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CEO of Twitter and Square, Jack Dorsey, confirmed rumors regarding the ‘TBD’ unit and signaled that he is developing a bitcoin-based Decentralized Exchange (DEX).
The tech mogul has been flirting with a Bitcoin-centered cryptocurrency project for some time. In a tweet from August 27th, Dorsey clarified what the ‘TBD’ lettering meant that was initially mentioned in July.
“We’ve determined @tbd54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey tweeted.
The news follows a spate of rumors regarding how Twitter’s CEO would delve into the cryptospace and has also drawn interesting criticism from crypto’s heavy hitters.
Vitalik Buterin has spoken to Bloomberg regarding how Dorsey’s development may function. The fact it is a ‘bitcoin decentralized exchange’ is what Buterin focuses on when highlighting prospective problems with functionality.
The decentralized finance platform is designed to offer developers the opportunity to run Bitcoin projects. Unlike Ethereum, Buterin explains, the platform would not have native functionality allowing users to put assets into smart contracts or ‘lockboxes.’
The fact that bitcoin does not offer the same functionality would mean that, in effect, Dorsey would have to “create his own system that enforces those rules,” according to Buterin.
The bitcoin would, by default, be owned by a wallet controlled by Dorsey or participants in a system devised by him. This immediately pours cold water over the ‘decentralized’ aspect and will make many skeptical.
“It looks similar,” Buterin told Bloomberg Studio 1.0. “But it’ll end up being something with a much weaker trust model.”
And there’s that word that so much of this space hinges on; trust. Just how much trust these social media magnates have from the general public in the aftermath of condemnation and fines for breaking privacy laws remains to be seen.
The development itself may yet have exciting and innovative aspects, and we’ll be following closely as news regarding its progress breaks.
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The Philadelphia Sixers, of the National Basketball Association (NBA) in the United States, have selected Crypto.com to become their new jersey patch sponsor in an intriguing new partnership.
The deal will see the hugely popular sports team sell Non-Fungible Tokens (NFTs) that fans can purchase. The sponsor will also appear in other arena promotions at the Wells Fargo Center this season. Crypto.com announced the latest exciting deal through their official blog.
“We are thrilled to launch a long-term partnership with such a progressive team at Crypto.com, a company that shares our drive for greatness,” President of Business Operations, Chris Heck, stated. “Crypto.com will be woven into the fabric of our identity, and together, we will change the landscape for how crypto is integrated in sports.”
The move further signals Crypto.com’s determination to establish itself on the world stage. A step into the premier world basketball league marks a significant milestone for crypto to become mainstream.
This deal is the latest in a long line of partnerships that have seen the crypto giant partner with Formula 1, Paris Saint-Germain, and the National Hockey League’s Montreal Canadiens. The 76ers deal is, however, the very first partnership with the NBA, and more partnerships should follow.
Crypto.com’s partnerships with just sports brands have totaled over $400 million and will likely yield a good deal more money through the huge exposure provided.
Users throughout the crypto space will welcome this news as it could herald a further step toward mass adoption, or at the very least, invite an additional significant number of people.
The global sports industry has already been a hot topic in crypto with exciting projects like Sorare and Chiliz announcing partnerships of their own.
As these deals continue to be signed, there will be a further impetus to educate prospective users about blockchain’s incredible possibilities.
Synapse Protocol has added a new network pool to its mainnet. The Arbitrum network is now live on the cross-chain liquidity protocol, permitting users to easily make cross-chain transfers with a single transaction from the network.
With the addition of Arbitrum pools, the protocol now has support for five different networks, including Binance Smart Chain (BSC), Ethereum, Polygon, and Avalanche pools. The introduction was announced on 21st September via Twitter.
According to the tweet, the Arbitrum pool will bridge faster transfer of assets, starting with ETH transfers back to the Ethereum network.
“We’re introducing support for @Arbitrum today to the Synapse Network, starting with ETH transfers. This is the first ETH fast withdraw bridge back to Ethereum. Move ETH to & from Arbitrum within minutes,” tweeted Synapse.
Users can now visit the Synapse pools page to view the five supported chains and enjoy fast cross-chain withdrawals. With over $15,000,000 in total liquidity, Synapse is the most liquid fast withdrawal bridge from Arbitrum.
Liquidity providers stand to earn fees and $SYN incentives when they supply nETH and Arbitrum ETH. Synapse announced the reward system in a Tweet thread.
“$SYN incentives are live for the @Arbitrum nETH <> ETH pool,” Synapse wrote on Twitter.
According to the tweet thread, users need to utilize the nETH <> Arbitrum ETH pool to get $SYN rewards. In addition, the tweet also disclosed how users would get rewards from providing liquidity on the Arbitrum ETH pool.
“nETH is minted by bridging ETH from mainnet to nETH on Arbitrum using Synapse."
Once you have nETH on Arbitrum, pair it with native Arbitrum ETH to provide liquidity.
As the pool balances change, arbitragers will be incentivized via a deposit bonus to rebalance the pool,” the tweet disclosed.
Synapse is a trustless cross-chain bridge and stableswap that allows users to bridge assets across all chains, swap assets, earn yield, and more. The platform supports Ethereum, BSC, Polygon, Avalanche, and Arbitrum networks and ensures that users easily transfer assets across any supported chains.
Where to find Synapse:
Jack Dorsey has confirmed that he is building a decentralized exchange for Bitcoin––how far does his reach go?
CEO of Twitter and Square, Jack Dorsey, confirmed rumors regarding the ‘TBD’ unit and signaled that he is developing a bitcoin-based Decentralized Exchange (DEX).
The tech mogul has been flirting with a Bitcoin-centered cryptocurrency project for some time. In a tweet from August 27th, Dorsey clarified what the ‘TBD’ lettering meant that was initially mentioned in July.
“We’ve determined @tbd54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey tweeted.
The news follows a spate of rumors regarding how Twitter’s CEO would delve into the cryptospace and has also drawn interesting criticism from crypto’s heavy hitters.
Vitalik Buterin has spoken to Bloomberg regarding how Dorsey’s development may function. The fact it is a ‘bitcoin decentralized exchange’ is what Buterin focuses on when highlighting prospective problems with functionality.
The decentralized finance platform is designed to offer developers the opportunity to run Bitcoin projects. Unlike Ethereum, Buterin explains, the platform would not have native functionality allowing users to put assets into smart contracts or ‘lockboxes.’
The fact that bitcoin does not offer the same functionality would mean that, in effect, Dorsey would have to “create his own system that enforces those rules,” according to Buterin.
The bitcoin would, by default, be owned by a wallet controlled by Dorsey or participants in a system devised by him. This immediately pours cold water over the ‘decentralized’ aspect and will make many skeptical.
“It looks similar,” Buterin told Bloomberg Studio 1.0. “But it’ll end up being something with a much weaker trust model.”
And there’s that word that so much of this space hinges on; trust. Just how much trust these social media magnates have from the general public in the aftermath of condemnation and fines for breaking privacy laws remains to be seen.
The development itself may yet have exciting and innovative aspects, and we’ll be following closely as news regarding its progress breaks.
