In our weekly news, Ripple’s legal win breathes new life into $XRP, Multichain faces operational shutdown, Polygon proposes a token upgrade, Aave gears up for the $GHO. These topics highlight the dynamic nature of the blockchain industry and its impact on various projects and cryptocurrencies. Let’s dive!
Chainspot team
⚖️ Ripple’s Legal Victory Boosts $XRP as Exchanges Consider Relisting
A recent ruling by the District Court for the Southern District of New York has provided Ripple Labs with a partial victory in its ongoing legal battle with the SEC. The court determined that Ripple’s sale of $XRP on digital asset exchanges did not violate securities laws, opening the door for potential relisting of $XRP on centralized exchanges.
However, the court also found that Ripple’s direct sales of $XRP to institutional investors violated securities laws, emphasizing the need for caution among those involved. Despite this, the cryptocurrency market has responded bullishly to the ruling, with perpetual futures funding rates reaching their highest levels in months.
❌ Multichain Ceases Operations Due to Lack of Funds and Detained CEO
Multichain has announced its decision to halt operations as it faces a severe funding shortage and the detainment of its CEO, Zhaojun, by Chinese authorities. The suspension of operations follows suspicions raised by Chainalysis of insider involvement in what appears to be a “rug pull” scheme. The Multichain team reported that all operational funds and access to servers are currently in the custody of Zhaojun and the police.
⤴️ Polygon Proposes Token Upgrade: $MATIC to $POL for Enhanced Utility and Governance
Polygon founders and researchers have put forth a proposal to replace the network’s $MATIC token with $POL, enabling $POL to serve as a versatile token for multiple Polygon-based networks. If approved, this upgrade would consolidate the functionality of the token across various networks, including the main Polygon blockchain, Polygon zkEVM network, and supernets. Chainspot brings you the best cross-chain solutions, tools, and analytics to manage your assets across multiple networks. You can easily swap your tokens, including $MATIC!
👻 Aave Nears Launch of $GHO Stablecoin on Ethereum Mainnet
The Aave community is rallying behind a governance proposal to introduce the highly anticipated $GHO stablecoin on the Ethereum mainnet. With unanimous support from $AAVE token holders, the proposal is expected to pass, allowing Aave v3 users to mint $GHO against their Ether deposits at a 1.5% annual interest rate. Aave’s treasury will collect interest payments from $GHO, and the Aave DAO will have the ability to adjust the stablecoin’s interest rate in the future.
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Chainspot team
