The Twitter breakthrough came from Binance, the world’s largest cryptocurrency exchange. Serum, a Solana-based DEX, plans to make changes to the DAO administration. Celo Blockchain has raised $77.3 million to support various business ventures. Ripple reported that its XRP holdings are below 50% for the first time. Keep reading us for details of the news about altcoin projects.
Big news from big altcoin projects…
Binance becomes a Twitter investor
Binance CEO Changpeng Zhao (CZ) has confirmed that he will join Elon Musk’s Twitter takeover as an equity investor. CZ noted that Binance transferred approximately $500 million “two days ago” as part of the move. The Binance founder made a statement on:
We’re excited to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and the Web3 together to expand the use and adoption of crypto and Blockchain technology.
Serum considers changes to DAO administration
Serum, a decentralized exchange on the Solana network, is currently working on a proposal that will change the governance structure of the project. Solana and Serum developers TDM Blockchain developed the proposal. Accordingly, he presented his recommendations to the Serum DAO forum on Thursday. If accepted, this will result in the creation of a new community token for the Serum DAO.
The altcoin project essentially has a native token called SRM. This new community token will be an unlocked version of SRM called gSRM. Both tokens have a 1-to-1 bond. In other words, users will be able to receive an equivalent number of gSRMs for each locked SRM token.
Celo raises $77.3 million in funding
Celo Blockchain supports portable priority DeFi payment infrastructure. Several projects built on the platform received venture funding. Projects built on the Celo Blockchain have collectively raised $77.3 million to support various business ventures. Thus, he underlined the increasing adoption of the payment-oriented developer network.
Koindeks.comAs we reported, Celo announced on October 27 that it has secured funding for influenceMarket, Loam, Tatum, Circular Impact, Sanergy, Hyperlane, RedStone and Jia projects to advance the adoption of their Web3 business models.
Ripple reports that its XRP holdings have dropped below 50%
The firm announced that its sizable XRP ownership is declining. He also emphasized that he only runs 4 out of 130+ validator nodes in XRPL. Ripple Lab’s XRP token holdings fell below 50% of the total circulating supply for the first time in the company’s history.
Ripple has faced a number of criticisms in the past, raising questions about the company’s substantial ownership of XRP and arguing that it gives the company centralized control over the XRP Ledger (XRPL). In a Q3 report released on October 27, Ripple once again denied this criticism. He also noted that XRP holdings continue to decline. Accordingly, he stated that it fell below 50 billion tokens, or 50% of the total supply. Ripple CEO Brad Garlinghouse made the following statement:
below 50%. This is a big turning point! For 10 years, Ripple has focused on using XRP and XRPL in our works for its speed, security and scalability for asset movement. More customers are using XRP in their payment flows. It is clear that there is a real benefit here.