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On 28 November 2023, blockchain research and development company Flare Labs launched a test version of the FAssets system on Flare’s Coston testnet.  The FAssets system enables non-smart contract tokens such as Bitcoin (BTC), (XRP), Dogecoin (DOGE) and others to be used trustlessly with smart contracts on Flare, as per the latest information shared with Finbold. By minting these tokens into FAssets, it will be possible to stake them in exchange for yield or rewards in decentralized applications on the Flare network , and once the FAssets are on Flare, tokens can also be bridged to other network s. “More than 70% of the total value of all blockchain assets do not have smart contracts and therefore can’t be efficiently deployed in DeFi. FAssets enable these legacy assets to be represented on a smart contract chain without requiring a centralized third party,” said Hugo Philion, CEO of Flare Labs.  Cryptocurrency Bitcoin would trade at this price if BTC hits its ...

Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed on May 7. Crypto exchange Binance closed Bitcoin (BTC) withdrawals on May 7 due to an alleged overflow of transactions on the Bitcoin network.  Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed at the time of writing. The mempool is known as the "waiting area" for incoming transactions before they are verified independently by each node on the network. Bitcoin mempool at 16:42 UTC on May 7. Source: mempool.space Behind the congestion is believed to be a surge in BRC-20 transactions in the last few days. The trading frenzy on memecoins like Pepe (PEPE) drove Bitcoin transaction fees to their highest point in two years. The PEPE token has jumped over 263% in the past 7 days, according to CoinMarketCap. Developed after Ethereum’s ERC-20 token standard, BRC-20 is an experimental token standard recently introduced that allows users to create and transfer fungible ...

Join Our Telegram channel to stay up to date on breaking news coverage Tron (TRX) has recently seen a significant surge in the stablecoin presence on its network. According to new data, Tron’s stablecoin market cap has gone up by 8% over the last week alone, taking it to the $40 billion mark. DeFillama recorded an inflow of over $1 billion in stablecoins to the network on March 12th. Only five days later, on March 17th, an additional inflow of $917.49 million followed. Tether dominates the TRON network The majority of the stablecoins within the TRON ecosystem represent Tether (USDT), with 94.36% of the total stablecoin presence belonging to the crypto industry’s largest stablecoin project. Tether is currently the third-largest cryptocurrency on the market, with a market cap within Tron sitting at $39.26 billion, while its total market cap exceeds $76.3 billion. In the last 30 days, Tether has seen 8.26% growth in its market cap within Tron. Apart from Tether, ...

While the developers did not give an exact date for the release, the team reiterated that their answer to all questions relating to the time frame is “soon.” The developers of the dog-themed token Shiba Inu (SHIB) posted an update to inform its community about its upcoming beta release of Shibarium, a layer-2 network that will run on top of the Ethereum mainnet.  In an announcement, SHIB developers shared information about layer-2 blockchains and highlighted that Shibarium is being built to provide a tool to allow the community to build and grow the project and fulfill its founder’s vision. While some believe that the creation of Shibarium is a way to increase the meme token’s price, the developers noted that this wasn’t the goal. They wrote: “Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project's focus and never has been.” Instead, the developers mentioned that the goal of the new update in its infrastructure is to "revolutionize th...