BlockchainReporter News Review: Cryptocurrency Developments and Resilience

In the rapidly evolving landscape of the cryptocurrency world this past week, several noteworthy developments unfolded. Various partnerships and advancements showcased innovation and collaboration within the industry, while efforts to enhance user experience and security were notable. PancakeSwap, a popular and inexpensive crypto exchange, partnered with Chainlink to improve its features. Chainlink Data Streams and Automation on Arbitrum aim to improve precision and neutrality, solidifying PancakeSwap’s multidimensional platform with NFT collectibles and more prediction market options. Meanwhile, Alchemy Pay and BakerySwap partnered to improve cryptocurrency transactions and DeFi/NFT trading. BakerySwap’s integration of Alchemy Pay’s fiat On-Ramp technology makes cryptocurrency purchases easy, showing its commitment to crypto supporters.

OKX Wallet also advanced Web3 by adding Aptos Names, which replace complex blockchain addresses with memorable domain names. OKX’s user-focused strategy provides a seamless Web3 experience and improves decentralized application accessibility. Velo Labs gained stability and security by partnering with TrueUSD. TUSD secured USDV, their stablecoin. Finally, the Shiba Inu community increased token burning, demonstrating their commitment to deflationary SHIB tokens. These achievements indicate a promising future for cryptocurrencies, marked by innovation, collaboration, and user-centered improvements.

PancakeSwap Partners with Chainlink to Enhance Prediction Markets

PancakeSwap, a simple, low-cost crypto exchange, has teamed with Chainlink to improve its prediction markets. The agreement incorporates Chainlink Data Streams and Automation on Arbitrum into PancakeSwap’s platform to improve prediction market accuracy and impartiality. PancakeSwap needed a reliable oracle to provide market data for its prediction markets quickly and freely. After thorough research, the platform chose Chainlink Data Streams as its oracle.

It guarantees fast, decentralized price determination in a fraction of a second, giving prediction market participants accurate and timely information. Chainlink’s partnership improves PancakeSwap’s prediction markets and services. PancakeSwap, known for its low-cost asset exchanges and token staking rewards, now offers NFT collectibles and more prediction market options to its varied user base. PancakeSwap uses Chainlink’s infrastructure to strengthen its Oracle solution, boosting confidence and preventing tampering in its decentralized exchange system.

BakerySwap Integrates Alchemy Pay for Seamless Cryptocurrency Purchases

Alchemy Pay and BakerySwap, two renowned blockchain firms, have joined to ease crypto buying and promote DeFi and NFT trading. BakerySwap now integrates Alchemy Pay’s fiat On-Ramp service, making it easy to buy cryptocurrencies like $BAKE, the native currency. BakerySwap is adaptable for cryptocurrency aficionados because it specializes in DeFi and NFT on the BNB Chain and Ethereum. The platform offers AMM Dex, Liquidity Farming, Launchpad, NFT Swap, and Marketplace.

The simple Alchemy Pay On-Ramp service allows customers to buy cryptocurrency with cash. Over 300 global payment methods and numerous blockchain networks are supported. More than 173 countries and 50 fiat currencies accept it. Alchemy Pay is attempting to obtain licenses for financial and payment services in the US, Canada, and Indonesia. It earned an Iowa MSL license recently. MasterCard and Visa trust this regulatory compliance and security policy. This agreement helps BakerySwap achieve its goal of smooth transactions across financial and geographical boundaries.

OKX Wallet Teams Up with Aptos Names for Web3 Revolution

A groundbreaking update to OKX Wallet simplifies blockchain technology for users. OKX, a leading Web3 company, announced the integration of Aptos Names into its wallet services today, revolutionizing the customer experience. The strategy replaces complex blockchain addresses with memorable domain names, addressing a common criticism. This feature is significant for OKX Wallet users since it lets them use domain names instead of alphanumeric addresses to interact with decentralized applications (DApps).

OKX Wallet partners with Aptos Names to improve Web3 user experience. This collaboration intends to smooth blockchain interactions for more people. This alliance considerably simplifies Web3 for beginners. The user-friendly way makes DApps more accessible, streamlines transactions, and reduces address entry errors, improving security. Download the OKX Wallet web extension on Chrome and Firefox to use this innovative functionality. OKX’s frictionless integration process shows its commitment to providing a hassle-free Web3 experience and making blockchain interactions as easy as browsing the internet.

Velo Labs Strengthens Stability with TrueUSD Partnership

Velo Labs has taken a major step towards enhancing stability and user security by announcing a strategic partnership with TrueUSD (TUSD). It is a well-established USD-pegged stablecoin known for its on-chain attestations. Velo has made progress, but the company is committed to being a trusted provider of Web3-based financial solutions. The relationship with TrueUSD uses TUSD as collateral in Velo’s Web3+ Ecosystem to stabilize USDV, its native stablecoin. This link boosts stablecoin security. Velo Labs plans to provide multi-chain interoperability in 2024.

Velo’s Universe OTC market allows TUSD cross-chain trading. Using TUSD in Velo’s Web3+ Ecosystem to settle remittances is a major benefit of this collaboration. Remittance operations using TUSD should optimize and enhance efficiency, especially cross-border transactions. Velo’s popular cryptocurrency payment gateway, Orbit, will benefit from TUSD, making transactions easier for businesses and customers. Velo wants to simplify crypto transfers worldwide with this effort.

Shiba Inu (SHIB) Witnesses Over 262% Surge in Token Burning

The Shiba Inu (SHIB) community has seen a 262.32% increase in token burning in the past 24 hours. Shibburn, a website that tracks Shiba Inu burns, said that 50,727,264 tokens were burned during this time, showing the community’s commitment to reducing SHIB token circulation. The SHIB community burned 193,690,722 tokens last week. Despite this large sum, weekly spending dropped 97.94% from the prior week. Most Shiba Inu token-burning actions add to the coin’s deflationary nature. This advancement has placed SHIB close to gaining a spot in the list of best crypto to buy now.

Lucie, the Shiba Inu team’s marketing specialist, presented crucial information on WoofSwap, a Shibarium-based DEX. While WoofSwap’s position in SHIB burning was not disclosed, Lucie stressed its importance in supporting Shiba Inu’s vital efforts. The Shiba Inu community actively shapes coin dynamics.