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Crypto News Digest - Quick-read versions of cryptocurrency updates

Circle to end support for $313 million USDC on Tron amid compliance push

Circle, the issuer of USDC, halts its support on the Tron blockchain to enhance compliance and safety, affecting $313 million in assets. This strategic move, focusing on maintaining USDC’s integrity, comes amid distancing from terror financing allegations and plans for going public. Support transfers to other blockchains will continue until February 2025, highlighting Circle’s commitment to legal standards and market leadership.

Dogecoin transaction volume flips Ethereum amid DRC-20 token fever

In a historic crypto market twist, Dogecoin’s transaction volume has eclipsed Ethereum and Bitcoin, recording over 4 million transactions in just two days, driven by the novel DRC-20 tokens. This surge showcases Dogecoin’s blend of humor and utility, though it raises questions about network congestion. The event underscores the crypto market’s unpredictable nature, where innovation and community can dramatically shift dominance.

dYdX Layer 1 chain launched on Cosmos SDK

The dYdX Chain’s leap to a Layer 1 blockchain with Cosmos SDK on Oct. 26 revolutionizes the DYDX token by introducing staking, heightened security, and streamlined governance. Transitioning from Ethereum’s governance token to a robust Layer 1 asset, it promises significant rewards for stakeholders, setting new standards in DeFi utility and governance.

Analyst Predicts XRP To Hit $1.88 Amid Price Rebound

In the crypto buzz, XRP’s rebound has experts buzzing, with Dark Defender’s eye-catching forecast using Elliott Wave theory predicting a surge to $1.88, with potential peaks at $5.85 and $18.22. Despite past forecast misses, this bold outlook reignites XRP market speculation, suggesting significant growth opportunities for investors.

VeChain scores new partnership while VET tumbles

VeChain partners with Anhui Tea Industry Association, revolutionizing China’s $7.1 billion tea market with blockchain for enhanced production and transparency. Despite this groundbreaking move, VeChain’s price faces a downturn. This partnership could redefine agricultural supply chains, involving 670 enterprises in a major step towards tech-driven efficiency in traditional sectors.

NEAR Protocol feels a boost following Alibaba Cloud partnership

NEAR Protocol’s value surged to $1.60 after a groundbreaking partnership with Alibaba Cloud, aimed at boosting blockchain infrastructure in Asia and the Middle East. This collaboration, enhancing Web3 development through Alibaba’s Blockchain Operating System, marks a strategic move in blockchain adoption and positions Alibaba Cloud as a pivotal player in the tech ecosystem.

XRP leads large caps as market recovers recent losses

The crypto market surged to $1.14 trillion, with XRP shining after a positive SEC lawsuit turn and a strategic acquisition, hinting at a resilient and evolving sector. RenderToken’s 17.5% jump contrasts with Axie Infinity’s 6.1% fall, spotlighting the market’s dynamic nature and potential for growth amidst volatility.

Beam jumps 20% as it expands gaming ecosystem from Avalanche to Immutable zkEVM

The Merit Circle DAO and Immutable collaboration propels the Beam gaming ecosystem from Avalanche to Immutable zkEVM, leveraging Polygon’s tech for broader reach and enhanced gaming. This partnership introduces advanced web3 solutions, boosting studio revenue and player engagement, and has fueled a 20% Beam value surge, with user base skyrocketing to 110,000. A transformative move setting new industry standards.

Coinbase’s Base leverages Chainlink technology to enhance developer capabilities

Ethereum’s Base revolutionizes smart contracts by integrating Chainlink Automation, slashing gas fees by 90%. This upgrade offers developers advanced, cost-efficient tools for building scalable apps, propelling Base’s ecosystem with a $450 million peak value and a robust transaction rate. A significant leap towards enhancing Web3 adoption and functionality.