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Babel Finance, one of many cryptocurrency lending firms shaken by the bear market of 2022, is exploring new restructuring opportunities involving minting a new token.Babel co-founder Yang Zhou is planning to build a new decentralized finance (DeFi) project in order to generate revenue to repay debts owed to creditors, Bloomberg reported on March 5.The potential DeFi project, called Hope, aims to mint a new stablecoin to serve as a “recovery coin” for Babel, according to Yang’s restructuring proposal.Unlike major stablecoins like Tether (USDT) and USD Coin (USDC), Hope’s namesake stablecoin will reportedly use Bitcoin (BTC) and Ether (ETH) as collateral,…

NFT Yuga Labs’ experiment with Bitcoin Ordinals drew 288 winning bids, with one reaching nearly $160,000 for a single NFT. The 24-hour auction of the collection, named TwelveFold, ended at around 3 p.m. PT. It marks Yuga Labs’ first dalliance with Bitcoin NFTs, having so far dominated the market on Ethereum with blockbuster collections Bored Ape Yacht Club and CryptoPunks. The top bid was worth 7.1159 BTC, equal to roughly $159,600. The lowest was 2.2501, or about $50,400. “The TwelveFold auction has ended. Congratulations to the top 288 bidders – you will receive your inscription within one week,” Yuga Labs…

Leading NFT creator Yuga Labs faced heavy criticism from the crypto community, including the creator of Bitcoin Ordinals, over its plan to auction a new Bitcoin NFT collection called “TwelveFold”.The collection consists of 300 NFT-like images inscribed on satoshis using the Bitcoin-native Ordinals protocol. The top 288 bidders receive 288 images from the collection.To participate in the bidding process, bidders need to send their entire bid amount in Bitcoin to a unique BTC address controlled by Yuga. Winners would pay the BTC they bid, while Yuga would manually return the BTC to unsuccessful bidders.This plan drew criticism from some in…

NFT Lovably cantankerous head of “Hell’s Kitchen” Gordon Ramsay is getting the full blockchain treatment. Metaverse gaming platform The Sandbox announced that Ramsay — a Michelin star chef and main draw of the reality cooking show “Hell’s Kitchen” — is being turned into a collection of non-fungible token (NFT) avatars that users will be able to mint later this month. There will be a total of 2,333 Ramsay avatars, The Sandbox said via Twitter.Users of The Sandbox will be able to roam and play games inside the blockchain-enabled metaverse platform using one of the Ramsay avatars. The Sandbox has also…

beginner These days, the term “cryptocurrency” is well known to everyone. Cryptocurrencies are of interest due to their security and reliability and, more importantly, the privacy and anonymity they can provide to users making transactions. With the growing popularity of crypto coins and tokens, the demand for exchanges where they can be traded has also gone up. Today, crypto exchanges play a crucial role in the development of the blockchain industry. Typically, cryptocurrency exchanges support trading in more than 100 different currencies. Accordingly, people get the opportunity to use their cryptocurrency assets as profitably as possible and exchange them for…

Blockchain Speed vs. Memory in ZKP Frameworks Polygon’s circuit development framework Starky emerged as the fastest zero knowledge proof (ZKP) implementation examined by Celer Network, although its proof size is much larger than SNARK frameworks it was being compared against. Really nice work by the @CelerNetwork team to benchmark different ZKP implementations. Happy to see Starky from @0xPolygon as the fastest by 5-50x. There’s still a lot of room to optimize and improve our proving systems further!https://t.co/YsWGPCpgr5 — Brendan (@_bfarmer) March 4, 2023 In the benchmark report, Celer tested the following frameworks: Circom + snarkjs / rapidsnark gnark Arkworks Halo…

Binance has turned to a new set of stablecoins in the wake of the United States Securities and Exchange Commission’s (SEC) regulatory action against its native stablecoin, Binance USD (BUSD). The SEC had sent a Wells notice, alleging BUSD violates U.S. securities law.Following the SEC’s notice, the New York Department of Financial Services (NYDFS) asked BUSD issuer Paxos Trust to stop minting new BUSD altogether. The minting ban on BUSD has forced Binance to seek alternative methods to meet its stablecoin needs. According to on-chain data, the largest cryptocurrency exchange by trading volume is looking to onboard TrueUSD (TUSD) and…

NFT Luxury fashion brand Hermès is asking a federal court to block sales of non-fungible tokens based on its popular Birkin bag, according to Reuters. Last month, a New York jury ruled digital artist Mason Rothschild had violated Hermès’s intellectual property rights by promoting and selling his “MetaBirkin” NFTs based on the Birkin bags. Rothschild was ordered to pay $133,000 in damages. Hermès alleges in its filing that Rothschild has continued to promote the NFTs despite the ruling, Reuters said. The fashion company wants the federal court to intervene and force Rothschild to not only stop selling the digital assets…

A recent study by Galaxy Digital has tipped the Bitcoin NFT marketplace to hit $4.5 billion in market cap in the next two years. This is due to the growing interest among the NFT community to inscribe/mint various types of data on Satoshis, the smallest unit of a Bitcoin.Data from Dune Analytics shows that there have been over 323,000 inscriptions so far. An impressive feat for Ordinals, a project that launched just over a month ago. The interest has been so strong for Bitcoin NFTs that Yuga Labs decided to launch its own collection on the network.Now a report dated…

Local authorities in Singapore announced they had begun a probe connected to Do Kwon’s Terraform Labs.According to a Bloomberg report, Singaporean police sent an email on March 6, which said, “investigations have commenced in relation to Terraform Labs.” The email also added that the inquiries are “ongoing,” and Do Kwon is not currently in the city-state.Last month, on Feb. 16, the United States Securities and Exchange Commission (SEC) accused Kwon and Terraform Labs of fraud in a new lawsuit.Some voices in the crypto space have criticized the lawsuit as a way for the SEC to go after stablecoins with future…