What a week it was, right? Bitcoin, altcoins, and the traditional markets suddenly dumped. The market has been boring for several weeks, and all of a sudden big red candles woke up traders from their stupors. Several of our favorite tokens lost big percentages in value overnight. However, this is what makes cryptocurrencies exciting.
We have curated the most important altcoin news for the week, so you’ll have more time to prepare for the next market movement. Let us get to it.
Shibarium Launches, Glitch Encountered
- The much-awaited Shiba Inu layer two solution, Shibarium was launched last August 16.
- Shibarium is expected to bring utility to Shiba Inu by expanding SHIB’s ecosystem.
- Unfortunately, the mainnet launch was not without problems. The high traffic caused a network slowdown which forced the fail-safe mode. Operations were paused to protect funds.
- Operations resume after almost a day of delay.
- There was news of bridging issues, which was refuted by lead developer Shytoshi Kusama.
Singapore Has a New Stablecoin Legal Framework
- The city-nation of Singapore has just released a framework to govern stablecoins
- The Monetary Authority of Singapore (MAS) has released the guidelines.
- Stablecoins that meet requirements are the only ones that can be called MAS-regulated
- The framework is for single-currency stablecoins (SCS) pegged to the Singaporean dollar or currencies from any G10 nation.
- Stablecoin issuers must maintain at least a 100% reserve of the circulating SCS. Reserves must be held in low-risk highly liquid assets.
- Redemption must be done within 5 business days.
Ledger Users Can Now Buy BTC and Altcoins with PayPal
- Ledger users can now buy crypto assets via PayPal.
- Users just need to use the Ledger Live App.
- Purchased will be immediately credited to the user’s Ledger wallet without going through a third party.
Tether Stops Support for Three Blockchains
- Tether, the issuer of USDT, has announced that it will cease supporting Omnilayer, BCH-SLP, and Kumasa.
- According to Tether, “If a blockchain lacks significant traction over an extended period and shows no signs of recovery in usage indicators, maintaining support becomes inefficient and may jeopardize security and oversight”
- However, Tether assured users can still swap and redeem USDT tokens from the affected blockchains to supported ones.
Altcoins Word War, ADA vs ETH
- The online altercation started when an X/Twitter user asked if “Cardano is going to become a real competitor to Ethereum”, which suggests that ADA was never at par with the number 1 altcoin.
- Another ETH fan suggested dis ADA’s Hydra upgrade and suggested that Cardano’s founder, Charles Hoskinson, will eventually say that the upgrade was never marketed as a solution for everything. There was also a suggestion that ADA will copy ETH.
- Charles defended his Blockchain and tweeted that “Ethereum has a dumpster fire of a consensus layer, has a terrible programming model that they can’t change, and are getting eaten alive by their own layer 2 ecosystem.”
That was intense! Charles Hoskinson knows how to light up Ethereum fans. But do you think he is right that ETH is a dumpster fire? Let us know with a YES or NO in the comments below. That is it for the week and we wish you positive PNLs in the coming week.
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