Best Crypto News: OKX, Solana, Adidas NFTs, And PayPal’s NFT

April 18, 2024

Crypto World

Maciej Zerelik

Welcome to our latest weekly cryptocurrency roundup, brought to you by StealthEX and CryptoDaily! In this edition, we’re thrilled to provide a concise overview of the most impactful developments in the realm of digital currencies. Curious about the top stories dominating the crypto scene this week? Let’s delve into the details!

OKX Launches X Layer: A New Era of Blockchain Scalability and Interoperability

OKX, a leading cryptocurrency exchange, has announced the launch of its new Layer-2 solution, X Layer. Powered by Polygon, X Layer aims to revolutionize the way users and developers interact with decentralized applications (dApps) by providing a seamless integration with the OKX Exchange and OKX Web3 Wallet. This launch enables users to effortlessly transfer assets between the exchange, wallet, and various dApps.

Mark Boiron, CEO of Polygon Labs, expressed his enthusiasm about the development, stating that OKX’s 50 million users now have a straightforward way to engage with X Layer and other connected chains. X Layer is designed to enhance blockchain scalability by allowing multiple protocols to operate simultaneously. This capability is particularly beneficial for on-chain developers who can now utilize zero-knowledge technology through a customizable toolkit known as the Chain Development Kit (CDK).

The initiative positions OKX alongside other major crypto exchanges like Coinbase and Kraken, which are also exploring layer-2 solutions. Notably, Coinbase launched its Base blockchain earlier this year, focusing on similar technological advancements.

Since its testnet phase, X Layer has attracted significant interest, hosting over 200 dApps and a large community of developers. These dApps cover a wide range of functionalities, including DeFi, gaming, and SocialFi, with notable names like Curve and QuickSwap among them.

Haider Rafique, OKX’s Chief Marketing Officer, highlighted the versatility of X Layer in a recent statement. He explained that X Layer combines the principles of openness and interoperability with the goal of improving blockchain scalability. The company now focuses on expanding its user base and developer community, aiming to foster an environment that enhances user experience and supports innovative dApp development.

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Solana Rolls Out Update to Combat Network Congestion Amid Meme Coin Surge

Solana has announced a significant software update, version 1.17.31, to address the persistent congestion issues on its network. This update is the first in a series of modifications aimed at improving network performance amidst a meme coin trading frenzy that has significantly increased user activity and network demand.

The Solana network has recently faced challenges due to high demand, primarily driven by meme coin transactions, causing network congestion and spikes in transaction volumes. In response, the new update was released and is now recommended for all mainnet validators—individuals who run nodes to confirm transactions and maintain network security. This upgrade includes several enhancements specifically designed to reduce congestion.

Rex St John, the head of developer relations at Anza, highlighted that this update marks the beginning of a series aimed at resolving these congestion issues. He pointed out that additional updates are on the horizon but clarified that this is not the anticipated v1.18, which is expected to bring further improvements.

The update focuses on managing staked versus unstaked packets, prioritizing transactions from validators with a higher stake to prevent spam by lower quality validators. This strategic change is expected to enhance overall network efficiency and service quality for those contributing more significantly to network security.

STEPN and adidas Launch Exclusive Digital Sneaker NFTs, Merging Fashion with FitTech

STEPN, a leading move-and-earn lifestyle app, has partnered with global sportswear giant adidas to launch the STEPN x adidas Genesis Sneakers. This limited-edition NFT collection comprises 1,000 uniquely designed digital sneakers, drawing inspiration from adidas’s iconic running shoe styles. The collaboration marks a significant step in integrating the physical and digital realms, enhancing the user experience across both platforms.

The exclusive NFT collection are available for purchase since April 17 through STEPN’s NFT marketplace, MOOAR. Priced at 10,000 GMT each, these digital sneakers represent the first initiative under a year-long partnership between STEPN and adidas, promising more NFT releases and physical products in the future.

This partnership not only emphasizes STEPN’s commitment to expanding the move-to-earn model but also aligns with its vision of making advanced technology accessible to all age groups. With over 5 million users, STEPN has established itself as a dominant player in the lifestyle rewards arena, largely due to its community-focused strategy.

The launch follows a successful token airdrop that distributed approximately $30 million to the STEPN community, further cementing its reputation as a pioneer in the ‘FitTech’ sector. Previous collaborations have included partnerships with notable figures and brands such as DJ Steve Aoki, the anime series Ghost in the Shell, and Atlético de Madrid soccer club.

PayPal Revises Seller Protection, Excludes NFT Transactions from Fraud Safeguards

PayPal has announced a significant shift in its Seller Protection Program, explicitly affecting Non-Fungible Token (NFT) transactions. Effective May 20, the payment giant will no longer offer protection for NFT sales, particularly for those transactions exceeding $10,000. This policy change, revealed through an update to the terms and conditions on PayPal’s website on March 21, marks a pivotal development in how the company handles the burgeoning NFT market.

The removal of these protections may introduce a new level of risk for NFT sellers on PayPal, who will now have to navigate transactions without the safety net against chargebacks, false claims, and other types of financial fraud. This shift indicates PayPal’s recognition of the maturing blockchain and NFT sectors but also poses potential challenges for buyer and seller confidence within the platform.

Sellers dealing in high-value NFTs will need to enforce more stringent validation processes to safeguard against fraud, shifting the burden of customer authentication entirely onto them. This change could potentially deter new customers from entering the NFT market through PayPal and influence the dynamics of high-stakes transactions within the industry.

Moreover, PayPal’s strategy reflects a broader caution in the fintech sector regarding digital assets. Previously, PayPal had actively engaged with various crypto and NFT projects, but the recent amendments suggest a growing concern about the risks associated with these rapidly evolving digital asset classes. The new policy could signal to other financial institutions the necessity for heightened vigilance and possibly stricter regulatory measures in the digital asset space.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.