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Crypto wallets are in for a shake-up. Industry insiders reckon easier sign-in options could become the norm. The crypto world's got a problem. Web3 wallets are too complex for most folks. This is putting the brakes on mainstream adoption. Bumblefudge, the self-styled "janitor-in-chief" at Chain Agnostic Standards Alliance (CASA), didn't mince words. At the Web3 Summit 2024 in Berlin, he laid it out plain and simple. "Seed phrases are not going to work for the other 95% of the world," he said. "But, um, the solution to that is unfortunately boring, ugly standards, governance." It's a tough sell right now. Setting up a crypto wallet is a head-scratcher for many. You need native gas tokens and those pesky unrecoverable seed phrases. It's enough to make anyone's head spin. So, what's the fix? Web3 wallets need to up their game. They've got to be more user-friendly. And step one is ditching those complicated seed phrases. But here's the rub. It's not just about one company doing its own thing. The whole industry needs to get on the same page. Bumblefudge put it bluntly: "No one wants to write down how they're using it because they're all competing with each other. They all want the better parts, the implementation. So, nothing's going to be interoperable; nothing's going to be secure." Without teamwork, we're stuck. No fancy solutions like passkeys. No interoperability. It's a dead end. "We need to be going down to the user instead of up from what the chain wants and what the DeFi protocol wants," Bumblefudge added. "We need standards for user expectations." It's not just CASA banging this drum. Other big players are chiming in too. Take Coinbase. Chintan Turakhia, their senior director of engineering, is all about smoothing out the bumps. Speaking to Cointelegraph at EthCC, he didn't beat around the bush. "If our goal is to bring in the next billion users — and let's start with just 100 million — we have to take all those friction points out," Turakhia said. Coinbase isn't just talking the talk. They've launched a smart wallet that's more beginner-friendly. No more seed phrases. Just account names and passcodes. Simple stuff. Turakhia reckons this is the way forward. He's betting these easier sign-in options will become the go-to for crypto wallet providers. It's a bold move. But in this fast-paced crypto world, sometimes you've got to shake things up to move forward. Will it pay off? Only time will tell.

Sony, the Japanese tech behemoth, is launching its own blockchain. It's a big deal. Because big companies are capable of making big difference, thus insuring the increasing rate of the global crypto adoption. The company behind the Walkman is now eyeing Web3. Sony Block Solutions Labs, a joint venture with Singapore's Startale Labs, announced the move on Friday. Their new baby? It's called Soneium. It's a layer-2 network built on Ethereum. Soneium will use Optimism's OP Stack. This tech allows for cheaper transactions on Ethereum. The project signals a possible renewed interest from big companies in blockchain tech for consumers. Soneium's testnet is set to launch in the coming days. It'll join the ranks of other OP Stack users like Coinbase's "Base" and Worldcoin's "World Chain". Sota Watanabe, CEO of Startale Labs and director at Sony Block Solutions Labs, is spearheading the project. He's no newbie to the crypto world. Watanabe told CoinDesk: "The first year is all about onboarding Web3 people." He's keeping it real about the tech's current limitations. But Watanabe's got big plans. "Within two years, we're going to onboard Sony products," he said. Think Sony Bank, Sony Music, Sony Pictures – the works. And it doesn't stop there. "In three years, we would like to onboard not only Sony, but also all enterprises and all general dapps on top of it," Watanabe added. But he also mentioned that this is a general timeline. "We're going to try to onboard enterprises as many as possible from the first year,” Watanabe added. Startale Labs is going all-in on Soneium. They're moving away from their previous project, Astar zkEVM. “Astar zkEVM will be integrating its assets and underlying infrastructure with Soneium,” Watanabe explains. Sony's diving into the deep end of crypto. Will they sink or swim? Only time will tell.

TRON DAO Reserve's USDD stablecoin has lost its Bitcoin backing. The move was spotted on social media Tuesday. It's left USDD relying mainly on TRX, Tron's native token. A whopping 12,000 BTC vanished from USDD's collateral address. That's about $726 million gone. No official announcement came from TRON DAO. Tron founder Justin Sun brushed it off on X. "Not mysterious," he said. Sun compared it to MakerDAO's operations. He claimed USDD wasn't capital efficient. "Any collateral holder can withdraw any amount freely," Sun wrote. He boasted of USDD's "long-term collateralization rate" exceeding 300%. USDD started life as an algorithmic stablecoin. It was similar to Terra's ill-fated UST. After UST's epic crash in May 2022, USDD switched to a hybrid model. It was backed by Bitcoin, TRX, USDT, and USDC. Sun hinted at future upgrades. He wants USDD to be "more competitive" in the market. But he didn't address the DAO's role in the recent change. USDD's market cap sits around $744 million, per CoinGecko. It's barely clinging to a top 100 spot. PayPal's new PYUSD stablecoin recently overtook it. TRX is now USDD's main backer. It's more volatile but holds a top 10 spot, excluding stablecoins. TRX is trading at $0.15, more than double its value a year ago. Its market cap? A cool $13.5 billion. Tron's been riding the meme coin wave lately. Sun's been pushing TRX hard as a meme coin marketplace. It's paid off big time. The Tron ecosystem's total value locked (TVL) just surpassed Solana's. It's now the second-largest blockchain by TVL. We're talking $8.2 billion across 30+ DeFi protocols, according to DeFi Llama. This USDD shake-up is a big gamble. Sun's betting on TRX's meme coin momentum. But ditching Bitcoin backing? That's a bold move, Cotton. Let's see if it pays off for them.

A prominent crypto commentator has made waves. He claims XRP is one-of-a-kind. "There will never be another XRP," he stated. This comes after new details emerged about Ripple's business dealings. Court documents show Ripple's extensive network. The firm has over 1,700 contracts related to XRP. These agreements are with various financial companies. The SEC vs. Ripple case first revealed this information. It's now resurfaced, catching the crypto community's attention. XRP supporters are feeling pretty chuffed about it. They reckon these contracts show Ripple's grand plan. The goal? To weave XRP into the fabric of global finance. Many agreements have NDAs attached. This suggests some big players might be involved. The crypto expert's comments highlight XRP's unique role. Its adoption in financial services sets it apart from other digital assets. A closer look at the court docs reveals more. The 1,700 contracts fall into four main buckets. Some involve direct XRP transfers. Others let partners sell XRP for Ripple. There are also deals where Ripple pays for services with XRP. The rest? A mixed bag that doesn't fit the other categories. Alan Schwartz, a Yale law prof, broke this down for the court. Ripple backed his analysis in their fight against the SEC. Schwartz argued these deals don't tick the boxes for an investment contract. The SEC tried to toss out Schwartz's observations. They claimed he was off the mark. But the court wasn't having it. They let his testimony stand. This whole saga has got the crypto world buzzing. Is XRP really in a league of its own? Only time will tell. But one thing's for sure – Ripple's not messing around when it comes to getting XRP out there.

Tether's just dropped a bombshell. The stablecoin issuer minted $1 billion USDT on the Tron network. This move brings their total minted tokens in the past year to a whopping $33 billion. Blockchain data spilled the beans on August 20. Tether created the tokens and sent them to its treasury wallet. Lookonchain, an on-chain analytics platform, crunched the numbers. The platform revealed some eye-opening stats. Tether's been busy. They've minted $33 billion in stablecoins over the last year. That's no small change. The breakdown is interesting. Tron network saw 19 billion USDT tokens minted. Ethereum wasn't far behind with 14 billion. This latest mint follows a similar move on Ethereum. On August 13, Whale Alert flagged a $1 billion transaction there too. Talk about déjà vu. Tether's CEO, Paolo Ardoino, chimed in on X. He called the Ethereum transaction a "USDT inventory replenish". It's authorized but not issued yet. What does that mean? Well, it's like restocking shelves. Tether's getting ready for future demand. They're creating USDT to meet upcoming issuance requests and chain swaps. Tether's staying mum on the Tron mint. But it's likely serving the same purpose as the Ethereum one. They're probably running low on USDT on Tron. Their Transparency page backs this up. As of August 19, Tether had only $36 million USDT tokens on Tron that were "authorized but not issued". Demand's looking strong on Tron. Speaking of Tron, it's leading the stablecoin supply market. Coin Metrics data from August 16 shows it commands 37.9% of the total market share. That's over $61 billion in stablecoins. Not too shabby. This move by Tether is raising eyebrows in the crypto world. It's a clear sign of growing demand for USDT, especially on the Tron network. As the stablecoin market continues to evolve, all eyes will be on Tether's next moves.

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Binance, a major crypto exchange, has prevented $2.4 billion in potential losses from fraud since January. The company announced this on Tuesday. It cited its risk management as key to protecting over 1 million users from scams. The exchange stopped suspected fraud-related funds from leaving the platform. This protected 1.2 million users globally from January to July. Binance uses a "powerful risk engine" for this task. The system combines AI and manual reviews. It monitors all transactions in real-time. This allows quick detection of suspicious activity across Binance's services. "We can spot fishy transactions fast," a Binance spokesperson said. The system covers all areas, including P2P trading and crypto withdrawals. The flagging process targets the withdrawal stage. That's when "criminals try to sneak victims' funds past our security," the company explained. Withdrawals linked to suspected scams made up 45% of prevented losses. That's over $1.1 billion this year alone. Rohit Wad, Binance's CTO, boasted about their tech. "We've built killer tools to protect our users 24/7," he said. The exchange uses various measures across eight risk levels. By July 31, Binance had recovered or frozen over $73 million in stolen funds. This surpasses the $55 million secured in all of 2023. Recovered funds are up 40% in just seven months. The exchange has also helped users recover lost assets. About 80% of these were from external hacks and theft. Wad urged investors to stay sharp. "Users play the biggest role in keeping their assets safe," he said. He advised staying informed and using strong security practices.

Solana's memecoin scene is about to get wilder. A protocol known for shorting these volatile tokens is flipping the script. Dumpy.fun, a platform for betting against memecoins, is launching a new tool. It's called squeezy.lol. The aim? To let traders go long on heavily shorted tokens. The announcement came via X on August 20. Dumpy.fun, whose name riffs on the popular Solana memecoin deployer pump.fun, set the launch date for August 27. They're calling it a "new era of PVP" in trading. What's the big deal? Well, squeezy.lol will let traders take the opposite side of Dumpy.fun users. It's introducing a "squeeze explorer" to show which memecoins are most shorted. This could be a game-changer. The idea is simple. Spot the heavily shorted assets. Rally the memecoin communities. Trigger a "short squeeze". It's a recipe for chaos, and potentially, profit. Dumpy.fun currently supports 11 memecoins. These include Dogwifhat (WIF), Wen (WEN), and Bonk (BONK). But they're not stopping there. They're planning to introduce permissionless listings. This means users can short newly created tokens of their choice. Let's back up a bit. What's shorting? It's betting that an asset's price will fall. And a short squeeze? That's when the price of a heavily shorted asset suddenly spikes. Short sellers are forced to buy more to cover their positions. It's a vicious cycle. Remember the GameStop saga of 2021? That was a short squeeze on steroids. Retail traders forced hedge funds to liquidate their shorts. GameStop's shares skyrocketed over 1,500% in a month. It was bonkers. Now, Solana's memecoin traders might get a taste of that action. With Dumpy.fun's new tool, they could spot potential squeeze opportunities. It's like giving them a superpower in the wild west of crypto trading. But here's the kicker: Dumpy.fun was originally designed for shorting. It lets users short Solana memecoins with small amounts of leverage. Given the recent price drops in these tokens, that strategy might've paid off handsomely for some traders. So, what's next? The crypto world is watching. Will squeezy.lol live up to the hype? Only time will tell. But one thing's for sure: Solana's memecoin scene is about to get a whole lot spicier.

Ethereum's sky-high transaction costs have long been a thorn in the side of crypto enthusiasts. But that's old news now. The network's gas fees have taken a nosedive, hitting record lows. This could be Ethereum's ticket to the big leagues. The numbers don't lie. EgyHash, a crypto trader and on-chain analyst, spilled the beans in a recent study shared by CryptoQuant. ETH's daily mean gas price has bottomed out at around 2.9 Gwei. That's uncharted territory. But wait, there's more. The daily mean fees in USD have plummeted to about $0.85, a multi-year low. As a result, the daily mean burn rate has hit rock bottom, with only about 115 ETH going up in smoke each day. Here's the kicker: despite the fee drop, Ethereum's daily mean transactions have held steady or even grown compared to the past two years. Not too shabby. So, what's behind this fee freefall? EgyHash points the finger squarely at the Dencun Upgrade, rolled out in March. This upgrade introduced "Blobs", a new type of transaction that slashes data publication costs on Ethereum by up to 100% for Layer 2 networks. This could be a game-changer for Ethereum. Lower fees make the platform more user-friendly and cost-effective for new applications, including NFTs and DeFi. It's like Ethereum just got a major facelift. The crypto community is buzzing with optimism. These rock-bottom fees show that Ethereum is serious about sustainability and cementing its place as top dog in the blockchain world. But it's not all sunshine and rainbows. EgyHash reckons investors might not be popping champagne just yet. Why? A big chunk of ETH usage is moving to layer 2 solutions, which could lead to user and liquidity fragmentation. Since the Dencun Upgrade, ETH's price has been on a rollercoaster ride. It took a 35% nosedive even after Spot Ethereum ETFs got the green light. Meanwhile, the overall ETH supply has ballooned by about 197,000, worth a cool $500 million. So, is Ethereum's fee freefall a stroke of genius or a potential own goal? Only time will tell. But one thing's for sure: the crypto world is watching closely.

Pepe, the meme coin that took the market by storm earlier this year, has crashed 41% in the past 30 days. Meanwhile, a new player has entered the game, threatening to change the fragile balance in the meme coins world as we know it. Pepe Unchained, a $9.3 million upstart, is turning heads. Investors are very eager to jump the ship. And that may have impressive consequences. Pepe's currently trading at $0.00000731. That's a mouthful of zeros. It's up 0.41% in the last 24 hours, but don't get too excited. The overall picture is nowhere near the bright side. The chart's looking grim. There's a nasty head-and-shoulders pattern forming. That's trader-speak for "things might get worse before they get better," in case you need a translation. Pepe's been stuck below a key resistance level for four days. The 20-day moving average is hovering at $0.00000822. That is a ceiling of its kind, and a pretty firm one, to be honest. So where's it headed? Probably down to $0.0000058. That's another 20% drop. Not great for hodlers. There's a silver lining, though. The RSI's at 37.51, suggesting Pepe might be oversold. But take that with a grain of salt. These indicators can be tricky. Now, let's talk about the new kid on the block. Pepe Unchained is making waves. It's promising to fix everything that's wrong with the original Pepe. Their big pitch? A Layer 2 blockchain solution. They're talking instant bridging, low fees, and speeds that'll make Ethereum look like a snail. It's all about creating a real ecosystem for meme coins. Something the original Pepe couldn't do on Ethereum. Is it just hype? Maybe. But with a $9.3 million presale, people are buying in. It's like Pepe 2.0, but time will tell if it's got staying power. Remember, this is crypto. It's volatile as hell. One day you're on top, the next you're yesterday's news. Just ask Pepe.