It was in the last month that the Polygon Governance Team had invited the community on their platform to discuss the changes in the Polygon PoS chain.Now the latest updates come with the network planning to launch its hard fork by next week confirmed through Polygon’s official blog post.As per the post, the hard fork is expected to be launched on January 17 which aims to limit the increasing gas fee along with address chain reorganization which is called as reorgs.Polygon Hard Fork Aims To Reduce Gas Fee Polygon, which runs on a proof-of-stake mechanism, has comparatively lower gas fee than Ethereum.However, Polygon network often experiences a reduced network speed when the activity over the network increases.Firstly, as mentioned above the hard fork intends to reduce gas fee surges which happens when the network experiences increased activity on the chain.
Next is the address chain reorganization which takes place when a validator node receives information which creates a new version of blockchain.Even though this new version is temporary, it creates difficulty in verifying the success of a transaction To solve the reorgs issue Polygon aims to bring down the time it takes to finalize a block in order to verify successful transactions.
For this the network uses sprint length which reduces block to 64 to 16 where a block producer can create block in just 32 seconds when compared to earlier 128 seconds.Hence, all the nod operators on the Polygon network will have to upgrade their nodes before January 17.However, Polygon’s MATIC holders are not required to make any move.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.
She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Back to top button The crypto industry is bracing for increased selling pressure as FTX, a digital asset exchange, announced its plans to liquidate billions of dollars worth of assets to repay customers.
During a House Committee hearing yesterday, FTX CEO John J.
Ray III stated that his team had obtained wallet keys containing liquid digital assets.
However, it is estimated that over $8 billion worth of FTX customers’ assets are missing.This news comes as a surprise, as FTX was valued at over $32 billion just a year ago before filing for bankruptcy protection.Additionally, the FTX crisis is reportedly becoming more complex as investigators are concerned about potential identity theft in order to obtain cash refunds.“We have located over $5 billion in cash, liquid cryptocurrency, and liquid investment securities,” stated Andy Dietderich, an attorney for FTX, during a hearing in Delaware on Wednesday.
The hearing also revealed that FTX may be able to raise additional funds in the coming months to benefit customers, as the exchange has independent holdings in various countries that could be sold to recover customer funds.Solana At Risk According to FTX attorney Andy Dietderich, the exchange plans to liquidate non-strategic holdings with a book value of $4.6 billion.However, it should be noted that this amount does not include the assets that were seized by the Bahamas Securities and Exchange Commission (BSEC), which are estimated to be worth $170 million.Dietderich stated that the decision to sell these assets is due to their high volatility, which could see the estimated value evaporate in a short period of time.
Among the assets seized by the BSEC are Solana, FTT, MAPS, OXY, WBTC, BONA, and several SPL tokens.Notably, Solana represents the largest portion of the seized assets, with a value of over $700 million, which is mostly locked.The seized SPL tokens are estimated to be worth approximately $500 million, while the FTT and MAPS tokens are valued at around $575 million and $371 million, respectively.The OXY, WBTC, and BONA tokens are estimated to be worth $127 million, $90 million, and $82 million, respectively.Coinbase Global director Conor warns that creditors should have low expectations for the $5 billion in recovered assets, as some of the assets are considered illiquid.The recent revelations have had a minimal impact on the prices of the seized assets.
Solana’s price, for example, has gained approximately 65% and 20% in the past 14 days and 7 days, respectively.Additionally, FTT is currently trading at around $1.39, up 16% on Thursday, while MAPS is trading at around $0.04860298, up 2.1% today.Oxygen (OXY) is trading at around $0.01318185, up 0.8% and WBTC is trading at around $18,174.57, up 4.4% today.Crypto investors should be aware of the potential short-term volatility that may be caused by FTX’s selling pressure.Furthermore, large-scale dumping to the secondary market could cause fear in the bear-trapped market.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.
He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.- BUSD under FUD because of reports showing insufficient backing.- Until the time of writing, the stablecoin was able to maintain its peg.The stablecoin of trading platform Binance [BUSD] is in the spotlight now.Even though it is the largest cryptocurrency exchange, Binance has been repeatedly criticized.
A recent report has now expressed concerns about the integrity and longevity of the the stablecoin’s peg.Are your BUSD holdings flashing green? Check the BUSD Profit Calculator How the stablecoin peg works Given that Binance’s stablecoin is pegged to the dollar, the exchange must have a stockpile of U.S.
dollars in a bank account.With the reserve of U.S.dollars on hand, it can guarantee that one BUSD will always be worth one USD.Regular updates are released by the Binance exchange detailing the overall quantity of BUSD in circulation and the equivalent number of U.S.
dollars kept in reserve.This is done so that users can see that there is a sufficient amount of U.S.dollars in reserve to back the whole value of BUSD in circulation and so that the system is transparent.Unfortunately, subsequent revelations have cast doubt on the process.On 10 January, Binance disclosed that bugs in its system had resulted in at least $1 billion in under collateralization of its Binance Smart Chain BUSD supply, which was supposed to be backed one-to-one by the U.S.dollar.According to experts, the problem has already resulted in three significant deviations from its peg.Paxos, a New York-based financial technology startup, guarantees the full collateralization of BUSD on the Ethereum blockchain in U.S.
dollars.But BUSD on Binance Smart Chain is not similarly governed by an external, audited company.Binance’s USD held on its blockchains is known as Binance-Peg USD.This was according to a recent report.
The blockchain analytics firm ChainArgos, led by Jonathan Reiter and Patrick Tan, discovered that the Binance-Peg wallet on Ethereum, which was supposed to hold the stablecoins required to back all Binance-Peg BUSD, routinely held a lower balance than the amount of Binance-Peg BUSD circulating on Binance Smart Chain.Fears about the stablecoin are warranted in light of the recent demise of Terra and FTT.However, the Binance team has yet to respond to the current reports directly.BUSD maintains its peg amidst growing inflow According to the Netflow metric provided by CryptoQuant, the stablecoin has suffered a slight deviation from its $1 peg, but is currently maintaining its stability.Additionally, there was a greater outflow in recent weeks.
However, the trend as of late has been toward more inflow, albeit with no significant surges.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – AVAX witnessed a 20% surge in price in the last 10 days – AVAX’s demand in the derivatives market remained positive Avalanche [AVAX] surged by 20%, rising from $10.85 to $12.97 in the past 10 days.Based on the daily charts, AVAX bulls could target a crucial supply zone.At press time, AVAX flickered red and was trading at $12.53.It had just faced a short-term price rejection at $12.97.
Similarly, BTC faced rejection at $17.50K but could be bolstered if the US Consumer Price Index (CPI) announcement on January 12 favors traditional stock markets.Such a BTC rally could boost AVAX bulls to overcome the $12.97 hurdle and target this supply zone.
Read Avalanche [AVAX] Price Prediction 2023-24 The $14.0 supply zone: Can the bulls reach it? The Relative Strength Index (RSI) on the daily chart was at 57, a considerable level above the 50-midpoint.It had risen from the oversold zone since the beginning of the year.This showed that buying pressure had increased steadily in the past 10 days; as such, bulls had the upper hand.Therefore AVAX bulls could attempt to push above the $12.97 level and target the $14.0 supply zone, especially if BTC breaks above the $17.50K mark.However, AVAX bulls could face intense opposition from sellers if it hits the supply zone.So investors with diamond hands could wait and sell off at this zone.Nonetheless, a strong bullish BTC could try to push AVAX even above the supply zone, but bulls must overcome some extra obstacles if it comes to that.Are your holdings flashing green or red? Check with AVAX Profit Calculator Alternatively, bears could gain more influence before AVAX hits the supply zone and push the prices lower.
Such a downward move would invalidate the above bullish bias.The downtrend could be checked by the $11.73 or $10.85 support levels.AVAX saw positive sentiment and demand in the derivatives market.According to Santiment, weighted sentiment and Binance Funding Rate for AVAX/USDT pair remained on the positive side since 5 January.
This showed that investors remained bullish on AVAX, and the demand in the derivatives market didn’t change despite a slight drop in price at the time of writing.However, a decline in trading volumes could undermine bulls’ uptrend momentum.Any uptick in trading volume alongside a bullish BTC could signal a major rally toward the supply zone.Therefore, investors should track BTC movements.Top posts Monero3 hours ago Monero Has Been On A Bullish Run But Will The Momentum Hold? The Monero price has rallied over the past week since the broader market recovered.Over the last 24 hours, XMR…
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