THORChain halts its platform due to an unknown bug, no issues of insolvency reported
THORChain, a cross-chain platform for token swaps and bridging, has halted its chain. According to the team, the cause of the chain halt is likely due to a “unique transaction type” error.
THORChain did not provide further clarification or details on what this means in its tweet and added that its developers are already working to fix the issues.
SushiSwap to create three DAOs in Panama and Cayman in business restructuring
The Sushi DAO, the decentralized autonomous organization behind crypto exchange SushiSwap, has approved a legal restructuring on Oct. 26 that creates three new decentralized entities, aiming to provide more flexibility to its operations.
The proposal, which received 100% votes in favor, will create the DAO Foundation, Panamanian Foundation, and Panamanian Corporation, each serving different purposes.
CashApp adds support for Bitcoin Lightning Network
According to a new page added to its support section on Oct. 25, Cash App — a mobile phone payment processing app created by Block Inc. — has added support for transactions via the Bitcoin Lightning Network.
The new feature allows Cash App users to send and receive Bitcoin on the faster, more efficient layer-2 protocol. Lightning is ideal for small transactions, with near-instant processing times, compared with the minutes to hours required on the Bitcoin blockchain.
Norway steps into the Metaverse with Decentraland tax office
At the Nokios conference, Norway’s central register, and the nation’s tax authority, announced that they’re partnering with consulting firm Ernst and Young (EY) to establish an office in Decentraland.
The partnership with Norwegian authorities will help spearhead education in the crypto space by teaching users about taxes related to decentralized finance (DeFi) and non-fungible tokens (NFT).
US and EU lead Bitcoin’s price action
After weeks of flatlining, Bitcoin has finally seen some positive price action, breaking through the $20,000 resistance. At press time, BTC stood at $20,745 and showed the potential to inch even closer to $21,000.
Bitcoin’s rally could have been a result of a significant increase in buying pressure from the U.S. and E.U. markets, which showed little interest in BTC in the past months. According to data from Glassnode, this is the first time since August 16 that the U.S. and E.U. have bought BTC. Historically, increased buying pressure in these two markets has correlated with price rallies.
Binance launches Oracle Network
Binance has launched an oracle network for its BNB Chain ecosystem, which will connect the blockchain to real-world data and vice versa. Oracles make it possible for smart contracts to access data that exists outside of a blockchain.
For instance, a protocol may want its smart contract to be triggered based on securities prices, macroeconomic indicators, or even weather data. Initially, Binance Oracle will provide index prices for the most popular digital assets.
UAE’s central bank pilots cbank digital currencies transactions
The Central Bank of the United Arab Emirates (CBUAE) said on Wednesday it has completed the world’s largest pilot of central bank digital currencies (CBDC) transactions, with other regulators including the People’s Bank of China’s Digital Currency Institute.
“The project mBridge demonstrated faster, cost-effective and secure cross-border monetary settlements using central bank money, identified as a G20 economic priority,” CBUAE said, adding it would be positive for regional and international trade, as well as participating entities.
Total staked Ethereum surpasses 14 million in Q3 amid 64% decline in price
The amount of staked Ethereum currently sits at approximately 14.44 million ($19.5 billion). Total staked ETH in Q3 2022 alone exceeds 1.096 million. Currently, over 11% of the total circulating supply are staked and the amount rises daily.
The Merge finally completed the PoS upgrade for the Ethereum network, and thus, it is unsurprising that this has had a net positive effect on the amount of ETH staked. Miners can no longer mine Ethereum using the PoW consensus method; therefore, staking Ethereum is the primary way to contribute to the network’s security.
Long-term Bitcoin holders have amassed over 75% of BTC
The gloomy market condition has failed to deter long-term Bitcoin holders who are currently in possession of more than 75% of all existing BTC.
As per an analyst at the crypto analytics platform CryptoQuant, this level was last seen in October 2015.
SHIBA INU (SHIB) unveils concept for next SHIB hub: The Metaverse
The SHIBA INU (SHIB) development team presented the Growth Dunes, which is set to become the next hub for SHIB: The Metaverse. According to the official blog post, SHIB: The Metaverse will be a place for the ShibArmy crypto community to truly call home.
The Web 3.0 project is still in development in partnership with The Third Floor (TTF), an audio-visual company known for working on dozens of Marvel blockbusters.