The cryptocurrency market has seen several significant developments in June 2024. From the launch of new protocols to substantial investments and regulatory adjustments, here’s a comprehensive overview of the latest news that could impact all crypto enthusiasts.
BNB Chain Introduces BEP-336 Protocol
On June 20, 2024, BNB Chain launched the BEP-336 protocol. Inspired by Ethereum's EIP-4844, this update introduces Blob-Carrying Transactions, which can reduce transaction costs by up to 90% by streamlining data verification. This significant improvement will benefit $BNB Greenfield's decentralized storage, enhance network performance, and make the BSC ecosystem more accessible to developers and users.
Major PEPE Token Transfer to Binance
A substantial internal transfer of 1.16 billion PEPE tokens worth $12.34 million to Binance garnered significant attention. Although this transfer was merely an internal move between Binance's wallets, it highlighted the high trading volumes and interest in meme tokens like $PEPE , which has seen a 16% decline this week.
Uphold Delists Stablecoins Ahead of MiCA Regulation
In preparation for the EU's new Markets in Crypto-Assets (MiCA) regulation, Uphold, a New York-based crypto exchange, has announced the delisting of several stablecoins, including USDT, DAI, FRAX, GUSD, USDP, and $TUSD. This move, effective June 30, 2024, aligns with similar actions by other exchanges such as Binance, Kraken, and OKX, aiming to comply with the upcoming regulations.
Ripple Enters the Stablecoin Market
Ripple, the developer behind $XRP Ledger, has launched a new stablecoin to compete with Tether and USDC. This stablecoin will be 100% backed by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents, providing a new option for stablecoin users and potentially boosting Ripple's market presence.
Cosmos Hub's Valence Protocol
Cosmos Hub has introduced Valence, a cross-chain protocol designed to enhance web3 interoperability by expanding the Inter-Blockchain Communication (IBC) protocol. Valence enables programmatic economic relationships between crypto-native organizations, facilitating token swaps, treasury adjustments, and liquid restaking, thus driving mass adoption of the Cosmos ecosystem.
Conclusion
The crypto market is undergoing significant changes with new technological advancements, strategic investments, and regulatory preparations. These developments highlight the dynamic nature of the market and the continuous efforts to improve security, efficiency, and compliance. Investors and developers should stay informed about these changes to navigate the evolving landscape effectively.
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