Hello everyone, welcome to the latest Stack weekly. We'll be going over all the latest events, updates, and news that occurred within the crypto space last week. But first, this week's data:
Weekly Projects to Watch
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Top risers by Coinrank
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- Axie Infinity ($AXS) ⬆️ 4%
- Stacks ($STX) ⬆️ 2%
- Smooth Love Potion ($SLP) ⬆️ 2%
- Ethereum Classic ($ETC) ⬆️ 2%
Top risers by Dev Rank
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- Basic Attention Token ($BAT) ⬆️ 33%
- Kadena ($KDA) ⬆️ 10%
- Aave ($AAVE) ⬆️ 9%
- Theta Network ($THETA) ⬆️ 7%
Top risers by Social Rank
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- Pocket Network ($POKT) ⬆️ 1%
- Stacks ($STX) ⬆️ 0.5%
- Terra ($LUNA) ⬆️ 0.4%
- Cosmos ($ATOM) ⬆️ 0.3%
Top small cap risers by Coinrank
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- LATOKEN ($LA) ⬆️ 296%
- Polis ($POLIS) ⬆️ 279%
- APWine ($APW) ⬆️ 116%
- Jupiter ($JUP) ⬆️ 93%
Top News This Week
Arizona Bill Aims to Make Bitcoin Legal Tender, Part of 130,000 BTC Stolen in a 2016 Bitfinex Hack Transferred to an Anonymous Wallet and MicroStrategy Buys 660 BTC for $25 Million
There is a bill recently put forward in Arizona that has the goal of turning Bitcoin (BTC) into a form of legal tender within the state. This one-page filing, numbered SB1341, at the current point in time, is unlikely to succeed due to the fact that the U.S. constitution seemingly prevents states from declaring assets as legal tender. However, this bill was put forward by Senator Wendy Rogers.
$5 billion worth of Bitcoin (BTC) was stolen back in a 2016 Bitfinex Hack, and have recently moved in two 10,000 BTC transactions by hackers to an unknown wallet, reported by Whale Alert.
The major Bitcoin (BTC) investor, MicroStrategy, made an announcement that they purchased BTC during a market dip to collect a total of 125,051 BTC, based on the official form with the United States Securities and Exchange Commission (SEC).
Binance Builds $1 Billion Insurance Fund for Hack Prevention
Binance has built a $1 billion fund for insurance, which creates a buffer against the impact of a potential hack. When the Secure Asset Fund for Users (SAFU) was established initially, Binance committed 10% of all trading fees as a means of growing it to a sizable level to safeguard the interests of users.
The Chief Executive Officer, Changpeng “CZ” Zhao stated: “At Binance we always said ‘funds are safe,’ and today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues.”
Coinbase Lists Solana-Based Projects and Solana Adds Payment Feature After Crypto Network Congestion Woes
Coinbase listed Solana-based projects Bonfida (FIDA) and Orca (ORCA). This expansion adds Solana SPL tokens (Solana’s equivalent to ERC-20) to Coinbase for the very first time.
Solana, which is a popular blockchain that has recently gone through congestion issues, said that they are adding a payment service to allow direct use of dollar-backed cryptocurrencies through the introduction of Solana Pay.
Silvergate Bank Is Buying Assets of Diem for $182 Million
The Meta (Formerly Facebook) stablecoin consortium, known as the Diem Association, confirmed that they are selling their assets to Silvergate Bank for almost $182 million.
Furthermore, Silvergate will fully purchase development, deployment and operations infrastructure, alongside the tools for running a blockchain-based payment network, which can enable payments for commerce as well as cross-border remittances.
As a part of this acquisition, Silvergate has issued 1,221,217 shares of Class A common stock to DIem, as well as an additional $50 million in cash, which puts the total value at $182 million.
Jump Trading Has Replaced Stolen Wormhole Funds After a $320 Million Crypto Hack
Wormhole, which is a popular bridge linking the Ethereum and Solana Blockchain, suffered a $320 million loss in a hack. This is seen as DeFi’s second-biggest exploit within crypto history, right after the $600 million Poly Network crypto heist.
Jump Trading said through an announcement that they had restored more than $320 million to Wormhole after the decentralized finance site ended up getting hit with one of the largest crypto heists in crypto history.
Through a tweet, Jump Crypto said that they chose to replace the stolen money as a means of making community members whole and support Wormhole as it continues its development.
Fresh Content From the Team
Thanks for reading,
The Stack Team
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