Report: TON Could Propel DeFi Into Mainstream Adoption
The previous week, we came across a report looking into what could solve the mass adoption of DeFi and cryptocurrencies, such as the Open Network. This forecast is slightly optimistic for the faltering DeFi industry, which has not performed as well as other crypto trends like memecoins and icons of innovative contract platforms.
TON blockchain got viral credit for connecting with the Telegram messenger, which has over 950 million users. Using this app, people can open TON-based blockchain applications, and as GSR stated in the report published on Oct. 17, this opportunity can help TON become a trigger for DeFi’s further growth.
UAE to Unveil Legal Framework for DAOs
The UAE is set to launch specific legislation applicable to the Decentralized Autonomous Organizations (DAOs) through RAK DAO, a free zone for Digital Assets in Ras Al Khaimah.
In a joint statement, NeosLegal, a law firm, and RAK DAO announced that the new regime will be introduced and debated in the DAO Legal Clinic on October 25th. In her interview, Irina Heaver, a partner at NeosLegal, said that the goal of the framework is to address the legal concerns of DAOs.
This new framework was elaborated upon in the RAK DAO announcement. The additional explanation provided that the new framework would include procedures for crucial legalities and governance of DAOs, such as the incorporation of a legal system.
The framework will also fix legal uncertainties of taxes and incentives for both on-chain and off-chain assets, provide ownership to DAO members and contributors, and legal shields from personal risks to the founders and members.
Bitcoin ETFs Surpass $20B as Price Remains in Slump
Despite Bitcoin’s continuous price decline for seven months, spot Bitcoin exchange-traded funds (ETF) in the USA have reached $20 billion in assets. According to Bloomberg senior ETF analyst Eric Balchunas, this is one of the most difficult spaces for ETNs to expand, thus proving high demand from investors.
Balchunas posted in an Oct. 17XTwitter that it only took U.S. spot Bitcoin ETFs 10 months to reach $20 billion in net flows compared to approximately five years for gold ETFs.
Net inflows into the Bitcoin ETF were negative for three daily trends in a row but started surging on Oct. 11. Cumulatively, on that single day, the ETFs achieved net inflows of over $253 million. They thereafter entered into a four-day run of victory.
Ether Price Stuck in Seven-Month Decline Amid ‘L1 Wars,’ Analyst Warns
Ethereum, the second largest cryptocurrency in the world, remains volatile in a seven month bearish trend as competition grow stiff among major blockchains. This continued lack of a higher trading price, known as L1 wars, puts more pressure on Ether for price reduction due to competition between platforms.
Ether has been under the constant pressure since it hit the yearly high of $4,111 in early March 2024; now, the coin is nearly 36% down overall, with prices hovering near $2,600. L1 wars define the battle between the top layer-one blockchains like Ethereum, Solana, Avalanche, and Fantom to address the ‘blockchain trilemma.’
MrBeast Allegedly Earned $10M in Altcoin Promote-and-Dump Schemes
Currently ranked among the most subscribed YouTubers, MrBeast partnered with various firms accused of promoting scams that allowed them to earn more than $10 million in cryptocurrencies, according to reports. Blockchain investigator SomaXBT made the claims on the X (formerly Twitter) platform.
SomaXBT alleges that MrBeast “supposedly earned $10m+ by using low-cap IDO crypto tokens promoted by influencers including Lark Davis, CryptoBanter, KSI, and others.” Of these, one contains an accusation that MrBeast funnelled $100,000 to the project SuperFarmDAO that he allegedly pumps in an attempt to increase the value of the associated token, SUPER, in order to dump it.
The allegations are made when other similar incidents in the crypto sphere have been noted. Recently, Blockchain analyst ZachXBT called out fellow crypto influencer Moon Ansem for promoting memecoins and seeming to pump and dump low-cap altcoins.
DefiEdge Halts Retail Deposits, Leaving Investors in Limbo
On Sep. 14, several strategies were announced to be delisted. As a result, the liquidity management protocol DefiEdge stopped accepting deposits from retail clients as of Oct. 14. This has forced users to look for other means; withdraws are still available for now.
In an email statement by a DefiEdge official on October 14, he said: “We are shifting towards B2B liquidity solutions and therefore no longer require retail liquidity solutions.” It was stated that such a change was announced by the partner exchanges, and the RP’s partners have reacted positively to the change.
In its turn, DefiEdge also informed the users that they can withdraw their funds through direct access to partner exchanges rather than dealing with only DefiEdge platform.
Telegram to Establish Office in Kazakhstan, Enhancing Regulatory Compliance
In the latest effort to strengthen its compliance, Telegram has committed to formally establishing an office in Kazakhstan. This step is in line with the platform’s general action plan to improve relations with supervisors, as the company’s top manager is still under criminal prosecution in France.
Telegram, which has adopted a liberal policy with cryptocurrencies, is also embracing ways to observe and adhere to legal requirements in Kazakhstan. Finally, thirty days after the date of the communication received on September 23 from the MVD, The country’s Ministry of Digital Development, Innovations, and Aerospace Industry said that Telegram will create a business location and an adequate agent for Telegram on October 14.
Minister Zhaslan Madiyev stressed that this decision is crucial since it will facilitate the content regulation of the country’s platform with the presence of Telegram. This decision has been made against the backdrop of a rapidly growing number of Telegram users in Kazakhstan. According to CEO Pavel Durov, more than 12.5 million Kazakh users, over 50% of the country’s 20 million population, use the app monthly, up 25% YoY from 2023.
SEC Delays Decision on Spot Ethereum ETF Options Once Again
This is the third time in a row that the bureau has postponed its verdict on the prospect of ETH spot ETFs.
The United States Securities and Exchange Commission (SEC) has again delayed deciding whether to approve exchange-traded fund (ETF) options linked to spot Ether. In a filing on October 11, the SEC further delayed its decision on a proposed rule amendment to enable Cboe Exchange to list options for several spot Ethereum ETFs.
The agency, which was expected to make the decision by October 19, has postponed it to December 3. This latest delay comes after the earlier one in September when the SEC paused a similar proposal from Nasdaq’s all-electronic exchange on trading of iShares Ethereum Trust ETF.
Cboe first filed in August to trade options on nine Ethereum-based products, such as iShares Ethereum Trust, Fidelity Ethereum Fund, and Grayscale Ethereum Trust. The further postponements are typical for the SEC, which has been hesitant to greenlight the launch of spot Ether options in the United States.
Read more: Jerome Powell – Person Outside of Crypto with the Biggest Impact on It
Praxis Secures $525M for Crypto and AI-Friendly Utopian City
Its goal is to create a city with fewer restrictions on crypto and AI; Praxis, an “internet-born association,” has vowed to invest $525 million. The service, which intends to target technological C-Level executives in the fields of AI, crypto, biotech, energy, and advanced manufacturing, disclosed the funding on Oct.15, 2021, with partnerships with Arch Lending, a crypto lending platform, and GEM Digital, a crypto investment company.
While the exact location of a new city has not been officially revealed, Praxis says that the project will “minimize bureaucracy” for technology firms and become an incubator for ideas. Other large-scale objectives target creating “culture and institution development” and “better role models and beauty.” The idea of the project is to prove that building a successful city in the 21st century is possible.
This action is consequent to a rising phenomenon of technopolises, most of which have remained on the drawing board or have remained at an embryonic stage. For instance, the crypto-funded smart city by rapper Akon that was announced in 2018, known as Akon City in Senegal barely has started.
Trump-Backed Crypto Token Sale Stumbles at $10M Amid Technical Issues
World Liberty Financial (WLFI), Trump’s family’s virtual currency initiative, is also not going very well. As of September 29, it collected slightly more than $10.5 million, which is just 3.4% of the $300 million the company initially sought after its website went down. The sale of the token began on the 15th of October, with 20 billion WLFI tokens priced at 1.5 cents each. However, 14 hours later, the total number of tokens sold was 687 million.
Using data from the Etherscan WLFI token distribution shows that only 6,832 distinct wallets currently own the tokens compared to the demographics provided by the project’s team, which is that 100,000 users signed up before the sale.
In its Oct.15 gold paper, WLFI claims to have a total token supply of 100 billion, of which only 35% will be used for token distribution to the qualified participants.
