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Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024

Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024

GM. After posting about crypto scams, scams in general, and several complaints about crypto exchanges, my inbox is filled with people who ask us to check out if something is a scam or not. With regards to exchanges, they would request if there’s something we can do for their money stuck somewhere.

It’s a big responsibility. We will continue what we’re doing (reporting scams, writing about complaints), but I also wish there are more efforts to ensure Filipinos don’t fall to scams again.

  • For a list of SEC advisories that we covered, click here. Alternatively, check out the regulator’s website here.

That, and more news in today’s weekly news recap!

Market Updates 📈

Here are the crypto highlights of the week:

  • Bitcoin is down 13.3% vs the previous seven days, now at $54,462.
  • The weekly top gainer in the top 300 coins is H2ODAO ($0.3476), up 78%.
  • The weekly top loser in the top 100 is BRETT ($0.1008), down 35%
  • Noteworthy: MOTHER of celebrity Iggy Azalea is down 53% for the week at $0.0341.

Zoom out: Traders are hoping the bottom is in.

Feature Story: Justin Sun says Tron s Developing Gasless Stablecoin Solution

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Tron is creating a new stablecoin solution that allows free peer-to-peer transfers, announced by founder Justin Sun.

What’s the significance: This move could make sending stablecoins cheaper and easier for everyone, attracting more users and businesses.

The numbers: Tron is already a leader in stablecoin transfers, handling more transactions than Ethereum:

  • Tron manages over $50 billion of Tether’s USDT, which is part of Tether’s $112 billion across multiple blockchains.

Details on how the gasless fee transfers are not yet provided, but the stablecoins will cover the costs themselves, as per Sun.

What’s next:

  • It will launch on Tron in Q4 and later on Ethereum and other compatible blockchains.
  • Tron is also considering a solution for Bitcoin that could integrate “wrapped” Tether, potentially moving billions into the Bitcoin network.

Weekly Recap: Local Crypto News 🇵🇭

Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024
  • listed the coin Metalcore (MCG).
  • SuperteamPH held their Founder’s Camp in Tagaytay last June 29.
  • Ownly announced the new date for the rescheduled Ownchain Node Key NFT presale.
  • BreederDAO partnered with web3 game WildForest.
  • Metamax received advisories from the SEC and other fintech firms.
  •’s Country Manager Jen Bilango is one of the hosts for the upcoming Asia Blockchain Summit.
  • PDAX launched its Hold and Earn Promo.
  • Ownly announced its partnership with Alex the Parrot for its Incentivized Ownchain Test net Program.
  • Paytaca released its app’s new version, Version 0.19.0.
  • Arweave PH will host the Balangay Builders Program, offering a $10,000 prize pool for developers to create dapps on the Arweave ecosystem test network.

Educational Corner 🎓

Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024

Check out our new and updated guides:

Harry Santos also contributed an article to BitPinas highlighting 5 Exciting Projects Being Built on Bitcoin.

Regulation Watch 📜

Stay informed about the latest regulatory updates from here and around the world and what they mean for you:

  • The European Union’s MiCA crypto law imposes stringent regulations on stablecoins, limiting daily transactions to 1 million or less.
  • Coinbase is suing the SEC and FDIC, alleging they have unlawfully withheld documents related to closed investigations under Freedom of Information Act requests. 
  • A federal judge has upheld most of the SEC’s charges against Binance, ruling that the exchange potentially violated securities laws.
  • Obinna Uzoije advocates for Nigeria and ECOWAS to adopt regulatory frameworks inspired by Europe’s MiCA to attract crypto investors.
  • TRON founder Justin Sun won a landmark defamation case in China against Chongqing Business Media Group for defaming Sun by publishing unverified and false content.
  • The German government moved $94 million worth of Bitcoin to exchanges.
  • Crypto firm Circle received an e-money license from France, making it the first global stablecoin issuer compliant with the European Union’s strict MiCAregulatory framework.
  • Crypto-friendly bank Silvergate Bank settled charges with multiple regulatory bodies, agreeing to pay $63 million. 
  • Paxos received full approval from Singapore’s central bank to offer digital payment token services and plans to issue stablecoins.
  • Coinbase and Ripple are leveraging a recent court ruling in the SEC’s case against Binance to argue for clearer regulatory guidelines on crypto.
  • Hong Kong’s finance secretary, Christopher Hui, indicated that regulators will review cryptocurrency-related regulations
  • South Korean cryptocurrency exchanges are addressing concerns over potential mass delistings by initiating a comprehensive six-month review of 1,333 cryptocurrencies, mandated under new investor protection laws effective July 19. 
  • Singapore’s Monetary Authority (MAS) raised the risk level for crypto exchange platforms from medium-low to medium-high under updated Countering the Financing of Terrorism (CFT) laws.
  • The Basel Committee on Banking Supervision approved a disclosure framework for banks’ crypto exposures, to be implemented by 2026.
  • A U.S. District Judge in Illinois ruled in favor of the CFTC, while highlighting the ongoing debate over the classification of cryptocurrencies as securities or commodities.
  • At the EU–U.S. Joint Financial Regulatory Forum, participants from the European Commission and the U.S. Department of the Treasury discussed regulatory cooperation on digital finance and crypto assets.
  • South Korea’s Financial Supervisory Service launched a 24-hour surveillance system with local exchanges to monitor suspicious activity in the cryptocurrency market.

Community Spotlight 🔦

Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024
El Bonuan (second from right)

Meet El Bonuan: Emmanuel Lorenzo Bonuan is an interior designer and NFT artist.

  • Bonuan is also the Co-founder of DAOCrea-8 and Founder of XOVOX Labs.
  • He is the lead director and co-founder of Near Gang Couture, a crypto art project focusing on creating NFTs and exploring art, technology, and blockchain intersections.
  • Bonuan actively engages with the crypto community on Twitter, sharing updates, insights, and thoughts on NFTs, crypto art, and broader crypto trends.
  • He recently shared his experience as an artist with Bipolar Disorder I at an  NFT minting workshop in Makati.

Check out articles about him here.

At the Scene 📍

On the ground activations and more:

  • Ethereum Meetup Cebu by ETH63:
Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024
  • Node Key NFT Workshop in Albay:
Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024
  • Paytaca Bitcoin Cash Revolution in Cebu:
Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024
  • Solana Ecosystem Call in multiple cities, such as the one below organized in Albay:
Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

  • Animoca Brands is considering a return to the public market with a potential listing in Hong Kong or the Middle East in H2 of 2025.
  • Sony Group is preparing to launch a cryptocurrency exchange in Japan by rebranding the acquired platform WhaleFin as S.BLOX Co. 
  • PinEye launched a platform in Dubai combining gaming entertainment with community-driven engagement and cryptocurrency rewards.
  • Core Scientific CEO Adam Sullivan predicts AI will eventually surpass Bitcoin mining in revenue within the next 12 years.
  • The Aptos Foundation proposed deploying Aave V3 on the Aptos mainne.
  • Iris Energy raised $413.4 million through an at-the-market (ATM) offering by selling 39.8 million shares between May 15 and June 28.
  • OpenLedger raised $8 million in seed funding round.
  • Open-source AI development platform Sentient raised $85 million in a seed round.
  • Vitalik Buterin invested in MegaETH, a new blockchain promising 100,000 transactions per second.
  • Senator Joel Villanueva is urging the Philippine government to accelerate preparations for the country’s workforce to adapt to AI technology.
  • WIPO reported that China leads in generative AI patents with over 38,000 patents from 2014 to 2023.
  • DWF Labs launched the $20 million Cloudbreak Fund aimed at supporting web3 projects in Chinese-speaking regions.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024
  • Sequence partnered with Transak to streamline payment processes within the web3 gaming sector.
  • Wild Forest recently sold $1 million NFTs in under a minute and starts its play-to-airdrop season 2 with a game launch.
  • Telegram game Yescoin now has over 18 million players in its first month.
  • Spielworks acquired Chainmonsters, a cross-platform web3 monster-taming MMORPG, to accelerate its development and bolster its position in web3 game publishing. 
  • Telegram-based web3 game Catizen is expanding from a single mini-game to a multi-gaming hub with plans to host over 200 games and launch a game engine for Telegram Mini Apps.
  • HashKey Group launched a community airdrop through a Telegram game to distribute 10 million HSK tokens.
  • OKX launched “OKX GameSphere,” a platform dedicated to web3 crypto gaming developers. 
  • Pixels is exploring expanding its franchise with additional games within its universe and potential integration on Telegram to attract more players.
  • Chibi Clash, a web3 fantasy game, launched its “Kingdoms Alliance” competition, running from July 2 to July 22. 
  • Yat Siu, chairman of Animoca Brands, predicts over 100 million new web3 users will join through gaming on platforms like Telegram in the next 12 to 18 months, citing the platform’s integration of TON blockchain games.

Last Week on the BitPinas Webcast 📺

Photo for the Article - Tron is Developing Gas-Free Stablecoin Transfers | Weekly Recap | July 8, 2024

BitPinas Webcast: Last Thursday’s episode was an information-filled 1.5 hours on decentralized finance, the tools needed, yield farming, restaking, and the platforms to get started. Check out the webcast episode here!

Upcoming Event 📅

  • YGG Pilipinas Roadtrip Metro Manila: July 14, 2024
  • BitBulaga “Portfolio Construction in a Bull or Bear Market”: July 27, 2024

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

  • Immunefi noted that in Q2 of this year, crypto industry losses due to hacks and scams surged to $573 million.
  • The Aptos Foundation and Alibaba Cloud partnered with Alcove Pro to revolutionize Japan’s web3 landscape through collaborative initiatives.
  • The number of cryptocurrency ATMs installed worldwide has surged by 17.8% over the past year to 38,279, nearing the record high of 39,541 set in December 2022.
  • Metaplanet bought $1.2 million worth of Bitcoin (over 20.2 BTC) as part of its strategy to invest $6 million more in Bitcoin.
  • Analysts predict a strong July for Bitcoin and Ether based on historical trends.
  • The U.S. Marshals Service awarded a $32.5 million contract to Coinbase Prime to provide custody and “advanced trading services” for large-cap digital assets.
  • Binance.US responded to a recent federal court ruling affirming most of the SEC’s charges against it by stating it is prepared for further legal proceedings.
  • Telegram mini-app developers can now exchange Stars, a virtual point system introduced in June, for Toncoin (TON) or discounted advertisements on Telegram.
  • Kraken is considering partnering with energy providers to use small modular nuclear reactors (SMRs) to power its data centers in North America and Europe.
  • Worldcoin’s builder, Tools for Humanity, hired four former executives from Google, X (formerly Twitter), and Apple to strengthen privacy, security, and identity management.
  • Opera Mini’s MiniPay app now integrates Tether’s USDT and Circle’s USDC, offering users one-click swaps with Celo dollar (cUSD) through its new Pockets feature.
  • Russia’s central bank suggested that businesses use cryptocurrencies and digital assets as part of multiple payment solutions to manage transactions with foreign partners and mitigate the impact of Western sanctions post-Ukraine conflict.
  • Indian crypto exchange CoinDCX acquired BitOasis, a Dubai-based exchange licensed in Bahrain and the UAE.
  • Binance announced the delisting of major trading pairs including BTC and ETH.
  • In Q2 2024, web3 applicationssaw a record high of 10 million daily unique active wallets (dUAW), marking a 40% increase from the previous quarter, driven by significant growth in sectors like social apps and blockchain gaming.

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