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Top 5 Crypto Airdrops to Watch for the Last Week of January

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Chromia has officially collaborated with TAC, the purpose-built Layer-1 network that aimed to resolve Ethereum Virtual Machine (EVM) compatibility with The Open Network (TON). This partnership will provide an infrastructure through which Telegram Mini Apps (TMAs) can perform their blockchain capabilities in a more enriched manner involving TAC bridging technology and even Chromia layers of data decentralization.

📢We are proud to announce a NEW integration and partnership with @TacBuild! 🥳

TAC is a purpose-built Layer-1 network designed to bridge the gap between EVM and The Open Network.

🗨️ Acting as a translator between the two systems, TAC allows developers to deploy EVM… pic.twitter.com/g6HKzBC4gJ

— Chromia | Power to the Public (@Chromia) June 23, 2025 This merging will enable developers employing TAC to implement EVM Johnson-based wise contracts in Telegram’s ecosystem. Such contracts are completely within TON architecture and avoid the restrictions that EVM-based dApps are frequently subject to on Telegram. Chromia extends further by natively enabling such applications to store their application logic, user activity, and metadata on Chromia subchains, allowing them to decentralize and verify their app backends.

Enhanced Functionality for Telegram Mini Apps Telegram Mini Apps have become an object of high potential as an interface to provide Web3 experiences to users. However, Telegram’s support of native TON wallets and tokens has already been a problem for Ethereum-based applications. TAC does away with this problem by acting as a translation layer, thereby allowing cross-compatibility between Ethereum-based protocols and the TON ecosystem.

Chromia collaborates with TAC to add decency to Mini Apps, including storage and execution of logic. The majority of TMAs are now working with centralized cloud solutions to perform essential operations, and that reduces transparency and trust. Chromia enables developers to transfer such elements to a decentralized context, favouring a secure and transparent experience to the user.

Real-World Use Case: XOOB Launches with TAC and Chromia XOOB is the first Telegram Mini App that needs the ChromiaTAC stack. The app has a gamified PvP and play-to-earn service. Interaction is done through $USDT deposits on the TON network, which are passed through TAC to DeFi protocols like Morpho and Euler. These deposits create yield associated with the system that players and developers share.

Chromia subchains hold all the gameplay data and financial flows and they all have the full insight about the transactions and user interactions. This protocol illustrates that decentralized systems can fit with ease on familiar platforms such as Telegram. The design of XOOB is a perfect example of how this collaboration can enable scalable, user-friendly and trustless Web3 applications

AUTHOR

Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.

As the cryptocurrency world continues to experience volatile price movements, attention turns to analysts’ comments and which cryptocurrencies they focus on. During the period when Bitcoin fell from $70,000 to $58,500 and then recovered slightly, a famous market follower predicted a rise for an altcoin while painting a pessimistic picture for Bitcoin and Ethereum.

Analyst’s Altcoin EmphasisAn analyst closely followed in the cryptocurrency world made statements suggesting that a low-volume artificial intelligence (AI) token could rise. Cryptocurrency analyst Michaël van de Poppe made significant statements on X.

He indicated that there could be a rise for Covalent (CQT), which ranks 346th in market value and is lagging in market volume.

CQT has returned to November 2023 levels. There has been a sharp correction since the peak in February. We expect Covalent’s price to rise significantly since its latest updates.

CQT is trading at $0.1549 after a 3.83% drop at the time of writing. CQT’s market cap is $124 million, while its trading volume remains below $1 million after a 21% drop in the last 24 hours.

Bitcoin (BTC) was also reviewed by Van de Poppe, who suggested a possible drop before a rise in the leading cryptocurrency.

This will likely be the case for Bitcoin. Preferably, we scan the $60,000 region where the bullish divergence started. A reversal could occur from next week with the approach of the Ethereum ETF (exchange-traded fund) listing.

BTC experienced a 1.8% drop in the last hour and is now finding buyers at $60,695. The market cap has fallen below $1.2 billion, while the 24-hour trading volume is at $23.4 billion after a 3% rise.

How Much is Ethereum?Lastly, the analyst reviewed Ethereum (ETH) and suggested that ETH could move upward against BTC (ETH/BTC).

Technically, ETH is holding a very important level for support. I think we will continue to drift upward from here. If it can reach 0.06 BTC ($3,690), then I assume we will see a major breakout and Altcoin strength for the rest of the year.

ETF is continuing to find buyers at $3,379 after a 2.11% drop in the last 24 hours.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are three major unlocks to watch next week.

Taiko (TAIKO) Unlock date: September 5 Number of tokens unlocked: 12 million TAIKO Current circulating supply: 63.09 million TAIKO Taiko is a decentralized Layer-2 scaling solution for Ethereum, leveraging ZK-Rollup technology. The protocol operates in a permissionless manner, allowing community members to participate in network operations

On September 5, Taiko will unlock a substantial portion of its TAIKO tokens, representing 19% of the current circulating supply. The project will distribute the newly released tokens to participants in the Trailblazer program.

Read more: Layer-2 Crypto Projects for 2024: The Top Picks

TAIKO Unlock. Source: token.unlocksImmutable (IMX) Unlock date: September 6 Number of tokens unlocked: 32.47 million IMX Current circulating supply: 1.57 billion IMX Immutable is a Layer-2 solution for scaling NFTs on the Ethereum blockchain. In September 2021, the project raised $12.5 million during the IMX token sale on the CoinList platform in just one hour. In March 2022, it closed a $60 million investment round and secured an additional $200 million from investors, including ParaFi Capital, Declaration Partners, and Tencent Holdings.

On September 6, the circulating supply of IMX will increase by 32.47 million tokens. These newly unlocked coins will be allocated to the development of the project and the broader Immutable ecosystem. 

Read more: What Is Immutable?

IMX Unlock. Source: token.unlocksMode (MODE) Unlock date: September 6 Number of tokens unlocked: 500 million MODE Current circulating supply: 1.3 billion MODE Mode Network is a modular Layer-2 network focused on DeFi, built on Optimism’s Bedrock upgrade. The network features a unique contract revenue-sharing incentive at the protocol level, where both DApps and users that contribute to the Mode blockchain receive a portion of the network sequencer’s profits.

This current unlocking event involves 500 million tokens, nearly 40% of the circulating supply. Despite this, no additional unlocks are scheduled for more than six months. However, the community remains skeptical about this tokenomics design.

“For the coming week, there are 4 unlocks at more than 2% but we will especially have to watch $TAIKO which will unlock 19% of its supply on September 5 and $MODE on September 6 which will unlock 38.46% of its supply. Super tokenomics,” one X user commented.

Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared

MODE Unlock. Source: token.unlocksOther next-week cliff unlocks include dYdX (DYDX), Liquity (LQTY), Hashflow (HFT), and Ethena (ENA), with a total value exceeding $77 million. Although many consider unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

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In a research report released on July 18, 2024, Thor Hartvigsen, a crypto researcher, strongly cautioned against the investment strategy of purchasing high-beta altcoins within the Ethereum ecosystem as a leveraged tactic, particularly with the forthcoming launch of the spot Ethereum ETFs in the United States.

Hartvigsen’s analysis titled “ETH Beta – a Recipe for Disaster?” provides an analysis of whether buying ETH-correlated altcoins, commonly referred to as ‘ETH betas,’ constitutes a good investment strategy. These assets, including tokens like OP, ARB, MANTA, MNT, METIS, GNO, CANTO, IMX, STRK (all L2’s), MKR, AAVE, SNX, FXS, LDO, PENDLE, ENS, LINK (all DeFi) PEPE, DOGE (all memes), SOL, AVAX, BNB and TON (alternative L1’s) are traditionally viewed as offering leveraged exposure to movements in Ethereum’s price, assuming a higher volatility relative to Ethereum itself.

The report dissects several critical areas: price performance comparison between these altcoins and Ethereum, their correlation and beta coefficients relative to Ethereum, and their risk-adjusted returns measured by the Sharpe ratio. The researcher highlights the inherent risks and inefficiencies in banking on these altcoins for enhanced Ethereum exposure.

Why Buying ‘Ethereum Beta’ Altcoins Is Generally A Bad Idea Discussing price performance, Hartvigsen points out, “The TOTAL3 (altcoin market cap) against the ETH market cap is at around 1.48. Since 2020, this chart has only been this low on a few rare occasions, signaling the outperformance of ETH against most alts.” This historical context sets a grim precedent for those hoping for altcoin outperformance concurrent with Ethereum’s growth. The researcher elaborates that despite periodic recoveries at these levels, the overarching trend has been one of decline—a troubling signal for altcoin investors.

“Notably, not a single L2 token has outperformed ETH YTD, with the best performing token, GNO, up 34%, whereas ETH has seen a 44% gain. Worst performers include MANTA, STRK, and CANTO, all down more than 60% this year,” Hartvigsen stated. With regard to the top alternative L1’s, AVAX is the only one down on the year vs ETH. “Of the 8 DeFi tokens in this basket, 3 have outperformed ETH, namely PENDLE (+254%), ENS (+163%) and MKR (+78%). The remaining 5 are all down on the year with FXS as the worst performer down 73%,” the researcher added.

Meanwhile, memecoins have been the best bet this year so far. “This can also be seen in the performance of the largest Ethereum-native memecoins. PEPE is the largest gainer of the sample, up +708% while SHIB is up 74% and DOGE 31%,” according to Hartvigsen.

The correlation section of the report digs deeper into the relationship these altcoins have with Ethereum. “The sample of altcoins has not been chosen at random but consists of tokens usually assumed to be correlated with the performance of ETH,” Hartvigsen explains.

He further notes that “Correlation between ETH and ETH is obviously perfect and therefore is 100%. The alts most correlated with ETH are GNO, SNX, METIS, AAVE, and ARB.” However, despite some tokens showing a decent correlation with Ethereum, the researcher cautions that these do not necessarily guarantee similar performance outcomes, especially in this crypto cycle.

Correlation to ETH | Source: X @ThorHartvigsen In terms of beta, which measures the volatility of an asset compared to the market, the findings are telling. “From this analysis, it’s clear that only a few alts have a high beta coefficient in relation to ETH, namely PEPE, METIS, ENS, and PENDLE,” Hartvigsen states. This suggests that while certain altcoins exhibit higher volatility and thus potential for greater returns relative to Ethereum, they also carry a proportionately higher risk.

Altcoin beta relative to ETH | Source: X @ThorHartvigsen The calculation of the Sharpe ratio, which provides a measure of risk-adjusted return, brings another dimension to the analysis. Hartvigsen remarks, “The Sharpe ratio calculations underscore the volatility-adjusted returns of these altcoins, which have varied significantly. This is critical as investors often overlook the increased risk these ‘ETH beta’ assets carry.”

Wrapping up his findings, Hartvigsen offers a clear verdict: “Buying these altcoins as a way to get leveraged exposure to Ethereum is, in my opinion, a foolish game as you’re taking on a lot of additional risk you might not be aware of. If you’re looking for leveraged ETH exposure, simply putting on a 2x ETH long on e.g., Aave is more sensible.” He emphasizes that such a strategy ensures a 100% correlation and a beta value of 2, without the unnecessary complications.

At press time, ETH traded at $3,439.

ETH rises above the 0.618 Fib, 1-week chart | Source: ETHUSD on TradingView.com Featured image created with DALL·E, chart from TradingView.com

Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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September 12, 2024

The Vega Protocol community has voted to retire its Layer 1 (L1) blockchain and the associated VEGA token.

The decision marks the end of the Vega chain’s operations, which were focused on facilitating derivatives trading on a decentralized platform.

The unanimous governance vote triggered the automatic shutdown of trading activities on the Vega blockchain, the project said in a recent blog post.

Vega Shuts Down L1 Chain Due to Lack of TractionThe protocol launched its first on-chain markets after the release of its alpha mainnet in 2023.

However, the lack of substantial traction in its current form as an application-specific blockchain (app chain) led to the community’s decision to discontinue the project.

The Vega team explained that the network did not achieve the growth and interest required to sustain it as a viable platform.

Consequently, the project will now focus on maintaining the core software rather than continuing with the blockchain and token in their present state.

“We are proud of the software we have built, but unfortunately, the chain and token did not gain the momentum needed to ensure sustainability,” said Barney Mannerings, co-founder of Vega Protocol.

He further emphasized that the resources would now be allocated to supporting other initiatives based on Vega’s core technology.

One such initiative is Nebula, a decentralized exchange that will utilize the Vega software.

Nebula operates independently from the Vega Protocol and will have its own token, NEB.

The on-chain vote to retire the Vega chain has officially passed.

As a result, the Vega chain no longer supports trading on any markets. The chain is expected to cease operations after a “ramp-down” period, during which validators are incentivised to maintain node operations,…

— Vega Protocol (@vegaprotocol) September 11, 2024 As a gesture to the existing VEGA token holders, the Nebula team plans to offer NEB tokens to them, providing some continuity of value within the ecosystem.

“We believe the future of our software lies in open-source development, where projects like Nebula can build upon it,” Mannerings added.

As part of the shutdown process, the Vega chain will enter a “ramp down” phase, during which validators will maintain nodes to ensure users can withdraw their funds.

Validators to Keep Vega Running Until Oct. 27The core team said that validators have committed to keeping the chain operational until at least October 27, 2024, allowing users a window of opportunity to safely move their assets off the network.

The team also issued a warning to users to remain vigilant for updates regarding the chain’s status.

“If the chain halts, assets may become stuck on the bridge, and we will not be able to retrieve them for you,” the team cautioned.

The VEGA token has experienced a sharp decline following the shutdown announcement. Over the past week, its price has dropped by 30%, falling from $0.10 to $0.068.

The token has also seen a more than 90% decline since the start of the year.

Vega’s journey began with its whitepaper in 2018, where the team outlined a high-performance, application-specific blockchain based on the Tendermint proof-of-stake consensus mechanism.

In 2019, the project raised $5 million in a seed round led by Pantera Capital, followed by a $43 million community token sale on CoinList in 2021.

Last year, Vega Protocol launched the first perpetual futures market on its network.

Pike Finance clarifies ‘USDC vulnerability’ statement on $1.6M exploit

What is Lisk? Everything to Know About the Layer-2 Solution

June 25, 2025 – Zug, Switzerland

The partnership offers white-labeled, non-custodial and Web 2.0-like stablecoin loans embedded directly in your wallet or application. Gelato, the Web 3.0 developer cloud platform, together with Morpho, the decentralized lending protocol behind some of the most trusted lending infrastructure in Ethereum, today announced the launch of embedded crypto-backed loans.

The new partnership enables wallets, brokers and fintech apps to allow their users to instantly borrow stablecoins, like USDC, using their crypto assets as collateral.

The borrowing flow has a simple Web 2.0-like experience that is non-custodial and fully on-chain.

By combining Gelato’s Smart Wallet SDK with Morpho’s permissionless lending markets, the two teams offer a complete borrowing flow that platforms can securely integrate in days.

Crypto-backed loans are fully non-custodial and onchain, governed entirely by smart contracts.

Users can initiate loans in an on-chain bank account powered by embedded wallet infrastructure, 7702-powered smart accounts, gasless transactions and the ability to execute multiple transactions in a single click.

Morpho, which Coinbase recently partnered with to enable similar BTC-backed loans, brings proven lending infrastructure with over $6.5 billion in TVL (total value locked).

Gelato’s Smart Wallet SDK – used by companies such as Safe, Infinex and Gnosis Pay – handles account abstraction, one-click onboarding and gas sponsorship, enabling applications to deliver modern, Web 2.0-style user experiences.

Paul Frambot, CEO of Morpho Labs, said,

“We’re excited to see more platforms bring crypto-backed loans to users in a self-custodial way. Morpho is built to be integrated, and Gelato makes it easy to deliver a seamless UX on top.”

Embedded crypto-backed loans are designed to meet the needs of both consumer and institutional users, offering a simple, intuitive interface while preserving the non-custodial guarantees that users and platforms increasingly expect.

Key features Borrow USDC in one click using crypto assets like BTC as collateral Fully non-custodial and on-chain No credit checks required One-click wallet creation via email, social login or passkeys EIP-7702 powered smart wallet account Embedded UX with full brand control Gasless transactions across over 50 EVM chains Later this year, Gelato will introduce new security and recovery features to extend the smart wallet stack.

These include passkey authentication, multi-signer two-factor approvals using regulated custodians and on-chain recovery modules tied to email or social logins.

All upgrades are implemented at the smart contract level to maintain full decentralization.

A full demo of the product is available here, showcasing the end-to-end borrowing experience from wallet creation to BTC collateralization and loan issuance.

Embedded crypto-backed loans are now available in beta on Polygon, Arbitrum, Optimism and Scroll, with support for Katana coming soon.

Gelato and Morpho are working closely with additional chain teams to expand deployment in the months ahead.

About Morpho Morpho is a decentralized lending protocol, powering open, on-chain money markets. It enables pooled and peer-to-peer borrowing with programmable risk parameters and oracle-based pricing.

With over $6.5 billion in TVL, Morpho is one of the most widely adopted lending platforms in Ethereum.

Users can learn more at the website.

About Gelato Gelato is Web 3.0’s developer cloud, providing enterprises with critical infrastructure to build Web 2.0-like non-custodial applications at scale.

It offers developer tooling for smart wallets, gas abstraction and deploying enterprise-grade rollups.

Gelato is used by leading apps, wallets and protocols across the EVM ecosystem to deliver seamless, secure and fully on-chain user flows.

Users can learn more here.

Contact Matthew Hammond of Gelato

 

PANews reported on June 3 that Ink, the Ethereum Layer 2 network incubated by Kraken, disclosed last night that it experienced a chain-wide outage, with intermittent network availability and services yet to be fully restored. The official statement indicated that user transactions and cross-chain bridging operations may experience instability until the chain returns to normal operation. Ink is collaborating with its infrastructure partner Gelato to investigate the root cause of the outage and expedite network recovery. As of press time, Ink has not released any further updates or a recovery timeline.

Beta Finance is a money market on Ethereum that allows users to borrow, lend, and short crypto assets. Following its launch on the Ethereum Mainnet, Beta Finance plans to roll out additional layer-1 and layer-2 solutions.

Users have three options: lending, borrowing, and short selling. Lenders can provide crypto assets for any market available on Beta Finance and earn interest. Borrowers can take the opposite position, while short sellers can use collateral to start short positions. Unlike centralized exchanges, Beta Finance does not use an order book for short transactions; instead, it routes transactions through decentralized exchanges using automated market makers.

Beta Finance identifies the significant volatility of crypto as harmful to the adoption of DeFi by individuals and institutions. It views short selling as a critical financial tool missing from the DeFi ecosystem that facilitates market stability and efficiency. Users can easily execute short trades using the platform’s “1-Click Short” tool. With one button, they can select the DEX to swap and stake the newly exchanged collateral with the principal in the short position.

Beta Finance follows an isolated collateral model to support more volatile assets, meaning that a collateralized position at risk of liquidation does not jeopardize another position. Initially, Beta Finance supports ETH, USDC, USDT, and DAI as valid collateral, and the community can propose and vote for additional collateral support in Phase 2. Collaterals are subject to various collateral factors: Stablecoins have a collateral factor of 90%, and ETH has a collateral factor of 80%.

Beta Finance was founded by Allen Lee, an MIT graduate who previously worked as a software engineer at Microsoft and Facebook. It is backed by a prominent group of investors, including Spartan Group, ParaFi Capital, Multicoin Capital, DeFiance Capital, and Delphi Digital.

BETA is an ERC-20 token on Ethereum and BSC. Its security framework consists of four main pillars:

Beta Finance conducts continuous internal code reviewsThe platform plans to seek external reviews from leading security researchersReal-time monitoring services are said to be availableBeta Finance will launch a bug bounty campaign for whitehat hackersHow to Buy BETA Coin?BETA Coin can be quickly and securely purchased via Binance, the world’s largest cryptocurrency trading platform by trading volume.

To buy BETA Coin, one must first become a member of Binance and then transfer fiat currency. After transferring fiat currency like Turkish Lira or dollars, one can proceed to buy BETA Coin in the trading pairs BETA/Bitcoin (BTC), BETA/Binance Coin (BNB), BETA/Ethereum (ETH), BETA/BUSD, and BETA/Tether (USDT).

Additionally, on Binance, users can place buy orders at a lower value than the market price, allowing them to purchase at their desired price. To do this, use the Limit tab and enter the amount and price you wish to buy.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Who Really Runs Stablecoin Settlement? A Structural Analysis

Market Sentiment: Current sentiment among smart money and retail funds in the market is at a neutral level.

According to the latest data from SentimenTrader, as of June 24, the Smart Money Confidence Index stands at 0.56, while the Dumb Money Confidence Index is at 0.49. Both smart money and retail investor sentiment are currently in the neutral range, with no clear optimistic or pessimistic bias emerging in the market.

10 minutes ago

Sandisk's tokenized stock SNDK is now live on the Solana network.

According to official announcements, Sandisk’s tokenized stock SNDK has officially launched on Solana via Sunrise. SNDK is the tokenized stock representing SanDisk, the storage chip manufacturer. Users can now trade SNDK 24/7 through various wallets and applications within the Solana ecosystem, even when traditional stock markets are closed.

10 minutes ago

Jiang Zhuoer: This round of Bitcoin bear market may bottom out in Q4 2026, with a target range of $42,000 to $44,000.

BTC.TOP founder Jiang Zhuoer wrote in a post that Strategy’s modified net asset value (mNAV) has fallen to 0.72, near the 0.7 low hit in May 2022 during the last bear market. Citing recent market sentiment events including STRC’s depegging, he noted that mNAV is now in the bottom zone of this cycle. mNAV usually bottoms roughly six months before Bitcoin’s price. Using the "four-year cycle" and volatility decay model, Jiang projected that this Bitcoin bear market will likely bottom between October and December 2026, with a target price range of $42,000 to $44,000. He added that his recent medium-short term strategy remains focused on selling spot assets and holding short positions, and will switch to buying spot and going long once the expected bottom arrives.

10 minutes ago

The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.

According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.

10 minutes ago

Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify

Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)

10 minutes ago

Crypto token M plunged over 80% in a short period, hitting a low near $0.5.

According to HTX market data, the token M saw a sharp short-term price plunge, with its decline once exceeding 80% and hitting a low of around $0.5, and is now trading at $0.54.

10 minutes ago

Energi (NRG) has been one of the biggest movers in the cryptocurrency space over the last couple of days - catapulting into the top 100.

At its core, the NRG blockchain is trying to take distributed ledger technology to the masses and achieve widespread adoption. Energi wants to build a secure, user-friendly platform that is trusted and globally accepted.

However, are these ambitions too lofty? What makes this project so valuable to investors now?

In this Energi review, I will attempt to answer that. I will also look at the use cases and potential for their native NRG coin.

Like most other cryptocurrencies, Energi is decentralized and blockchain based. Its focus is on decentralized applications and smart contracts, and it has a good method of governance along with a self-funding treasury model intended to assist in making it the largest, most popular blockchain platform in the world.

The Energi project began in the summer of 2017 as a fork of the Dash blockchain. At the time it used a Proof-of-Work consensus mechanism, with an ASIC resistant algorithm called Energi hash that is similar to Ethereum’s Ethash.

Since then it has transitioned to a Proof-of-Stake consensus with a network of masternodes. These masternodes provide usability and some of the notable features of Energi.

Masternodes ❓: If you are uncertain as to what masternodes are and how they work you can read our comprehensive Masternode guide.

Although Energi is a fork of Dash, it has been highly modified and has enhanced privacy, lower fees and higher scalability when compared with Dash.

The self-funding treasury system of Energi and on-chain governance system was enacted to ensure the long-term development of the project and serves as a means to attract contributors and developers.

Energi FeaturesEnergi has the same basic features you will find with nearly any blockchain project; decentralization, an on-chain governance model, its own HD wallet, and trustless transactions.

It has also put a spin on some common features to make them more useful.

Self-Funding TreasuryA self-funding treasury isn’t an unusual feature in a masternode blockchain, but Energi has one of the largest percentage allocations to the treasury of any masternode blockchain. A full 40% of the released NRG goes to the treasury.

The Treasury Cycle at Energi. Image via Whitepaper

Since there are 1 million NRG released every month, and there’s no cap on the total coin supply, this gives the treasury 400,000 NRG every month to be used for marketing and development of the project. This is meant to ensure longevity for the project, providing funds to improve technology, grow the community, and to compensate developers.

Because there is no supply limit Energi has allocated this large percentage to the treasury to improve the decentralization of the blockchain, and to maintain the performance of the network.

Built-in GovernanceLike many of the other more recent blockchain projects, Energi has included a community-based governance model. In the Energi model, any stakeholder can submit a proposal for open consideration by the community.

Then, once done, the masternode owners then vote on the proposals to determine whether they will be implemented or not. This governance model was chosen because it not only encourages adoption by giving users a voice, it also helps with scalability and increases the stability of the network.

Masternode BenefitsAs a fork of Dash, the Energi network includes both the Instant Send and Private Send transaction features, but the masternodes of Energi allow this with improved transaction speed and with lower fees.

Masternode returns for Energi blockchain. Image via whitepaper

Because Energi has a 2 Mb block size and 1 minute block time users benefit with minuscule fees and quick transactions. Scalability is also improved by using masternodes, with the scalability of the network growing as the number of active masternodes grows.

DApps and Smart ContractsThe planned network of dApps will give the Energi network usability that will help it realize its goal of global adoption. And the addition of smart contracts will increase trustlessness, security, speed, efficiency and transparency for the entire Energi ecosystem.

Smart contracts will also help promote development, which in turn will bring in new users and investors to increase the value of NRG as it becomes increasingly valuable as a currency for developing and powering dApps, as well as the base currency in the planned Energi X exchange.

MasternodesAnyone is able to host a masternode by staking 10,000 NRG. At current prices, this amounts to an investment of $86,100 as of July 5, 2019.

The masternodes provide several of Energi’s features, including the Private Send and Instant Send functionality, as well as self-funding and self-governance and increased scalability and security for the network.

Masternode owners are rewarded for securing the network with NRG. 40% of the NRG generated is allocated to masternodes. This is roughly 400,000 NRG per month. Currently, there are 798 masternodes, which means each masternode is receiving around 500 NRG per month, which is equivalent to just over $4,300. That’s $51,600 annually or an annual return of 60%.

Setting up a masternode is not extremely straightforward and you need a bit of command line experience to do it. The Energi team have tried to make it as easy as possible with this pretty intuitive guide.

Alternatives ❓: Those who have less than 10,000 NRG can also stake their coins and receive staking return. The minimum required to stake a coin is only 1 NRG and it is also that much easier to set up and configure.

The Energi TeamThe Energi team consists of 18 dedicated and knowledgeable individuals, all of whom are committed to blockchain technology and the creation of a decentralized network that is self-funding and community governed. They come from a wide variety of disciplines, including development, operations, marketing, and of course entrepreneurship.

The CEO and founder of Energi is Tommy, also known as TommyWorldPower from his Twitter and YouTube accounts. He is a well-known blockchain evangelist and educator within the blockchain space. His understanding of how blockchain functions and its prospective uses were the inspiration and foundation of the Energi platform.

Some Energi Team Members. From Left: Tommy, Ryan Lucchese & Andrey Galkin

The president of Energi is Ryan Lucchese who oversees the day-to-day operations. He has a strong background in software development which is no doubt an asset for the Energi project. Prior to starting at Energi, he was an engineer at Hyland Software and NCH Software.

In the lead developer seat is a guy called Andrey Galkin. His linkedin does not list his experience on Energi but perhaps that is an omission. Andrey has a long engineering background and has held numerous roles in both Enterprise and startup environment.

These are only some of the team members but you can view the rest of their credentials over on their team page.

When a cryptocurrency launches with no ICO or premine, it does not have I large marketing budget to spread awareness of the coin. This is where a strong and engaged community can help.

To that end, Energi has a pretty sizable community behind it.

For example, they have a large member count in their Telegram channel with over 14k members. I decided to jump into the channel to get a better sense of the ongoing conversation.

Energi Telegram Channel

As you can see, the Admins are quite helpful to the community member and the conversation above. There is also a distinct lack of your typical "moon boys" in this channel which is a good sign.

Apart from their telegram channel, they also have a Discord server which could be an attractive alternative for those users who prefer this platform.

On the social media front, Energi has a pretty decent following on Twitter with over 30k followers. They regularly keep their users up to date here with the latest developments. There is decent engagement with these tweets.

Finally, it is worth mentioning that Energi also has an official blog that they contribute to regularly. This helps to keep the broader cryptocurrency community informed.

The NRG TokenNRG began as a Proof-of-Work coin with no ICO and no pre-mine. The mainnet launch was announced and mining began fairly.

The first listing for NRG on CoinMarketCap was August 24, 2018, with an opening price of $0.264592. Price jumped higher by around $0.10 immediately and spent several months trading between the all-time low of $0.244958 and roughly $0.40.

In October 2018 the coin began trending higher after masternode payments began, and reached levels over $1 as November began. This rally is much earlier than the Bitcoin rally and the end of the crypto bear market for the broader cryptocurrency space.

NRG Coin Price Performance. Image via CMC.

Price dipped in January and February 2019, but never below $0.54 and by March NRG was trading above $1 again. It remained between $1 and $2 in April 2019, then moved to a range of $2 to $3 in May 2019.

The real rally began in June 2019, with NRG reaching an all-time high of $9.90 on June 25, 2019. Since then it has pulled back somewhat and trades at $8.61 as of July 5, 2019.

For those interested, the Energi team has been conducting airdrops of the coin and there is one final round of 1 million NRG to be airdropped. Details can be found here once the airdrop round begins.

Trading & Storage of NRGIf you would like to buy or trade your NRG, then there are a limited number of exchanges that you can use. These include the likes of Digifinex, Kucoin and Cryptobridge.

Digifinex has the bulk of the volume though and turnover rates appear to be on the lower end for a coin with such a large market cap. This means that liquidity could provide a challenge for those traders who are trying to execute large block orders.

Once you have got your NRG tokens, you are going to want to move them off of the exchanges. We are all too aware of the risks that come from a large centralised exchange hacks.

If you are looking to merely send / receive the coins and "hodl" them for price appreciation then you can use the Coinomi wallet. This is a third party wallet that has support for an additional 500+ cryptocurrencies. It is available on mobile and desktop across multiple operating systems.

Unfortunately, the Coinomi wallet cannot be used to stake coins. If you would like to do this then you will have to download and install their core wallet. There are also a whole host of more advanced functions that the core wallet can execute.

Energi DevelopmentI consider project development progress as a critical metric that one should track. This can give you an idea of just how much work is actually being done on a daily basis.

Although some developers may work in private, those projects that are open source should use a public code repository. Thankfully, Energi has a public GitHub that allows us to dig into their code.

Below are the GitHub commits for the main core Energi Protocol repository:

Commits for Energi over the past 12 months

As you can see, the developers have been quite busy sending coding updates to their core protocol. Its also worth noting that there are a further 14 repositories in their GitHub although only 4 have any code commits over the past year.

Comparing the coding commits for the core repository with that of the rest of the cryptocurrency complex, it is reasonably positioned. For example, they are ranked at 134 on this site which is just between Bytom and the Request Network.

Indeed, this coding activity could make more sense when you take a look at the broader roadmap. The Energi team has been meeting a number of key milestones and there are some really interesting updates that are planned...

Energi RoadmapI include this section because I feel it’s relevant to know what the team has planned for the future. The reason this is relevant is that Energi depends on a dApp platform and smart contract functionality, but so far it has neither of these. Currently, the project is little more than another masternode blockchain with its own cryptocurrency.

The Energi roadmap is complete and gives good details of the development plans for the coming 18-24 months.

The most important item on the roadmap now is the launch of Energi 3.0 in the fourth quarter of 2019. This will include smart contracts and will allow for the migration of Ethereum dApps and is the first real step towards the goal of global adoption.

Worth Considering?Energi has rocketed into many traders awareness as it has come from over 200th in market cap to 58th as of July 5, 2019. Its listing on the popular DigiFinex and KuCoin platforms is certainly positive too.

Considering the rally in NRG began back in October it may not follow the lead of Bitcoin. It could also pullback leading up to the launch of Energi 3.0, which I would expect will spark a new rally as smart contract and dApp functionality are core features of the platform.

You might wonder why this coin has gained 300% in June when right now it’s little more than a PoS masternode coin. There’s been no earth-shattering news from the project and no major developments. Does that mean this has been a manipulated pump of the coin? There’s no way to tell for sure, but if that’s true these gains will quickly evaporate.

Energi - Yay or Nay?

Consider too that even though Energi says their launch was fair, there was actually no public announcement of the mainnet until block height 171897. That’s hardly fair, and with the treasury getting 40% of rewards and the founders receiving 10% of rewards there’s no reason for this type of trickery.

The runup in price has made it more expensive to run a masternode, but the return is still quite good. That might not continue to be the case as new investors setup masternodes to take advantage of the 60% annual returns being generated.

Energi says they want to be the leading global cryptocurrency, but nearly all blockchain projects have that goal. Energi has certainly made great strides recently, but what makes the project different or unique?

There will be more possibilities with the introduction of smart contracts and dApps, but Energi still won’t be unique. And they’ve already pushed back the launch of these features from Q3 2019 to Q4 2019.

So, you will have to decide whether NRG are still attractive at these levels or whether a retracement is imminent - which could present additional opportunities.

Over the last three days, cryptocurrencies have registered one of the biggest price jumps and crypto enthusiasts are more optimistic than ever about the future. The market cap of the aggregate crypto market stands at around $250 billion, after gaining more than $50 billion in days. According to some analysts, this unexpected ascent was as a result of the comments made by the Chinese President Xi Jinping and the passing of the crypto law that will see increased use of blockchain technology in China.

The Chinese crypto FOMO has had a profound effect on digital assets than ever witnessed, with Chinese-centric coins posting the most gains. To cap it all off, a major Chinese bank has invested in a local bitcoin wallet provider.

Chinese Crypto FOMO Massively Pumps The Market  The comments by Xi Jinping and the passing of the cryptography law came as a huge surprise to many considering the fact that China has been on the forefront to fight cryptocurrency. Now, the Chinese government is seemingly taking a bold step towards the adoption and growth of blockchain technology, presumably to gain an edge in the budding digital landscape.

On Friday last week, Jinping made some positive comments about blockchain technology. On Saturday (26/10/2019), the standing committee of the 13th National People’s Congress passed the cryptography law which will take effect early next year.  This law is designed to standardize the application of passwords and the use of blockchain technology.

These events have had a tremendous effect on the crypto economy. Overall, the prices of almost all the cryptocurrencies have improved a great deal over the last few days. These gains have been monumental compared to the impact seen with Bakkt, Facebook’s Libra or the hope of approval of ETFs by the USA regulatory bodies.

 

Chinese-Centric Coins Record Huge Gains Although the news coming from China pumped the entire crypto markets with bitcoin, XRP, Ethereum, and other top cryptos posting considerable gains, Chinese-centric coins are noticeably enjoying the lion’s share.

TRON (TRX) has gained 15.60 percent against the US dollar in the last 24 hours. TRX climbed from $0.0137 to $0.020244 at press time. Its market capitalization stands at $1.35 billion, making TRX the tenth-ranked cryptocurrency. TRX’s ascent is as a result of several bullish reports surfacing from China. Additionally, TRON founder Justin Sun recently mentioned an upcoming partnership between Tron and a 100 billion dollar megacorporation. According to Sun, this partnership will promote the distribution of TRON Dapps and tokens to a vast number of customers. 

Other cryptocurrencies that have some sort of tie to China are posting massive gains. Bytom, Ontology, VeChain, and IOST are up by 37.78%, 11.37%, 5.31%, and 8.19% respectively in just 24 hours.

Chinese Bank Invests In Bitcoin Wallet BitPie According to a couple of crypto analysts, bitcoin was headed towards a bearish territory, the Death Cross. This is a scenario that happens when the 50-day moving average drops below the 200-day moving average. In simple terms, before Friday, bitcoin’s technical outlook looked dismal but dramatically changed after comments from the Chinese leadership. 

Chinese bitcoin FOMO has risen, so much so that a Chinese bank has reportedly invested in a local bitcoin wallet platform. According to a well-known industry analyst and founding partner of Primitive Crypto Dovey Wan, China Merchants Bank has invested in BitPie, one of the longest-serving bitcoin wallet provider in China. BitPie is a non-custodial wallet and so far has the largest number of users. Per Wan, this move is a continuation of the growing trend of crypto and blockchain nationalization in China. She summed it up nicely, stating:

“All I can say is this ton me it’s a sign of [the] beginning of the nationalization of Bitcoin/cryptocurrency related infra in mainland [China]. Eventually, all things can be state-owned, or at least partially (mining, ASIC, exchanges, wallets, etc).”

Does This Mean China Is Finally Unbanning Bitcoin And Cryptocurrencies? In 2017, the Chinese government restricted trading on local cryptocurrency exchanges and banned ICOs. However, it appears that the Chinese government is now taking a different approach. In addition to embracing blockchain technology, reports say that the Chinese Communist Party (CCP) is distributing material intended for blockchain learning, with content about bitcoin and ethereum as well.

Moreover, Sichuan Daily reported today that Yang Jiang, former Vice-chairman of the China Securities Regulatory Commission suggested that Sichuan province should open up more business opportunities in the region using both bitcoin and blockchain technology. 

It’s worth noting that the remarks made by Jiang are not representative of the Chinese government. However, they come just a few days after the Chinese president Xi Jinping made impressive comments about blockchain. This goes to show that China is not only becoming more interested in blockchain technology but also in bitcoin. 

While it is rather improbable that the Chinese government would create any kind of competition for its upcoming digital currency, the hard-line stance on bitcoin and cryptocurrencies seems to have changed considerably.

A further $6 billion has been added to total crypto market capitalization over the past 24 hours and it is altcoins that are leading the gains. A big dose of Chinese FOMO boosted home grown projects there and Stellar’s coin burn is igniting them this morning, but are they destined to dump again?

Crypto Cap and Volume Rising Total market cap reached $253 billion a few hours ago which is the highest it has been for a week. The bigger picture shows more range bound trading but altcoins appear to be driving momentum at the moment.

Total market cap 24 hours – Coinmarketcap.com The chart also indicates that daily volume has climbed almost 30% since the beginning of the week as everything looks green at the moment. Trader ‘Paddy Stash’ has noted the increase in altcoin dominance over the past week as BTC failed to top 70% and has started to decline in terms of market share.

“Altcoin dominance has continued to climb back upwards since the big $Btc spike from $7.4 to over $10k last week.”

https://twitter.com/paddystash/status/1191346509331206150

While the ‘China effect’ heavily influenced the prices of NEO, Tron, Qtum, VeChain, Bytom and other local blockchain platforms last week, others are getting a lift today.

ParallelCoin Pump and Dump Something called ParallelCoin is looking very spurious at the moment as CMC is reporting a 7,000% surge for DUO tokens. ‘Crypto Bitlord’ has called it a dangerous pump and dump scheme which should be avoided.

https://twitter.com/Crypto_Bitlord/status/1191584425886269442

Another altcoin having a serious pump at the moment is Stellar as the Foundation just burnt 55 billion uncirculated XLM tokens. The crypto community is skeptical however and the 25% price pump has already started to fall off.

Stellar is currently priced at just over $0.08 and has knocked Tron back out of the top ten with a market cap of $1.6 billion. Ripple’s XRP got a related pump at the same time of just over 4% which takes the token back over $0.30 where it faces heavy resistance. This week’s Swell event could help XRP to break through that though.

Ethereum has made a small 2.5% move to hold above $185 at the moment while BCH remains flat at $290. Litecoin has made a solid 6% to break above $60 while EOS adds a similar amount to reach $3.45.

BSV and Cardano have gained over 5% a piece in the past few hours and Cosmos has cranked 12% as it reaches $3.80. The two Chinese altcoins VeChain and Qtum are also going strong today with 7% gained.

Bitcoin has made minor gains to reach resistance at $9,400 again but until it surges back into five figures the altcoins are unlikely to climb any higher. It is still likely that a dump will follow whatever gains altcoins have made today as altseason is still a long way away.

Image from Shutterstock

The Evolving Landscape of Layer 2 and Cross-Chain Solutions

In the past two days, Bitcoin triumphantly hit the critical level of $20K. This sudden push from the primary crypto asset was after hovering between $18K and $24K regions for some months. But following the effects of some macroeconomic factors, the price of BTC was rounding the $19K region.

This year has been the toughest for crypto assets and other financial instruments. But the struggle to remain valuable is seemingly paying off as most coins are currently regaining loss values. Even though the Feds are still hawkish, the market is gradually moving towards a bullish sentiment.

However, the bullish trend in the broader crypto market is spreading gradually. The leading crypto kept its position strongly despite the bears struggling to take over.

The appearance of the bulls has deterred further decline for BTC. Other cryptocurrencies are taking to the north, with Ethereum Name Service (ENS) emerging as the top performer.

With the new movement of prices, the cumulative market cap has hit $964.91 billion, indicating a surge of 0.70% over the past 24 hours. The overall implication of events shows a slight improvement in the trend compared to yesterday and last week. However, the broader crypto market sentiment still has elements of fear.

Bitcoin Consolidates The $20K Level After hitting the critical level of $20,000 a few days ago, Bitcoin is currently displaying its sustainability. The asset has defended its stance on the level and also made an impressive consolidation. This was noted in the early trading hours of September 6, as the price of BTC reached $20,200.

It’s worth noting that the bears tried to pull down the price of Bitcoin yesterday as the token recorded $19,730 on Binance. Remaining at the critical level is the only chance for the leading crypto to make further uptrend.

At the time of writing, Bitcoin is hovering around $19,862 depicting a loss. Its market cap has reached over $386.2 billion, while its dominance over altcoins is at 40.04%.

Bitcoin depicts a loss on the chart l BTCUSDT on Tradingview.com Altcoins Are Calm, While ENS Surged The price movement for the altcoins show calmness, with a minimal drop for a few tokens. Most of the assets have consolidated their reclaims in the past day.

But the Ethereum Name Service’s coin, ENS is taking the lead with an almost 11% increase in today’s early hours trading. At the press time, ENS is trading at $16.91. EVMOS is closely following. Recall that EVMOS was the worst crypto asset in price performance as of yesterday. For Ripple (XRP), it seems to be a time of strength with progressive performance.

Featured image from Forbes, chart from TradingView.com

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SPACE token launch includes a seasonal airdrop plan and a staking program. Spacecoin sees a price drop of about 21%, yet trading volume surged over 718%.  Spacecoin, which provides satellite-based internet infrastructure, launched its own token, SPACE, on January 23, and it is available on Creditcoin, Ethereum, BSC, and Base blockchain networks. As it also plans a seasonal airdrop, staking program, and to list it on the exchanges, which has been confirmed through Spacecoin’s official X handle.

As per the post, on the first day, the token gets listed on centralized exchanges such as Binance, Kraken, OKX, Bitget, Coinone, KuCoin, MEXC, Bybit, and Blockchain.com.  The SPACE token is also available on decentralized exchanges such as Aster DEX and PancakeSwap. 

SPACE Airdrop and Staking Program The official Spacecoin X post explains the SPACE token airdrop details, where 25% of tokens are unlocked at launch, and the remaining 1.05 billion SPACE tokens are released each month over the course of three months. With that, Season 1 is aimed at early adopters like Spacecoin Cadets and Creditcoin holders. 

Then, Season 2, which allocates 1.26 billion tokens with 33.3% unlocked each month for three months, which would begin one month after the Token Generation Event. So, this type of phased distribution is mainly to increase airdrop participation while reducing selling pressure.

Also, Spacecoin has launched a time-limited staking mechanism that enables users to support the stability of the network while earning passive income, and an annual percentage rate (APR) of up to 10% is available to participants who invest their tokens, noted in the post. 

SPACE Token Sees High Volatility During the token launch yesterday, 21 million tokens entered as circulating supply, which is equal to 10.25% of the fixed 21 billion token supply. 
The SPACE token surged and reached nearly $0.02701 immediately after the token launch,  it is currently trading near $0.01759, which is down about 21.81%, but the trading volume alone surged around 718.68% and reached $236 million, with the market cap around $37 million, as per the CMC data. With that, the sharp rise in trading volume despite the price pullback suggests high volatility following the SPACE token’s launch.

Highlighted Crypto News:

World Liberty Financial (WLFI) on the Rise: Is This a Bullish Play or a Short-Term Bounce?

Writer with roots in journalism and international relations, actively exploring blockchain and crypto, with curiosity for the field and a passion for simplifying complex ideas.

PANews reported on April 7th that, according to SoSoValue data, the cryptocurrency market generally declined, with only the RWA sector showing a slight increase of 0.42% in the last 24 hours. Within the RWA sector, Sky (SKY) rose 2.32%, Centrifuge (CFG) rose 5.29%, and Creditcoin (CTC) rose 5.82%. Meanwhile, Bitcoin (BTC) fell 0.34%, fluctuating narrowly around $68,000; Ethereum (ETH) fell 0.43%, remaining above $2,100.

In other sectors, the CeFi sector fell 0.41% in the last 24 hours, with Mantle (MNT) down 2.74%; the DeFi sector fell 0.47%, with River (RIVER) bucking the trend and rising 21.43%; the AI ​​sector fell 0.85%, but Siren (SIREN) rose 9.88%; the PayFi sector fell 1.02%, with Ultima (ULTIMA) surging 14.93% intraday; the Layer 1 sector fell 1.08%, with Canton Network (CC) relatively strong, rising 5.56%; the Meme sector fell 1.30%, with MemeCore (M) rising 1.17%; and the Layer 2 sector fell 1.86%, with Starknet (STRK) falling 2.99%.

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Dogecoin (DOGE) surged more than 8% in the last 24 hours after Elon Musk unveiled plans for a proposed “Department of Government Efficiency” (D.O.G.E),

The billionaire founder of SpaceX and Tesla, speaking at a Pennsylvania town hall, shared his vision for the department, boosting DOGE’s price to $0.1343 as of 2:40 a.m. EST, its highest level since late July, according to CoinMarketCap.

The idea for the department was originally proposed by Donald Trump, who said he would appoint Musk to lead it if he wins next month’s presidential election

Musk Outlines Plans For Proposed D.O.G.E  The proposed governmental department, abbreviated D.O.G.E., will aim to optimize government spending of taxpayer money. It will also try to streamline departments that handle spending.

During the town hall, the tech mogul suggested the proposed department could operate in the same way as a company, incentivizing the department’s top performers while penalizing anyone who fails to deliver results.

as far as $DOGE betas go, i expect 'Department of Government Efficiency' (the ETH memecoin) to also catch a bid off strong Dogecoin performance

especially since Elon is literally memeing the 'Department of Government Efficiency' concept every other day

there seems to be a… https://t.co/ySDg8IsLqM pic.twitter.com/V8boPiZeAE

— Unipcs (aka 'Bonk Guy') 🎒 (@theunipcs) October 18, 2024

Only POPCAT Outperformed DOGE  Dogecoin was also able to outperform almost the entire crypto market during the past 24 hours. Solana meme coin Popcat (POPCAT) was the only crypto to post a larger 24-hour gain than DOGE after its price rose over 13%.

Dogecoin extended its weekly gain, and has now surged 24% over the last 7 days.

When it comes to the rest of the crypto market, the total valuation for the digital asset sector rose just a tad. But funding for some presale cryptos is surging amid debate over whether a meme coin supercycle is beginning.

Among standout performers is Pepe Unchained (PEPU), probably the most successful ICO of the year after raising more than $20.4 million.

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Ripple chief legal officer Stuart Alderoty says the recent filing by the US Securities and Exchange Commission (SEC) in its case against Ripple Labs does not appeal the ruling that XRP is not a security.

Alderoty’s comments follow an Oct. 16 Form C filing by the SEC with a pre-judgement statement against certain aspects of the court’s summary judgment. 

Alderoty Says Court Decision Regarding XRP’s Security Status “Stands As The Law Of The Land” Ripple defense attorney James Filan shared the filing on Oct. 17. In their appeal, the SEC asks the court to review its decisions related to Ripple’s XRP sales through exchange platforms. It also requests the court to review the ruling on the personal sales executed by Ripple executives Brad Garlinghouse and Chris Larsen.

The SEC went on to argue that Larsen and Galinghouse violated securities laws by offering and selling XRP. It also said that they both “aided and abetted Ripple’s violations of those provisions.”

Alderoty responded to the SEC’s request by saying that the court’s decision regarding XRP’s security status “stands as the law of the land.” He added that the fintech firm intends to file its own Form C next week.

No surprises here — once again it’s been made clear. The Court’s ruling that “XRP is not a security” is NOT being appealed. That decision stands as the law of the land.

Stay tuned for Ripple’s Form C to be filed next week. https://t.co/m9molUGSBv

— Stuart Alderoty (@s_alderoty) October 18, 2024

SEC Ripple Case Expected To Continue Through July 2025 According to a timeline shared by Fox Business producer Eleanor Terret on X, the Ripple SEC case could carry on well into July next year. After Ripple files its own Form C next week, both the regulator and Ripple Labs will need to “agree on a briefing schedule.” 

🚨NEW: Just had a great chat with @s_alderoty of @Ripple who gave me a rundown of the appeals timeline.

📌The @SECGov’s last day to file Form C (which will give some level of detail about what it plans to appeal) is tomorrow.

📌Seven days later, Ripple will file its own Form…

— Eleanor Terrett (@EleanorTerrett) October 15, 2024

Thereafter, the SEC will have up to 90 days to file its first brief according to Terrett, who cited Alderoty. She added that Alderoty believes the regulator will take advantage of this period, and try to only make its filing at the end of the 90 days. Thereafter, the full briefing process “will go through July 2025,” according to the Ripple legal chief.

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