7.5 million, compared to 5 million last year, while total daily contract calls have expanded to 7 million from 5 million in 2023.

Analysts pointed out that higher network activity on the protocol leads to greater ETH burned via transaction fees, which positively affects the cryptocurrency’s price.

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2024-12-14 12:25:34

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Crypto News

‘Off the Grid’ Game Studio Launches GUNZ Foundation With Delphi, Paving Way for Token

Gunzilla Games, the creator of popular crypto battle royale shooter Off the Grid, has partnered with investment firm Delphi Ventures to advise on the creation of the not-for-profit GUNZ Foundation, which will oversee the upcoming GUN token and GUNZ mainnet launch.

Off the Grid entered public early access in October to rave reviews from players, with a flurry of clips going viral that showcased its unique gameplay. The game drops players into a reality TV setting, where show participants have their arms and legs replaced with robotic limbs with special powers. These players then fight it out in a battle royale arena, with extraction gameplay elements.

“This partnership marks a significant milestone as we prepare for the launch of the GUNZ mainnet and its utility token GUN, setting the stage for a new era in gaming,” Gunzilla co-founder and CEO Vlad Korolev told Decrypt, in a statement.

For now, the game’s crypto elements have been running in the background. A wallet is created on the GUNZ testnet for each player when they launch Off the Grid for the first time, and all in-game items are represented as NFTs that will be moved over to the future mainnet. GUNZ is built as a dedicated L1 network on the Avalanche blockchain.

But Off the Grid’s next steps will both make the shooter’s application of crypto more powerful and more noticeable, with the GUNZ mainnet launch providing more user control over item ownership while the GUN token gains real value.

“Having garnered enormous attention both from the games industry and from within crypto, the launch of the token alongside the GUNZ mainnet represents a critical milestone,” Delphi Ventures Founding Partner Piers Kicks told Decrypt.

This is because it will enable players to invest real money into the ecosystem to purchase the best weapons—or potentially make money from extracted hexes by selling them. 

While this is similar to Web2 concepts like Valve’s Steam marketplace, it will allow players more freedom in how they trade their assets, such as via third-party platforms like OpenSea. Off the Grid’s user-owned items are more than just player outfits and avatar designs (aka skins), too, and includes things like rare in-game items.

That provides potential challenges for the game, opening the door to a potentially toxic economy that worsens the gaming experience, rather than empowering it. The formation of the GUNZ Foundation looks to reduce this possibility, and Delphi will also help advise other studios that choose to build games on the GUNZ network in the future. Kicks is also expected to join the Foundation’s advisory board.

“With the rollout of the GUNZ Foundation, we are excited to be advising the team on best practices for token economics, go-to-market, and blending game elements into the on-chain economy in a way that thrills players,” Kicks told Decrypt.

Delphi Ventures is the venture capital division that runs alongside Delphi Digital, a research-driven digital assets firm. Delphi Digital has worked with crypto industry giants like Coinbase, Aave, and Lido, while the venture firm has invested in prominent crypto games such as Axie Infinity, Pixelverse, and Nyan Heroes.

The firm, which is the biggest validator on the GUNZ testnet, believes that next year is the perfect time for a blockchain game to break into the mainstream and prove out the crypto model.

“Crypto gaming as a sector has a lot riding on the next 12-18 months,” Kicks explained. “A window of opportunity has opened of favorable market conditions, an aggressively pro-crypto U.S., and many games entering their third and fourth years of the development cycle.”

As such, Gunzilla Games is eyeing up Q1 2025 as a possible timeframe to launch the GUN token and GUNZ mainnet, though nothing has been officially finalized as of this writing.

“Off the Grid represents the biggest shot on goal so far in turning the tide with mainstream gamers,” Kicks finished.

Edited by Andrew Hayward

Editor’s note: This story was updated after publication to clarify Delphi Ventures’ role in the formation of the GUNZ Foundation.

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2024-12-13 20:09:39

Catégories
Crypto News

We Asked ChatGPT if Ripple (XRP) Can Reach $1T Market Cap This Cycle

TL:DR;

  • Ripple’s cross-border token became one of the best performers in the cryptocurrency market on a monthly scale at one point, but can it go even higher?
  • ChatGPT and Perplexity weigh in on the factors needed for its market cap to skyrocket to the $1 trillion mark.

XRP at $1T?

Recall the price developments around XRP shortly after Donald Trump won the 2024 US presidential elections. After a sluggish start, while the rest of the market was climbing, Ripple’s native token exploded in the following weeks, especially after current SEC Chair Gary Gensler announced his upcoming departure from the agency.

At one point, XRP’s price tag had skyrocketed by over 400% and neared $3 on a few occasions. While the community anticipated a surge past that level and a new all-time high of over $3.4, the asset retraced and even slumped below $2 earlier this week during the market-wide correction.

Now, though, XRP stands around $2.5, with a market cap of just over $140 billion. In order to tap the coveted $1 billion mark in market cap, its price would have to go up to around $17.5 per token. As of now, it seems like a tall order, but ChatGPT has outlined the potential factors that could lead to such a massive increase.

Perhaps the most important part is the overall market sentiment. As long as the bull market remains intact, XRP has the potential to rise further, even perhaps going into double-digit territory. The other factor highlighted by ChatGPT and Perplexity is the adoption levels.

“Ripple has positioned XRP as a bridge currency for cross-border payments. If financial institutions globally adopt Ripple’s solutions, it could drive demand for XRP.

Partnerships with banks and payment providers could lead to increased transaction volume and liquidity.”

Further utilization of the native cross-border token, as well as the upcoming stablecoin RLUSD, could also impact the former’s price movements and send it higher, said the two chatbots.

Challenges

ChatGPT and Perplexity also outlined a few challenges that XRP could face on the way up. Competition from other projects, including other, more established stablecoins, such as USDT and USDC, is among those. The XRPL network also faces different competitors, and XRP’s price could be suppressed if it fails to dominate the market.

The regulatory environment needs to be mentioned in both categories. Should it change and become more crypto-friendly, as Trump promised, it could affect XRP positively. However, if the landscape remains similar during the Trump administration as it has been under Biden, the asset, as well as many other US-based crypto projects, could be harmed significantly.

ChatGPT also mentioned the growing supply of XRP tokens and the potentially growing selling pressure, which could halt its price growth.

“Ripple Labs holds a significant portion of XRP, releasing it periodically. This could create selling pressure, limiting price appreciation.”

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2024-12-14 07:45:27

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Crypto News

Congressman French Hill eyeing comprehensive market structure, IPO rules for crypto industry

Congressman French Hill, the newly elected chair of the House Financial Services Committee, has unveiled plans to tackle crypto regulations and reignite public market growth

In a Dec. 13 CNBC interview, Hill emphasized the need to end regulatory confusion that has hindered the growth of digital assets. His priorities mark a shift toward fostering innovation while addressing gaps in the US financial regulatory framework.

He emphasized the importance of regulatory clarity for the industry, stating:

“We need a market structure for crypto… That is a top priority for us.”

Hill’s agenda includes simplifying market oversight, reducing banking restrictions, and incentivizing companies to pursue initial public offerings (IPOs).

Regulatory clarity

The US crypto industry, valued at over $1 trillion, has long grappled with regulatory ambiguity, which has left businesses unsure of compliance requirements and investors wary of risk.

Hill plans to address these concerns by simplifying oversight, standardizing rules for digital assets, and creating a framework that fosters innovation without compromising consumer protection. His agenda builds on the Financial Innovation and Technology for the 21st Century Act (FIT 21), introduced under outgoing chair Patrick McHenry.

However, FIT 21 remains stuck in the Senate, where debates over its funding and potential impact on market stability have slowed its progress. Hill has vowed to prioritize the bill, emphasizing its importance for providing the clarity businesses and investors need to thrive.

Bitcoin reserve

Hill also commented on the idea of a national Bitcoin reserve, which has gained increasing traction with recent state-led initiatives in Texas and Wyoming.

Senator Cynthia Lummis has championed federal legislation on the issue, while President-elect Donald Trump has expressed strong support. However, Hill voiced caution, citing concerns about volatility and federal overreach.

He said:

“I’d have to think long and hard about what the value of that [Bitcoin reserve] is for the US and the Treasury.”

As Hill prepares to lead the committee, his approach to crypto, banking reform, and capital formation will likely shape key economic policies, ensuring the US remains competitive in a rapidly evolving financial landscape.

Mentioned in this article

2024-12-13 17:48:29

Catégories
Crypto News

Japanese Lawmaker Named Satoshi Pushes for National Bitcoin Reserve

A Japanese lawmaker is pushing his government to consider launching a national Bitcoin reserve, as calls to stockpile the cryptocurrency gain traction across the world.

A formal request to discuss the would-be Bitcoin reserve was submitted on December 11 to the National Diet, according to the Japanese legislature’s website. National Diet member Satoshi Hamada put forth the proposal; he shares a given name with Bitcoin’s pseudonymous creator (or creators), Satoshi Nakamoto.

The push to kick-start discussions around creating a national Bitcoin reserve in Japan follows similar calls to action by lawmakers in Russia, Brazil, Poland and the U.S. The issue has gained supporters in several corners of the world following Bitcoin’s ascent to a new all-time high price above $103,000 earlier this month.

The National Diet had not responded to the Bitcoin reserve proposal as of publication time.

A Japanese parliament representative did not immediately respond to Decrypt’s request for comment. 

Although Hamada is affiliated with a political party that holds just two seats in the National Diet’s upper house, his proposal is likely to find at least some support in Japan’s legislature.

National Diet member Yuichiro Tamaki, who leads a political party with outsized influence in Japan’s legislature, is also a champion of Bitcoin. In October, the Democratic Party for the People leader proposed tax cuts and regulatory reform for cryptocurrency holders and companies in Japan.  

Japan is just one of several countries where politicians are mulling over a potential Bitcoin reserve.

In the U.S., where discussions appear to be furthest along, President-elect Donald Trump has vowed to “keep 100% of all the Bitcoin the U.S. government currently holds or acquires.” In addition, Sen. Cynthia Lummis put forth in July a strategic Bitcoin reserve » proposal that sets a 1 million Bitcoin acquisition target for the U.S. Treasury over a five-year span.

Outside the U.S., Brazilian lawmakers in November proposed a bill calling for the nation to top up its coffers with the world’s oldest cryptocurrency. And in Europe, several Russian lawmakers last month called for the creation of a “stash of” crypto in “the state Treasury,” while one presidential candidate in Poland has argued the nation should stockpile the asset.

Edited by Andrew Hayward

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2024-12-13 21:41:24

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