Crypto Flipsider News – Coinbase faces proceedings and Solana gets support for Coinbase. Cardano Hydra will be available soon. Ripple giving developers 1 billion XRP. BSC overtakes Ethereum.Australia sues Facebook
Read the digest:
- Coinbase (NASDAQ 🙂 has announced that it is facing a lawsuit over the sale of unlicensed crypto assets.
- Hydra – Cardano’s Layer 2 scaling solution is close to what you’d expect.
- Announced that a developer grant will provide 1 billion XRP ($ 786 million).
- Binance Smart Chain has more than 120 million transactions in February.
- Australia is suing Meta for a Facebook (NASDAQ 🙂 fraudulent ad impersonating a celebrity.
Coinbase Announces Support for Solana, Faces Proceedings Over Sale of Unlicensed Cryptocurrency Assets
US crypto exchange giant Coinbase has enabled support for the Solana blockchain in its wallet browser extension. It’s been over a month since Coinbase started supporting Solana-based SPL tokens on its platform.
With this support, Coinbase Wallet users can now manage SOL and Solana-based SPL tokens in Coinbase. Users can move and manage SPL tokens in Coinbase, but Solana NFT is not currently included in the integration.
Flip Cider:
- Despite its reputation as the largest exchange in the United States, Coinbase Class action For over 79 crypto tokens listed on the platform.
- In a proceeding filed by Christopher Underwood, Louis Oberlander, and Henry Rodriguez, Coinbase alleges that it has sold unlicensed crypto assets and is seeking a refund for a $ 5 million collective loss transaction.
Why you need to care
Integrating Solana into Coinbase Wallet already supports ETH, AVAX, MATIC and BNB, making it a major Solana wallet competitor.
Hydra – Cardano’s Layer 2 Scaling Solution Is Approaching, What Do You Expect?
Following the game-changing Alonzo hard fork, scaling has become essential for networks to implement aspects of DeFi such as smart contracts.
Therefore, to tackle this challenge, Hydra, a layer 2 scaling solution, was proposed. Cardano is currently processing 250 transactions per second (TPS) and Hydra has promised to extend its network to 2 million TPS.
The Hydra team recently announced the opening of their first “Hydra Heads” on the Cardano public testnet. This means that users of the Cardano network can test the initial functionality of the Layer 2 scaling solution.
When fully implemented, Hydra will reduce latency and increase the throughput of the Cardano blockchain. In addition, IOHK explains that Hydra Heads are excellent at achieving near-instantaneous finality within Heads.
Flip Cider:
- Hydra is closer than ever, but Cardano dApps have to wait until the Vasil hard fork in June to benefit from the pipeline.
Why you need to care
Hydra helps create an optimized ecosystem that improves Cardano scaling and facilitates dApp development.
Ripple announced that it will offer 1 billion XRP ($ 786 million) in Developer Grants
Ripple, a leading provider of enterprise blockchain and cryptographic solutions, has announced that it will invest 1 billion XRP ($ 786 million) in developer grants.
The newly announced fund is an extended version of the XRPL Grants program, launched in 2021, aimed at accelerating the development of the Ripple ecosystem and the use cases of XRP Ledger (XRPL).
Two previous iterations of the Ripple Developer Grant provided $ 6 million in funding for over 50 projects. This allowed Ripple to expand its reach in the Asia Pacific region through RippleNet, an XRPL-based remittance technology.
Focusing on onboarding open source projects to the ledger, Ripple will gradually pay 1 billion XRP over the next decade. In addition to this, Ripple will run several boot camps to encourage developers and go onboard.
Flip Cider:
- The announcement will be made later Ripple’s developer-related director broke up With the company.
Why you need to care
Ripple focuses specifically on the developer community and aims to create new projects within the XRP ecosystem through incentive programs.
February BinanceSmartChainEclipses Ethereum Transaction
The use of BinanceSmartChain (BSC), an open source and decentralized blockchain ecosystem, is steadily increasing as it exceeds the number of transactions executed on the Ethereum chain for two consecutive months.
Throughout February 2022, Ethereum recorded approximately 32,739,456 transactions, with 156.5 million transactions executed on the Binance Smart Chain over the same period, a difference of more than 123 million.
Binance continues to outperform Ethereum, but February’s monthly transactions are far from the record high total of about 391.8 million transactions recorded in November 2021.
Flip Cider:
- Last year, Ethereum’s total trading volume was steadily declining, down more than 7% from February 2021.
Australia sue meta for Facebook fraudulent ads impersonating celebrities
The Australian competition watchdog has instigated legal action against Meta, alleging that Facebook was involved in a crypto fraudulent ad that falsely claims to be approved by a celebrity.
According to the proceedings, Facebook “supported, beaten, or deliberately worried about false or misleading acts or expressions by advertisers.”
Some of these scams used images of Australian business leaders, television hosts, and media figures. The Australian Competition & Consumer Commission (ACCC) said it has noticed “consumers who have lost more than A $ 650,000 (AUD 480,000)” due to one of these frauds.
ACCC Chairman Rod Sims argued that Meta was aware of fraudulent ads displayed on Facebook, but wasn’t enough to deal with them. The ACCC is seeking a fine for Meta.
Flip Cider:
- Earlier this week, Facebook announced a program to train Australian politicians on cybersecurity and prevent the spread of false information.
Why you need to care
Such advertisements continue to undermine the reputation of cryptocurrencies among the general public, increasing the regulatory demands of the industry.
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