The cryptocurrency world has witnessed exciting developments, with established players like MakerDAO making strategic moves and meme coins like SHIB coin defying market trends. In this article, let’s examine the most important news shaping the crypto landscape…
MakerDAO announced two new tokens
Leading decentralized finance (DeFi) platform MakerDAO has announced plans to introduce two new tokens, codenamed NewStable (NST) and NewGovToken (NGT). This move marks a significant overhaul for the Maker ecosystem, aimed at improving stability, expanding adoption, and empowering users through more dynamic management. NewStable is envisioned as an improved version of the existing DAI stablecoin, offering upgraded features to increase its stability and wider acceptance.
Current DAI holders will have the flexibility to seamlessly transition to NST while retaining the option to switch back to DAI if desired. NewGovToken (NGT) represents a refined approach to governance within the MakerDAO ecosystem. Designed to encourage broader participation and facilitate more dynamic decision-making, NGT will replace the existing MKR token. Each MKR token can be converted into 24,000 NGT. The official names of both tokens will be announced at a later date. This is not a replacement for existing DAI and MKR tokens. Users will have the option to upgrade to new tokens if they wish.
Burn amount increased for SHIB coin
Shiba Inu (SHIB), the popular meme coin, continues to defy expectations. Despite the recent market sell-off, SHIB has demonstrated remarkable resilience, posting a price increase of 7.46% in the last 24 hours. This upward trend coincides with a staggering 1009% increase in the token’s burn rate, significantly reducing the circulating supply and potentially contributing to price appreciation.
Additionally, data from Coinglass shows that there has been a significant decrease in selling pressure and SHIB liquidations are significantly lower than in previous periods. Open interest, an indicator of investor sentiment, also increased by 13.73%, indicating increased interest in the meme coin. These combined factors paint a positive picture for the future of SHIB, with crypto enthusiasts keeping a close eye on price movements.
LayerZero Labs takes action against airdrop fraud; Ripple and other cryptos attract attention
LayerZero Labs, a company pioneering cross-chain communication protocols, has introduced a new solution to combat “Sybil activity,” a common problem in the crypto space often referred to as “airdrop farming.” The Sybil activity involves users creating multiple fake identities to gain an unfair advantage when receiving airdropped tokens. To solve this problem, LayerZero implemented a unique self-reporting mechanism.
Additionally, a blockchain tracker found that 400 million XRP tokens (approximately $214 million) were released from an unknown wallet. This is a known situation because Ripple Labs usually performs these unlocking operations. A similar situation occurred with the unlocking of 500 million XRP last month. Ripple typically releases 1 billion XRP tokens every month to manage the supply of the coin in the market, which can sometimes result in price drops. Another 800 million XRP confirmed to be from Ripple was recently unlocked, which briefly brought the price down.
Additionally, Ethereum’s staking platform Puffer Finance will announce important news next week. On the other hand, Microcosm Labs has launched a program that offers financing and consultancy services to support projects entering the TON ecosystem. Finally, Aave has proposed a plan to discourage the borrowing of certain stablecoins on Ethereum by raising interest rates and potentially freezing the supply.
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