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Succinct and OP Labs team up on ZK rollups
Published
2 months agoon
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adminSuccinct Labs and OP Labs have collaborated on a zero-knowledge proofs solution that significantly improves transaction finality and gas costs compared to optimistic rollups.
On Sept. 11, Succinct Labs announced its partnership with OP Labs, a startup contributing to the development of the Optimism (OP) protocol, to create OP Succinct.
OP Succinct by Succinct Labs and OP Labs
Paradigm-backed Succinct and OP Labs’ collaboration on OP Succinct combines the general-purpose zero-knowledge virtual machine SP1 with OP Stack to deliver a zkEVM rollup.
With this new solution, upgrading OP Stack chains to utilize zero-knowledge proofs is now cheaper and faster. According to Succinct Labs, OP Succinct is also highly customizable.
“The modular design of the OP Stack makes it easy to convert an OP Stack rollup to a ZK rollup. OP Succinct’s two-step integration requires minimal code and easily fits into existing deployments–including rollup-as-a-service setups,” Succinct Labs posted on X.
Fast finality and lower gas costs
The ZK rollup development adds to the growing layer 2 scaling solutions ecosystem, with off-chain transaction proofing offering fast finality and reduced gas costs.
OP Labs and Succinct Labs, which secured $55 million in Paradigm-led funding rounds in March 2024, are bringing this to the market with OP Succinct.
Being able to upgrade an OP Stack to use ZKPs within an hour vastly improves the fraud-proof window of seven days applicable to standard optimistic rollups. Proving costs are also at 0.5 to 1 cent, compared to higher costs of 1.34 cents on OP Mainnet and 1.11 cents on OP Sepolia.
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Bankrupt Crypto Exchange FTX Set To Begin Paying Creditors and Customers in Early 2025, Says CEO
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1 hour agoon
November 22, 2024By
adminThe CEO of fallen crypto exchange FTX says the firm will begin distributing its bankruptcy payments soon.
In a statement, John Jay Ray III says payments to FTX creditors and customers will begin early next year amid anticipation that the company’s court-approved Chapter 11 Plan of Reorganization will be effective by early January 2025.
“We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers.”
The announcement comes as FTX nears the completion of the final prerequisites for the reorganization plan. Payouts will be distributed within 60 days after the plan takes effect.
“While we continue to take actions to maximize recoveries, we are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.”
FTX anticipates finalizing the arrangement with specialized distribution agents by early December. These agents will assist in distributing recoveries to customers globally. Instruction will also be given to customers to establish an approved account with a distribution agent.
FTX aims to announce the exact effective date of distribution by the end of next month.
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Blockchain
Blockchain Association urges Trump to prioritize crypto during first 100 days
Published
6 hours agoon
November 22, 2024By
adminThe Blockchain Association has called on president-elect Donald Trump and Congress to prioritize five key actions during the administration’s first 100 days to establish the U.S. as a global leader in cryptocurrency innovation.
In an open letter, the industry group outlined specific measures to address regulatory challenges and support the domestic digital asset economy.
The Blockchain Association is a U.S.-based crypto lobbying group advocating for a regulatory framework for cryptocurrencies. They emphasized lifting the bank account ban on crypto companies and appointing new leadership for the SEC, Treasury Department, and IRS.
They also proposed creating a cryptocurrency advisory committee to work with Congress and federal regulators.
Five priorities for Trump’s first 100 days
The letter highlighted five steps aimed at fostering a supportive environment for crypto businesses and users:
- Creating a Crypto Regulatory Framework
The Blockchain Association urged Congress to draft comprehensive legislation for cryptocurrency markets and stablecoins. This framework, it argued, would balance consumer protection with innovation. Stablecoins are digital currencies tied to traditional assets, such as the U.S. dollar, offering price stability for users. - Ending the Debanking of Crypto Companies
The group expressed concern over crypto businesses losing access to banking services. These companies rely on traditional banks to handle payroll, taxes, and vendor payments. Without banking access, their operations can be severely disrupted. - Reforming the SEC and Repealing SAB 121
The association called for a new SEC chair to replace what it described as a hostile regulatory approach under the current leadership. It also recommended reversing SAB 121, an accounting rule that imposes strict requirements on crypto-related businesses. - Appointing New Treasury and IRS Leadership
Tax policies for cryptocurrencies, such as the proposed Broker Rule, have been criticized for potentially stifling innovation and driving companies offshore. The letter urged the administration to appoint leaders who would support privacy and foster a fair tax environment for digital assets. - Establishing a Crypto Advisory Council
The letter proposed a council to facilitate collaboration between the industry, Congress, and federal regulators. Public-private partnerships, it said, could create rules that protect consumers while encouraging innovation.
Crypto collaboration
In their letter, the Blockchain Association emphasized its readiness to work with the administration and 100 member organizations to ensure the U.S. regains its position as a financial and technological innovation leader.
“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” the Blockchain Association wrote in the letter.
This letter comes as Trump adopts a strong pro-crypto stance. Earlier in November, reports emerged that Trump plans to create a White House position solely focused on cryptocurrency and related policies.
This letter also comes a day after crypto-foe and SEC chair Gary Gensler announced his upcoming resignation.
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crypto
UK Government to Draft a Regulatory Framework for Crypto, Stablecoins, Staking in Early 2025
Published
9 hours agoon
November 22, 2024By
adminThe new Labour government, elected in July, intends to implement its predecessor’s crypto proposals on the creation of regulated activities, including operating a crypto trading platform and a market abuse regime, in full, Siddiq said. Under current plans, stablecoins will no longer fall under the U.K.’s payments regime. There will also be a carve out for staking to prevent it being treated like a collective investment scheme.
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