Demex Daily #211: Jump Crypto Shifts $315M to Exchanges Amid Market Turmoil

What’s Interesting Today:

Jump Crypto has moved a significant amount of crypto assets to exchanges, totaling approximately $315 million in staked-Ether, amid market speculation of potential liquidation. The transfers included not only Ether but also other cryptocurrencies like USD Coin, Tether, Uniswap, and Shiba Inu. This activity follows the resignation of Jump Crypto's President, Kanav Kariya, and occurs in the context of a broader market downturn, with 15% of the total crypto market cap erased last week. The firm still retains around $125.8 million in staked-Ether. Critics have raised concerns about the timing and implications of these large-scale asset movements.

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Fantom has rebranded to Sonic Labs and announced the launch of the Sonic blockchain, a new high-speed layer-1 network with a layer-2 bridge to Ethereum, set to debut in the fourth quarter of 2024. This change aims to address the Fantom Opera network's issues like congestion by enabling over 180 million transactions daily and supporting more than 10,000 transactions per second. The launch will feature the introduction of the Sonic (S) token, with a 1:1 exchange rate for existing FTM holders. Sonic Labs, focusing on developing decentralized applications, will operate alongside the Sonic Foundation, which will manage governance and treasury functions. The rebrand and new blockchain represent an expansion and enhancement of the current Fantom ecosystem, with both networks continuing to coexist.

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