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Prominent Exchange KuCoin Exceeds $11B Daily Transaction Volume

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Prominent Exchange KuCoin Launches $100M Creators Fund
  • Over $1 trillion was traded in spot and futures trading.
  • There was a 1,503 percent year-over-year rise in people registering from Asia.

During the first quarter of the year, KuCoin released an in-depth report on the exchange’s progress, detailing the exchange’s major accomplishments. As part of its in-depth assessment, KuCoin’s success has also been attributed to: Over $1 trillion was traded in spot and futures trading. The daily transaction volume exceeded $11 billion for the first time.

Multiple Key Developments

The significant increase in the number of newly registered users was one of the exchange’s primary successes, as noted in its report. Most users were from Asia, Europe, the Middle East, or Africa. These nations were in the top three places for the number of new users.

There was a 1,503 percent year-over-year rise in people registering from Asia. The Middle East and Africa had a 300 percent increase in new users, while Europe saw a 219 percent increase. The data shows a 451% year-over-year increase in total user engagement.

One of KuCoin’s most important accomplishments was increasing the number of projects and currencies it supports. KuCoin has added stablecoins, 35 new assets, 44 cryptocurrencies, and 59 trading pairs to its portfolio. In addition, the exchange had a large following. Its social media networks have seen significant development, particularly Twitter, which now has gained over 320,000 followers and has a following of 1.6 million.

Additionally, the exchange’s new whitepaper has been released. There is much detail in the paper, which was released on March 29, on token distribution schemes and deflationary approaches, claiming that the exchange is opening up a new phase.

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Axie Infinity’s Creator Sky Mavis Announced Plans To Reopen Ronin Bridge

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CoinFLEX Exchange Pauses Withdrawal Citing Extreme Market Conditions
  • Sky Mavis reported that the re-designed Ronin Bridge had passed an audit.
  • In April, the business received $150 million in further capital funding.

Axie Infinity’s creator, Sky Mavis, has announced plans to reopen the Ronin Bridge, which was hacked for $552 million in March. According to the most recent community update, the reopening of the Ronin Bridge, used by users to move assets between the Ronin chain and the Ethereum network, is scheduled for June 28th.

Certik Audit With Minor Changes Completed

According to the team, all node operators’ software will need to be updated as well since a hard fork is necessary for the bridge’s relaunch. In contrast, node operators who are not validators on the network will need to follow particular instructions provided by the developers to implement the system.

An estimated $552 million in Ethereum and USDC (at the time of the attack) was drained from the protocol by the Ronin bridge vulnerability at the end of March and was one of the biggest in the crypto industry.

Five of the network’s nine validator nodes, including four of Sky Mavis’ own validators, were apparently compromised by the attacker, who used stolen private keys to sign transactions. With minimal changes from Certik, Sky Mavis reported earlier this week that the re-designed Ronin Bridge had passed an audit.

Certik’s suggestions are being implemented, and the validator Governance Smart Contract will be deployed soon, Ronin stated on Tuesday. Sky Mavis has promised to either retrieve or repay the user monies that were taken as a result of the event. In April, the business received $150 million in further capital. Animoca Brands, Andreessen Horowitz, Paradigm, and others joined Binance in the fundraising effort.

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FTX Reportedly Planning To Buy Stake in Crypto Lending Firm BlockFi

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FTX Reportedly Planning To Buy Stake in Crypto Lending Firm BlockFi