Crypto Roundup: Avalanche Upgrade, ECB Digital Euro, Samsung Soneium Investment, Polygon Token Migration

In a flurry of blockchain developments, Avalanche announced a significant network upgrade, aiming to enhance developer experience and efficiency. Meanwhile, the European Central Bank is gearing up to introduce a digital euro, challenging existing international payment systems. In the realm of partnerships, Samsung has shown its support for the Soneium blockchain by investing in Startale Labs. Lastly, Polygon, a popular layer-2 solution, has migrated its native token MATIC to POL, aligning with its broader roadmap.

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Meme of the Day

Market Movements - 04 Sept 2024

Taking its cue from the U.S. stock market dip, most of the crypto market have headed lower on Wednesday. Bitcoin was down by -4.48% to $56,578.23, while Ethereum dipped by -4.40% to $2,401.13. BNB also decreased by -7.00% to $499.42, and Solana slipped by -4.81% to $128.60.

Among altcoins, Tron dipped by -1.67% to $0.149, and Toncoin declined by -10.52% to $4.64. Cardano also slipped by -4.03% to $0.318, and Avalanche was in red by -4.29% to $21.52.

Movers and Shakers

In the last 24 hours, the top gainers included Helium (+2.26%), Bitcoin SV (+1.50%), and Starknet (+0.99%). The top losers included THORChain (-12.86%), Notcoin (-10.56%), and Toncoin (-10.52%).

Project Updates

1. Hyperspace, a multi-chain NFT platform, is closing its Solana operations. Users are advised to delist their NFTs before September 17.

   Read more here

2. Mysten Labs is developing a new handheld gaming device called the SuiPlay0X1, scheduled to be released in 2025. Users will be able to play traditional PC games as well as games that are built on the Sui blockchain.

   Read more here

3. FLock, a decentralized AI platform that allows users to train and host AI models, received a $1 million grant from the Ethereum Foundation to further its research into incentive mechanisms for blockchain-based machine learning solutions.

   Read more here

4. Binance plans to introduce a Solana staking product called BNSOL. This tool will enable users to earn rewards and maintain liquidity while staking SOL tokens.

   Read more here

5. Siemens has launched a €300 million digital bond on a blockchain, following its debut bond in 2023. The transaction was completed through a private blockchain and central bank money.

   Read more here

Hall of Fame, Hall of Shame

Trump Family Targeted in Crypto Scam

Crypto scammers hacked Lara and Tiffany Trump's X accounts to promote a fake Solana-based memecoin. The scam token's price surged but quickly plummeted after being exposed.

Read more here

Bitcoin ATM Scams Surge

Fraudsters are using Bitcoin ATMs to target older adults, with reported losses exceeding $110 million in 2023. Scammers often employ deceptive tactics, such as posing as government officials, to convince victims to transfer funds via Bitcoin ATMs. The FTC has urged consumers to be cautious and report suspicious activity.

Read more here

What moved in the Crypto World Today

Avalanche Unveils Major Network Upgrade

Avalanche has announced its largest network upgrade since its launch in 2020. The upgrade, called Avalanche9000, will make it easier for developers to build on Avalanche. Some of the key changes include the ability to launch your own L1s and new developer incentives.

Read more here

ECB Prepares Digital Euro Launch

The European Central Bank aims to introduce a digital euro to strengthen Europe's economic sovereignty and compete with American and Chinese payment systems. While there are mixed public opinions, the ECB is moving forward with the project.

Read more here

Samsung Backs Soneium Blockchain

Samsung Next has invested in Startale Labs, which is developing Soneium, a layer-2 blockchain. Samsung will participate in the Soneium Spark incubation program to support web3 developers.

Read more here

Polygon Migrates MATIC to POL

Polygon is migrating its native token from MATIC to POL as part of its 2.0 roadmap to become a zkEVM system. The initial exchange ratio is 1:1 and most users won't need to take any action to migrate their MATIC tokens.

Read more here

Funding Announcements

Our Canary tweets of the latest funding news:

1. Multiverse P2E game platform, Yooldo received undisclosed funding from ConsenSys.

   Read more here

2. Blockchain-based collectible RPG that merges M2E and P2E mechanics, CryptoHunter World raised $2.80M in a Private funding round from IOST Foundation, HG Ventures, and others.

   Read more here

3. Web3 security and risk management firm, Hypernative raised $16M in a Series A funding round led by Quantstamp.

   Read more here

4. Web3 social platform and infrastructure, UXLINK received undisclosed funding from Animoca Brands.

   Read more here

Whale Movements

1. Multisign 0xa92 (likely an institution) withdrew 50,605 AAVE ($6.8M) from Binance. Txn details here

2. Whale bc1qg withdrew another 267.877 BTC ($15.14M) from Binance. Txn details here

3. Auros Global withdrew 11M MATIC ($4.28M) from Binance. More detail here

Today’s Token Unlocks

Worldcoin (WLD) - $6.83M
Zeus Network (ZEUS) - $5.34M 
WazirX (WRX) - $3.81M

Coinversation Street

Our Canary brings some of the trending and informative tweets from the crypto world:

@DoveyWan shares her thoughts on Solana:

@0xgeegee shares thesis on a few tokens:

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