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Astar Announces Ethereum L2 but is “Not Ditching Polkadot”
September 19, 2023
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Polygon's zkEVM protocol facilitates Astar Network's transition to Polygon 2.0, providing greater scalability without compromising Ethereum-based dApp interoperability.
Astar Unveils Ethereum Layer-2 (L2) Solution
Japan-based blockchain platform Astar Network has revealed its strategic partnership with Polygon Labs to introduce a ZK-powered Layer 2 (L2) chain on the Ethereum network. By harnessing the Polygon Cross-Chain Developer Kit (CDK) and the power of zero-knowledge (ZK) technology, Astar Network aims to provide an L2 solution that revolutionizes the capabilities of blockchain technology.
Sota Watanabe, the founder of Astar Network, emphasized that the partnership with Polygon Labs would enable enterprises to kickstart their blockchain initiatives.
Astar Network's approach allows developers to leverage its platform to deploy dApps on various blockchain networks. The addition of zkEVM to the Astar ecosystem enhances this multichain functionality.
The project envisions serving as a gateway for enterprise adoption not only in Japan but also on a global scale.
The Power of zkEVM
This integration combines the capabilities of zero-knowledge technology with the Ethereum Virtual Machine (EVM). The result is enhanced scalability without compromising the interoperability of Ethereum-based dApps.
Developers can seamlessly launch existing EVM smart contracts on zkEVM with minimal modifications to the codebase. This transition reduces transaction costs, enhances the user experience, and bolsters the potential for broader blockchain adoption.
In a recent tweet, Astar Network made it explicitly clear that its collaboration with Polygon Labs does not signify a departure from its commitment to Polkadot. This clarification comes in response to earlier reports that suggested otherwise.
Worth noting, on Sept. 12, Sony announced a joint venture with Astar Network to develop a blockchain. Despite recent developments within the Astar network ecosystem, its native token fell by 13.5% in a week. Astar Network (ASTR) is trading at $0.05135 as of writing.
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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