Sui Blockchain Hits $1B TVL, Bitwise Hints at XRP ETF, StealthEX Giveaway

October 3, 2024

Crypto World

Maciej Zerelik

Don’t miss out on the newest developments from StealthEX and CryptoDaily! Every week, we bring you the most significant news in the crypto world. Eager to find out what’s making waves? We’ve prepared a straightforward recap that offers clear insights into the latest events shaking up the crypto scene. Stay ahead with our user-friendly summary, ensuring you’re always in the loop with the freshest crypto trends!

Don’t let complex jargon or lengthy articles slow you down. We distill the essential information into bite-sized pieces that are easy to digest. With our help, you can stay knowledgeable about the topics that matter most. Keep your finger on the pulse of the industry and never miss an important update again! So, let’s start!

Sui Blockchain Integrates SCION to Combat Internet Routing Attacks

Sui, a leading Layer 1 blockchain known for high performance and limitless scalability, has announced a groundbreaking security upgrade. The platform will become the first blockchain to provide its validators with full protection against Internet routing attacks that have plagued other networks. By integrating SCION, a next-generation networking technology, Sui aims to address risks inherent in the Internet’s infrastructure.

The Internet currently relies on the Border Gateway Protocol (BGP), developed in the late 1980s without modern security considerations. This outdated protocol allows malicious actors to reroute traffic, leading to data theft or service disruptions. Notable incidents include the 2018 attack on MyEtherWallet, where hackers stole over $17 million in Ethereum by redirecting DNS traffic.

SCION offers a solution by enabling cryptographic protection against unauthorized traffic rerouting. With SCION, Sui’s validators can choose secure paths for data transmission, preventing attackers from hijacking network traffic. This enhancement boosts the network’s resilience, ensuring higher availability and robustness against Distributed Denial of Service (DDoS) attacks.

Bitwise Registers Delaware Trust, Signaling Potential XRP ETF Plans

Bitwise Asset Management registered a trust entity in Delaware, hinting at possible plans to launch a spot XRP Exchange-Traded Fund (ETF). CEO Matthew Hougan confirmed the registration, drawing attention from the crypto community. This move may indicate Bitwise’s intention to file for an XRP ETF in the future.

On September 30, Bitwise registered the trust, listing CSC Delaware Trust Company as its registered agent in Wilmington. This action appears on Delaware’s Division of Corporations website. However, it doesn’t guarantee an immediate filing with the U.S. Securities and Exchange Commission (SEC). The approval process could take months due to regulatory challenges.

Ripple Labs, the company behind XRP, continues its legal battle with the SEC. The agency accused Ripple of raising $1.3 billion through unregistered XRP sales, labeling XRP as a security. A recent settlement has led many investors to believe that the path to an XRP ETF is becoming clearer.

Brad Garlinghouse, Ripple’s CEO, called an XRP ETF “inevitable.” He noted that the introduction of Bitcoin and Ethereum ETFs in the U.S. could pave the way for other cryptocurrency ETFs, including XRP. Despite this optimism, uncertainty remains. The SEC has until the end of the week to decide whether to appeal the Ripple decision. An appeal could delay the approval of XRP ETFs, potentially pushing timelines into 2025.

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Sui Blockchain Reaches $1 Billion in TVL, Climbs to 8th Largest Globally

Sui, a high-performance Layer 1 blockchain with infinite horizontal scaling, has surpassed $1 billion in Total Value Locked (TVL), according to data from DeFiLlama. This milestone reflects a staggering 2,700% growth in TVL over the past year. Sui’s innovative features, like its central limit order book DeepBook, have fueled this rapid expansion.

Founded by the team behind Meta’s former Diem crypto project, Sui now ranks as the 8th largest blockchain by TVL. It has overtaken established networks like Polygon and Optimism. This achievement signals growing demand within Sui’s Decentralized Finance (DeFi) ecosystem. Leading lending protocols such as NAVI, Suilend, and Scallop Lend, along with decentralized exchanges Cetus and Aftermath, are experiencing increased activity.

Holding over $400 million in stablecoins, Sui also ranks in the top 10 for weekly decentralized exchange trading volume. The network recently partnered with Circle to natively support the USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP). This places Sui among a select group of non-EVM chains offering this capability.

SEC Approves BNY Mellon’s Expansion into Crypto Custody Services

The U.S. Securities and Exchange Commission (SEC) has authorized Bank of New York Mellon (BNY Mellon) to broaden its crypto custody offerings beyond exchange-traded funds. SEC Chair Gary Gensler announced the approval after speaking at the Federal Reserve of New York. This move could challenge Coinbase’s position as the leading digital asset custodian for spot Bitcoin ETFs.

BNY Mellon, managing over $2 trillion in crypto assets, can now provide custody services for a wider range of digital currencies. The bank proposed a method to the SEC’s Office of the Chief Accountant to safeguard Bitcoin and Ethereum while protecting customer funds in case of insolvency. The SEC issued a “no-objection” response, allowing the bank to secure digital assets without listing them as liabilities. This simplifies the bank’s ability to offer custody services and comply with regulations.

Gensler noted that BNY Mellon’s crypto custody model isn’t limited to specific assets and could apply to other cryptocurrencies. The approval enables the bank to expand its custody services, and other financial institutions might adopt similar models to manage additional digital assets.

The SEC’s approval requires BNY Mellon to use individual crypto wallets, ensuring customer assets remain separate if insolvency occurs. While the bank must consult the Office of the Chief Accountant for each new case, this development gives BNY Mellon a competitive edge in the rapidly growing crypto custody market, estimated at $300 million and expanding by 30% annually.

StealthEX Marks Sixth Anniversary with 6-Day Crypto Giveaway

StealthEX is celebrating its sixth anniversary by hosting a week-long giveaway event with a $600 prize pool. The 6-Day Giveaway Challenge invites users to participate in daily giveaways in collaboration with some of the most prominent projects in the cryptocurrency space.

Over the past year, StealthEX has expanded its presence in the industry, making this milestone an opportunity to give back to its community. Each day of the challenge, the platform will partner with well-known cryptocurrency projects, including Shiba Inu (SHIB), Bad Idea AI (BAD), SUNCAT (SUNCAT), Kishu Inu (KISHU), Vita Inu (VINU), and BabyDoge (BABYDOGE).

Two winners will be selected daily, sharing $100 worth of tokens from the featured partner project of that day. This setup brings the total prize pool to $600 over the six-day event. 

Participants have the chance to win tokens such as SHIB, BABYDOGE, SUNCAT, BAD, VINU, and KISHU.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.