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L1 Blockchain Aptos Sets New Transaction Record, Surpassing Solana with 115.4M Daily Transactions

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Aptos, a layer-1 blockchain platform developed by former Facebook employees, has set a new record for blockchain transactions. On May 25, Aptos surpassed Solana by recording an astounding 115.4 million transactions in a single day, significantly exceeding Solana’s 31.7 million, as reported by Aptoscan.

This surge in transaction volume not only shattered previous records but also surpassed the previous L1 record of over 65 million transactions held by Sui Network by more than 50 million.

The exponential growth in transactional activity on Aptos underscores the platform’s increasing adoption and the overall momentum within the industry. Data from Aptoscan indicated that the blockchain’s user transactions per second (TPS) reached an all-time high of 32,000 on the same day. This highlights a significant increase in activity within the blockchain ecosystem, showcasing the platform’s scalability and robustness.

The recent surge in transactional activity on Aptos can be attributed to the launch of Tapos Cat, an innovative tap-to-earn game that quickly gained popularity. On its first day on the mainnet, Tapos Cat processed a staggering 10 million transactions, substantially contributing to the increased activity on the platform. Tapos Cat allows users to earn $HEART tokens by ‘tickling’ a virtual cat, encouraging frequent transactions within the game. Additionally, the game offers a gas-fee-free experience for the first 72 hours, incentivizing players to engage without incurring additional costs.

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Criticism of Tapos Cat’s Long-Term Viability
Despite the impressive numbers, critics, including the CEO of Helius Labs, have questioned the long-term viability and practical utility of Tapos Cat. They argue that the game’s emphasis on click-and-buy interactions may artificially inflate metrics without genuinely meeting user needs.

However, proponents of Aptos argue that Tapos Cat serves as a crucial engineering project, demonstrating the scalability and robustness of the Aptos network and paving the way for future developments.

Recent Developments and Collaborations
In a move to strengthen its ecosystem, the Aptos Labs team recently introduced a group of global advisers, including David Lawee, former vice president of corporate development at Google. Additionally, Aptos Labs has partnered with Atomrigs Lab to announce plans for the launch of T Wallet, a Web3 wallet service, in collaboration with South Korean telecommunications operator SK Telecom (SKT).

Solana Among Fastest Blockchains
Solana remains one of the fastest large blockchains, processing a staggering 91 million transactions in a single day. On April 6, during the memecoin frenzy, Solana achieved a record-breaking daily average of 1,504 transactions per second (TPS). This makes Solana 46 times faster than Ethereum and over 5 times faster than Polygon, which has the highest TPS among Ethereum scaling solutions. Despite these impressive speeds, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS.

It is noteworthy that Ethereum scaling solutions and layer 2 solutions have yet to surpass other layer 1 blockchains in real processing speed. This slower realized TPS for Ethereum scaling solutions may be attributed to the lower number of on-chain transactions.

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Source: cryptonews.com

The post L1 Blockchain Aptos Sets New Transaction Record, Surpassing Solana with 115.4M Daily Transactions appeared first on HIPTHER Alerts.

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Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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