Welcome to the InfStones’ June newsletter. May was a busy month for the company with a number of crucial events taking place.
As always, we’re excited to share about them here with you so you can stay up-to-date on the latest company AND industry news.
Here are all of the biggest InfStones developments that occurred in May:
InfStones Collaborates with SatoshiChain as Validators for Upcoming Mainnet
InfStones is set to collaborate with SatoshiChain, an innovative blockchain firm that integrates Bitcoin with decentralized finance (DeFi), gaming, and NFTs, among other applications. InfStones will act as a validator for SatoshiChain’s Mainnet, ensuring top-tier infrastructure services. SatoshiChain, an EVM-compatible blockchain, enables seamless, secure, and cost-effective transactions, allowing Bitcoin users to tap into DeFi, gaming, and NFTs. The Mainnet launch on June 1st will unveil a wider range of features and benefits, including the deployment of decentralized applications and smart contracts. Leveraging their experience across 80+ protocols, InfStones is committed to maintaining the integrity and dependability of the SatoshiChain network. This partnership will enhance InfStones’ capabilities, provide customized solutions, and promote a thriving ecosystem in preparation for a successful Mainnet launch.
Read the full collaboration article here.
Embrace the Future of Blockchain at Prague Blockchain Week with Parker and Promit
Immerse yourself in the future of Blockchain at Prague Blockchain Week from June 2nd to June 11th. Join industry leaders and enthusiasts at this exciting event where our experts, Parker and Promit, will share their knowledge and engage in thought-provoking discussions. Don't miss the chance to connect with them and explore topics like Cosmos, Polkadot, inter-blockchain communication, decentralized finance, and Ethereum. Visit the Prague Blockchain Week website for more information and schedule a meeting with Parker or Promit through their Calendly pages or Telegram. Be part of this groundbreaking event and witness the futureof Blockchain being written.
Read the full article here.
Ethereum Staking Overtakes Withdrawals
Exciting news in the Ethereum staking ecosystem as deposits continue to surpass withdrawals. In late April, a 24-hour period saw 192,000 ETH deposited and only 29,000 ETH withdrawn, marking a significant milestone since the Shapella upgrade. Cumulatively, there have been 4.75 million ETH in deposits and 2.84 million ETH in withdrawals. Additionally, the Ethereum network has experienced a notable increase in the burn rate, with over 200,000 ETH burned in the past month, largely contributed by Uniswap. These positive trends suggest a promising future for the Ethereum network and the price of ETH.
Furthermore, the queue for staking ETH has surpassed the queue for withdrawing ETH, indicating growing demand and potentially driving positive price development. While liquid staking may have a minor impact, it is unlikely to be a significant hindrance and may even enhance the attractiveness of staking native ETH. Overall, the recent developments in Ethereum staking and the burn rate point towards a bright future for the network and ETH's price.
Binance Unveils Liquid Staking Derivative Token
Binance, the world's largest cryptocurrency exchange, has launched Wrapped Beacon ETH (WBETH), a liquid staking product built on the Ethereum network. This offering enables Binance users to participate in decentralized finance (DeFi) protocols and earn Ethereum staking rewards while keeping their assets on the exchange. Users can seamlessly convert between Beacon ETH (BETH) and WBETH with zero fees. The conversion rate between BETH and WBETH may fluctuate based on the daily APR on Ethereum Staking.
By utilizing WBETH, users can stake Ethereum and utilize the derivative token as collateral in various crypto markets and DeFi protocols. Binance temporarily suspends the "Wrap" and "Unwrap" functions at designated times daily to maintain the accuracy of the BETH/WBETH conversion rate.
Hong Kong Enables Crypto To Retail Traders as of June 1st
Starting June 1st, Hong Kong's Securities and Futures Commission (SFC) will accept applications for cryptocurrency trading platform licenses, enabling licensed exchanges to serve retail investors while ensuring customer risk evaluation. However, the new regulations do not allow for stablecoin trading or crypto incentives for retail customers. Exchanges must list tokens with a 12-month track record, have smart contract audits performed on those tokens by independent assessors, segregate client and platform assets, and provide compensation arrangements covering client virtual assets. The SFC has set a compliance deadline of January 1, 2024, for implementing the Financial Action Task Force's travel rule. These updated guidelines signify a significant stride in Hong Kong's crypto asset regulation.
In the News
InfStones Featured in Bloomberg and Kitco
Extraordinary events have been happening here at InfStones, and we're thrilled to share the news with you. We've been making headlines in the global blockchain industry, with features in top-tier publications, Bloomberg and Kitco.
In April, Bloomberg spotlighted us in a remarkable article, detailing the launch of our groundbreaking Ethereum validator service. This monumental development offers users an unprecedented level of convenience in staking, all while ensuring enhanced scalability. Check out the full story here for an in-depth look at how we're setting new industry benchmarks.
Following this, Kitco, a leading voice in commodities and financial information, hosted an enlightening interview with Sili, our Business Development Manager, Global. He shared invaluable insights about Ethereum's latest upgrade, and its potential impact on ETH price and ecosystem growth. Sili's expertise and perspective in this discussion provide a fresh, well-informed perspective on the future of the Ethereum network. Be sure to read the insightful conversation here.
Stay tuned for more updates as we continue to push boundaries and innovate in the world of blockchain. Here at InfStones, we're committed to propelling the industry forward, one block at a time.
InfStones is an advanced, enterprise-grade Platform as a Service (PaaS) blockchain infrastructure provider trusted by the top blockchain companies in the world. InfStones’ AI-based infrastructure provides developers worldwide with a rugged, powerful node management platform alongside an easy-to-use API. With over 20,000 nodes supported on over 80 blockchains, InfStones gives developers all the control they need - reliability, speed, efficiency, security, and scalability - for cross-chain DeFi, NFT, GameFi, and decentralized application development.
InfStones is trusted by the biggest blockchain companies in the world including Binance, CoinList, BitGo, OKX, Chainlink, Polygon, Harmony, and KuCoin, among a hundred other customers. InfStones is dedicated to developing the next evolution of a better world through limitless Web3 innovation.