Home / Supply Chain News /WAHED Coin To Launch On LBank Exchange On December 5

WAHED Coin To Launch On LBank Exchange On December 5

13 Nov 2022

According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted.

While FTX and Alameda Research have filed bankruptcy and FTT’s tokenomics highlights red-flags, Solana founder Anatoly Yakovenko says Serum devs are planning to fork the platform. Serum is a decentralized exchange software built on Solana (SOL) and it was originally crafted by FTX and FTX’s CEO Bankman-Fried. On Nov. 12, 2022, Yakovenko tweeted:

Afaik, the devs that depend on serum are forking the program because the upgrade key to the current one is compromised. This has nothing to do with SRM or even Jump. A ton of protocols depend on serum markets for liquidity and liquidations.

When asked if the devs “will they keep Alameda’s assets or fork them out,” Yakovenko replied that he had “no clue.” SBF announced Serum on July 27, 2020, and he further claimed: “it’s truly, fully trustless.” However, if FTX held Serum’s upgrade authority hostage, the term ‘trustless’ would not apply until the protocol is forked.

During the last day, serum (SRM) lost 70.5% against the U.S. dollar and the token has been dropping like a rock since the FTX fiasco began. SRM has lost 31.6% during the last 24 hours and 30.6% against bitcoin (BTC). The token has seen $30.59 million in global trade volume during the last day and its $102 million market capitalization, positions SRM in the 214th position among 13,000+ crypto assets today.

What do you think about Serum devs planning to fork the Solana-based protocol? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted.

While FTX and Alameda Research have filed bankruptcy and FTT’s tokenomics highlights red-flags, Solana founder Anatoly Yakovenko says Serum devs are planning to fork the platform. Serum is a decentralized exchange software built on Solana (SOL) and it was originally crafted by FTX and FTX’s CEO Bankman-Fried. On Nov. 12, 2022, Yakovenko tweeted:

Afaik, the devs that depend on serum are forking the program because the upgrade key to the current one is compromised. This has nothing to do with SRM or even Jump. A ton of protocols depend on serum markets for liquidity and liquidations.

When asked if the devs “will they keep Alameda’s assets or fork them out,” Yakovenko replied that he had “no clue.” SBF announced Serum on July 27, 2020, and he further claimed: “it’s truly, fully trustless.” However, if FTX held Serum’s upgrade authority hostage, the term ‘trustless’ would not apply until the protocol is forked.

During the last day, serum (SRM) lost 70.5% against the U.S. dollar and the token has been dropping like a rock since the FTX fiasco began. SRM has lost 31.6% during the last 24 hours and 30.6% against bitcoin (BTC). The token has seen $30.59 million in global trade volume during the last day and its $102 million market capitalization, positions SRM in the 214th position among 13,000+ crypto assets today.

What do you think about Serum devs planning to fork the Solana-based protocol? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

Following the collapse of FTX and the exchange filing bankruptcy on Nov. 11, the trading platform’s exchange token called ftx (FTT) has shed 91.6% in value during the last seven days. While the FTT token’s utility is based entirely on the backing of the now-bankrupt FTX and Alameda Research, the token is still trading for $1.85 per unit. Moreover, FTT’s deployer contract surprisingly unlocked 192 million FTX tokens on Nov. 12, 2022. While a few crypto exchanges have halted FTT deposits, crypto coin aggregation sites like coingecko.com have flagged the number of coins in circulation.

A touch after 9:00 p.m. (ET), the crypto community noticed that the ftx (FTT) deployer contract moved 192 million new FTT tokens. No one knows why this happened, but it has added 192 million previously locked tokens to the supply of 133,618,094 FTT that was circulating prior to the transfer last night.

Coingecko.com’s website notes that the “FTX token Contract Deployer has transferred out the entirety of supposedly locked FTT tokens into circulation.” In a now-deleted tweet, Binance CEO Changpeng Zhao (CZ) tweeted that Binance has halted FTT deposits. CZ said:

Binance has stopped FTT [deposits], to prevent [the] potential of questionable additional supplies affecting the market. We will monitor the situation.

Similar to the Terra fiasco, the FTX implosion took place in a matter of six days after Alameda Research’s balance sheet was made public, and Binance CEO Changpeng Zhao told the public his exchange would be dumping all of its FTT tokens.

On Nov. 5, 2022, ftx (FTT) was trading for $25 per FTT and by Nov. 8, it was below $5 per coin. FTT was a token launched shortly after FTX was created, and it was privately launched in July 2019 by the FTX and Alameda teams.

Imagine McDonald's makes its own money, let's call them clown-bucks, keeps most of it, and sells some to the market.

McDonald's then uses their remaining clown-bucks as collateral for actual loans.

And then people remember clown-bucks aren't real.

— Lyn Alden (@LynAldenContact) November 8, 2022

FTT was made to give owners FTX-based rebates when they traded on the exchange or leveraged FTX OTC. Anyone holding between $1 million to $5 million worth of FTT could get automatically upgraded to a VIP status if they used both services.

Out of the initial 350 million FTT tokens, 175 million were designated as “company tokens that unlock over a three-year period.” 73,461,920 FTT tokens were sold and vested by “July 21st, 2019,” according to FTX’s transparency page saved to archive.org.

While ftx (FTT) tokens offered rebates for FTX users and VIP perks for large holders, FTT’s white paper highlights that most of FTT’s value stems from an “all-star team.” The FTT white paper says that FTX is backed by Alameda Research, the quantitive crypto trading platform started by Sam Bankman-Fried (SBF).

“Alameda trades $600 million to 1 billion a day, accounts for roughly 5% of global volume, and is ranked 2nd on the Bitmex leaderboard,” the white paper boasts.

Following the drop below $5 per coin on Nov. 8, 2022, FTT’s token value is down to under $2 per token. While FTT is down 97.6% from the $84.18 per unit all-time high it reached on Sept. 09, 2021, it’s managed to stave off the extremely fast death spiral Terra’s LUNA (now LUNC) saw when it collapsed.

In fact, anyone who purchased FTT before Sept. 06, 2019, is still up by 74% against the U.S. dollar. 50 million FTT tokens were sold for a price range between $0.10-$0.20 during the initial exchange offering (IEO).

Data recorded before the deployer unlock had shown FTT once had a circulating supply of around 133,618,094 FTT. The FTT tokens that were purchased in July 2019 unlocked after the listing, “at a rate of roughly 3% per day. FTX also did regular FTT repurchases and burns to bolster the coin’s tokenomics.

FTT is very concentrated as 22,876 addresses hold the ERC20 token and 10 addresses hold 93.22% of the FTT supply, according to coincarp.com richlist data. Into the Block statistics via markets.bitcoin.com, shows 96% of holders are at a loss in terms of profit.

Into the Block’s concentration of large holders metrics for FTT is 97% and FTT’s price correlation with bitcoin (BTC) is around 0.9%. In the last seven days, in terms of transactions greater than $100K in FTT tokens, $2.4 billion worth of FTT has been settled this past week.

FTT saw a weekly high of 520 large transactions on Nov. 8, 2022, and roughly 21 large transactions in the last 24 hours. The average FTT transaction over the course of the last week was $55,266.27 worth of FTT tokens.

Most of FTT’s trade volume during the last 24 hours derived from exchanges like Binance, Gate.io, Hitbtc, Huobi, and Kucoin respectively. Over 60% of FTT trades are against tether (USDT) which is followed by BUSD, BTC, BNB, and ETH respectively.

Despite all the bad news surrounding FTX’s collapse and the immense concentration of FTT holders, unlike LUNC, the token has not plummeted to zero. After the news broke about the FTT deployer contract unlocking the remainder of locked FTT tokens, FTT is down more than 7% lower against the U.S. dollar. During the last 24 hours, FTT has been swapping for $1.79 to $2.20 per unit.

What do you think about the FTX exchange token FTT? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

Following the collapse of FTX and the exchange filing bankruptcy on Nov. 11, the trading platform’s exchange token called ftx (FTT) has shed 91.6% in value during the last seven days. While the FTT token’s utility is based entirely on the backing of the now-bankrupt FTX and Alameda Research, the token is still trading for $1.85 per unit. Moreover, FTT’s deployer contract surprisingly unlocked 192 million FTX tokens on Nov. 12, 2022. While a few crypto exchanges have halted FTT deposits, crypto coin aggregation sites like coingecko.com have flagged the number of coins in circulation.

A touch after 9:00 p.m. (ET), the crypto community noticed that the ftx (FTT) deployer contract moved 192 million new FTT tokens. No one knows why this happened, but it has added 192 million previously locked tokens to the supply of 133,618,094 FTT that was circulating prior to the transfer last night.

Coingecko.com’s website notes that the “FTX token Contract Deployer has transferred out the entirety of supposedly locked FTT tokens into circulation.” In a now-deleted tweet, Binance CEO Changpeng Zhao (CZ) tweeted that Binance has halted FTT deposits. CZ said:

Binance has stopped FTT [deposits], to prevent [the] potential of questionable additional supplies affecting the market. We will monitor the situation.

Similar to the Terra fiasco, the FTX implosion took place in a matter of six days after Alameda Research’s balance sheet was made public, and Binance CEO Changpeng Zhao told the public his exchange would be dumping all of its FTT tokens.

On Nov. 5, 2022, ftx (FTT) was trading for $25 per FTT and by Nov. 8, it was below $5 per coin. FTT was a token launched shortly after FTX was created, and it was privately launched in July 2019 by the FTX and Alameda teams.

Imagine McDonald's makes its own money, let's call them clown-bucks, keeps most of it, and sells some to the market.

McDonald's then uses their remaining clown-bucks as collateral for actual loans.

And then people remember clown-bucks aren't real.

— Lyn Alden (@LynAldenContact) November 8, 2022

FTT was made to give owners FTX-based rebates when they traded on the exchange or leveraged FTX OTC. Anyone holding between $1 million to $5 million worth of FTT could get automatically upgraded to a VIP status if they used both services.

Out of the initial 350 million FTT tokens, 175 million were designated as “company tokens that unlock over a three-year period.” 73,461,920 FTT tokens were sold and vested by “July 21st, 2019,” according to FTX’s transparency page saved to archive.org.

While ftx (FTT) tokens offered rebates for FTX users and VIP perks for large holders, FTT’s white paper highlights that most of FTT’s value stems from an “all-star team.” The FTT white paper says that FTX is backed by Alameda Research, the quantitive crypto trading platform started by Sam Bankman-Fried (SBF).

“Alameda trades $600 million to 1 billion a day, accounts for roughly 5% of global volume, and is ranked 2nd on the Bitmex leaderboard,” the white paper boasts.

Following the drop below $5 per coin on Nov. 8, 2022, FTT’s token value is down to under $2 per token. While FTT is down 97.6% from the $84.18 per unit all-time high it reached on Sept. 09, 2021, it’s managed to stave off the extremely fast death spiral Terra’s LUNA (now LUNC) saw when it collapsed.

In fact, anyone who purchased FTT before Sept. 06, 2019, is still up by 74% against the U.S. dollar. 50 million FTT tokens were sold for a price range between $0.10-$0.20 during the initial exchange offering (IEO).

Data recorded before the deployer unlock had shown FTT once had a circulating supply of around 133,618,094 FTT. The FTT tokens that were purchased in July 2019 unlocked after the listing, “at a rate of roughly 3% per day. FTX also did regular FTT repurchases and burns to bolster the coin’s tokenomics.

FTT is very concentrated as 22,876 addresses hold the ERC20 token and 10 addresses hold 93.22% of the FTT supply, according to coincarp.com richlist data. Into the Block statistics via markets.bitcoin.com, shows 96% of holders are at a loss in terms of profit.

Into the Block’s concentration of large holders metrics for FTT is 97% and FTT’s price correlation with bitcoin (BTC) is around 0.9%. In the last seven days, in terms of transactions greater than $100K in FTT tokens, $2.4 billion worth of FTT has been settled this past week.

FTT saw a weekly high of 520 large transactions on Nov. 8, 2022, and roughly 21 large transactions in the last 24 hours. The average FTT transaction over the course of the last week was $55,266.27 worth of FTT tokens.

Most of FTT’s trade volume during the last 24 hours derived from exchanges like Binance, Gate.io, Hitbtc, Huobi, and Kucoin respectively. Over 60% of FTT trades are against tether (USDT) which is followed by BUSD, BTC, BNB, and ETH respectively.

Despite all the bad news surrounding FTX’s collapse and the immense concentration of FTT holders, unlike LUNC, the token has not plummeted to zero. After the news broke about the FTT deployer contract unlocking the remainder of locked FTT tokens, FTT is down more than 7% lower against the U.S. dollar. During the last 24 hours, FTT has been swapping for $1.79 to $2.20 per unit.

What do you think about the FTX exchange token FTT? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. Cranfield, England, 13th November, 2022, Chainwire: WAHED Coin, the native cryptocurrency of the WAHED ecosystem, is to be listed on LBank on December 5. The asset powers a growing array of features within WAHED’s next-generation investment hub.

The listing of WAHED Coin on LBank will make the digital asset available to a global audience, empowering them to tap into the many opportunities the WAHED ecosystem has to offer.

WAHED’s team brings decades of experience to the next generation of innovators and entrepreneurs. The project embraces blockchain technology to assist businesses and make global investing and philanthropy more transparent.

The leadership team is spearheaded by Chairman Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa. Serving as the driving force behind WAHED, the chairman brings decades of experience in working with the Bahrain government. His Excellency’s most recent position as the Undersecretary to the Ministry of Housing has spotlighted the potential of blockchain technology. WAHED’s Chairman brings a track record of implementing projects on a national scale.

The Chairman is assisted by Vice Chairman Eng. Abdulrahman Bin Ahmed Al Abdulkader. Working within Saudi Arabia’s Ministry of Finance for over 30 years, he has attained expertise in fields ranging from engineering to real estate. This extensive knowledge in international commerce uniquely positions WAHED as a potentially pivotal player in the global investment landscape.

Board Member Sergio Torromino is a decorated businessman with extensive experience in metals, fabrication and shipbuilding. He also brings a storied career in politics, and previously served as a Member of Parliament in Italy.

Directing Business Development operations is Eng. Anas Mahmood, bringing 15 years of experience in managing real estate and construction projects in Bahrain and the United Kingdom.

Mr. Khalid Jalili is a chartered accountant and the finance director of Wahed Projects, overseeing financial and investment operations. Having held leading executive positions as the Chief Financial Officer in banks and government institutions, and with over 28 years of experience in finance and auditing, Khalid adds a great deal of industry-specific knowledge to the core team.

Salvatore Nitcotra, a member of WAHED’s board, brings with him 50 years of experience in the oil and gas field in East Africa and Italy.

Strategy Director Eng. Muath Abdulraman brings an extensive knowledge of leading development projects in both Saudi Arabia and the United Kingdom. His experience in multi-site co-ordination and regulatory compliance form a vital part of the decision-making process at WAHED.

Migin Vincent commands the technical side of WAHED as the Technology and Operations Director, bringing his diverse IT knowledge to the team. Migin’s career spans over 15 years in various roles across the Middle East. He is tasked with ensuring the optimal operation of WAHED’s crucial blockchain-based activities.

Completing the director team is Ahmad Fayadh, serving as Worldwide Marketing Director. Ahmad’s expertise lies in mechanical engineering for oil and gas, a sector in which he has a 20-year career in Italy and Bahrain.

Professor Dr. Muwaffaq AlDulaimi will serve as WAHED’s Sharia Consultant, providing vital expertise in adhering to religious guidelines.

Ebrahim AlNaham is WAHED’s media adviser. He brings an air of authority to WAHED’s messaging thanks to his years of experience as a journalist in Bahrain, and his position as a permanent chief guest on the most important regional and international satellite channels.

The listing of WAHED Coin on December 5 is merely the latest milestone as the WAHED ecosystem evolved into a fully-fledged financial system for global investors. Join the WAHED community for the latest updates regarding partnerships, new features and more. Visit our official website and join our Twitter, Discord, Facebook and Instagram.

About WAHED

WAHED is the world’s first investment hub for blockchain businesses in technology, sustainable initiatives, and innovative companies. WAHED is the solution to the hassle of funding for technology startups and eco-friendly and sustainability-oriented startups and we work towards offering a world of transparency, which is built on trust.

Contact

Wahed Projects team

marketing@wahedprojects.org

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

Source From : News

© CoinJoker 2019 | All Rights Reserved.