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21Shares strategist calls for tighter memecoin regulations post-LIBRA scandal Eliézer Ndinga, Head of Strategy at crypto ETP issuer 21Shares, commented on X that the recent $LIBRA token scandal highlights the peak of the memecoin craze and underscores the urgent need for…

Ethereum $ETH developers unveil Open Intents Framework for cross-chain transfers Ethereum developers, supported by the Ethereum Foundation and 25 projects, have launched the Open Intents Framework (OIF) to simplify and standardize cross-chain token transfers. The OIF will expand the use of "intents" allowing users to delegate transactions to intermediaries for seamless execution across Ethereum’s multichain ecosystem. According to CoinDesk, the framework builds on ERC-7683 and aims to make intent-based transactions more efficient, permissionless and interoperable across networks like Arbitrum $ARB, Optimism $OP, ZKsync and Scroll.

Non-fungible token (NFT) giant OpenSea has halted its newly introduced airdrop reward system following widespread criticism from its user base. The move comes after concerns were raised regarding the platform’s experience points (XP) system, which users claimed encouraged wash trading, prioritized fee generation, and failed to support builders within the ecosystem. XP System Paused OpenSea launched the beta version of its upgraded marketplace, OS2, on January 28, introducing a points-based mechanism to determine user eligibility for an upcoming airdrop of its native token, SEA. However, community backlash quickly followed. Many argued that the XP system was flawed and did not align with the long-term sustainability of the NFT space. In response, OpenSea co-founder and CEO Devin Finzer announced that the platform would be pausing XP rewards for listing and bidding activities. Acknowledging the strong sentiments surrounding point-based reward systems, Finzer stated that while liquidity incentives remain important for a competitive marketplace, OpenSea is taking a step back to reevaluate the best approach. “We’ve heard the feedback on the current XP system, and we’re putting a pause on XP given directly for listing and bidding. While we don’t think liquidity rewards are inherently bad, we understand that there are a lot of strong emotions towards point systems, and that the NFT market as a whole is in a unique spot right now. we’re building OS to support this space long term, so we’re pausing this part of the rewards program while we think through the best path forward.” Instead of continuing with the criticized XP system, OpenSea will focus on “XP shipments,” a newly introduced mechanism that aims to reward broader participation in OS2. Users who engaged with the beta version early and provided feedback via Discord have already received the first round of shipments. A second round is now being distributed to users who have purchased NFTs on OS2, with additional XP multipliers for those holding assets from top-volume projects for over three months. OpenSea Data Breach The latest controversy comes a month after a report revealed that 7 million email addresses were leaked during OpenSea’s 2022 data breach. The breach involved NFT marketplace’s email service provider, exposing the emails of industry professionals, including Binance founder Changpeng ‘CZ’ Zhao. Security expert “23pds” warned that the leak could further endanger the privacy and assets of crypto users. OpenSea initially disclosed the breach in June 2022 and attributed it to an employee of its vendor, Customer.io. However, the full extent of the leak only surfaced last month which left users vulnerable to scams and malicious attacks. The post OpenSea Halts Airdrop Reward System Following Community Backlash appeared first on CryptoPotato.

As the market stabilizes, utility products will lead the primitive. You will find: ➡️ A project with product and development only. ➡️ A project with product and development that launched or is launching a token. ➡️ A project generated funds and launched a token, but things…

Coinbase introduces proof of reserves for $cbBTC Crypto exchange Coinbase has unveiled a proof-of-reserves (PoR) page for its wrapped Bitcoin token, cbBTC, BeInCrypto reported. The exchange holds 26,525.15 $BTC in reserves, backing a cbBTC supply of 26,461.05 tokens across Ethereum, Base, Solana and Arbitrum. Coinbase has also disclosed individual Bitcoin addresses holding these reserves. BeInCrypto noted that cbBTC previously faced scrutiny over concerns of centralization, with critics including Tron $TRX founder Justin Sun.