Twitter is launching a dedicated cryptocurrency team in its latest push to embrace digital assets and decentralized applications. The new team will be led by Tess Rinearson and will “set the strategy for the future of crypto at (and on) Twitter.”

The Terra community has approved a popular proposal to burn around 88.7 million LUNA, worth roughly $4.5 billion, and mint about 4 to 5 million terraUSD (UST) stablecoins. The burn will permanently remove the LUNA tokens from circulation.

The U.S. Securities and Exchange Commission (SEC) has stopped Wyoming-based decentralized autonomous organization (DAO), CryptoFed, from registering its two tokens Locke and Ducat over alleged “misleading” information on an SEC filing.

Sponsored: INU Token is a deflationary token with built-in transaction tax and real use case uses across various decentralized products and services within INU`s ecosystem, including a rewards-based staking platform.

Top stories in the Crypto Roundup today:

• Twitter Sets Up Dedicated Crypto Team
• Terra Community Approves Proposal to Burn 88 Million LUNA
• SEC Stops First Legal DAO’s Token Registrations
• Chart of the Week: ETH Mining Pool Distribution
• Sponsored: $INU Token - An Alternative to Shiba INU With a Versatile Ecosystem

Twitter Sets Up Dedicated Crypto Team

Twitter is launching a dedicated cryptocurrency team in its latest push to embrace digital assets and decentralized applications. The new team will be led by Tess Rinearson and will “set the strategy for the future of crypto at (and on) Twitter.”

Twitter CEO, Jack Dorsey, is a well-known bitcoin enthusiast who has said he wants to integrate digital assets into Twitter’s future. In September, the microblogging platform added a new feature which allowed users to tip others for their content using BTC.

Rinearson is set to oversee and build on Twitter’s crypto-related efforts, which include a non-fungible token (NFT) authentication feature, and an initiative to explore decentralizing social media.

That initiative is part of Twitter’s Bluesky, an independent project meant to develop a single standard upon which social media platforms can build more tailored offerings.

Terra Community Approves Proposal to Burn 88 Million LUNA

The Terra community has approved a popular proposal to burn around 88.7 million LUNA, worth roughly $4.5 billion, and mint about 4 to 5 million terraUSD (UST) stablecoins. The burn will permanently remove the LUNA tokens from circulation.

The token burn will be executed over the next two weeks, with an initial burn of 520,000 LUNA already taking place. The burn proposal was initiated by Terra co-founder Do Kwon in a bid to fund new services in the Terra ecosystem. These would include Ozone, an insurance protocol that “facilitates levered coverage of technical failure risks” in any decentralized finance (DeFi) protocol on Terra.

The move marks one of the largest burns of a major layer-one token in cryptocurrency history, according to Terra’s official Twitter account. Terra is the fourth-largest smart contract blockchain by total value locked, with over $11.3 billion.

LUNA is part of an algorithmic balancing system that helps stablecoins running on the Terra blockchain maintain parity with fiat currencies.

SEC Stops First Legal DAO’s Token Registrations

The U.S. Securities and Exchange Commission (SEC) has stopped Wyoming-based decentralized autonomous organization (DAO), CryptoFed, from registering its two tokens Locke and Ducat over alleged “misleading” information on an SEC filing.

CryptoFed touts itself as the first legal DAO out of Wyoming after the state passed a heavily debated law allowing DAOs to seek state charter and official recognition as limited liability companies.

In an S-1 filed with the SEC in September, CryptoFed formally requested recognition from the regulator, and attempted to register its two tokens. The group registered to use the tokens in a secondary market and refundable auctions at sales above initial value.

Locke was supposedly set to be used for governance, while Ducat was for transactions.  The SEC alleges CryptoFed failed to “contain certain required information about the two tokens as well as about American CryptoFed’s business, management, and financial condition, including audited financial statements,” in a form it filed.

The SEC also deemed the form had “inconsistent statements” about whether the tokens were securities. Administrative proceedings will now follow to determine whether to deny the registrations.

Chart of the Week: ETH Mining Pool Distribution

In late September, Ethereum mining pool ‘Sparkpool’ shut down, giving the rest of top miners a higher market share. Sparkpool was launched back in 2016 and shut down in response to regulatory changes in China.

Ethermine remained the largest ETH mining pool with 25% share, an increase from 21.5% in September. This was followed by unknown miners, who held 21.8% of the hashrate, and F2Pool, with 20.5%.

The dominance of the top five known pools reached 65.4%, up from 62.1% in September.

Find out more about CryptoCompare’s research in the link below.

$INU Token - An Alternative to Shiba INU With a Versatile Ecosystem

INU Token is a deflationary token with built-in transaction tax and real use case uses across various decentralized products and services within INU`s ecosystem, including a rewards-based staking platform.

On each transaction made, 0.5% are burnt and another 0.5% are distributed to INU token holders as a reward, to incentivize token holding. Unlike most of the projects, INU has created the platform’s architecture that serves as a general proxy routing all of the users from the same contract and allows them to save more on fees. Just a single fee grants access to all products.

The team has developed a diamond architecture based on the EIP-2535 token standard to allow its smart contracts to be upgradeable and add new features that will benefit users as these become available. Users will also, through an easy-to-use interface, be able to create their own smart contracts without any coding skills being necessary.

The INU project is run through a decentralized autonomous organization-like system wherein users can join the platform’s social media groups and vote to participate in the development of the platform. 

$INU’s Ecosystem

INU’s ecosystem is expanding through a number of new platforms that already include a cryptocurrency exchange – the INU Exchange. Apart from the exchange, the team is working on:

• INUSwap - Host liquidity pools and possible swaps with new and exciting Defi protocols
• INU NFT marketplace - allows user to create and trade NFT collections with an added advantage: a part of the fees is redistributed to its users; 2% fee will be attributed to the marketplace, where 1% will directly feed our self-feeding staking platforms
• CasINU - Host a decentralized casino that allows users to play a range of single and multiplayer games
• INUtility: Useful Defi utility functions, like multiple-transfer for any ERC-20/721/1155, self-creation of a token, and many more
• Staking: Pools of ETH 2.0 staking that allows users to be validators even when having less than 32 Ethereums
• INU on BSC: To take advantage of the low fees of BSC and the EVM compatibility, the token will soon be launched on the Binance smart-chain

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