Cardano: Google, Apple, Microsoft not Ethereum, Solana May Control Blockchain

Posted on February 17, 2025February 17, 2025 by Olumide Adesina

Charles Hoskinson, Cardano’s founder, expressed grave concerns regarding the future of Layer-1 networks.

He cautions that once regulatory frameworks transprent, tech behemoths like Meta, Google, Apple, Microsoft, and Amazon may take control of the blockchain market.

These companies could create their blockchain infrastructure given their enormous financial and technological resources, a serious threat to the decentralized networks that are currently in place.

Nevertheless, Hoskinson’s worries attract discussion in the blockchain sector about centralization versus decentralization. “The awkward reality that many people in this field don’t want to acknowledge is,” Hoskinson said in a recent X (formerly Twitter) stream.

“Neither Ethereum, Solana nor even Bitcoin are our rivals. It’s Google and Amazon, Apple and Microsoft.” He added

“What will happen is that when the regulations are passed, we’ll wake up and they’ll say, hey, by the way, let you know, like Android now has like a default crypto wallet,” he continued.

Hoskinson highlighted concerns about how big tech firms might use their current infrastructure to upend the blockchain market. With their payment services, Apple Pay and Google Pay, he said companies like Apple and Google are in a good position to launch their stablecoins or partner with well-known companies like Circle.

Therefore, these companies have a big edge over traditional Layer-1 networks because they already have billions of users integrated into their ecosystems and control the operating systems on mobile devices.

Hoskinson thinks that in the upcoming major wave of competition in the cryptocurrency industry, centralized tech giants pose a threat to the decentralized foundations of blockchain technology.

It’s much more difficult to compete with guys who have three billion users and control the operating system that runs on your phone, he said.

XRP More Popular than Ethereum in Japan

Posted on February 17, 2025 by Olumide Adesina

Recent data indicates that XRP is significantly more popular among Japanese investors than Ethereum (ETH). XRP accounts for 18% of the tokens stored on Japanese exchanges. Ethereum (ETH), with a market share of 14.4%, is in third place.

Bitcoin ranks first with a 65 percent stake in the exchange’s total holdings. The market share of the top cryptocurrency has increased significantly over the last few years despite the rise of altcoins.

The popularity of XRP is not surprising considering how well-established Ripple has been in Japan for a long time. In 2016, the Japanese financial giant SBI partnered with Ripple to introduce SBI Ripple Asia, a new cryptocurrency venture.

Brad Garlinghouse, the CEO of Ripple, has frequently hailed Japan as one of the most crypto-friendly countries. In 2021, amidst Ripple’s legal dispute with the SEC in the US, Japan’s financial regulatory watchdog clarified that XRP was not a security.

SBI Group has also consented to use XRP Ledger first for the Japanese market. South Korea renowned for its preference for altcoins, has also seen a notable increase in interest in XRP.

South Korea was the main driver of the enormous XRP rally that occurred in the fourth quarter of the year.

Markets Bet High on XRP ETF

Posted on February 15, 2025February 16, 2025 by Olumide Adesina

The odds of an XRP ETF being approved in 2025 rose to 80% on Polymarket. The likelihood of approval has shifted 23 percent in favor of the bullish masses over the last month; in January 2025, it was approximately 70 percent.

45 percent of the betters thought a favorable outcome would occur before Q3 2025 even when the approval period was restricted to July 31,

The SEC has acknowledged Grayscale’s application, a procedural step that shows the regulator is open to considering the request

It is a significant change in the SEC’s approach to crypto assets although recognition is not the same as approval,

Bloomberg ETF analyst James Seyffart highlighted that an XRP ETF wouldn’t be allowed until the SEC’s lawsuit against Ripple Labs was resolved.

Trump appointed Mark Uyeda to serve as interim chairman. He is more in sync with the president’s objectives than the previous chairman, Gary Gensler, who resigned in January. The SEC created a crypto task force under Uyeda’s leadership to formulate regulations and look into ongoing cases, including the one against Ripple.

The financial watchdog filed a complaint against Ripple in December 2020, claiming that the company sold XRP coins through unregistered securities offerings. The court declared that non-institutional token sales were not securities offers and that the digital asset was not a security in July 2023

The SEC filed an appeal a few months after the final decision to resolve Ripple’s institutional token sales in August 2024.

Meanwhile, Ripple revealed its rebranding, highlighting its dedication to global financial innovation and the Internet of Value. The business declared that it is embarking on a new phase to revolutionize the flow of value.

The company said, “With the vision that keeps us going, the Internet of Value and changing the way you move value around the world, we’re building for the next chapter.” The launch of updated product offers is a key component of the rebrand. The website claims the platform has simplified its offerings to concentrate on stablecoins, digital asset custody, and cross-border payments.

Libra Catastrophe in Meme Coin Market, $4.5 billion Wiped Off

Posted on February 15, 2025 by Olumide Adesina

Argentine President Javier Milei over the weekend announced the launch of a meme coin on Solana called LIBRA to support the Argentine economy by funding small projects and local businesses,

The meme token built on SOL immediately caught the attention of traders. But even though LIBRA got off to a great start, its value has drastically declined, casting doubt on the initiative’s legitimacy.

The LIBRA meme coin was created to support local startups and small businesses, as stated on Viva La Libertad project website. Javier Milei noted in his post on X, which was removed a few hours after it was published.

“This private project will be dedicated to encouraging the growth of the Argentine economy by financing small Argentine businesses and startups.”. Argentina is a destination for international investment.

Argentine President clarified on X, “I deleted the tweet because I didn’t know the project’s specifics and decided not to broadcast it any further after learning about it.”. Thousands of investors have lost all their money, though, and the damage is done. Threadguy, a YouTuber, claimed to have lost $250,000.

Carlos Maslaton, an Argentinean lawyer, even calls for his impeachment after a massive scam: “It’s official, there is no hacking, confirmed by everyone around him.”. Milei is actively engaged in cryptocurrency fraud. You have transgressed all ethical standards; the content is intended to defraud. Without a doubt, there are reasons to impeach. “

LIBRA’s market capitalization peaked at $4.05 billion at its launch and lost almost everything within a few hours.

The token fell from $4.50 to just $0.20, while the trading volume surpassed $1 billion. Due to the extreme volatility, many investors began to ponder whether this was a legitimate opportunity or a possible scam.

Gold Keeps Glowing like Sun

Posted on February 15, 2025 by Olumide Adesina

Gold prices remained near record highs despite resident Donald Trump’s delay in tariffs implementation, which prompted financial markets to move to safety.

Market activity shows that spot gold settled at $2,900 per troy ounce.

There is still a rally on the yellow metal even if it is unlikely that the United States would step in and stop the conflict between Russia and Ukraine.

Gold overcame the drop in demand for safe-haven assets when Trump alluded to potential peace talks over Russia and Ukraine. This implies that traders place a higher value on economic uncertainty than on changes in geopolitics.

Consequently, the high demand for gold reflects ongoing concerns about inflation and the Fed’s monetary policy stance. gold was predicted to increase by about 2.35 percent, continuing its seven-week winning streak.

Demand for safe havens continued to rise because of the uncertainty surrounding Trump’s trade proposals.

The Federal Reserve chairman, Jerome Powell, also affirmed in his testimony that interest rates will probably remain steady for the long term.

Gold has historically been lower due to higher yields in the U.S. Treasury market. Investors have chosen the bullion asset as a hedge because of the continued high uncertainty around global inflation.

The CME FedWatch tool showed a higher chance of rate stability through June, which increased gold bugs’ firepower.

Risk assets are strained by NATO negotiations and concerns around Ukraine, which weakens the US dollar.

President Donald Trump’s hostage ultimatum raises uncertainty and promotes demand for safe-haven investments.

Technical analysis shows that the price of gold resumed its underlying uptrend in early January after breaking out of the symmetrical triangle it had been consolidating in since the October record. Trump’s industrial sector tariffs raised concerns that domestic suppliers would be hard to find for US companies.

Long-term support for the bullion metal will come from strong central bank demand, geopolitical tensions, and expectations of a Fed rate cut thanks to China’s export restrictions on several necessary materials.

Gold prices are expected to be heavily impacted by the Federal Reserve’s monetary policy signals and any further developments in US-China trade relations, the overall trend remains bullish despite the potential for minor pullbacks with significant upside targets above the current high of $3K.

OpenAI Kills Elon Musk’s $97.4 billion Offer

Posted on February 15, 2025 by Olumide Adesina

OpenAI rejected a $97.4 billion bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, stating that the startup is not for sale and that any additional bid would be dishonest.

Musk’s latest attempt to prevent the startup he co-founded with OpenAI CEO Sam Altman, but later left, from turning into a for-profit company to raise more money and maintain its lead in the artificial intelligence race, is the unsolicited approach.

“The board unanimously rejected Mr. Musk’s most recent attempt to undermine his competitors, and OpenAI is not for sale. On X, the board quoted OpenAI Chairman Bret Taylor as saying, “Any possible reorganization of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity.”

Musk’s attorney Marc Toberoff said that OpenAI is selling control of the for-profit company, which will “enrich its certain board members rather than the charity.”.

OpenAi announced plans to restructure, removing the limitations placed on the startup by its current nonprofit parent and establishing a public benefit corporation to facilitate “raising more capital than we’d imagined.”

Musk responded to Altman’s “no thank you” post on X on Monday, which rejected the consortium’s offer, calling him a “swindler.”.

Altman earlier stated that OpenAI was not for sale. The consortium, which includes Musk’s own AI startup xAI, would withdraw its bid for OpenAI’s non-profit arm if it abandons its plans to become a for-profit company, according to a court filing by Musk’s attorneys on Wednesday.

BNB Generates More Fees Than Solana

Posted on February 15, 2025 by Olumide Adesina

BNB Chain is the top blockchain for daily fee generation after surpassing Solana.

According to data from analytics company Nansen, on February 13, BNB Chain’s daily fees topped $3.3 million for Solana and surpassed five times Ethereum’s total fees, totaling $5.8 million.

This accomplishment was the first time the industry’s daily fees were led by a blockchain other than Ethereum or Solana since October 31, 2024. Part of the reason for the increase in BNB Chain’s fee income and trading volume was the speculative trading of meme coins.

Meme coins frequently thought of as having no inherent value have emerged as one of the most well-liked use cases in the crypto industry, drawing interest from a range of people, including President Donald Trump.

The meme coin ecosystem is something that BNB Chain has stated it supports as part of its 2025 roadmap.

The decentralized exchange (DEX) PancakeSwap, which mainly uses the BNB Chain, is responsible for a sizable amount of the fees made on the BNB Chain. The largest trading volume of any DEX across all chains was recorded on February 13 by PancakeSwap.

BNB Chain’s recent spike in daily active addresses, which surpassed Tron and Ethereum to take second place in that category, indicates that the exchange was not the only one experiencing a spike in activity.

BNB with almost 6 million active addresses over the last week, is still lagging behind Solana, which holds a 35.8 million advantage in active addresses.

Ethereum Calls For Gas Limit Upgrade

Posted on February 15, 2025 by Olumide Adesina

Vitalik Buterin, Ethereum’s co-founder, highlighted the need for expanding Ethereum’s layer-1 (L1) capacity in a blog post published on February 14, even as the network progresses with layer-2 (L2) solutions.

Buterin argued for raising Ethereum’s gas limit, above its recent increase from 30 million to 36 million, citing L1 capacity’s significance for the network’s resistance to censorship, L2 compatibility, and critical security functions.

High gas prices and network congestion have been issues for Ethereum, which has led to a move toward a rollup-centric roadmap and the use of L2 solutions. Although some congestion has been eased and transaction costs have decreased as a result of this strategy, the Ethereum mainnet’s fee revenue has recently fallen below $1 million for the first time since September.

Buterin addressed the function of Ethereum’s base layer as a backup in the event of L2 failures, cautioning that if a significant L2 system fails, the current capacity may not be enough to manage large withdrawals.

He calculated that in order to effectively handle large-scale exits, Ethereum would need to scale multiple times over—possibly up to nine times—in the absence of optimizations. Buterin also highlighted the difficulties in achieving interoperability between L2s, particularly with regard to low-volume assets and non-fungible tokens (NFTs), which frequently need to be routed via L1.

He calculated that in order to bring the costs of these transfers down to a manageable level, an increase in L1 capacity of 5x is required.

Tether Buys Minority Stake in Juventus FC

Posted on February 15, 2025 by Olumide Adesina

Tether, a stablecoin issuer, purchased a minority interest in Juventus FC, a legendary Series A football team established in Turin, Italy

The investment backs Tether’s objective of incorporating digital assets, stablecoins, and human-first technology into daily life, according to the announcement made on October 14.

The investment’s financial specifics were not revealed.

The business stated that it hopes to make “strategic investments” in international sports teams to expand its user base for digital assets and payments. Juventus is the eleventh most valuable football team valued at $2.05 billion.

Tether’s investment in Juventus follows the stablecoin issuer’s record-breaking year. The company’s holdings of low-risk US Treasury bonds hit an all-time high of $113 billion in 2024, generating $13 billion in profits.

This expands on Tether’s earlier efforts with professional sports organizations. This sponsorship and Tether’s small ownership of Juventus further demonstrate the company’s commitment to encouraging the use of stablecoins and blockchain technology in mainstream industries like sports.

Tether will also invest in cutting-edge technologies like biotech, AI, and digital assets with the venerable sports sector to promote change on a global scale. “We’ll look into opportunities for creative partnerships and the possibility of completely changing the sports scene worldwide,” said Tether CEO Paolo Ardoino

SEC Accepts 21Shares Spot XRP ETF

Posted on February 15, 2025 by Olumide Adesina

The Securities and Exchange Commission (SEC) has officially recognized 21Shares’ application for an exchange-traded fund (ETF) that invests in spot XRP.

Grayscale Investments’ proposal to list and trade shares of its Grayscale XRP Trust as an ETF was recognized by the SEC shortly after this acknowledgment.

The impending approval of an XRP ETF has increased interest in Ripple’s based token, and these developments point to a possible change in the regulatory environment for financial products based on cryptocurrencies. 21Shares filed a Form S-1 with the SEC on November 1, 2024, requesting permission to list its Core XRP Trust shares on the Cboe BZX Exchange.

The trust seeks to provide investors with indirect exposure to the digital asset, per the filing. Canary Capital and Bitwise had already applied for a spot in the XRP ETF, and 21Shares was the third company.

Grayscale Investments’ proposal for an ETF has been accepted by the SEC. Following the SEC’s recognition, a procedure to gather public feedback on the application.

Under former Chair Gary Gensler, the SEC declined to review such ETF applications in late 2024, claiming that the outgoing administration would not authorize any.

Gensler is well-known for his multi-year war on cryptocurrency, which he waged against firms such as Coinbase, Ripple, and others. The regulator appears to be moving in a more pro-crypto direction now that Gensler is gone, though, and some have conjectured that it might reject the Ripple case and other non-fraud cryptocurrency lawsuits.