🚀Markets Surge After US Judge Says XRP Is Not A Security
Happy Friday! A U.S. court's ruling that Ripple's XRP is not a security sent the token's value soaring and buoyed the entire crypto market. Meanwhile, Kain Warwick's new decentralized perpetuals exchange, Infinex, is aiming to improve the DeFi trading experience.
StarkWare has deployed its Quantum Leap upgrade, significantly boosting the throughput of the StarkNet Layer 2 network. And finally, Google has given a warm welcome to blockchain-based content and digital assets within the Google Play Store.
✍️ In today’s newsletter:
- XRP flips BNB after US court ruling
- Synthetix founder unveils new perpetuals exchange
- StarkNet activity spikes after Quantum Leap upgrade
- Google updates Play Store policies to embrace digital assets
📈 Markets in last 24 hrs:
|S&P 500||4,510||↗ 0.85%|
|Arch WEB3||0.87pts||↙ -0.17%|
|↳ FINANCE||0.92pts||↙ -0.42%|
|↳ INFRA||0.77pts||↗ 0.91%|
|↳ CONSUMER||1.05pts||↙ -1.16%|
Learn more about Arch Indices here.
Watch our video on how crypto security is evolving in 2023. And check out our podcast with Mike Silagadze, founder and CEO of ether.fi.
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Markets Rally After U.S. Judge Says Ripple Is Not A Security
TLDR A U.S. court ruled that Ripple's digital token, XRP, is not a security, causing its price to soar over 55%. The ruling also bolstered the overall cryptocurrency market, with significant increases in Ether, Bitcoin, and other major La tokens. However, the judge did not absolve Ripple of all violations, particularly regarding its institutional sales efforts, which were deemed to violate securities laws.
SO WHAT The ruling represents a significant milestone in the legal and regulatory approach towards cryptocurrencies in the U.S. It not only impacts Ripple and XRP, but potentially sets a precedent for other cryptocurrencies facing similar scrutiny. However, it's expected that the SEC will appeal the ruling, so the broader implications for the crypto industry are yet to be determined.
Ledgible makes digital assets, legible. The Ledgible Digital Asset Tax and Accounting Platform is built from the ground up to streamline digital asset accounting operations for investors, institutions, and enterprises. Ledgible enables companies to account for and manage digital asset data at scale. As a SOC 1 & 2 Type 2 Certified platform, Ledgible is the trusted provider of choice for large banks, fintech providers, and digital asset and tokenization native companies.
Ledgible operates in 4 key verticals – Tax Information Reporting (1099s), Digital Asset Data, Accounting, and Tax filing. The underlying technology of Ledgible allows native customization to fit the needs of any given project within the digital asset data scope.
Their recently unveiled NFT Suite is the first full-service NFT portfolio management and accounting solution for the space. The platform also offers native DeFi support and integration, meaning that connecting any digital assets you hold or trade is seamless.
Synthetix Founder Takes Aim At Centralized Exchanges With Infinex
TLDR Kain Warwick, founder of Synthetix, has launched Infinex, a decentralized perpetuals exchange aiming to emulate the user experience of centralized exchanges like Binance. Infinex won't require a crypto wallet for transactions, opting for a traditional username-password system instead. Infinex will be governed by Synthetix's SNX token and require users to deposit USDT or USDC to begin trading.
SO WHAT In pursuit of the next phase of growth, DeFi developers are not just focusing on the underlying infrastructure, but also on making trading platforms more accessible and user-friendly. However, the new approach also poses potential security concerns with private keys stored in users' browsers, despite these keys not being able to withdraw funds.
StarkWare Claims Unrivaled Throughput Following ‘Quantum Leap’ Upgrade
TLDR StarkWare, an Ethereum scaling team, has successfully launched its Quantum Leap upgrade for its StarkNet Layer 2 network. During the public testnet, Quantum Leap consistently produced a throughput of 37 transactions per second (TPS) with peaks of 90 TPS, and latency for transaction inclusion frequently fell below 10 seconds.
SO WHAT StarkWare says the upgrade's success opens opportunities for faster DeFi applications and realistic triple-A games. The increased throughput and decreased latency should contribute to improved performance and a better user experience. However, since StarkNet is not compatible with the Ethereum Virtual Machine (EVM), developers would need to recompile their code to deploy on the network.
Google Embraces Digital Assets With Updated Play Store Policy
TLDR Google has updated its policies to allow the integration of digital assets and NFTs within applications on the Google Play Store. The company plans to consult with industry partners to improve its support for blockchain-based app experiences, including secondary markets.
SO WHAT This move could potentially accelerate the adoption of digital assets and NFTs and further integrate them into mainstream tech platforms and services. However, it also underlines the need for user protection against potential scams.
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