Welcome to Melega Finance's weekly crypto roundup, where we delve into the most captivating narratives of the week. The crypto market saw a positive trend this week, notably with Bitcoin (BTC) surging by 12.6% over the past seven days.
This week's highlights present a diverse mix of stories, ranging from the Montenegro Court's intervention in Do Kwon's extradition to the frenzy around ERC-404 tokens, Ethereum's Dencun upgrade for cost reduction, ARK 21Shares' ETF transformation, Monero (XMR) facing a downturn due to BINANCE delisting, and Ripple being compelled to disclose financial details.
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TOP CRYPTO NEWS RECAP (FEBRUARY 4—10, 2024)
- Montenegro Court Overturns Do Kwon's Extradition, Citing Procedural Errors
- ERC-404 Token Frenzy: Pandora's Box Opens
- Ethereum's Dencun Upgrade to Slash Transaction Costs with Blob-Carrying Transactions
- \ARK 21Shares Refiles Spot Ethereum ETF with Cash Creation and Staking
- Monero (XMR) Plummets as Binance Announces Delisting
- Court Orders Ripple to Disclose Financial Statements to SEC
Montenegro Court Overturns Do Kwon's Extradition, Citing Procedural Errors
Montenegro's appellate court has revoked the extradition of Terraform Labs co-founder Do Kwon, granting his defense's appeal. The court highlighted "significant violations" in the initial extradition decision, deeming it unclear and lacking decisive facts. Kwon's extradition saga, stemming from Terra's collapse in 2022, has seen repeated legal battles. Notably, the court's decision returns the case for retrial, emphasizing procedural integrity. Meanwhile, Han Chang-joon, Terraform Labs' former CFO, was deported to South Korea, and co-founder Shin Hyun-Seong attributed Terra's downfall to Kwon's actions.
ERC-404 Token Frenzy: Pandora's Box Opens
A team of developers introduced ERC-404, blending ERC-20 fungible tokens with ERC-721 non-fungible tokens (NFTs), promising liquidity and bridging token standards. ERC-404 facilitates the automatic minting of NFTs upon ERC-20 token purchase, driving interest in projects like Pandora. With a $250 million market cap and notable trading volumes, Pandora demonstrates the potential of ERC-404. However, the token frenzy has also attracted scammers, emphasizing the need for caution among investors. Despite risks, ERC-404's rapid growth signals a significant evolution in token standards within the Ethereum ecosystem.
Ethereum's Dencun Upgrade to Slash Transaction Costs with Blob-Carrying Transactions
The Dencun upgrade, set for launch on Ethereum's mainnet on March 13, introduces "blob-carrying transactions" to reduce transaction costs on layer 2s. Proto-dank sharding, a sharding design within Dencun, limits each block to 16 blobs, each up to 128 KB, creating approximately 2 megabytes of extra block space. This upgrade allows rollups to leverage the additional data space, potentially reducing costs by up to 10 times. Ethereum's creator, Vitalik Buterin, stresses the necessity of scaling infrastructure for affordable transactions to prevent Ethereum from failing
ARK 21Shares Refiles Spot Ethereum ETF with Cash Creation and Staking
ARK 21Shares updates its spot Ether ETF application to adopt a cash-creation model, aligning it with its approved Bitcoin ETF. The amendment includes plans to stake a portion of the ETF's Ether for additional income. This move aims to streamline the ETF creation process and enhance potential returns, though it may impact arbitrage transactions. Staking activity introduces risks like losing ETH through slashing and potential lock-up periods. The SEC's stance on staking in spot Ether ETFs remains uncertain, with decisions on various ETF applications expected by May 23.
Monero (XMR) Plummets as Binance Announces Delisting
Major cryptocurrency Monero (XMR) plunged to a five-month low following Binance's announcement of its delisting alongside other tokens on February 20, 2024. Binance cited factors like unethical conduct and regulatory pressures for the decision. Monero's value swiftly dropped by nearly 19% after the news before rebounding slightly afterward. Observers speculate the delisting reflects Binance's challenges, including regulatory scrutiny and the impending sentencing of its former CEO. This move underscores broader concerns about privacy coins and regulatory compliance in the crypto industry.
Court Orders Ripple to Disclose Financial Statements to SEC
A federal judge, Sarah Netburn, has the SEC's motion, compelling Ripple to provide financial statements from 2022 to 2023 and contracts related to institutional sales. This decision is crucial in determining whether XRP qualifies as a security. The post-complaint contracts could undermine Ripple's claims of compliance, aiding the SEC's case. Despite Ripple's objections, the court has set a Feb. 12 deadline for compliance. The ruling adds complexity to the SEC v. Ripple trial scheduled for April, highlighting the ongoing regulatory scrutiny surrounding cryptocurrencies.
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