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Avana Wallet Announces In-App Solana Liquid Staking Powered by Marinade

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Miami, Florida–(Newsfile Corp. – June 23, 2022) – Avana Wallet, a Solana blockchain non-custodial crypto wallet, announced the in-app integration of Solana liquid staking using Marinade Finance. Avana Wallet users can now exchange their Solana SOL for Marinade mSOL and begin accruing staking rewards in seconds with just a few clicks.

Marinade is a non-custodial liquid staking protocol built on the Solana blockchain. Marinade enables users to stake SOL tokens using automated staking strategies and receive “marinated SOL” tokens (mSOL) that accrue staking rewards continuously. The price of mSOL appreciates gradually relative to Solana SOL as staking rewards earned by Solana validators are distributed to mSOL token holders. The current staking reward APY of Marinade mSOL is 5.8%.

Avana Wallet syncs with Marinade’s on-chain smart contracts and off-chain API to provide users real-time data including the current staking reward APY, total value locked, the number of Solana validators participating in the program, liquidity pool funding, and unstaking fees. Users interact directly with Marinade smart contracts when they swap their SOL for mSOL using Avana Wallet.

“We are strong advocates of the win-win solution that Marinade’s liquid staking program offers to the Solana ecosystem. Marinade makes it easy for Avana Wallet users to swap their SOL for mSOL and begin accruing staking rewards in a matter of seconds,” said Patrick McGlynn, CEO and Founder of Avana Wallet. “Marinade’s broad allocation to over 400 medium- and small-sized validators helps further decentralize Solana and strengthen overall network security. Diversifying the pool of validators is a critical step in achieving the Solana bull case.”

“Integrating Marinade liquid staking directly into Avana Wallet makes it incredibly easy for Solana users to enjoy unlocked staking yields and access to Solana DeFi through mSOL,” said Michael Repetny, a Marinade contributor. “This integration also contributes to the long-term censorship resistance of Solana and supports the growing independent validator community. Thank you to Avana Wallet for supporting mSOL and the Solana ecosystem.”

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Solana SOL Liquid Staking Powered by Marinade Using Avana Wallet

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Solana users staking with Marinade benefit from portfolio diversification and staking liquidity. Traditional staking on Solana requires users to wait up to three days to unlock staked SOL. Marinade’s mSOL can be unstaked or swapped for other Solana SPL tokens at any time using Avana Wallet.

In addition, a growing number of DeFi applications now accept mSOL as deposit collateral. Over 30 Solana DeFi protocols accept mSOL, including Mango Markets, Orca, Saber, Raydium, and more.

The Solana SOL staked with Marinade is distributed to more than 400 medium- and small-sized validators. These validators are chosen by Marinade’s transparent and permissionless formula that is automatically rebalanced at regular intervals. Marinade charges 2% of staking rewards as a fee, which is the lowest among liquid staking protocols. Avana Wallet does not charge a fee when its users stake with Marinade.

“Today liquid staking represents about 2% of Solana SOL staked. We are very optimistic on the growth potential of Solana liquid staking protocols in coming years. Marinade has helped simplify the liquid staking process by providing transparent and accessible on-chain solutions,” said Patrick McGlynn. “Users can achieve fast and easy staking portfolio diversification in a single transaction when they stake with Marinade.”

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About Avana Wallet

Avana Wallet is a Solana blockchain non-custodial wallet that enables users to connect with Web3 decentralized applications (dapps), DeFi, NFT marketplaces, blockchain gaming and more. Avana Wallet users can send, swap, stake, and receive crypto using the Solana network. Most transactions processed on the Solana network clear in a matter of seconds for less than a penny. Avana Wallet is available in more than 30 languages. More information on Solana liquid staking. Download Avana Wallet for Chrome, Edge, Brave, and Firefox web browsers.

About Marinade

Marinade is built and governed by its community members through the Marinade DAO. The DAO is an on-chain system designed to provide transparency and fairness to the governance of Marinade. Marinade’s program currently has $259 million in total value locked allocated to 442 Solana validators.

Contact:
[email protected]
Avana Wallet
777 Brickell Ave
Miami, FL 33131

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128718

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Blockchain

Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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