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Swell Network is a non-custodial, liquid ETH staking protocol built for stakers, node operators, and the Ethereum ecosystem. Users can stake ETH to receive swETH and earn DeFi yields. SWELL total supply: 10 billion tokens
Swell, a liquid restaking protocol, has announced its decision to migrate its Layer 2 network to the Optimism Superchain, abandoning its previous plan to utilise Polygon’s (CRYPTO:MATIC) Chain Development Kit (CDK). The move marks a strategic shift as Swell aims to leverage the Optimism (CRYPTO:OP) OP Stack for improved scalability and integration. According to Swell’s official blog, the migration is designed to enhance capital efficiency using its Proof of Restake model. The protocol intends to provide restaking yield and security services for the Superchain while aligning with Optimism’s requirements. This includes adopting ETH as the rollup gas token and allocating part of sequencer revenues to the Optimism Collective. Daniel Dizon, Swell’s Founder, expressed enthusiasm for the transition, stating, “The Superchain is home to the biggest success stories in DeFi, with 4 of the top 5 chains utilizing Optimism’s OP Stack. Swell is excited to collaborate with OP Labs and the wider Optimism Collective to build out our shared vision for scaling Ethereum – and make Swell L2 the home of all restaking activity in the Superchain.” This migration aligns Swell with other prominent industry players, such as Coinbase, Uniswap, and Sony, which have also integrated with the Superchain using the OP Stack framework. Recently, Kraken announced its own Layer 2 network, Ink, built on the same platform to join the Superchain ecosystem. Swell’s initial plans involved using Polygon’s CDK, which focuses on zkEVM technology for customised Layer 2 chains. Although Swell has shifted its strategy, the protocol emphasised its continued belief in Polygon’s efforts. Data from DefiLlama reveals that Swell’s products collectively hold a total value locked of over $1.35 billion. Polygon’s CDK, introduced in 2023, aims to support the transition of EVM Layer 1 chains to Layer 2 and foster a zero-knowledge (ZK) approach. Despite the change, Swell’s alignment with the Optimism Superchain highlights its commitment to scaling Ethereum (CRYPTO:ETH) through a unified framework and advancing restaking capabilities. At the time of reporting, the Polygon price was $0.3325, and the Optimism price was $1.72.
XRP has been making some exciting moves lately, catching the attention of investors and crypto fans alike. Over the past few days, it’s steadily risen, reaching towards the $0.53 mark, a key resistance level. This four-day streak of gains signals growing optimism for XRP, leading many to wonder if it’s setting the stage for an even bigger breakout. In this XRP Price prediction article, we’ll dive into what’s driving XRP’s recent price surge, explore market trends, and discuss whether Ripple’s price is on track to hit $2 in the near future. How has the XRP Price Moved Recently? XRP/USD Daily Chart- TradingView As of today, XRP is trading at $0.52558 , with a 24-hour trading volume of $1.44 billion, a market cap of $29.73 billion, and a market dominance of 1.20%. Over the past 24 hours, XRP’s price has seen a modest increase of 0.33%. XRP reached its all-time high on January 4, 2018, peaking at $3.92. Its lowest recorded price was $0.002802 on July 7, 2014. Since that peak, XRP has hit a cycle low of $0.113268, with a rebound to a cycle high of $1.97793. Currently, sentiment around XRP’s price prediction leans bearish, while the Fear & Greed Index stands at 69, indicating a state of greed in the market. The circulating supply of XRP stands at 56.56 billion, out of a maximum supply of 100 billion. XRP’s annual supply inflation rate is currently 5.61%, with 3 billion new tokens added over the past year. XRP Price Prediction: Is XRP Eyeing $2? XRP's recent price movement has been intriguing, hovering just below the significant $0.55 mark. This level has become a focal point for traders and analysts alike, with many seeing it as a possible launchpad for much larger gains. If XRP can break past this resistance , it could quickly move towards the $1.36 to $1.89 range, potentially even inching closer to that elusive $2 target. To get there, though, XRP would likely need a push from key investors, or “whales,” to maintain the current momentum and spark a ripple effect of buying interest. Adding fuel to this potential rally, Ripple’s CTO, David Schwartz, recently addressed concerns about XRP’s utility on the XRPLedger. Schwartz clarified in a tweet that XRP is essential for maintaining network security, especially in preventing spam attacks. This comment came at a time when some investors were questioning XRP’s long-term value within the ecosystem, particularly after Ripple’s announcements around the stablecoin RLUSD at the Swell 2024 conference. Schwartz explained that XRP’s role is crucial to XRPLedger’s function, as it’s the only asset used to keep spam out, ensuring transactions run smoothly and efficiently. His emphasis on XRP’s “scarcity” implies a potential for future gains, as limited supply often signals positive value growth for a token. As Schwartz highlighted, the XRPLedger’s reliance on XRP for security and functionality should reinforce investor confidence. This renewed sense of purpose around XRP might be just what it needs to push past the $0.55 resistance and potentially reach the $0.60 mark in the near term. From there, with the right momentum and support from the community and major holders, XRP could be on track for a larger rally that brings it closer to the $2 target. In short, the pathway to $2 isn’t without challenges, but XRP’s strengthened role in the XRPLedger and growing market interest could well set the stage for another strong rally, mirroring its historic 2021 surge.
Swell L2 is migrating to the Optimism Superchain. The move will see Swell L2 join the Superchain as an Optimistic Rollup built on the OP Stack. An Ethereum-aligned scaling solution, the OP Stack powers all blockchains in the Superchain with the same modular open source and MIT-licensed codebase, focused on parallel development, openness, and transparency. The restaking hub for the Superchain The biggest names in DeFi — from electronics giant Sony, to leading DEX Uniswap, and CEXs such as Coinbase and Kraken — have all chosen to usher in the next era of Ethereum scaling by leveraging Optimism’s battle tested and open-sourced codebase, the OP Stack. . Developed by Optimism core contributors, the OP Stack is the codebase under the surface of the Superchain, an interconnected network of chains that adhere to a shared set of technical standards, principles, and will benefit from interoperability between chains. These chains benefit from shared protocol upgrades and security, as well as access to grants and programs like Retro Funding that rewards builders across the Optimism ecosystem. As the restaking yield layer, Swell will bring restaking yield and security to the Superchain. This will be achieved through Swell L2's unique Proof of Restake mechanism, which will maximise the capital efficiency of staked assets and set a unique flywheel in motion to drive growth, liquidity, and security. To meet Superchain requirements, small changes will be made to the design of Swell L2. These include the usage of ETH as the gas token for the rollup, and the dedication of a portion of sequencer revenue to the Optimism Collective. "The Superchain is home to the biggest success stories in DeFi, with 4 of the top 5 chains utilizing Optimism’s OP Stack. Swell is excited to collaborate with OP Labs and the wider Optimism Collective to build out our shared vision for scaling Ethereum — and make Swell L2 the home of all restaking activity in the Superchain." — Daniel Dizon, Swell Founder "Swell demonstrated early success with Swell L2, which quickly reached $1B in pre-launch TVL. As part of the Superchain, Swell will be supported by a network of successful blockchains, which together form a positive-sum network in which the success of any single chain benefits all chains in the ecosystem.We’re glad to welcome Swell L2 to the Superchain and look forward to growing Ethereum to internet-level scale together!” — Mark Gerhart, Optimism Partnerships Lead As part of this strategic transition, Swell will move away from the Polygon CDK, but continues to believe in the aggregated ecosystem that Polygon is building. Stay tuned for news of the upcoming release of the Swell L2 testnet.
According to official news, the re-pledge agreement Swell L2 announced on October 29 that it will migrate to the Optimism Superchain. As an optimistic rollup built based on OP Stack, it joins this ecosystem. After this migration, Swell L2 will provide re-pledging benefits and security support for the superchain through its unique re-pledging proof mechanism. To adapt to the requirements of the superchain, SwellL2 will adjust its design, including using ETH as a gas token for rollups and donating part of sorter income to Optimism Collective. Prior to pre-release stage, SwellL2 had already reached a total locked value (TVL) of $1 billion.
According to official sources, Swell L2, a re-collateralization agreement, announced on October 29 that it will migrate to the Optimism Superchain as an Optimistic Rollup based on the OP Stack. After this migration, Swell L2 will provide re-collateralization income and security support to the Superchain through its unique re-collateralization proof mechanism. To meet the requirements of the Superchain, Swell L2 will make adjustments to its design, including using ETH as the gas token for rollup and donating some of the sorter revenue to the Optimism Collective. Swell L2 had already reached a total locked position (TVL) of $1 billion during its pre-release phase.
Ripple has intensified its legal battle with a cross-appeal against the SEC. XRP network activity has surged to a six-month high. Analysts have suggested a potential XRP price revival amid legal challenges. Ripple is back in the spotlight as it ramps up its legal confrontation with the U.S. Securities and Exchange Commission (SEC) . With a recent cross-appeal filing, Ripple is challenging key aspects of securities law interpretations that could have far-reaching implications for the crypto industry. Amid this legal tussle, XRP’s network activity is surging, signaling renewed interest and potential momentum for the digital asset. As XRP’s active sending addresses reach a six-month high, investors are keenly observing whether this uptick could translate into a price rebound. Despite resistance and a recent price decline, some analysts believe XRP may be poised for a comeback. Ripple Challenges SEC Amid Rising Network Activity Ripple has submitted its civil appeal pre-argument statement, commonly known as Form C, as it continues its legal battle with the SEC. The core issue concerns whether an “investment contract” under the Securities Act requires an explicit agreement between parties. Sponsored Ripple contends that such requirements do not apply to its distribution of XRP, challenging the SEC’s allegations of securities law violations. Legal expert Fred Rispoli suggests that a ruling in Ripple’s favor could significantly undermine the SEC’s regulatory framework for cryptocurrencies. “If the court determines that actual contractual obligations are necessary to classify something as a security, it could overturn previous judgments and challenge the SEC’s authority,” Rispoli commented. Ripple CEO Brad Garlinghouse warned that an SEC victory on this point could disrupt the industry, potentially pushing businesses to consider relocating outside the U.S. Amid these legal maneuvers, XRP’s network activity is making waves. The number of active sending addresses has reached 12,230, the highest in six months. Analyst JA_Maartun notes that this increase indicates momentum returning to the XRP blockchain. XRP: Active Sending Addresses reaches a 6-month high “The number of Active Sending Addresses on XRP reaches 12,230 on a daily basis… The increase signals that activity is returning to the XRP Blockchain.” – By @JA_Maartun Link 👇 https://t.co/8ejsxFt5wO pic.twitter.com/VnYPrHXjJb — CryptoQuant.com (@cryptoquant_com) October 25, 2024 “This heightened engagement reflects improved sentiment for XRP specifically and indicates broader interest in returning to the crypto market,” he stated. Potential for XRP Price Revival Despite Challenges Currently, XRP’s price hovers around $0.5135, with resistance persisting since the start of October. The Relative Strength Index (RSI) is at 38.93, indicating a downtrend but not yet signaling oversold conditions. Despite the price decline, the surge in network activity suggests that investors are re-engaging with the asset. XRP RSI. Source: TradingView Crypto analyst Dark Defender anticipates a potential 27% rise in XRP’s price to $0.86 if momentum continues. “According to his technical outlook, the path to this target will be challenging but achievable,” reports indicate. However, analysts caution that the ongoing legal uncertainties may keep some investors hesitant until clearer resolutions emerge. Ripple’s CEO remains optimistic about the company’s future, noting increased interest from institutional investors and financial entities. At Ripple’s recent Swell conference, representatives from major global banks discussed opportunities to use digital assets for more efficient payments and financial services. Additionally, Garlinghouse has expressed optimism about launching an XRP-based ETF, a move that, if approved, could significantly broaden XRP’s exposure. On the Flipside A prolonged legal battle with the SEC could continue to suppress XRP’s price and market confidence. Regulatory uncertainties have the potential to deter partnerships and institutional adoption of XRP. Failure to break resistance levels may result in further price declines for XRP. Why This Matters Ripple’s legal challenges and XRP’s network activity are pivotal for the crypto industry’s future. The outcomes could influence regulatory approaches, investor confidence, and the adoption of digital assets in mainstream financial systems. To learn more about Ripple’s confidence in winning its appeal against the SEC and the potential impact on the crypto industry, read here: Why Ripple Execs Believe They’ll Win Against the SEC in Appeal To learn more about the reasons behind XRP’s stagnant price despite the positive developments in Ripple’s legal battle with the SEC, read here: XRP Price Stalls Despite Ripple’s Wins—What’s Holding It Back?
Aevo announced on X platform that Swell plans to conduct a rebase at 8:00 am UTC on October 23. Therefore, SWELL transactions on Aevo are scheduled to be suspended for 30 minutes at 8:00 am UTC on October 23. All limit orders for SWELL will be automatically canceled, and the contract quantity and marked price will be reset to the correct total supply, and trading will resume thereafter.
Swell L2, the restaking yield layer, is scaled and decentralized with infrastructure secured by restaking. This will enable the network to overcome the key challenges faced by existing L2s — including scarce liquidity, centralization, and lack of native yield — to drive value creation to new heights. At the core of this network architecture is a pioneering new mechanism: Proof of Restake. Introducing Proof of Restake (PoR) Swell’s Proof of Restake is designed to maximize the utility of staked assets within and beyond Swell’s L2 ecosystem. The mechanism will use liquid restaked assets to secure the infrastructure providing key services to the rollup, which in turn secure the chain. This maximises the utility and capital efficiency yield of staked assets, makes the community of users direct recipients of the value created on-chain, and sets a flywheel in motion which drives network growth, enhances security, and expands liquidity throughout the ecosystem. Proof of Restake in motion Swell L2 will integrate PoR to create a vertically aligned and secure ecosystem, in which staked assets are efficiently reused across multiple layers and chains, and the incentives of all network participants — including validators, node operators, builders, and users — are pulled into alignment. The Proof of Restake flywheel boosts security, deepens liquidity, and rewards participants. 1. Stakers deposit assets Assets staked in Swell are tokenized into liquid restaked tokens (LRTs). These tokens accrue staking rewards while remaining liquid for deployment across infrastructure services, DeFi applications, and cross-chain protocols. Thus stakers can simultaneously secure Swell’s infrastructure while still being able to participate in the ecosystem. 2. On-chain activity drives revenue for network infrastructure and services Restaked assets secure key infrastructure services within the Swell L2 ecosystem, including the validators, relayers, node operators and sequencers that maintain the integrity and functionality of the network. In turn, these services support the network and charge fees. 3. Yield accrues to Swell assets Revenue generated by chain-specific AVS infrastructure on Swell L2 — through transaction fees, sequencer fees, and more — cascades down the stack to become native restaking yield for holders of Swell assets. 4. Liquidity deepens and security increases As more assets are deposited and activity on the network builds, dApps benefit from boosted crypto economic security and deeper liquidity — creating a better environment for DeFi and attracting more builders and users. The restaking yield layer stack Why Proof of Restake? Integrating PoR will give Swell L2 the characteristics needed to overcome the problems faced by existing L2s, and deliver the best experience for builders, node operators, and users. Modularity With each network function fulfilled by modular and interchangeable AVS and networks, Swell L2 core infrastructure can be adapted and upgraded — making the network lean, agile, and progressively more decentralized and performant over time. Ethereum alignment Restaked assets are used to secure key infrastructure components within the network, ensuring that it remains rooted firmly in the security of Ethereum. This helps avoid the multitude of issues — including censorship, single points of failure, and downtime — that stem from the use of centralized infrastructure such as sequencers. Maximal asset productivity Proof of Restake makes Swell L2 users direct recipients of the value their activity creates. Revenue generated by activity on the network — through transaction fees, sequencer fees, and more — cascades down the stack to become native restaking yield for holders of Swell assets. In this way, PoR empowers users to maximize their asset productivity while still contributing to the long-term growth and sustainability of the network. More DeFi innovation Building on liquid restaked assets enables dApps to access new liquidity sources that would otherwise be locked in traditional staking mechanisms. In addition, dApps on Swell L2 can innovate by plugging into infrastructure services — including Zk-coprocessors, decentralized automation, and security protocols — that enable new possibilities for innovation outside the constraints of the EVM, but still firmly rooted in the security of Ethereum. Beyond Swell L2 Scaling blockspace by parallelizing the creation of block value to specialized networks secured by a shared set of Swell assets. Rollups are currently developing in groups or clusters based on shared parts of their stack. Proof of Restake enables a new approach in which these interconnected rollups can inherit the security of other chains in the broader network. Blockspace is scaled by delegating consensus to Ethereum and parallelizing the creation of block value to specialized networks secured by a shared set of Swell assets. This lowers the barrier to entry for new chains, with each new specialized rollup joining a system of rollups secured by the same set of robust assets, serviced for sequencing, verification and finality needs by a shared decentralized infrastructure set, and benefiting from pooled native restaking yield. In this way, Proof of Restake enables the propagation of a collective of rollups positioned at the leading edge of Ethereum scalability. Stay tuned for more news on the upcoming launch of Swell L2!
The landscape of cryptocurrencies continues to evolve, with XRP standing at a crossroads amidst legal battles and market dynamics. Despite the uncertainty, Ripple is proactively engaging with regulators and the community to navigate these complexities and bolster investor confidence. A significant sentiment shift is occurring, as highlighted by industry analysts who warn against overly bullish expectations for XRP’s price trajectory in the foreseeable future. This article delves into XRP’s performance in the current bull market, examining the implications of ongoing legal challenges and market sentiment as investors weigh realistic price expectations. XRP’s Current Status amid Legal Challenges The legal landscape for XRP remains tumultuous as the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) continues to impact market perception. Ripple is actively striving to resolve these issues, but their success will significantly shape XRP’s future performance. Recent discussions at key industry events, including the XRP Summit and Ripple Swell, have drawn attention to Ripple’s efforts in advocacy and education regarding digital assets. Expert Insights on XRP’s Price Suppression On a recent episode of The Paul Barron Network, Tim Warren, the host of Investing Broz, provided a critical perspective on the current market conditions for XRP. He pointed out that the suppression of XRP’s price has been notably severe, raising concerns about the feasibility of optimistic price forecasts. With some projections suggesting XRP could soar to values between $20 and $420, Warren cautioned that such figures appear disconnected from the current market realities. His analysis positions $20 as a potential high target, albeit one he deems unlikely in the short term. Setting Realistic Expectations for XRP During his analysis, Warren acknowledged that while there is a slim possibility for XRP to hit $20, he believes that a more modest range of $5 to $6 is a realistic target given the prevailing market conditions. His viewpoint stems from a fundamental analysis that highlights XRP’s ongoing use cases among institutional investors, which may help sustain some upward momentum despite the surrounding uncertainty. Shifts in Investor Sentiment The historical bullish sentiment surrounding XRP is beginning to wane, especially among retail investors. As recent price trends fail to inspire confidence, many have begun to lose faith in XRP’s potential. Warren noted that this shift in sentiment is significant, particularly for traders who find it increasingly difficult to advocate for XRP based on its technical charts. Nevertheless, he believes that the strong fundamentals and robust network partnerships could still provide a foundation for future growth, potentially leading to unexpected positive outcomes. Institutional Strategies and Market Dynamics Warren suggests that the current suppression of XRP’s price may not solely be a matter of market forces but could also reflect broader institutional strategies aimed at reshaping investment patterns. He posits that this might deliberately dissuade retail investors from maintaining their positions, creating an environment where institutions could capitalize on lower prices. Such dynamics underscore the complex interplay between various market participants and the necessity for retail investors to remain vigilant and informed. Conclusion In conclusion, as XRP navigates through a challenging legal landscape and fluctuating market sentiments, it is crucial for investors to adjust their expectations based on realistic assessments rather than fervent optimism. The ongoing engagement of Ripple with crucial stakeholders represents a positive step, but the path ahead remains fraught with uncertainty. Investors will need to keep a close watch on market trends and institutional movements while considering potential price trajectories as they evaluate their positions in the crypto landscape. In Case You Missed It: Could Ripple's XRP See a Price Surge Amid Ongoing Legal Debates Over Securities Status?
As the 2024 US elections approach, the spotlight on cryptocurrency regulation and politics is growing. With major congressional and presidential races looming, industry discussions are increasingly centered around how the election outcomes may impact the digital asset space in 2025. At recent events like Permissionless III in Utah and Ripple Swell in Miami, crypto executives and policymakers emphasised the mainstreaming of digital assets in US political discourse. Ripple's (CRYPTO:XRP) US public policy head, Lauren Belive, noted, “Every single panel is talking about regulations.” During these events, speakers highlighted that both leading candidates, Donald Trump and Kamala Harris, have made public statements supporting the industry, signaling the importance of crypto regulation regardless of who wins the presidency. Fireblocks’ head of legal, Jason Allegrante, observed that many people are now vocal about the political significance of the upcoming election, saying, “Technology shouldn’t be a political issue — but it’s become one in the United States.” This year has also seen more crypto engagement from lawmakers than in past election cycles. According to Blockchain Association CEO Kristin Smith, Congress is now better educated on digital assets, stating, “We’re going to be starting [in 2025] with the most educated Congress we’ve ever had.” Coinbase's chief policy officer, Faryar Shirzad, echoed this sentiment, predicting that the post-election political landscape will feature a "significantly advanced debate around crypto issues" as pro-crypto voices gain influence. Despite uncertainties, these developments show that the US crypto landscape will continue to evolve, shaped by the political shifts that emerge from the 2024 election.
Last updated: October 19, 2024 04:00 EDT The crypto industry has pivoted its attention to the potential implications of the upcoming US Congressional races. As the nation braces for pivotal decisions on its House of Representatives, Senate, and the Presidency, the digital assets industry finds itself entwined with politics and regulation. Throughout October, key industry players congregated at two significant events: the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida. Panels Delve Deep into Crypto-Related Discussions Panels at these gatherings delved deep into discussions that not only forecasted the electoral battle between Democrat Kamala Harris and Republican Donald Trump for the US presidency but also speculated on how the crypto landscape could evolve by 2025. Executives at these events showcased a keen interest in the intersection of digital assets and US politics, emphasizing that cryptocurrencies have now become a mainstream concern unlike ever before. “Every single panel is talking about regulations,” Ripple’s head of US public policy, Lauren Belive, said. Belive argued that the industry’s trajectory in 2024 stands in stark contrast to the landscape during the US midterms in 2022 and the 2020 elections. Under Trump’s previous administration, Bitcoin faced skepticism, with the former president branding it as “thin air” and a “scam.” However, both current major party candidates have signaled a willingness to support the crypto sector if elected, signaling a significant departure from past rhetoric. The growing willingness of lawmakers to engage with digital assets, evident in their participation at crypto-centric events. Trump’s keynote address at the Bitcoin 2024 conference and the active involvement of presidential candidates and lawmakers at events like the North American Blockchain Summit underscore the increasing significance of cryptocurrencies in the political sphere. Market predictions add another layer of intrigue to the electoral landscape. Platforms like Polymarket suggest a 60% likelihood of Trump securing the presidency, while the Kalshi marketplace places Republicans’ odds of seizing control of the House, Senate, and the Presidency at 42%. Trump's odds are up 2.5% after Kamala Harris' Fox News interview. He now has a 24% lead. pic.twitter.com/7YFOFzwrfu — Polymarket (@Polymarket) October 17, 2024 16% of Voters Prioritize Pro-Crypto Candidates A recent survey by the Chamber of Digital Commerce, now known as The Digital Chamber, has revealed that approximately 26 million American voters consider a candidate’s stance on cryptocurrency to be a key factor in their voting decisions for the upcoming 2024 elections. According to the survey, around 16% of 1,004 respondents identified pro-crypto policies as “extremely” or “very” important when selecting a candidate. These voters are part of what the report calls a “crypto voting bloc,” showing a strong inclination toward candidates who support cryptocurrency initiatives. Another survey conducted by Fairleigh Dickinson University’s (FDU) Poll revealed that crypto owners are more inclined to support former President Donald Trump, while those without digital assets lean towards Vice President Kamala Harris. The survey, led by Dan Cassino, professor of government and politics and executive director of the FDU Poll, found that among these, 50% support Trump, who has recently become a vocal advocate for digital currencies. In contrast, only 38% of crypto holders back Harris.
With less than a month until the people of the United States decide who will represent them in the House of Representatives, Senate, and the Presidency, some crypto events seem to be focused on regulation and politics. Attending the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida, in October, Cointelegraph noted that many panels included takes from high-level executives on their predictions for what would happen in the November race between Democrat Kamala Harris and Republican Donald Trump for the US presidency, and what the outcome could mean for the industry in 2025. Whether the topics of discussion initially focused on regulation or included stablecoins or Bitcoin ( BTC ) mining, many participants suggested that digital assets had become more of a mainstream issue in US politics in 2024 in a way never before seen. “Every single panel is talking about regulations,” Ripple’s head of US public policy, Lauren Belive, told Cointelegraph at Swell on Oct. 16, adding: “We’ve seen a much broader swath now of policymakers really interested in the nuances of this technology.” NYDFS head Adrienne Harris and Ripple CLO Stuart Alderoty at Ripple Swell 2024. Source: Cointelegraph The crypto industry has made several inroads in 2024 compared to the US midterms in 2022 or the 2020 elections. During Trump’s presidency from 2017 to 2021, he referred to Bitcoin as based on “thin air,” also calling the cryptocurrency a “scam” after leaving office. Both major party candidates have since made statements suggesting they intend to support the industry if elected. “I do think there’s a frustration and a sense that this is technology, and technology shouldn’t be a political issue — it’s become one in the United States,” Fireblocks head of legal and compliance, Jason Allegrante, told Cointelegraph. “I think that’s why people are now being much more vocal about what the potential impact of this election is.” Crypto wins regardless of the outcome? While regulation has always been a concern for many in the industry, the number of lawmakers and policymakers willing to discuss digital assets — including at crypto-focused events — seems to be increasing. Related: Congressional elections critical for crypto’s future in the US Trump gave a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee. Several presidential candidates and lawmakers also spoke at the North American Blockchain Summit in 2023, which will resume after the US Election on Nov. 5. “We’re going to be starting [in 2025] with the most educated Congress we’ve ever had because we have so many first-time candidates who are coming in with positions on crypto,” Blockchain Association CEO Kristin Smith said at a Permissionless panel on Oct. 9. Coinbase chief policy officer Faryar Shirzad added at a different panel on Oct. 11: “Regardless of what happens in the elections, we will have a very significantly advanced debate around the crypto issues and a very large cohort of members of the House and the Senate […] who will now come in with brand new pro-crypto voices.” Prediction platform Polymarket, at the time of publication, put Trump at a 60% chance of winning the US Presidency over Vice President Harris. The Kalshi marketplace, which began allowing bets on US elections after winning in court against the Commodity Futures Trading Commission, put Republicans’ odds of winning control of the House, Senate, and the Presidency at 42% at the time of publication. Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue
The liquidity re-pledging platform Swell has announced the launch of earnETH on Platform X. The earnETH vault can provide DeFi and Swell L2 returns, currently supporting deposits of tokens including swETH, rswETH, WETH, wstETH, pxETH or apxETH. It is reported that Swell allows withdrawals at any time but requires a seven-day cooling-off period.
The liquidity re-pledging platform Swell has announced the launch of earnETH on X platform. The earnETH treasury can provide DeFi and Swell L2 income, and currently supports depositing tokens including swETH, rswETH, WETH, wstETH, pxETH, or apxETH. It is reported that Swell supports withdrawals at any time, but there is a seven-day cooling-off period.
earnETH delivers the best yield from DeFi and Swell L2. Simply deposit swETH, rswETH, ETH, or other supported liquid staking tokens, then sit back and relax! You will automatically earn both maximum risk-adjusted DeFi yield and a selection of points—without needing to constantly navigate the waves of the DeFi market to find the best opportunities. How it works Deposit ETH or supported LSTs Your assets will be deployed in whitelisted DeFi protocols, and will also earn 3x Black Pearls, 3x Nucleus Points, and 1.5x Ecosystem Points representing Swell L2 airdrops. Withdraw at any time subject to a 7 day cooldown period. When Swell L2 goes live, your assets will be automatically migrated to earn the best source of yield from top DeFi Protocols on Swell L2. Supported assets swETH (Swell Ether) rswETH (Restaked Swell Ether) WETH (Wrapped Ether) wstETH (Lido Wrapped Staked ETH) pxETH (Dinero Staked ETH) apxETH (Autocompounding Dinero Staked ETH) Rewards DeFi yield from whitelisted protocols including Curve, Morpho, Pendle PTs, and Ion. 1.5x Ecosystem Points representing Swell L2 airdrops 3x Nucleus Points 3x Black Pearls Built on Nucleus Swell’s Ecosystem Earn vaults are built on Nucleus , which is built by the same team behind Ion Protocol, one of the major ecosystem DApps building on Swell L2. The strategy for the vault is provided by Nucleus Earn. Fees Swell Platform fee: 1% annually on AUM Nucleus Performance fee: 10% of annual vault yield Assuming a total annual DeFi yield of 5%, the annualized fees would amount to 1.5%, giving you a net APR of 3.5% in addition to underlying staking and restaking yield. Fees are computed and charged daily. On exit, a small processing fee is paid to the Solver, which is the part of the Nucleus architecture that executes withdrawal on your behalf. This accounts for gas costs and potential slippage. Depositors who withdraw before the launch of Swell L2 will lose all the Ecosystem Points accrued in the vault. Deposit now https://app.swellnetwork.io/earn/vaults FAQ What is earnETH? earnETH is the receipt token of the vault. Are the vaults audited? Nucleus is built on the same code as the widely used Seven Seas vault, which is audited by 0xMacro, Spearbit and Pashov . Which assets can I withdraw into? Any deposit assets. What is the difference between L2 pre-deposits and this vault? Swell L2 Pre-Launch depositors earn Ecosystem Points which represent Swell L2 airdrops. Ecosystem Earn depositors earn Ecosystem Points, in addition to DeFi yield. If I migrate from the L2 Pre-Launch will I lose my Eigenlayer Points bonus? No, in this case you would keep your EigenLayer Points bonus. Are Black Pearls earned on all deposits to the vault? Yes, Black Pearls are earned on all assets deposited to the vault, including non-Swell assets. Do I need to enter this vault to migrate to the L2 once it launches? When the L2 launches there will be native bridge prepared for L2 Pre-Launch depositors to migrate. Alternatively, you can deposit in Swell Ecosystem Earn vaults to start earning on Swell L2 automatically from day 1.
Banks are beginning to see the appeal of digital technology and assets, but they may not be aware of the level of commitment needed to succeed. This is not an easy time to be in the crypto banking sector, Lead Bank co-founder and chief legal and risk officer Erica Khalili said during a panel discussion at Ripple Swell in Miami, Florida. Banking in the crypto sector requires significant investment and the ability to maintain a particular relationship with regulators, Khalili said. Banks need a strategy to meet regulations The number of new banks entering the sector has made regulatory clarity and interagency collaboration among banking regulators paramount, Khalili said, adding: “For a long time, there was an intent to live in the gray area, and that was fine, and it worked, and we were all kind of OK with it.” Many banks strive to meet regulatory expectations from the outset, and that’s challenging. Lead Bank has taken a three-pronged approach to managing regulatory relationships . The first component is education. People have negative perceptions of crypto that have to be assessed and countered with use cases. Real-life use cases already show the influence of digital assets on capital markets, so banks can show the attainments of the technology, which is the second prong. One important ability digital technology provides both bankers and regulators is highly efficient monitoring. Khalili explained: “Regulators get that direct oversight where we’re not looking to like spurn regulation, we’re embracing it.” Finally, patience is no less important, Khalili said. “It’s incredibly frustrating, honestly, in my role, but the goalposts are going to move. That’s just the reality with this. And we have to keep pace and try to be that thought partner,” she explained. Related: Be persistent with the SEC, says Franklin Templeton digital asset head Banking with a purpose Banks may want to give digital asset banking a try out of curiosity or adopt it for the sake of cost reduction, but the investment required to do so makes “dip their toe” in the sector impractical, Khalili said. A depth of knowledge is needed to succeed in the sector, along with investment in products, technology and personnel. Erica Khalili (second left) at Ripple Swell. Source: Turner Wright/Cointelegraph Khalili and the three other co-founders acquired Lead Bank, headquartered in Kansas City, Missouri, in August 2022 to provide banking services to the crypto sector. Magazine: Real AI use cases in crypto, No. 1: The best money for AI is crypto
Erica Khalili, co-founder and chief legal officer at Lead Bank, emphasised the importance of regulatory clarity for banks entering the crypto sector. Speaking at Ripple Swell in Miami, she noted that while digital assets are appealing, success in the sector requires significant investment and maintaining strong regulatory relationships. Khalili pointed out that many banks are starting to explore digital assets, but entering the space is not as simple as it may seem. “This is not an easy time to be in the crypto banking sector,” she said, stressing the need for banks to be prepared to meet regulatory expectations, which can often be challenging. According to Khalili, Lead Bank has adopted a three-pronged approach to managing its regulatory relationships. First, education is key to addressing negative perceptions about crypto and showcasing its real-world applications. “People have negative perceptions of crypto that have to be assessed and countered with use cases,” she noted, citing examples of digital assets influencing capital markets. The second element involves using digital technology for efficient monitoring, which benefits both banks and regulators. Khalili remarked, “Regulators get that direct oversight where we’re not looking to like spurn regulation, we’re embracing it.” Lastly, patience is crucial. Khalili admitted that the constantly shifting regulatory landscape can be frustrating, but banks must adapt. “It’s incredibly frustrating, honestly, in my role, but the goalposts are going to move. That’s just the reality with this. And we have to keep pace and try to be that thought partner,” she explained. Khalili also mentioned that simply experimenting with digital asset banking is not practical due to the required investment in products, technology, and personnel. Lead Bank, which she and three other co-founders acquired in August 2022, is focused on providing banking services to the crypto sector, with its headquarters in Kansas City, Missouri.
Ripple Labs hosted its eighth annual Ripple Swell event in Miami, drawing numerous industry players, including market makers and exchanges. However, the usual enthusiasm from the XRP (CRYPTO:XRP) community, known as the "XRP army," was notably subdued. Ripple CEO Brad Garlinghouse pointed out the contrast between the event’s business-oriented attendees and the passionate online supporters of the XRP token. XRP, the seventh largest cryptocurrency by market cap, has a strong online presence, recently surpassing 6.75 million media mentions, according to social intelligence platform LunarCrush. "Over the years, XRP has seen substantial social growth," said LunarCrush CEO Joe Vezanni, highlighting an increase in community activity, especially since 2021. Despite this online momentum, the Swell event had a distinct business focus, centering on networking and showcasing Ripple’s technology. This shift reflects a broader trend of maturity in the crypto sector, which Bloomberg ETF analyst Eric Balchunas compared to the early days of exchange-traded funds (ETFs). As the industry matures, events are becoming more polished, attracting traditional finance professionals who feel increasingly comfortable participating. Held at the elegant Faena Hotel, the Swell event's dress code restricted casual attire, underscoring its corporate atmosphere. The focus on business-to-business interactions marked a shift from more casual, community-driven crypto gatherings, with several attendees noting how LinkedIn, rather than Telegram, was the primary networking tool. Among the speakers was Adrienne Harris, Superintendent of the New York State Department of Financial Services, who discussed evolving crypto regulations. Harris remarked, “The industry is really growing and maturing," and observed increased interest from traditional finance (TradFi) in the sector. While Ripple’s legal battles with the SEC continue to draw attention, its partnerships and advances in decentralised finance show the company’s aim to solidify its role in global finance. At the time of writing, the XRP price was $0.5492.
Adrienne Harris leads a team focused on improving cryptocurrency laws. Ripple’s RLUSD stablecoin is set to take off on multiple systems soon. The upcoming U.S. presidential election may influence crypto decisions. Adrienne Harris, Superintendent of the New York State Department of Financial Services , shared important insights on virtual asset’s governance at the Ripple Swell event in Miami. She spoke with Ripple’s Chief Legal Officer, Stuart Alderoty, about the different regulatory approaches at state and federal levels. This discussion comes as the cryptocurrency industry seeks clarity to navigate its complex regulatory environment . Key Announcements at Ripple Swell Ripple hosted its annual conference on October 15 and 16 and attracted numerous partners and clients. During the event, Ripple announced that its RLUSD stablecoin would be available through various platforms like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Ripple CEO Brad Garlinghouse said that developing RLUSD took over a year and the focus remains on trust, liquidity, and regulatory compliance. “We want innovation to happen, but we want it to be careful and responsible.” @NYDFS Superintendent Adrienne Harris joins Ripple’s @s_alderoty on stage at #RippleSwell to discuss the changing landscape of cryptocurrency in the U.S. and the implications of regulations for the… pic.twitter.com/mVsUumTmiV — Ripple (@Ripple) October 15, 2024 The coming 2024 U.S. presidential election adds importance to digital currency policy discussions. Initially, many thought the election could serve as a referendum on crypto rules. However, both presidential candidates have shown positive views toward the sector. This change has created a divide among supporters, with some favoring Donald Trump for his criticism of President Biden’s regulatory pace while others support Kamala Harris for her progressive stance on economic issues related to digital currencies. NYDFS Commitment to Regulatory Clarity During the conference, Harris highlighted the NYDFS’s proactive measures in cryptocurrency regulation. She announced the formation of a dedicated team of about 60 professionals who will focus on cryptocurrency oversight. This initiative shows the NYDFS’s commitment to tackling the unique challenges of the rapidly evolving crypto market. Experts have noted that the U.S. lags behind Europe and other regions regarding comprehensive cryptocurrency regulations. The NYDFS’s efforts aim to bridge this gap and provide clarity for industry stakeholders. Such clarity will help businesses operate confidently within the regulatory framework. Read CRYPTONEWSLAND on google news Anticipation for RLUSD Launch XRP holders are eager for updates on Ripple’s RLUSD stablecoin. The stablecoin has been in private beta since August on Ethereum and the XRP Ledger . Although Ripple has minted millions of RLUSD tokens, it has not announced an official launch date for its mainnet. The anticipation surrounding RLUSD’s potential launch remains high. Ripple Swell typically serves as a platform for important announcements. As the market evolves, the successful rollout of RLUSD could significantly impact the broader cryptocurrency ecosystem. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
After the introduction of cryptocurrency exchange-traded funds (ETFs) in the United States, investors are eager for the next digital asset trading products. During a panel at Ripple Swell 2024, Tim McCourt from CME Group discussed the potential for an XRP ETF, noting that the creation of an XRP reference rate and a real-time index represents a significant step forward. This discussion followed the SEC’s receipt of a second XRP ETF application from Canary Capital, the first being submitted by Bitwise Asset Management. McCourt pointed out that the rollout of ETFs has notably accelerated growth in the crypto sector, correlating with increased trading volumes and open interest in futures. READ MORE: How Did Trump’s WLFI Token Launch Unfold on Its First Day? While there is optimism surrounding a potential XRP ETF, its price has been struggling amid a broader crypto market rally. Meanwhile, the possibility of a Solana ETF is generating interest among investors, particularly following Brazil’s approval of its first Solana ETF in August. Alejo Pinto, former IBM blockchain lead, suggested that U.S. approval of a Solana ETF could positively impact its price due to the current uncertainty around its potential. Others, like Manthan Dave of Palisade, predict that a Solana ETF might emerge by the end of 2024.
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