Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday, Ndaxers— Here’s what happened last week:
Ripple has begun testing its new U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), on both the Ethereum and XRP Ledger networks. The stablecoin, currently in its beta phase, is being rigorously tested by Ripple’s enterprise partners to ensure it meets high standards of security and reliability. RLUSD is backed by short-term U.S. Treasuries, dollar deposits, and cash equivalents, with plans for third-party audits and monthly attestations. However, the stablecoin is not yet tradeable, pending regulatory approval. Ripple intends to use both RLUSD and XRP for cross-border payment services. CoinDesk
The NEAR Foundation has launched Chain Signatures, a new protocol designed to simplify decentralized application development across multiple blockchains. This innovation, which enables NEAR accounts to sign transactions on any blockchain, addresses issues like fragmented liquidity and reduces the need for multiple wallets and manual token bridging. NEAR co-founder Illia Polosukhin anticipates that Chain Signatures will open up a "whole new design space for financial apps in web3," benefiting existing users and attracting new ones. The protocol is already operational, and is supported by eight validators with an initial audit by Kudelski Security. crypto.news
Uniswap Labs and Across Protocol have introduced ERC-7683, a proposed standard aimed at improving cross-chain trade execution and interoperability between decentralized networks. Ethereum co-founder Vitalik Buterin endorsed the proposal, highlighting its potential to standardize cross-chain orders and streamline the process of moving assets between different blockchains. ERC-7683 includes advanced features like batching and Merkle proving to enhance transaction efficiency. The proposal, now open for public review, seeks to establish a unified framework that decentralized platforms can adopt to improve user experience and trade efficiency across multiple blockchains. Cointelegraph
The Democratic Party, alongside Vice President Kamala Harris's campaign team, has launched the "Crypto4Harris" campaign to engage the crypto community and strengthen pro-crypto policies. U.S. Congressman Wiley Nickel announced his involvement in the initiative, which aims to build support for Harris's presidential bid by addressing the concerns of the crypto industry. The campaign is developing a comprehensive crypto-policy framework, seeking to repair Harris's relationship with the crypto community, which has previously been critical of the Biden administration's stance on digital assets. Pro-crypto Democrats are encouraging Harris to adopt a more favorable position to compete with the Republican Party's strong pro-crypto approach. crypto.news
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This week’s blog delves into the intricacies of Proof of Stake (PoS) implementations, comparing the approaches of Ethereum, Solana, and Cardano. Discover how each network’s unique PoS system influences its performance, security, and scalability. From Ethereum’s transition post-Merge to Solana’s innovative Proof of History mechanism and Cardano’s Ouroboros protocol, we explore the similarities and differences that shape these leading blockchains. To learn more click here.
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Happy trading,
The team at Ndax
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.