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PancakeSwap launches AI-powered prediction market on Arbitrum

PancakeSwap, a leading decentralized exchange (DEX) on the Binance Smart Chain (BSC), has introduced an AI-powered prediction market on Arbitrum, marking a significant expansion into Layer 2 solutions for enhanced scalability and efficiency.

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PancakeSwap, a leading decentralized exchange (DEX) on the Binance Smart Chain (BSC), has introduced an AI-powered prediction market on Arbitrum, marking a significant expansion into Layer 2 solutions for enhanced scalability and efficiency.

The new AI prediction market on Arbitrum aims to leverage advanced machine learning algorithms to forecast outcomes in various categories, including sports, entertainment, and financial markets. This initiative is set to enhance user engagement and broaden the utility of PancakeSwap’s platform beyond traditional decentralized trading.

Arbitrum, known for its low transaction fees and faster processing times compared to Ethereum’s mainnet, provides an ideal environment for PancakeSwap’s AI prediction market to thrive. By operating on Layer 2 technology, PancakeSwap seeks to mitigate network congestion and offer users a seamless and cost-effective prediction market experience.

The integration of AI into the prediction market represents a strategic move by PancakeSwap to innovate within the decentralized finance (DeFi) space, attracting a diverse range of users interested in speculative markets and machine learning-driven predictions. This expansion underscores PancakeSwap’s commitment to pushing the boundaries of decentralized applications (dApps) and fostering innovation in blockchain technology.

As PancakeSwap continues to develop its AI prediction market on Arbitrum, stakeholders and enthusiasts anticipate increased adoption and participation in decentralized prediction markets. The initiative not only showcases the potential of AI in enhancing DeFi platforms but also highlights the growing synergy between blockchain technology and advanced data analytics.

Looking ahead, PancakeSwap plans to roll out additional features and enhancements to its AI prediction market, aiming to solidify its position as a pioneer in decentralized applications on Layer 2 solutions. The launch on Arbitrum represents a pivotal step towards offering scalable and user-friendly prediction markets that cater to the evolving demands of the global crypto community.

In conclusion, PancakeSwap’s introduction of an AI prediction market on Arbitrum underscores its commitment to innovation and scalability in decentralized finance. The integration of advanced machine learning capabilities sets a precedent for the future of predictive analytics within blockchain-based platforms, positioning PancakeSwap at the forefront of decentralized prediction markets.

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Upbit crypto exchange receives suspension notice in South Korea

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South Korea’s Financial Intelligence Unit (FIU) has issued a suspension notice to Upbit, one of the nation’s leading cryptocurrency exchanges, citing alleged violations of Know Your Customer (KYC) protocols. The FIU’s investigation reportedly uncovered between 500,000 to 600,000 instances where Upbit failed to adhere to KYC procedures, potentially exposing the platform to significant fines.

Under South Korean law, each KYC violation can result in a penalty of up to 100 million Korean won (approximately $68,600). Given the volume of alleged breaches, Upbit could face fines totaling up to $34.3 billion. Additionally, the FIU has accused Upbit of engaging in transactions with unregistered cryptocurrency service providers, further compounding its regulatory challenges.

The suspension notice proposes a six-month halt on new user registrations, though existing users would remain unaffected. Upbit has until January 20 to respond to the FIU’s findings, with a final decision on the suspension expected by January 21. This development comes shortly after Upbit’s business license renewal in October 2024, which is now under regulatory review.

Upbit’s situation mirrors broader regulatory scrutiny in South Korea’s cryptocurrency sector. Recently, Lee Jung-hoon, former chair of major exchange Bithumb, was acquitted in an appeal trial related to a significant 2017 data breach. These events underscore the increasing regulatory pressures faced by cryptocurrency exchanges in the country.

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SEC under Trump could freeze crypto cases not involving fraud

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The U.S. Securities and Exchange Commission (SEC) is poised for a significant shift in its approach to cryptocurrency regulation under President-elect Donald Trump’s administration. With SEC Chair Gary Gensler and Commissioner Jaime Lizárraga set to resign on January 20, 2025, Republican Commissioners Hester Peirce and Mark Uyeda are expected to assume a majority position. This change could lead to a reevaluation of the SEC’s stance on digital assets, particularly concerning enforcement actions that do not involve fraud allegations.

Under Gensler’s leadership, the SEC pursued numerous enforcement actions against crypto firms, including high-profile cases against Coinbase, Binance, and Ripple Labs, alleging violations of securities laws. The incoming administration, however, has signaled a more crypto-friendly approach. Paul Atkins, President-elect Trump’s nominee for SEC Chair, is anticipated to initiate an overhaul of the agency’s cryptocurrency policies, potentially freezing or withdrawing ongoing enforcement cases that lack fraud allegations.

This prospective policy shift has generated optimism within the cryptocurrency community, which has often criticized the SEC’s previous regulatory approach as overly aggressive. Industry stakeholders are hopeful that a more supportive regulatory environment will foster innovation and growth in the U.S. crypto market. However, legal experts caution that dismissing enforcement actions could set a risky precedent, emphasizing the need for balanced regulation that ensures market integrity while promoting technological advancement.

As the SEC transitions under new leadership, the agency is expected to undertake a comprehensive review of its cryptocurrency regulations, aiming to provide clearer guidelines on when digital assets are considered securities. While the process of implementing new policies may take several months, the anticipated changes reflect the Trump administration’s commitment to reshaping the regulatory landscape for cryptocurrencies, potentially ushering in a new era of regulatory clarity and industry growth.

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Ronin offers $10M grant program for Web3 developer growth

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The Ronin Network, an Ethereum Virtual Machine (EVM) blockchain renowned for its gaming applications, has unveiled a $10 million grants program aimed at fostering Web3 developer growth. Announced on January 16, the Ronin Ecosystem Grants initiative seeks to expand the blockchain’s capabilities by attracting developers focused on gaming, consumer decentralized applications (DApps), and decentralized finance (DeFi) protocols.

The grants are structured to support both developers and waypoints, which are crypto-based bridge services. Builder grants offer up to $300,000 in Ronin (RON) tokens, while waypoint gas grants provide up to $20,000 in RON. Approved projects will receive milestone-based funding to cover essential costs such as development integrations, audits, and deployment. The initiative emphasizes supporting teams and game studios with innovative ideas to enhance the Ronin ecosystem.

Beyond financial support, selected projects will gain increased visibility through Ronin’s platforms, including the Ronin Wallet and the Ecosystem Grants website. Additional benefits encompass access to the Ronin Builders Discord for collaboration with other teams, venture capitalists, and advisors, as well as integration opportunities with Web3 games and ecosystem partners. Approved developers may also receive discounts from infrastructure and tooling providers.

This initiative reflects Ronin’s commitment to becoming a foundational platform for gaming and consumer DApps. By incentivizing developers to address user challenges, onboard new participants, and boost on-chain activity, the grants program aims to drive innovation and growth within the Ronin ecosystem. The application process has no set deadline, with reviews expected to take up to four weeks.

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