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Aptos gains 11.6% after collaborating with Microsoft AI tools for Web3 adoption

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Coinbase’s Base network officially launches for all users

After being exclusively open to builders, Coinbase’s Base network has officially transitioned into a user-ready phase, as confirmed by the team’s announcement on Aug. 9.

Multiple Web3 development teams have concurrently unveiled their apps for Base, and the network’s team has outlined a series of upcoming events to commemorate this milestone.

Initially introduced in beta on Feb. 23, Base garnered attention in the crypto community due to its potential for facilitating the onboarding of users into Web3 protocols, leveraging Coinbase’s substantial user base. While the mainnet version launched specifically “for builders” on July 13, the team cautioned that it was unsuitable for general users. However, as of Aug. 9, the Base network is now accessible to all users, marking an exciting step forward in the world of Web3.

Copycat tokens emerge after PayPal’s PYUSD stablecoin launch

In the wake of PayPal’s recent stablecoin launch (PYUSD), various opportunists, enthusiasts, and potential scammers are attempting to capitalize on the buzz by introducing their mimicking tokens.

These imitative tokens have been generated on multiple blockchain networks, including Binance Smart Chain, Ethereum, and Coinbase’s latest layer 2 solution, Base.

It’s important to distinguish that the genuine PayPal USD token was introduced in November 2022 and can be verified through its specific contract address.

PayPal has stated that the authentic PayPal USD can be transacted between verified PayPal accounts and other compatible wallets. An analysis of the PayPal USD contract has further confirmed that the PYUSD imitator tokens don’t carry any restrictions regarding transfers. Keir Finlow-Bates, a Finnish analyst, pointed out that the code doesn’t enforce any limitations, allowing PYUSD transfers using Ethereum wallets.

Among the impostors, an Ethereum-based PYUSD token recorded a staggering $2.6 million in trading volume moments after PayPal’s announcement, surging more than 30,000% within the initial eight hours. However, it has since witnessed a sharp 66% drop from its peak.

Interestingly, one imposter token humorously named “PepeYieldUnibotSatoshiDoge” achieved over 3,000% growth within just four hours.

Many of these fabricated PYUSD tokens are likely “honeypots,” designed to trap investors who, upon purchasing the token, cannot sell it, leading to a loss of their cryptocurrency.

Aptos gains 11.6% after collaborating with Microsoft AI tools for Web3 adoption

Aptos Network’s native cryptocurrency, Aptos, has surged by around 11.6% following the announcement of its partnership with Microsoft’s suite of artificial intelligence (AI) tools to accelerate the adoption of Web3 in the banking and financial sectors.

Through this collaboration, Aptos Network will utilize Microsoft’s Azure OpenAI service to explore advancements in areas like asset tokenization, on-chain payments, and central bank digital currencies, according to an Aug. 9 statement from Aptos.

One notable tool from this partnership is Aptos Assistant, a chatbot powered by ChatGPT. This AI-driven chatbot aims to guide users through the transition from Web2 to Web3 by providing virtual assistance during onboarding.

Additionally, Microsoft’s involvement will enhance the security of the Aptos Network by allowing Aptos Labs to operate validator nodes on the Azure platform, enhancing overall network integrity.

The announcement, made at 12:30 pm UTC on Aug. 9, swiftly drove the APT token’s value up by 17.6% to $7.92 within 50 minutes. However, the token has since stabilized at $7.51 at the time of writing, as reported by CoinGecko.

SEC to appeal court decision in Ripple case, citing potential securities implications

The U.S. Securities and Exchange Commission (SEC) is set to contest the recent court ruling from its lawsuit against Ripple Labs. The July decision concluded that the sale of XRP is not a security when sold to retail investors.

In a letter dated Aug. 9 addressed to Judge Analisa Torres, who presided over the case, the SEC expressed its intention to seek an appeal, believing that the decision warrants a fresh review by an appellate court.

The SEC has requested Judge Torres to pause the case during the appeal process, citing the potential impact on other ongoing court cases depending on the outcome. This move comes as the SEC engages in legal battles over alleged securities violations with various crypto firms, including Binance and Coinbase.

Additionally, the SEC aims to obtain certification for the court’s ruling that Ripple’s XRP offers and sales on crypto exchanges and individual sales do not qualify as securities.

The SEC further highlighted Judge Torres’ decision in the lawsuit against Terraform Labs, where she ruled that cryptocurrencies sold on exchanges could potentially be considered securities.

Unlocking the power of the Awesome Oscillator

GC Awesome Oscillator

Discover one of the Awesome Oscillator strategies: Zero Line Crossover.

It’s the simplest way to leverage this tool, although it’s considered the least reliable among the techniques.

With a Zero Line Crossover, you’re detecting a change in market momentum. A Buy Signal triggers when the AO histogram shifts from negative (below 0) to positive (above 0), crossing the zero line. On the flip side, a Sell Signal occurs when the histogram crosses the zero line from above, moving into the negative zone.

While buying at breaks above and selling at drops below seems enticing, remember that single AO indicators need validation.

📊 Enhance your trading approach with the Awesome Oscillator’s insights, but always consider confirmation signals.

Receive an instant notification when a new coin is listed with GoodCrypto’s PRO plan.

Top Crypto Meme of the Week

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August 10, 2023

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