Offchain Labs developers announced the official launch of Arbitrum One, the Ethereum scalability solution, causing the price of this cryptocurrency to increase by 10% on the markets. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Development and Technology
📍Offchain Labs launches Arbitrum One and secures $120 million in funding. The developers of Offchain Labs announced the public launch of the Ethereum scalability network Arbitrum One on Tuesday.
The scaling network is designed to offer high throughput on Ethereum and enable transactions with very low commission fees. Arbitrum One was launched in a developer beta version in May, and has since integrated more than 350 industry projects, including Uniswap y Sushiwap, two of the most important protocols in the DeFi ecosystem, also the oracle network chainlink, the block explorer Etherscan and even the social media and news aggregator Reddit.
In addition to this, the developers also announced a $120 million funding round, led by the firm Lightspeed Venture Partners. Other well-known investment firms in the industry also participated in the round, such as Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban Companies, among others.
Cryptocurrencies and altcoins
📍Ethereum grows by 10% and exceeds $3.700 per unit. The launch of the Arbitrum One scalability network boosted the price of Ethereum (ETH) to a new 3-month high, with a quote of $3.770 per unit at the time of this edition.
Ethereum's market cap exceeds $443.420 billion, a figure very close to 50% of the total market capitalization of Bitcoin (BTC), the industry-leading cryptocurrency.
Cybersecurity
📍Cream Finance will use a % of the protocol fees to reimburse users. The developers of the DeFi protocol hacked last Tuesday reported that they will reimburse affected users by allocating 20% of all protocol fees, until all lost assets are replaced in their dollar equivalent. The Cream Finance exploit caused a loss of value of $25,6 million.
The developers also said that they are willing to give 10% of the stolen funds to the hacker as part of their bug bounty program if the hacker contacts them and returns the stolen funds. They also say that they will pay 50% of the stolen funds as a reward to anyone who manages to find the person responsible for the Cream Finance hack.
Rules and Regulations
📍The International Monetary Fund warns El Salvador again about the risks of the Bitcoin Law. Via Twitter, the IMF reminded that the use and implementation of cryptocurrencies as legal tender may entail several risks. The IMF published an article acknowledging that although cryptoassets have many properties and characteristics to offer fast and cheap payments, but that the risks of their adoption at the national level as legal tender would bring greater risks than benefits.
El Salvador's Legislative Assembly recently approved a $150 million fund to boost the use and adoption of bitcoin in the country, guaranteeing citizens the ability to immediately exchange the cryptocurrency for US dollars.
📍New York could become America's new crypto haven. New York City mayoral candidate Curtis Sliwa is promising to make New York a more crypto- and digital asset-friendly city. On Twitter, the candidate revealed that he plans to modernize the economy and ensure that financial services are more accessible to everyone. Sliwa is relying on cryptocurrencies to boost the city’s economic development, and even noted that these digital assets can be used to pay taxes.
Among the plans mentioned by the Republican candidate are installing cryptocurrency ATMs throughout the city and encouraging local businesses to accept crypto assets as a means of payment.
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