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Sonic SVM announces $12.8m HyperGrid Node sale on Solana
Published
4 months agoon
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adminSonic SVM announced the public sale of HyperFuse Nodes, marking the first node sale within the Solana ecosystem.
According to a press release shared with crypto.news, these nodes will play a vital role in the security and growth of the multi-SVM network, allowing operators to verify state transitions and enhance the ecosystem’s efficiency.
Sonic SVM has developed its own framework called HyperGrid, which can be used to create new networks known as “grids” that ultimately connect to the Solana blockchain. These nodes offer token rewards and holder accountability metrics.
HyperFuse Nodes are a critical component of the HyperGrid framework, offering community members an opportunity to purchase Sonic Tokens at a valuation lower than that provided to top venture capital firms during Sonic’s $12 million Series A round.
The sale
The sale offers over 30% of the 50,000 nodes below the Series A fully diluted valuation, creating an accessible entry point for individual investors.
Node operators will benefit from Sonic SVM’s user base of 2 million wallets and over 1.5 billion on-chain transactions, as well as the growing Solana (SOL) gaming market.
With partnerships involving 40+ game studios and over 10 games hosted on the platform, operators can earn dividends from the booming sector. The sale is backed by major investors, including Bitkraft, OKX Ventures, and Galaxy Interactive, with Sonic having raised $16 million to date.
Sales events dates
HyperFuse Nodes will be available for purchase through a series of sales events. The sales will kick off on Sept. 16 with a 24-hour raffle sale, followed by a whitelist sale on Sept. 18 for Sonic community members and partners.
The public sale will commence on Sept. 19. HyperFuse Nodes, the most affordable tier, will be featured on Delysium’s Nodpad as the first node sale. Limited quantities will be available during these events.
In July, Zeebit announced plans to launch the first Web3 microgaming platform on the Solana blockchain, utilizing the Sonic Layer 2 chain. The platform aims to offer on-chain verifiable games with non-custodial settlements, migrating player histories from Zeebit’s existing Solana protocol to Sonic.
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Macro Guru Raoul Pal Predicts Crypto Market Will Rally ‘Pretty Strongly’ Into Year-End – Here’s His Outlook
Published
48 minutes agoon
December 24, 2024By
adminFormer Goldman Sachs executive Raoul Pal believes that the crypto market will rally heading into the end of 2024.
In a new interview with crypto trader Scott Melker, the macro guru says that based on historic precedence, Bitcoin (BTC) and other digital assets may put up larger gains during the last week and half of December.
A rally at this time of year is often referred to as a Santa Claus rally, a financial term used to describe a calendar effect on traditional equities that historically have gone up on the last five market trading days of the year in December and the first two trading days of the new year.
“Normally, what happens at this phase is we should rally into year-end pretty strongly in everything. But then the real game gets played in first quarter.”
Pal also believes that the most explosive rally of the current market cycle is still to come and that it could occur next year, possibly around the Fed’s meeting in March when rates may be cut.
“I think my next phraseology is going to be the banana singularity, that’s when everything goes bananas…
So we’re not at the banana zone singularity point yet. That will come as well. That’s probably sometime Fed March when it all gets silly.”
However, Pal also warns there may be a temporary correction around the end of the year after a rally due to liquidity tightening. He believes the growing money supply is a catalyst for Bitcoin price, and that when it declines so does the flagship crypto’s price.
“Let’s look at the last [US President Donald] Trump administration. So from September to the end of the year, the dollar rallied. September to the end of the year, rates went up. Same narrative. It was all about tariffs and what’s he going to do and how’s it going to play out.
Almost exactly as the year turned, the dollar went lower, the rates went lower. So I’ve been producing a chart showing that global liquidity tightened and it has a 10-week lead time, and that should mean that at the end of the year, we get a correction.”
Bitcoin is trading for $94,367 at time of writing, down more than 11% in the last seven days.
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Blockchain
Blockchain auditor Hacken launches AI-powered MiCA-compliance tool for crypto firms
Published
1 hour agoon
December 24, 2024By
adminBlockchain security auditor Hacken is rolling out a new tool to automate security and compliance for web3 businesses as MiCA and DORA rules loom.
Hacken, an international blockchain auditor with Ukrainian roots, is rolling out a new solution that allows web3 businesses in an automated manner to comply with standards like Europe’s MiCA and DORA.
In a press release shared with crypto.news, Hacken co-founder and chief executive Dyma Budorin said the firm developed the so-called “Extractor” to address the “critical need for proactive monitoring and compliance in the crypto space.” According to the Tallinn-headquartered firm, Extractor brings compliance monitoring framework for web3 projects, making it easier to meet regulatory standards like MiCA, DORA, and ADGM.
Unlike other solutions available on the market, Hacken’s solution is said to be combining AML/CFT monitoring, transaction tracking, total value locked analysis, and circulating supply detection into a structured compliance approach. It also integrates real-time threat detection, automated safeguards, and post-incident reporting to ensure continuous protection and operational resilience, the press release reads.
Valentyna Kondratenko, Hacken’s legal counsel noted that beginning Jan. 17, 2025, DORA’s requirements “will become enforceable,” adding further that non-compliance “can result in severe penalties, such as fines of up to 2% of the total annual worldwide turnover or 1% of the average daily global turnover.”
It’s understood that the solution is compatible with multiple blockchain networks, including Ethereum and BNB Chain (formerly Binance Smart Chain), broadening its potential use.
MiCA regulations have created challenges for crypto companies aiming to expand in the European market. For example, crypto exchange Coinbase had to discontinue USDC rewards for EU clients due to MiCA, and later even delisted Tether (USDT) from its European platform.
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crypto license
Philippines SEC releases new crypto regulatory framework draft
Published
4 hours agoon
December 24, 2024By
adminThe Securities and Exchange Commission Philippines shared a draft of its cryptocurrency regulations framework. Stakeholders are invited to give feedback on the draft no later than Jan. 18, 2025.
According to the recently shared document, the published regulatory draft is titled “SEC Rules on Crypto-Assets Service Providers (CASP Rules).” The framework covers a range of crypto trading activities, including the requirements necessary to get an SEC-issued license, market activities, and public offerings.
The SEC Philippines emphasized the importance of creating a regulatory framework for cryptocurrency, as the nation has seen rapid growth in the sector.
“The continued growth and development of new crypto asset markets, services, and business models relies on clear, proportionate, and robust regulatory frameworks, which can ensure that markets are fair, efficient, and transparent.”
As a result, the SEC proposed through the draft that crypto service providers must register with the SEC and obtain a CASP license if they wish to operate in the Philippines. Stakeholders are also urged to give input regarding the regulatory framework up until Jan. 18, 2025.
To be eligible for a CASP license, firms have to comply with the rules outlined in the framework, have at least four staff members who reside in the country, must have a stock corporation registered with the SEC, and must meet the minimum capital requirements set by the SEC.
If a registered firm is thought to have violated the rules outlined in the framework, the SEC will conduct an investigation into the crypto firm’s business dealings and daily operations to detect any wrongdoings. Sanctions include fines, a cease and desist order, and revocation of the CASP license.
In order to mitigate risks of money laundering and cybersecurity threats, CASP license holders are expected to align their systems in accordance with the National Cybersecurity Plan. They also have to go through regular audits and review procedures to ensure their systems are protected against emerging threats.
On the other hand, companies planning to conduct public offerings to sell or distribute crypto assets must first submit a disclosure document to the SEC. The document should also be published on the firm’s website and all social media platforms at least 30 days before the actual offering takes place.
The disclosure document should include information on the crypto asset offeror, the crypto asset issuer, the underlying technology used, rights and obligations linked to the crypto asset, potential risks, and warnings about the possible loss of value.
Additionally, the document also has a special section outlining the prohibition of market manipulation, insider trading, and unlawful disclosure of Information.
In May 2024, the Philippine SEC Chair Emilio B. Aquino declared that the government agency would introduce a set of guidelines to regulate crypto trading activity by the second half of 2024. The announcement came a few months after the Philippine SEC banned Binance from operating without a license.
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