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FTX Evaluates Three Options for Crypto Exchange Revival Amid Legal BattlesFTX, the crypto exchange that experienced a dramatic collapse last November, is currently weighing three bids for its revival, according to a recent report by Bloomberg. An investment banker working with FTX, Kevin Cofsky, revealed that the company will make a decision about its future by mid-December. The options under consideration include selling the entire exchange, partnering with another entity to relaunch it, or restarting the exchange independently. This move could be crucial in reimbursing customers who suffered losses when FTX closed down, as the exchange's co-founders face legal challenges, with Sam Bankman-Fried on trial for various charges, including wire fraud and money laundering conspiracy.

Q3 2023 Sees Surge in Staking Rates for Cryptocurrency Networks, New Research RevealsThe third quarter of 2023 witnessed a substantial increase in staking rates for Proof-of-Stake (PoS) assets, as highlighted in the latest "State of Staking" report by Staked at Kraken. The average stake rate for the top 35 stakable assets reached an all-time high of 52.4%, up from 49.3% in the previous quarter. Notable networks like Aptos and SUI had the highest percentage of circulating supply staked, at 84.1% and 80.5% respectively. Despite the rise in staking rates, the average staking yield dropped slightly to 10.2%, continuing a downward trend from March 2022. Ethereum dominated the PoS sector with a 79% share, but its staking yield hit an all-time low in Q3, while the total value of staked assets increased by 3% compared to the previous quarter, reaching $73.5 billion.

Sam Bankman-Fried Testifies Amidst Legal Battle, Courtroom Drama Unfolds

 In the ongoing fraud trial of Sam Bankman-Fried, co-founder of FTX, the courtroom witnessed an unconventional development as he took the stand to face questions about his interactions with FTX's lawyers. Notably, the questioning occurred without the presence of the jury, with Judge Kaplan to determine whether the topics discussed can be included in the defense's case. Bankman-Fried's responses, which often meandered and drew objections from the prosecution, shed light on the role of FTX lawyers in various business decisions. The trial has drawn significant attention, with high-profile individuals like Michael Lewis and Ben McKenzie in attendance. As the trial unfolds, it remains a complex legal battle with far-reaching implications.

dYdX Releases Open Source Code for Cosmos-Based Chain Ahead of Mainnet LaunchdYdX Trading, the developer of the decentralized derivatives exchange dYdX, has unveiled the open-source code for its independent blockchain, marking the beginning of dYdX Chain's mainnet launch (dYdX V4). This upgraded version of the derivatives exchange is transitioning from an Ethereum-based layer-2 blockchain to a Cosmos-based proof-of-stake protocol, secured and governed by DYDX token holders. The release, proposed for approval by DYDX token holders and third-party validators, will operate alongside the existing dYdX exchange. Notably, the dYdX Chain will be permissionless, enabling global access while excluding U.S. users due to regulatory considerations.

Grayscale and FTSE Russell Collaborate to Launch Crypto Sector Index SeriesGrayscale Investments, a prominent crypto asset management company, has entered the realm of crypto indices in partnership with FTSE Russell, a subsidiary of the London Stock Exchange. They've introduced the "Crypto Sector Index Series," a product designed to cater to crypto-curious investors. This offering comprises various indices that track digital assets based on their use cases, including cryptocurrencies serving as stores of value or mediums of exchange, smart contract projects, tokens for financial services, NFT projects, and real-life application-oriented projects. To ensure balanced exposure, the indices will weigh assets against each other using the square root of each cryptocurrency's market capitalization, preventing dominance by the most capitalized assets. This move comes as Grayscale faces a lawsuit from the New York Attorney General concerning its parent company, DCG, and its subsidiaries.

SushiXSwap v2: A Game-Changer in Cross-Chain SwapsSushiXSwap has unveiled its highly-anticipated version 2, offering an array of improvements in the world of cross-chain swapping. With an expanded network roster, users can now effortlessly swap tokens natively across seven supported chains, including Ethereum, Arbitrum, Optimism, Polygon, Avalanche, BNB Chain, and the new addition, Base. The integration of Circle-backed USDC via the Cross-Chain Transfer Protocol ensures universal liquidity and ease of cross-chain swaps. Payload Executors simplify transaction capabilities, enabling charges on the source chain instead of the destination chain, reducing complexities in trading. SushiXSwap is not only making cross-chain swapping seamless but also facilitating the discovery of new tokens across various chains and streamlining asset consolidation for crypto enthusiasts. Future plans include further integrations, 'swappable adapters,' and Chainlink's CCIP integration for enhanced security and utility in DeFi.

Fantom Launches Sonic Upgrade Testnets with Potential 6,700% Throughput Gain

Fantom has unveiled testnets for its forthcoming technology upgrade, Sonic, which is projected to significantly enhance its throughput capabilities. The upgrade aims to support up to 2,048 transactions per second (TPS) with an average finality of 1.1 seconds, putting it in the league of major credit card companies and banks. Furthermore, Sonic targets a 90% reduction in database storage, lower collateral requirements for stakers, and introduces a new virtual machine. The closed testnet is currently running at peak performance, simulating over 2,000 TPS or 175 million synthetic transactions daily, showcasing a remarkable increase from the existing Fantom mainnet's 30 TPS limit. This upgrade comes as Fantom strives to regain its position in the market after a substantial decline in total value locked (TVL).

SEC Commissioner Hester Peirce Voices Concerns Over LBRY Lawsuit

SEC Commissioner Hester Peirce has expressed her dissent regarding the Securities and Exchange Commission's decision to bring a case against LBRY, a blockchain-based file-sharing network. In a statement, Peirce stated that the lawsuit against LBRY has unsettled her and illustrates the arbitrary and misguided enforcement approach the SEC has taken with regard to crypto. The SEC filed a lawsuit against LBRY in March 2021, accusing the platform of offering LBRY Credit tokens (LBC) without registering them as securities. Peirce noted that LBRY had taken a more conservative approach compared to other crypto projects, and the SEC's action against the company was particularly puzzling. The lawsuit's monetary remedies, initially amounting to $44 million, were deemed disproportionate by Peirce. LBRY announced it would cease operations following its legal defeat to the SEC.