Binance Announces Termination of USDC Support on Tron Blockchain Network
(Reuters) – Cryptocurrency exchange Binance announced on Monday that customers will no longer have the option to deposit and withdraw the dollar-pegged stablecoin USDC using the Tron blockchain network.
Stablecoins are digital tokens designed to maintain a stable value and are backed by traditional currencies. They can be based on various blockchain networks.
Last month, Boston-based crypto firm Circle stated that it would cease creating USDC tokens on the Tron blockchain. This decision, Circle explained, was part of its efforts to ensure the trustworthiness, transparency, and safety of USDC.
Binance specified that it would cease its support for the stablecoin via the Tron blockchain starting from April 5 at 0200 GMT.
In a blog post, Binance assured users that they could still trade USDC on the platform. The deposits and withdrawals of USDC through other supported networks would not be affected by this change.
Tron did not immediately respond to a Reuters request for comment.
Justin Sun, the founder of Tron and a prominent figure in the crypto world, faced a lawsuit last year from the U.S. Securities and Exchange Commission (SEC). The SEC alleged that Sun artificially inflated trading volumes and sold Tron tokens as an unregistered security. Sun dismissed these charges as lacking merit.
USDC, with approximately $32.1 billion in circulation, stands as the eighth-largest cryptocurrency and the second-largest stablecoin, following Tether.
According to Circle’s website, the majority of circulating USDC is based on the Ethereum blockchain. Before Circle’s decision to discontinue support for Tron-based USDC in February, approximately $335 million USDC was hosted on the Tron network.
In November, Reuters reported, citing interviews with financial crime experts and blockchain investigation specialists, that Tron had surpassed Bitcoin as a platform for crypto transfers linked to groups designated as terror organizations by Israel, the United States, and other nations.
In response to this report, a Tron spokesperson clarified that the platform does not control those utilizing its technology and emphasized that it was not associated with the groups identified by Israel.
SEC Pursues $2 Billion from Ripple Labs for XRP Sales, Legal Officer Discloses
The U.S. Securities and Exchange Commission (SEC) is reportedly seeking fines amounting to approximately $2 billion from Ripple Labs for its alleged unlawful sales of the cryptocurrency XRP, as revealed by the firm’s chief legal officer on Monday.
Stuart Alderoty, Ripple’s chief legal officer, disclosed in a series of social media posts that the SEC had submitted a request for the fines to District Judge Analisa Torres in Manhattan. These filings were made in confidential court documents on Monday, and the commission is expected to make them public on Tuesday, albeit with redactions.
Following this news, XRP saw a reduction in most of its intraday gains, with the cryptocurrency last trading up by 1.3% at $0.64079.
If approved, this potential payout could mark one of the largest fines imposed on a cryptocurrency firm. This development follows Torres’ ruling in July, which deemed Ripple Labs’ sales of XRP valued at nearly $730 million to hedge funds and sophisticated investors as illegal sales of unregistered securities.
Ripple intends to challenge this decision in April through an appeal process.
The legal dispute between the SEC and Ripple dates back to 2020, when the regulator filed a lawsuit against CEO Brad Garlinghouse and co-founder Chris Larsen, alleging that the company had raised over $1.3 billion through illegal sales of unregistered securities.
In a separate ruling, Torres stated that Ripple’s sales of XRP on public exchanges did not constitute sales of unregistered securities.
The ongoing case between the SEC and Ripple holds significant importance for the crypto industry, as its final resolution could potentially shape the regulatory landscape for crypto tokens.
The SEC has consistently argued that crypto tokens should be classified as securities and regulated accordingly under securities laws. However, proponents of cryptocurrencies have contended that traditional securities laws are inadequate for addressing digital assets and have advocated for new, dedicated regulations.
Furthermore, some proponents have argued that cryptocurrencies should be classified as digital commodities, suggesting that they fall under the jurisdiction of the Commodity Futures Trading Commission.
DeMi Platform Reveals Strategic Collaboration with BitCluster
Addis Ababa, Ethiopia, March 26th, 2024, Chainwire
DeMi Platform, an innovative tokenized mining platform, has announced a strategic partnership with BitCluster, a leading provider of mining solutions. This collaboration signifies a significant step for both companies in expanding their capacities.
DeMi Platform, known for its groundbreaking approach to tokenized mining, has forged a strategic partnership with BitCluster, a prominent provider of mining solutions. This alliance enables DeMi to scale its operations significantly while optimizing energy costs, ultimately benefiting platform users aiming to mine cryptocurrency more efficiently with electricity priced at only $0.049 per kWh.
The core of the partnership revolves around the conversion of equipment power into DEMI tokens. This process involves transforming computational power from mining equipment into DEMI tokens, providing users with a tangible representation of their designated hashrate purchase. Users can participate in the mining process by simply acquiring and staking these tokens, allowing for active engagement and democratizing access to mining. This streamlined approach ensures that participants can directly contribute to and reap rewards from the network’s security and consensus mechanisms.
In December 2023, BitCluster unveiled the launch of a 120 MW data center in Ethiopia, spanning an impressive area of 30 thousand square meters. This substantial power capacity allows for the installation of over 30 thousand mining machines such as the Antminer S21 200Th.
“We explored numerous options for housing our equipment,” stated Andrey Mashitskiy, DeMi’s Product Owner. “After extensive evaluation, we identified the optimal solution—the BitCluster facility in Ethiopia. The country’s climate, with an average daily temperature ranging from 12 to 23 degrees and devoid of dust and excessive heat, was a key factor. Situated in the capital, Addis Ababa, the BitCluster data center also offers logistical convenience. However, the primary reason for our decision was the remarkably low electricity prices.”
DeMi has already deployed over 500 devices at the new facility, boasting a total capacity of 59 Petahash. Plans are underway to further enhance mining capabilities at the BitCluster data center in Ethiopia.
For further details regarding DeMi and its partnership with BitCluster, interested individuals can visit here.
About DeMi
DeMi stands as a tokenized mining platform that enables users to earn BTC rewards through the use of DEMI tokens. With its unique approach to mining, DeMi offers users an effective and engaging means of participating in cryptocurrency mining.
About BitCluster
BitCluster emerges as a modern provider of mining solutions, offering end-to-end services for hosting and maintaining high-power computing hardware. Users seeking to expand their Bitcoin mining capabilities can rely on BitCluster’s solutions, designed to optimize energy costs.
Contact DeMi Product Owner Andrey Mashitskiy Email: info@demi.gg
Spectral Unveils Syntax, an LLM Empowering Web3 Users to Develop Autonomous Agents and Release On-chain Products
New York, New York, March 26th, 2024, Chainwire
Syntax transforms natural language into Solidity code, allowing both individuals and businesses to deploy high-quality smart contracts, arbitrage agents, NFTs, rollups, and more. Syntax represents the emergence of the Agent Economy within Web3.
Today, Spectral Labs has introduced Syntax, a new LLM (Language Model) that empowers individuals to launch agents automating on-chain tasks and projects, bringing their Web3 concepts to life. While currently in beta, Syntax aims to establish an open on-chain Agent Economy. This ecosystem will enable developers, individuals, and enterprises to select agents for delegating Web3 tasks, projects, and product development. These projects encompass various on-chain functionalities such as smart contracts, arbitrage agents, NFTs, rollups, and more.
The growth of Web3 engineering and the introduction of new on-chain products are hindered by the scarcity of Solidity developers. Additionally, enterprises face challenges in swiftly and effectively testing and deploying smart contract code without exhausting engineering resources.
Addressing these challenges, Spectral has launched Syntax, a development environment designed to materialize Web3 ideas by instantly converting natural language into Solidity code deployable on-chain. For professional developers, Syntax streamlines operations by generating extensive libraries and components, thereby optimizing bandwidth.
Syntax offers an Agent-like experience, where users articulate their project requirements, and Syntax generates and deploys the necessary code on-chain with a simple click. Spectral defines an On-chain Agent as a set of instructions and code capable of deploying itself on-chain, possessing a dedicated wallet for its operations. Similar to custom instructions in ChatGPT, Syntax Agents have their unique identity and can independently engage with deployment infrastructure.
Through Syntax, users can compile, debug, and deploy AI-generated Solidity code. Syntax empowers users and the industry to swiftly test, deploy, and scale new products while ensuring the usability and functional relevance of the generated code. Users also have the flexibility to quickly modify code snippets. Initially, Spectral will curate and build On-chain Agents, but future Syntax releases will enable every user to create and monetize their Agents.
“At Spectral, we are pioneering a future where autonomous Agents redefine the possibilities on-chain. With Spectral Syntax, we enable these agents to operate independently, making it easier for everyone to realize their blockchain ideas.” – Sishir Varghese, Founder.
A standout feature of Syntax is its ability to deploy code directly on-chain through Foundry. This involves writing instructions that Foundry processes, including code compilation, on-chain deployment, and transaction signing. Syntax is at the forefront of an accessible on-chain Agent Economy, inviting users to choose agents tailored to their specific Web3 tasks. Users can interact with the foundational agent or select specialized agents, each proficient in unique tasks and operations—like the Code Forker assistant, designed for those customizing codebases. Users can assess an agent’s expertise and credibility through its category listing and popularity based on user engagement.
“Syntax by Spectral leads the way in merging AI with Web3, pioneering the on-chain agent economy, and simplifying the creation of blockchain products for users,” stated Josh Rosenthal, Partner, Polychain.
Syntax generates precise and gas-optimized Solidity code for a range of prompts, from simple to moderately complex, surpassing baseline models on Spectral’s Solidity evaluation dataset. As Spectral continues to refine its modeling efforts, Syntax is expected to provide optimized code for increasingly intricate problems. These Solidity models are explicitly crafted to aid developers in writing efficient, modern, thoroughly tested, and secure code.
About Spectral
Spectral, a trailblazer of the Agent Economy driving Syntax, is at the forefront of integrating AI with blockchain to democratize development in Web3. The mission is to simplify the creation and deployment of decentralized applications through autonomous On-chain Agents. Syntax, Spectral’s flagship product, translates natural language into Solidity code, enabling both newcomers and experts to effortlessly build on the blockchain. Committed to transparency and user empowerment, Spectral is shaping a future where anyone can participate in the blockchain revolution. Join the journey to explore the potential of autonomous agents with Spectral. For more information, visit https://spectrallabs.xyz/
For updates and more information, follow Spectral on Twitter and Discord.
Contact Spectral Labs Email: info@spectrallabs.xyz
This article was originally published on Chainwire.
Deciphering the Two-Chain Conundrum: Understanding Blockchain Exg and Blockchain Sys
In the ever-evolving landscape of cryptocurrencies, a curious phenomenon has emerged— the existence of not one, but two distinct blockchains, each with its own unique role and function. Meet Blockchain Exg and Blockchain Sys, two pillars of the digital asset world that often find themselves mistaken for a single entity, causing confusion among investors and enthusiasts alike.
Blockchain Exg: The Transfer Control System
At the heart of this duality is Blockchain Exg, a revolutionary system designed to facilitate secure and transparent transactions of digital assets. Think of Blockchain Exg as the backbone of the crypto world, where the records of transactions, ownership, and account balances are securely stored in an immutable ledger.
Blockchain Exg ensures the integrity of transactions, providing a decentralized and trustless environment where users can send and receive cryptocurrencies with confidence. It’s the technology that powers the likes of Bitcoin, Ethereum, and other popular digital currencies, offering a decentralized alternative to traditional financial systems.
Blockchain Sys: The Crypto Exchange Platform
On the other side of the coin lies Blockchain Sys, an exchange platform where cryptocurrencies are bought, sold, and traded. This platform operates much like a traditional stock exchange, offering users the ability to buy and sell digital assets at market prices.
Blockchain Sys is home to a plethora of cryptocurrencies, each with its own unique characteristics, use cases, and market values. It serves as the gateway for investors and traders to enter the crypto market, providing liquidity and a platform for price discovery.
The Confusion of a Singular Perception
Despite their distinct roles, Blockchain Exg and Blockchain Sys often find themselves mistakenly perceived as a single entity. This misconception stems from the fact that many cryptocurrency exchanges operate on top of Blockchain Exg, utilizing its technology to facilitate transactions.
When investors buy, sell, or trade cryptocurrencies on Blockchain Sys exchange platforms, they are interacting with the user interface and services provided by these platforms. However, the underlying transactions are processed on Blockchain Exg, which remains unseen to the end-user.
The Two-Chain Conundrum: Understanding the Difference
The confusion arises when individuals refer to “the blockchain” without specifying whether they mean Blockchain Exg or Blockchain Sys. While Blockchain Exg handles the actual transfers and ledger maintenance, Blockchain Sys serves as the interface through which users interact with the crypto market.
It’s crucial for investors and enthusiasts to recognize this distinction to make informed decisions about their crypto holdings and transactions. Understanding that there are two distinct entities at play helps clarify the mechanisms behind buying, selling, and storing digital assets.
Navigating the Dual Blockchain Ecosystem
For those venturing into the world of cryptocurrencies, acknowledging the presence of both Blockchain Exg and Blockchain Sys is essential. Whether securing assets in a personal wallet on Blockchain Exg or trading on a reputable exchange platform on Blockchain Sys, users are advised to exercise caution and due diligence.
By recognizing the roles and functions of these two blockchains, investors can navigate the crypto landscape with greater clarity and confidence. As the crypto market continues to evolve, a deeper understanding of its underlying technologies ensures a smoother and more informed investment journey.
Educational Initiatives and Awareness
Industry experts and organizations are working to raise awareness about the two-chain ecosystem, offering educational resources and materials to clarify the nuances of Blockchain Exg and Blockchain Sys. By empowering users with knowledge, the crypto community aims to foster a more informed and resilient ecosystem.
Embracing the Two-Chain Future
As we delve deeper into the realm of digital assets, the dual presence of Blockchain Exg and Blockchain Sys highlights the multifaceted nature of the crypto landscape. Embracing this two-chain future opens doors to new opportunities, innovations, and a more robust understanding of the technologies shaping our financial world.
