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Earlier this month, global financial crimes watchdog FATF urged G-7 economies like Japan to lead by example to implement its controversial “travel rule” for crypto transfers.

Attacks and hacks on key protocols fell 70% in Q1 2023 compared to the same period in 2022 and were lesser than in any quarter last year.

Kane Warwick, founder of decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase.

These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post.

A significant proposition is the “SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield.

“Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield.

Introducing quarterly bonuses

Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors.

Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability.

The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network.

The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth.

Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the [council],” Warwick commented. 

© 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.

Tesla CEO Elon Musk said he isn’t encouraging anyone to go heavily in on crypto, even dogecoin — despite his rampant love for the token.

“I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” said Musk, speaking virtually at The Wall Street Journal’s CEO Council Summit in London, according to the WSJ.

Musk has had a long relationship with dogecoin, having promoted it on Saturday Night Live, bought it for his son and even offered to work with its developers to make it more suitable for wider adoption. He even followed through with his commitment to temporarily turn the Twitter logo into a dogecoin image after buying the company.

In the conference, he also explained why he was such a fan. “Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs,” he added.

Last week, Binance CEO Changpeng Zhao expressed surprise that dogecoin had not yet faded away and said Musk might have played a role in extending the memecoin’s lifespan.

Musk’s cautious advice may be in light of his particular influence on the market. In 2018, he paid a $20 million penalty to the U.S. Securities and Exchange Commission for making a weed joke about Tesla’s stock price and inadvertently pumping it by 6%.

© 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 Financial Action Task Force has said it does “not require countries to indiscriminately ban virtual assets and virtual asset service providers,” after Pakistan’s Minister of State for Finance and Revenue said crypto cannot be legalized due to conditions set by the watchdog.

The annualized 3-month trend in UK core CPI is running at a whopping 13.6%, per the UK Office of National Statistics.

CFX tokens initially spiked in price after Hong Kong’s decision on retail investors, which some say could lure capital from Chinese investors.

ALSO: Hong Kong’s proposed crypto exchange rules value TradFi chops over crypto knowledge. What are the key potential changes?

Ether and most other major altcoins rise slightly, even as stocks drop amid worries about whether U.S. lawmakers will reach an agreement before June 1.

More BTC than ever has been held for at least a year, according to Glassnode, a potentially bullish sign.