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ChainityX | Crypto Insights
Your gateway to the blockchain universe. ๐Ÿš€
โšก๏ธ Breaking News
๐Ÿ“Š Market Analytics
๐Ÿ”— Uniting the Chain Community
Stay ahead of the curve.
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Communication via channel: @TeadorHell

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โ€‹โ€‹Chainlink launches price feeds on Solana to provide data to DeFi developers.

Solana co-founder Anatoly Yakovenko noted that the integration will be beneficial to DeFi developers building on the platform.

Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps).

In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available.

Anatoly Yakovenko, co-founder of Solana, believes the Chainlink integration will help developers building DeFi-based DApps on Solana. โ€œChainlinkโ€™s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,โ€ he said.

Chainlink co-founder Sergey Nazarov also expressed his excitement over the integration. Nazarov noted that Chainlink has a comprehensive oracle network and that its team is anticipating its role in the Solana ecosystem. He described the integration as โ€œa major leap forwardโ€ for DeFi.

As soon as Chainlink gets integrated, Solana-based projects have committed to using the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are among those that will use them.

Earlier in May, LaProp integrated Chainlink to power its real-estate platform, which lets investors purchase tokenized shares of rental properties. Through Chainlinkโ€™s functions, rental payments will be automated and distributed to tokenholders within the platform.

Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits resulting from a price feed discrepancy within the Luna Classic (LUNC) oracle as Chainlink paused the LUNA price feed. However, a community member believes that the losses are due to negligence from the protocolsโ€™ side.
KunciCoin will join the voting war process on Bybit ByVotes to get listed on Bybit.

Get a chance to win a prize pool of up to $200K in the form of KunciCoin and also a first time deposit reward if you are a new member of Bybit Exchange.

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โ€‹โ€‹New Japanese law may allow seizure of stolen crypto.

Under the current variation of the law, there is no explicit procedure outlined for law enforcement officers to seize illegally obtained crypto from crime organizations.

Japanโ€™s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances.

If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering.

According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal's private keys.

The talks with the legislative Council could go ahead as soon as next month according to the Jiji Press.

As the specific law focused on the seizure of funds/assets from organized crime does not explicitly outline any procedure concerning illegally acquired cryptocurrencies, there is a concern that criminals may be able to continue illicit behavior via their unseized digital asset holdings.

As it stands, the law only outlines that the type of assets that can be seized are physical property, monetary claims, and movable assets such as machinery, vehicles, tools, and supplies, with crypto falling under none of those categories.

Once the finer details have been set, the amendment to the law would need to be approved by the cabinet and then signed off by parliament, and may not meet much resistance given the nature of such a proposal.

The report comes just days after Japanโ€™s parliament passed a bill to ban stablecoin issuance by non-banking institutions as part of a push to reduce system risk and provide greater consumer protections.

Under the bill, only licensed banks, registered money transfer agents, and local trust companies can develop and issue stablecoins.
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โ€‹New Law Would Ban Crypto Pay in Russia (Again) as Miners Struggle to Convince Central Bank to Legalize Industry.

Crypto advocates are still facing an uphill struggle in Russia โ€“ where MPs are expected to vote in favor of a proposal that would ban the use of โ€œmonetary surrogatesโ€ as a form of payment. And it appears that crypto miners are yet to persuade the influential Central Bank Governor Elvira Nabiullina that their industry should not be banned.

A measure tabled by Anatoly Aksakov, the State Dumaโ€™s Chairman of the Financial Markets Committee, will be debated in parliament in the coming days โ€“ and is expected to pass unhindered. The bill effectively seeks to clarify existing legislation from 2020 that forbids the use of crypto in payments and settlements.

An explanatory document provided with the new draft law reads:

โ€œThe ruble is the official [currency] of the Russian Federation. [This measure] introduces a prohibition against the introduction of other monetary [items] or monetary surrogates on Russian territory. [โ€ฆ]. The draft law introduces changes aimed at eliminating the indicated risks of using [cryptoassets] as a monetary surrogate by establishing a direct ban on the transfer or acceptance of [cryptoassets] as a counter provision for goods transferred, work performed and/or services rendered.โ€
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โ€‹โ€‹Bitcoin's real energy use questioned as Ethereum founder criticizes BTC.

A founding member of Ethereum has claimed that Bitcoin uses nearly 1% of the worldโ€™s electricity, but different sources put it substantially lower.

The ever-raging debate around Bitcoinโ€™s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using โ€œway too muchโ€ energy.

According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the worldโ€™s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating:

Ethereum proponents are attempting to take shots at Bitcoin while simultaneously promoting Ethereumโ€™s upcoming transition to proof-of-stake. Drake added another tweet moments later that read: โ€œEthereum post-merge: 0.000% of world.โ€

However, the validity of the figures are in doubt.

Even Drake was forced to acknowledge alternative sources of data in a later tweet, which estimated energy consumption figures at nearly 60% lower.

Data sourced from Digiconomist, which markets itself as a platform that โ€œexposes the unintended consequences of digital trends,โ€ has drawn criticism from blockchain industry professionals in the past. The most notable of these is fellow Ethereum developer Josh Stark, who called out the publication for frequently presenting the worst-case scenario when it comes to blockchain technology.

In November last year, Stark published a Twitter thread that questioned the accuracy of Digiconimistโ€™s research methodology. Stark pointed out that almost all of the figures concerning blockchain power consumption were at the โ€œvery high endโ€ of any theoretical outcome, especially when compared to more rigorous sources like the University of Cambridge.

Where Digiconomist claims that Bitcoin currently consumes 204 terawatt hours (TWh) worth of electricity per year, the University of Cambridgeโ€™s Bitcoin Electricity Consumption Index estimates that Bitcoinโ€™s real consumption is much closer to 125 TWh, a 39% difference.

While it may be a well-known fact that Bitcoinโ€™s proof-of-work consensus mechanism is an energy-consuming process, the discussion around just how much power the Bitcoin network actually uses remains a hot-button issue.
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โ€‹โ€‹Deloitte and NYDIG set up alliance to help businesses adopt Bitcoin.

Deloitte wants to enable blockchain and digital asset-based services across many areas involving Bitcoin products like banking, rewards programs and others.

Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to promote BTC adoption.

Deloitte has partnered with the Bitcoin-focused financial services firm, New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets.

According to a joint announcement on Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for clients seeking advice to adopt Bitcoin products and services.

The companies will work together to enable blockchain and digital asset-based services across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits and others.

According to the announcement, global financial institutions and banks have been facing an increasing demand to provide trusted exposure to Bitcoin. The alliance between Deloitte and NYDIG aims to help accelerate adoption while ensuring compliance, Deloitte's digital assets banking regulatory practice lead Richard Rosenthal said, adding:

"The future of financial services will center around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant way.โ€

Rosenthal told Cointelegraph that the partnership became active on June 21. The launch comes amid a major drop in cryptocurrency prices, with Bitcoin losing about 50% of its value since the beginning of 2022. "We take a longer view and expect that many companies will continue to build out their own digital asset infrastructure and products," the executive noted.

The news comes months after NYDIG launched a benefits program allowing employees to convert a portion of their paychecks into Bitcoin in February 2022. The company previously raised $1 billion in equity investment in late 2021, bringing NYDIGโ€™s valuation to roughly $7 billion.
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โ€‹โ€‹Basel Committee wants to limit banks' digital asset exposure to just 1% of equity.

Volatile cryptocurrencies such as Bitcoin would also be subjected to a 1,250% risk premium.

On Thursday, the Basel Committee on Banking Supervision suggested during its second consultation on the prudential treatment of crypto-asset exposures that banks limit their exposure to so-called Group 2 crypto assets to just 1% of their Tier 1 capital.

Group 1 digital assets consist of tokenized traditional assets, such as synthetic stocks, or those with effective stabilization mechanisms, such as regulated stablecoins. Under the new proposal, Group 1 digital assets would be subject to at least equivalent risk-based capital requirements as traditional capital assets within the current capital framework, Basel III.

However, cryptocurrencies that do not meet the above requirements will be classified as Group 2 digital assets, which would theoretically include major non-stablecoin, non-tokenized cryptocurrencies like Bitcoin (BTC) and most altcoins. Therefore, banks would only be able to commit 1% of their total equity or net asset value in either long or short positions toward Group 2 digital assets.

Moreover, the Basel Committee is considering banks adopting a 1,250% risk premium for Group 2 digital assets. In comparison, stocks typically have a 20% to 150% risk premium attached to their nominal values, depending on the company's credit rating. Under Basel III, a bank's risk-weighted assets must not surpass 10.5% of its Tier 1 capital for prudent leverage.

The move would likely severely constrain banks' ability to purchase volatile cryptocurrency in the future as, for the sake of argument, a bank would need to add $125 million worth of risk-weighted assets to its portfolio for every $10 million in Bitcoin purchased, making them far less lucrative than assets with less risk-weighting premiums. Basel III is an international regulatory accord that nearly all financial institutions in developed countries must abide by and is enforced by law.
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โ€‹โ€‹Binance users support 0-fee trading despite CZ's wash trading concerns.

CZ is open to implementing the changes regardless of the challenges that a new system would bring, as he said, โ€œLetโ€™s see what the poll say. We listen to our users.โ€

Both traditional and crypto investors consider trading fees as one of the most significant liabilities when it comes to investing over exchanges. So no wonder when Changpeng โ€œCZโ€ Zhao, the founder and CEO of Binance, asked investors about their interest in trading on the crypto exchange with no fees, the response was a resounding yes despite the inherent risks pointed out by the entrepreneur.

Binance stands as the biggest crypto exchange, outdoing its nearest competition FTX by 10x in terms of the trading volume. Zhao, known for implementing features based on community feedback, reached out over Twitter to gauge investor sentiment regarding the complete removal of trading fees.

While 0-fee trading may seem ideal for investors, CZ pointed out some of the issues it may sprout in the process โ€” one of them being wash trading. Wash trading, wherein a user makes a series of buys and sells to manipulate market activity, can be used to go up the VIP tiers on Binance.

Moreover, CZ stated that bringing 0-fee trading to the masses will require Binance to implement numerous safeguards, which include detection tools for identifying illegitimate trades. Each VIP tier is tied to certain trading benefits including lower trading fees. As a result, professional poker player Brian Rast asked โ€œSo if there are no fees, why do you need VIP tiers?โ€

Over 30,600 investors voted on CZโ€™s poll at the time of writing โ€” with around 65.5% inclined to trade with no fee whatsoever. CZ is open to implementing the changes regardless of the challenges that a new system would bring:

โ€œLet's see what the poll say. We listen to our users.โ€

Binance continues to spread its roots across the world as it steadily acquires registrations and operational licenses from regulators.

Maintaining its expansion streak, Binanceโ€™s Spanish subsidiary, Moon Tech Spain, got registered as a VASP by Spainโ€™s central bank on Thursday.
โ€‹Utopia P2P beta for mobile is available on early access [Android OS]

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Most people know Utopia P2P for PC with various built-in tools for messaging, browsing, file transfer, online payments, etc.

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โ€‹โ€‹Liquidity protocol uses stablecoins to ensure zero impermanent loss.

The cross-chain liquidity protocol has put a special focus on user experience with a simple user interface that doesnโ€™t require dealing with complex virtual networks.

At a time when decentralized finance (DeFi) protocols have seen a significant outflow of funds from the market, maintaining liquidity has become even more challenging. Liquidity plays a central role in the DeFi ecosystem, and many protocols have, over time, come up with various new solutions to keep liquidity pools brimming. The latest trend in the liquidity market is focused on cross-chain solutions.

Many experts believe cross-chain solutions are the future of DeFi, and liquidity protocol Symbiosis Finance has come up with its own stablecoin-based cross-chain liquidity solution. The protocol uses stablecoins to ensure liquidity providers (LPs) donโ€™t incur any impermanent loss.

Nick Avramov, co-founder of Symbiosis, told Cointelegraph that the protocol has secured initial liquidity from Binance Labs, Blockchain, Amber and a few others, and is hoping to gain more LPs once it hits a transaction volume of around $100 million.

Regarding the importance of using stablecoins instead of different crypto assets, Avramov explained that stablecoins not only help eliminate impermanent loss but also ensure seamless transactions across different blockchain platforms, allowing for one-click swaps. Avramov explained:

โ€œWe enable native assets swaps, not just pegged illiquid yet-another USDTxyz.โ€

Symbiosis Finance supports cross-chain swaps between any blockchain that enables the generation of EdDSA and ECDSA keys. This effectively means anyone can exchange, for example, an ERC-20 token for tokens on Solana, Polygon or BNB Smart Chain. Regarding the future of Web3, Avramov said:

โ€œThe quest of interoperability is vital for further adoption, so cross-chain and multichain solutions are the very building blocks of the Web3 economy.โ€
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