weekly summary

KuCoin implements stronger KYC measures

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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

Worldcoin triggers a surge of Safe deployments on the Optimism network

According to Tiago Sada, head of product at Tools for Humanity, Worldcoin has been responsible for numerous Safe deployments on the Optimism network in the past week. This development has sparked curiosity on Twitter, with users speculating about the source and intentions behind these deployments. Some theories include the possibility of a Sybil attack or an address-farming technique aimed at profiting from coins sent to incorrect addresses.

Safes, previously known as “Gnosis Safe,” are multi-signature smart contract wallets developed by development teams. They ensure multiple team members approve transactions involving shared funds or app upgrades. Safes are also utilized in specific consumer wallets that employ account abstraction, enabling gas-free transactions.

Worldcoin is known for its extensive use of Safes, providing gas-free transactions for verified individuals. The team recently announced its app’s migration from Polygon to Optimism.

The thread was shared by Will Sheehan, the founder of Parsec Finance, who cryptically mentioned, “I think we can guess with p high probability what this is,” igniting speculation among his followers. Some believe the deployments could be a Sybil attack on the network, while others suspect an attempt to farm addresses for potential future fund mishaps.

MicroStrategy boosts Bitcoin holdings: adds 12,333 BTC worth $347 million

Software analytics firm MicroStrategy continues its Bitcoin accumulation strategy with a corporate purchase of 12,333 BTC, valued at $347 million. This brings their total BTC balance to 152,333 ($4.52 billion) at an average purchase price of $29,668 per coin.

The recent purchase was made between April 27 and June 27, partly financed through the issuance of new stock. MicroStrategy has already sold 1,079,170 shares under the agreement, generating $337 million in net proceeds.

Led by Michael Saylor, a vocal Bitcoin advocate, MicroStrategy has been actively acquiring Bitcoin as a strategic asset, regardless of market conditions. Their Q1 2023 financial report showed profitability boosted by a one-time income tax benefit.

KuCoin implements stronger KYC measures

Cryptocurrency exchange KuCoin is enhancing its Know Your Customer (KYC) system by introducing mandatory identity checks. The move aims to ensure compliance with global Anti-Money Laundering regulations.

Starting from July 15, 2023, all new users at KuCoin will be required to undergo mandatory KYC checks to access the exchange’s products and services. Existing users registered before July 15 must also complete the KYC process for certain features, although withdrawals remain unaffected.

The KYC process involves providing personal information and identification documents and undergoing facial recognition. KuCoin CEO Johnny Lyu emphasized the company’s commitment to meeting regulatory requirements and collecting necessary customer data.

While the new measures ensure a more robust KYC system, KuCoin users can still enjoy various services, including spot trading, futures trading, and margin trading, even without completing the KYC process.

Introducing ZK Stack: Ethereum scaling solution unveils Hyperchains for instant liquidity transfers

zkSync Era, the zero-knowledge proof scaling system, has revealed its response to Optimism’s Superchain with the introduction of ZK Stack. This modular framework introduces Hyperchains, a series of ZK-powered custom blockchains that function as a new layer atop the existing layer-2 protocol.

Hyperchains are designed to be composable and interoperable, enabling near-instantaneous transfers of liquidity and flash loans between protocols within the system. This capability is not achievable between L1 blockchains. Like Optimism’s Superchain network, ZK Stack aims to enhance scalability and efficiency.

According to Alex Gluchowski, co-founder and CEO of zkSync, ZK Stack eliminates the need for token bridges, which have often been exploited in significant crypto hacks. Development is underway, and the system is expected to be live on the testnet by year-end.

While the majority of DApps are expected to migrate directly to the layer-2 solution, Hyperchains will cater to projects with specific needs for privacy, speed, and data availability. Potential users include games, social networks, low-latency exchanges, and banks.

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Top Crypto Meme of the Week


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June 29, 2023

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