Shiba Inu Group Sets Standards for New NFT CollectionBy AZC News | 12 hours agoThe Shiba Inu (SHI
Shiba Inu Group Sets Standards for New NFT Collection
By AZC News | 12 hours ago
The Shiba Inu (SHIB) team is venturing into new territory with the introduction of its latest NFT (non-fungible token) collection.Shiba Inu Group Sets Standards for New NFT Collection
The Shiba Inu (SHIB) team has decided to test the waters with the launch of its latest NFT (non-fungible token) collection. This NFT collection, known as the ‘SHEboshis’, is different from the norm as it incorporates the ERC-404 token standard.
Shiba Inu Exploring New Horizons With ERC-404
Shiba Inu developer Kaal Dhairya mentioned in a blog post how the team was choosing to venture into the “unchartered territories of the ERC-404 standard” with the Sheboshi launch. This adventure is no doubt an exciting one for the team, as the developer noted that they were filled with anticipation for the ERC-404’s “untapped potential.”
This new Ethereum token standard is currently one of the leading narratives in the Ethereum ecosystem and the crypto market in general. ERC-404 is a combination of the ERC-721 (for NFTs) and ERC-20 (for fungible tokens) token standards, a move which makes NFTs more liquid and further promotes fractionalization.
SHIB price starts recovery trend
SHIB price starts recovery trend
The Shiba Inu team had mentioned upon the launch of the SHEboshis on February 20 that the NFTs were going to be minted on the Ethereum network (as against Shibarium). They explained that they were “leveraging the immense liquidity of Ethereum to give SHEboshis the start it deserves.” In the long run, the team, however, plans to bridge these NFTs (alongside Shiboshis) to Shibarium.
Meanwhile, Dhairya also revealed that a bug momentarily allowed for additional minting, with some wallets acquiring more NFTs than their initial allocation. He then went on to apologize for the inconvenience this may have caused to those who were unable to mint a SHEboshi.
To compensate for this occurrence, the developer mentioned that the team has increased the total SHEboshis from 12,000 to 20,000. Therefore, those who were unable to claim and mint their NFT can now do so. After the claim period ends, the unclaimed SHEboshis will be made available to LEASH holders to purchase.
Allocation Of Proceeds From The Unexpected Sales
In the spirit of transparency, Dhairya also revealed how the team intends to allocate proceeds from the unexpected sales that occurred as a result of the earlier-mentioned bug. That event apparently raked in 652 ETH for the team. 50% of this revenue will be dedicated to token burns, charity donations, the team, and liquidity provision to the NFT project.
Related: The Reasons Behind Shiba Inu’s 15% Drop in January
For the token burns, the team will “strategically” burn SHIB, LEASH, TREAT, and SHI in order to reduce its supply and add value for the token holders. For donations, Dhairya mentioned that contributions will be made to support efforts in Japan (The Noto earthquake). Non-profits like the Manny Pacquiao Foundation and Women in Blockchain will also receive a share of the revenue.
“This portion is allocated towards operational expenses and our treasury, furthering our mission towards a decentralized future as outlined in the Shib Paper,” Dhairya remarked concerning the remaining 50% of the revenue.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reArbitrum Foundation Funds Crypto Film
By AZC News | 12 hours ago
Arbitrum Foundation announces collaboration with Dpop Studios, sponsoring a film produced by Shane Boris, an Oscar-winning filmmaker.Arbitrum Foundation Funds Crypto Film
The Arbitrum Foundation, the organization behind the layer-2 solution of the same name, has decided to sponsor the “New Here” film project. The film’s content revolves around the perspective of a newcomer exploring and discovering crypto.
In this regard, the Arbitrum Foundation has established a partnership with the media company Dpop Studios to support “New Here.” The project will be partially produced by Shane Boris, who won an Oscar last year for the documentary film about Navalny.
“New Here” consists of 11 short episodes and is scheduled to be released throughout 2024. Additionally, the project will launch an NFT collection called “Glimpses” on the Zora blockchain. These NFTs are open-source art editions that help connect the film with the audience.
By owning the NFT corresponding to each part of the film, viewers can participate in a range of exciting experiences, connecting entertainment with digital ownership rights in a way the media and film industry have never done before.
However, this is not the first time the world has combined cinema with crypto. Last year, Decentralized Pictures, co-founded by Roman Coppola, son of the legendary director Francis Ford Coppola, sponsored the film “The Quiet Maid” through NFT sales.
Related: EigenDA Supports Data Availability Solutions for Arbitrum Orbit
ARB chart after the announcement from the Arbitrum Foundation
ARB chart after the announcement from the Arbitrum Foundation
ARB chart after the announcement from the Arbitrum Foundation
ARB/USDT chart on TradingView at 6:43 AM on February 22, 2024
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchFive Compelling Reasons for Approving a Spot Ethereum ETF
By AZC News | 11 hours ago
Coinbase has formally responded to the SEC regarding the proposal for a spot Ethereum Exchange-Traded Fund (ETF).Five Compelling Reasons for Approving a Spot Ethereum ETF
Coinbase, a prominent player in the cryptocurrency exchange realm, has officially addressed the Securities and Exchange Commission (SEC) in response to the proposed spot Ethereum Exchange-Traded Fund (ETF). Paul Grewal, Coinbase’s Chief Legal Officer, conveyed via the social media platform X that the company has presented a thorough 27-page response, accompanied by 96 citations, advocating for the approval of the proposed Grayscale Ether Trust (ETHE) ETP.
Ethereum’s Classification As A Commodity
Central to Coinbase’s argument is the classification of ETH as a commodity rather than a security. Grewal emphasizes that “ETH is not a security,” pointing to the consistent treatment of Ethereum as a commodity by regulatory bodies, including the SEC, CFTC, and the market itself, both before and after the Merge. This classification aligns with the legal framework essential for the SEC to consider approving an ETF based on ETH.
To support their case, Coinbase draws on the precedent set by the SEC’s previous approvals of Bitcoin ETFs. Grewal asserts, “The economics show that ETH is as resilient as BTC in satisfying the Commission’s standard for ETP approvals,” drawing attention to the comparable market robustness and maturity of both Ether and Bitcoin. This strategic comparison aims to remind the SEC of its earlier decisions and suggests a consistent approach for evaluating and approving an ETF based on ETH.
Technological And Operational Security Of Ethereum
The submission underscores Ethereum’s robust technological and operational security, particularly post-Merge, highlighting the transition to Proof of Stake as a significant enhancement that reduces susceptibility to fraud and manipulation. Coinbase emphasizes this technological strength, portraying Ethereum (ETH) as a reliable and stable underlying asset for a potential ETF.
ETH price, 1-week chart |
A comprehensive analysis of Ethereum’s market dynamics is presented, encompassing depth, liquidity, and spread tightness. Grewal’s observation that “ETH’s market depth, tight spreads, and price correlation across spot markets indicate a market resilient to fraud and manipulation” aims to assure the SEC of ETH’s stability and its suitability as an ETF asset without introducing substantial risks to investors.
Related: Ethereum Targets $3000 with Positive On-Chain Signals
Surveillance-Sharing Agreement And Market Oversight
Coinbase also draws attention to the surveillance-sharing agreement with the Chicago Mercantile Exchange (CME) as a crucial mechanism for comprehensive market oversight. Described by Grewal as facilitating information sharing through CME’s surveillance of the ETH futures market, this agreement is positioned to monitor and prevent fraudulent and manipulative practices in the ETH market.
In conclusion, Coinbase’s submission constructs a robust argument combining legal precedent, technical security, and market stability analyses to advocate for the approval of a spot Ethereum ETF. Standard Chartered’s prediction of SEC approval by May 23, potentially leading to a $4,000 surge in ETH prices, contrasts with Dave LaValle’s cautionary view, citing only a 50% chance of the SEC approving the conversion of Grayscale’s ETH trust into a spot ETF in May.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaJoin to Earn MAVIA Rewards on BingX
By AZC News | 10 hours ago
Join to Earn MAVIA Rewards on BingX
Introducing BingX’s latest reward program! Participate in MAVIA trading and stand a chance to earn up to 880 token, which is equivalent to $6000. Join us now and seize this opportunity to boost your trading experience on BingX while earning exciting rewards!
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Register to participate in the program here.
Deposit MAVIA, Get 10% Cashback: Share 440 MAVIA!
Mavia Event
Mavia Event
Users who make a minimum net deposit of 15 MAVIA during the event period will receive 10% cashback and share a prize pool of 440 MAVIA!
Note:
Event Period: From February 21, 2023, 18:00 UTC, to February 27, 2024, 18:00 UTC.
Limited to 5 MAVIA per participant. Quantity is limited; available on a first-come, first-served basis.
Users must complete a minimum MAVIA/USDT trading volume of 500 USDT during the event to qualify for rewards.
Net deposit = Total on-chain deposits – total on-chain withdrawals.
Trade to Earn: Share 440 MAVIA!
Participants must achieve a minimum MAVIA Spot trading volume of 300 USDT during the event period to be eligible to share 440 MAVIA. The amount of MAVIA rewards each eligible user can receive is proportional to their MAVIA/USDT Spot trading volume during the event.
Note:
Event Period: From February 21, 2023, 18:00 UTC, to February 27, 2024, 18:00 UTC.
Capped at 15 MAVIA for each participant.
Spot trading volume includes both buying and selling. Only the trading volume of designated Spot pairs for this event will be counted. Trading of other Spot pairs not mentioned will not be included.
Related: Join Now to Receive STRK Airdrop on BingX!
Event Rules
Registration is required to participate in the event (Users who trade via API are not eligible for this event).
All rewards will be issued within 7 days after the event. Please ensure that your net deposit meets the requirements when the system reviews your account assets before reward issuance.
Any improper behavior such as wash trading, trading manipulation, or using multiple accounts to participate will result in disqualification from this event.
BingX reserves the right to the final interpretation of the event. Users involved in unfair activities to obtain rewards will be disqualified.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct theirFormer Ripple Director’s Timelines for First XRP ETF
By AZC News | 9 hours ago
The XRP community is abuzz with anticipation over the prospective introduction of an XRP ETF and Ripple's impending initial public offering (IPO).Former Ripple Director’s Timelines for First XRP ETF
Anticipation is surging within the XRP community, fueled by the potential emergence of an XRP exchange-traded fund (ETF) and the prospect of Ripple’s initial public offering (IPO).
XRP ETF: Riding the Bitcoin Wave?
While specific timelines remain elusive, the speculations of Sean McBride, a former Ripple director, have ignited discussions and stirred enthusiasm. McBride envisions the possibility of an XRP spot ETF materializing between 2024 and 2025, drawing parallels with the recent approval of Bitcoin spot ETFs that have paved the way for analogous investment instruments linked to other prominent cryptocurrencies.
It is crucial to underscore, however, that McBride’s projections are rooted in his perspectives and lack conclusive evidence, providing room for varied interpretations.
Although the approval of Bitcoin ETFs has instilled optimism for an XRP ETF, formidable regulatory hurdles loom large. Unlike Ethereum ETFs, which have garnered traction, the ongoing SEC lawsuit against Ripple introduces intricacies into the approval trajectory of an XRP ETF.
Despite public clamor, no prominent asset manager in the United States has formally submitted an application for an XRP ETF. Ripple CEO Brad Garlinghouse acknowledges the potential but underscores the uncertainty, given the unpredictable nature of regulatory processes.
Ripple IPO: Exploring Opportunities Overseas?
Exploring the possibility of a Ripple IPO in 2025, potentially on an international stage, Sean McBride’s forecasts align with Ripple’s previous considerations of listing options abroad. Notably, Ripple emphasizes that an IPO is not an immediate focus due to its robust financial standing.
Related: Ripple Escrows 800M XRP Amid Rising Whale Moves
The credibility of McBride’s projections gains support from financial analyst Linda Jones, who deems a 2025 IPO a plausible scenario. However, it’s imperative to acknowledge that these predictions are grounded in current information and are subject to evolution.
XRP 1D Chart from TradingView
XRP 1D Chart from TradingView
Looking beyond speculative timelines, caution is warranted as several pivotal factors could shape the ultimate outcome. The resolution of the SEC lawsuit holds paramount importance, directly impacting the feasibility of an XRP ETF and Ripple’s regulatory positioning.
Market sentiment on a broader scale and the general adoption of cryptocurrencies carry weight in influencing the demand and viability of an XRP ETF. Additionally, Ripple’s future alliances, product advancements, and legal strategies will play a pivotal role in shaping timelines for both an ETF and IPO.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. own research when making a decision.rch when making a decision. when making a decision.search when making a decision.
