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Cryptocurrency News Articles
Axelar Unveils Mobius Development Stack, Targets Interoperability With New Self-Service Integration Platform
Oct 05, 2024 at 05:02 am
Protocols are continuing to race for interoperability solutions. With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications.
Layer-1 blockchain interoperability protocol Axelar has announced the launch of a new platform for self-service integration with both onchain and offchain systems.
The platform, called the Mobius Development Stack (MDS), was announced on Oct. 2 and is designed to enable decentralized applications (DApps) to connect across multiple blockchain networks.
The MDS debuted with support for Solana, Stellar, Sui and XRP Ledger, with additional security features from Babylon and EigenLayer. The stack also offers the Interchain Token Service (ITS), which allows developers to tokenize assets like real estate and intellectual property on any blockchain.
“Interoperability stacks have traditionally been in catch-up mode with the rapid growth in the number of blockchains,” Sergey Gorbunov, CEO of Interop Labs and co-founder of Axelar, said in a statement. The new stack “allows developers to easily plug in their blockchain to the ‘internet’ of blockchains and build DApps that span all chains simultaneously.”
According to data from Markets and Markets, the blockchain interoperability market is set to grow at an annual compound rate of 27.2% in the coming years, reaching $1 billion by 2028.
This week’s Crypto Biz also explores CME’s new Bitcoin derivatives, Ripple’s license in Dubai, Bitwise’s filing for an XRP fund, and the impact of the Federal Reserve’s interest rate cut on stablecoin revenue.
CME’s Bitcoin Friday Futures launch with 31K contracts on day one
The Chicago Mercantile Exchange (CME) launched its new Bitcoin Friday Futures (BFF) on Sept. 29, with a record-breaking 31,498 contracts traded on the first day. The contracts are sized at 1/50th of a Bitcoin and cash-settled weekly. BFF contracts are listed every Thursday at the close of Wall Street markets. The weekly expiry allows market participants to hedge or speculate on Bitcoin price movements in the short term without the need to hold futures contracts for longer durations. According to the CME, the debut marks the most successful crypto futures launch in its history.
BFF Daily Volume. Source: CME Group
Ripple receives in-principle license approval in Dubai
Ripple has received an in-principle license approval from the Dubai Financial Services Authority (DFSA), paving the way for the company to establish a presence in the United Arab Emirates (UAE).
The company announced on Oct. 1 the DFSA in-principle license approval, a prerequisite for attaining a full license in Dubai. Once fully approved, Ripple will be able to offer cross-border payment services for fiat and digital assets in the Dubai International Financial Center (DIFC), a special economic zone. Ripple plans to roll out its enterprise-grade digital asset infrastructure in the UAE.
Bitwise files with SEC for XRP ETF
Bitwise has filed for the first spot XRP exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), aiming to provide investors exposure to the value of XRP directly held by the trust. The XRP will be stored with Coinbase Custody Trust Company.
Bitwise also noted that the Bitwise XRP ETF creates and redeems shares using the cash-create method or in exchange for cash. This filing follows Bitwise’s earlier establishment of an XRP ETF Trust in Delaware on Oct. 1.
Fed’s dovish move will slash $625M in interest income for stablecoins
The United States Federal Reserve’s recent decision to cut interest rates for the first time since March 2020 is set to significantly impact the revenue streams of the top five centralized stablecoins, which collectively hold nearly $125 billion in US Treasury bills.
According to a report released by index provider CCData on Sept. 27, Treasury bills account for 80.2% of major stablecoin reserves. These stablecoins stand to lose about $625 million in interest income for each 50-basis-point (bps) cut.
Before you go: In an exclusive interview with Cointelegraph, Alvaro Gracia, partner at Borderless Capital, discussed how the fund plans to invest its just-launched $100 million DePIN fund.
Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
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