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The upgrade 8.1.1 also contains software patches for minor issues from a previous node version.

Crypto exchange Binance confirmed on Tuesday that it has started running nodes on the Bitcoin Lightning Network as part of its plan to integrate it for deposits and withdrawals.

“Some eagle-eyed users spotted our new lightning nodes recently,” Binance said in a tweet. “Yes – that’s us! However, there’s still more tech work to be done. We’ll update once Lightning is fully integrated.”

The exchange first said it was planning to integrate the network in a tweet on May 8. This was in response to congestion it faced on the main Bitcoin network.

The Layer 2 network, which is meant to lower costs and increase throughput of transactions on Bitcoin, has already been integrated by rival exchanges including Kraken and Bitfinex.

Bitcoin’s Lightning Network can support 1 million transactions per second. The network’s capacity has been increasing steadily over the last year, according to data from The Block’s data dashboard. 

At last check, it stood at $148 million. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The risk-off mood is probably the market’s way of telling China that rate cuts of 10 basis points are not enough to spur the slowing economy.

About 2% of global money supply, via stablecoins and CBDCs, could be tokenized over the next five years, which is about $3 trillion, the report said.

Joe Tsai, one of Alibaba’s founders, has been an active Web3 investor and once tweeted “I like Crypto.”

The event attracted over 300 attendees and a diverse array of exhibitors, according to conference organizers, signaling continued interest in the cryptocurrency despite past criticism of Bitcoin by Canada’s Prime Minister and tighter exchange regulation.

The largest crypto by market value ticked upward to $26.8K as Asia markets opened. ALSO: A Financial Times report Monday raised fresh questions about the appropriateness of crypto exchanges operating market makers.

The legal and advisory costs for bankrupt crypto exchange FTX are mounting.

Filings submitted on June 15 by FTX’s advisors show that fees and expenses for the period between February 1 and April 30 totaled $121.8 million, according to data compiled by The Block Research. 

FTX lawyers at Sullivan & Cromwell billed the bankrupt exchange $37.6 million for the period, amounting to 30.9% of all fees and expenses. Investment banking firm Jefferies billed the lowest amount, making up 0.6% of the total fees and expenses. 

Restructuring consultants at Alvarez and Marsel charged $37 million with over $1.1 million in expenses that included $51,225 in meals, $149,155 in lodging and other miscellaneous items amounting to $1,995. 

“As restructuring advisors, their claims and compensation sit on top of other claims and are ‘super senior’ to the unsecured claims bucket which includes customer deposits,” The Block Research’s Greg Lim. 

Exchange restart 

The mounting costs of FTX’s bankruptcy are fueling a movement among some former clients to reboot the exchange under new leadership to return value to customers. 

Travis Kling, the chief investment officer at Ikigai Asset Management, once referred to a reboot as “one of the most bullish outcomes possible for creditors.” Ikigai held a majority of its assets on FTX.

Loomdart, an anonymous crypto personality, is leading the charge on a movement dubbed the FTX 2.0 coalition. In his view, the regulatory woes facing Coinbase and Binance make a relaunch more viable. 

Per filings, FTI Consulting spent about 686.8 hours and billed fees of $761,997.70 on a workstream titled “Exchange restart.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The bug was found before Sui mainnet was live and the foundation granted a $500,000 award for the discovery.

Osmosis, the largest decentralized exchange in the Cosmos ecosystem, has unveiled a major update to its tokenomics model, OSMO 2.0, with a major drop in its inflation rate.

After a community governance vote, the platform cut its inflation rate by 50%, signaling a transition from its early token distribution phase and a commitment to ensuring long-term sustainability of the native OSMO tokens.

“This adjustment allows Osmosis to strike a balance between growth and stability, ensuring smoother distribution of tokens over time,” the team commented on the measure. The team said the inflation rate of OSMO will be about 11% after the reduction.

Osmosis is the main decentralized exchange of the Cosmos ecosystem, where trading is conducted of native tokens including ATOM and bridged tokens such as Axelar wrapped BTC, ETH, and USDC stablecoin. It holds over $124 million in crypto assets, according to DeFiLlama.

Move toward deflation and fee sharing

The team at Osmosis said it’s exploring the introduction of a protocol revenue burn mechanism, which could further offset the remaining inflation, leading to a net deflationary model.

In addition, Osmosis governance is now discussing the implementation of a fee switch for liquidity pools. The feature empowers OSMO stakers by allowing them to directly share in the swap fees generated by activity in Osmosis liquidity pools, snd it would let OSMO stakers directly take a share in the swap fees generated by activity in Osmosis liquidity pools.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.