Welcome back to this week’s issue of Altcoins at a Glance. Are you enjoying the recent pumps? We have summarized the best and latest news so you can get back to the charts as soon as possible. We have news on AVAX, Celsius, Bitcoin SV, SHIB, NEAR, and Polygon.
Let us get started.
AVAX Powers African Stablecoins
- Canza Finance, a crypto ‘neobank’ that offers cross-border settlement and treasury management services, recently launched Baki.
- Baki is a stablecoin platform that is built on top of the Avalanche Network. It creates synthetic tokens pegged to African currencies, such as the Nigerian Naira and the Kenyan Shilling.
- Baki was created to solve the liquidity and volatility issues of the African financial markets.
- It also allows cross-border payments and remittances for African users.
- Baki is the first of its kind to be built on the Avalanche network.
- Avalanche is a layer 1 blockchain with smart contract capability.
Celsius Restructuring Plan
- Celsius filed for bankruptcy in July 2022, which was one of the biggest crypto failures.
- The US Bankruptcy Court has approved a restructuring plan that will return assets to customers and will create a new company that is owned by creditors.
- The new company will be called NewCo and will be managed by Fahrenheit LLC There are plans to list the new company’s stock in the NASDAQ. This will allow customers to sell equity shares that they will receive from the recovery plan.
- Customers will also receive partial repayment of their crypto deposits on Celsius.
- The settlement puts the value of Celsius’ token (CEL) at 25 cents.
Coinbase to Delist Bitcoin SV From Its Altcoins Roster
- Coinbase, a leading crypto trading platform, is delisting one of the altcoins in its roster. Bitcoin BSV will no longer be supported after January 9, 2024.
- It was created in 2018 as a result of a hard fork from Bitcoin Cash, which in turn came from a Bitcoin hard fork.
- Bitcoin SV means “Satoshi’s Vision” and aims to restore the vision of Bitcoin’s creator, Satoshi Nakamoto.
- Coinbase’s decision came after several issues regarding the token came up. Controversies regarding its creation, security concerns, and network issues led to its decline and removal from exchanges.
- Bitcoin SV is currently ranked 54 in market cap and is trading at $49.8.
SHIB’s 2024 Decentralization Plan
- Shiba Inu unveils “Big Plan for the Shiba State”.
- The plan aims to change the governance of Shibarium, Shiba Inu’s layer-2 protocol.
- Centralized control will be diluted by giving token holders power in decision-making.
- Every member of the community is empowered by making sure each token has a say.
- The plan is laying the groundwork for sustainable growth by encouraging a democratic environment, where every stakeholder can participate in the decision process.
Altcoins Unite: NEAR x Polygon
- The Near Foundation and Polygon Labs is forming a partnership to enhance network interoperability.
- The partnership is expected to improve interoperability between blockchain networks. It will also bring the Near blockchain closer to the Ethereum ecosystem, since Polygon is an ETH layer 2 protocol.
- The partnership between the two networks will allow WebAssembly (WASM) blockchains to interact with the Ethereum ecosystem. WebAssembly (WASM) is a technology that enables developers to write smart contracts and decentralized applications (dApps) in different programming languages.
- NEAR protocol uses WASM
- The collaboration will create a new solution called zkWASM. It will use zero-knowledge proofs to verify and compress transactions from WASM blockchains (like NEAR). This will enable WASM blockchains to communicate with Ethereum and other chains that support the EVM (Ethereum Virtual Machine) standard.
- zkWASM will greatly benefit NEAR since the altcoins space is dominated by Ethereum and EVM-compatible network
Alright, that is all folks. See you next time!