Crypto Market Digest: Major Developments and Updates

Aptos Mainnet Goes Live with Exchange Support

Aptos, a Proof of Stake (PoS) Layer-1 blockchain developed by former Meta employees, has officially launched its mainnet after four years of development. The blockchain, which utilizes the Move language, Byzantine Fault Tolerant (BFT) consensus, and MoveVM for dApps, aims to process up to 160,000 transactions per second (TPS). Major exchanges like Binance, Coinbase, FTX, Huobi, and OKX have listed the APT token, and Web 3.0 infrastructure provider Ankr has partnered with Aptos to enable dApp development on its blockchain.

However, the launch has faced criticism over missing tokenomics details, slow transaction speeds, and temporary community channel closures.

Ripple Launches EVM-Compatible Sidechain for XRPL

RippleX has introduced an EVM-compatible sidechain on the XRP Ledger (XRPL), enabling Ethereum smart contracts to be deployed on the blockchain. The sidechain is currently in its testing phase, with plans to become permissionless in early 2023 and fully operational by Q2 2023. This initiative aims to bridge the XRP ecosystem with Ethereum’s robust smart contract capabilities.

Three Arrows Capital Under U.S. Regulatory Scrutiny

The SEC and CFTC are investigating Three Arrows Capital (3AC) for potential regulatory violations, including misrepresenting its balance sheet and failing to register with U.S. authorities. The collapse of 3AC in July, triggered by the Terra blockchain implosion, led to the insolvency of several crypto lenders.

Texas Regulators Investigate FTX US and Sam Bankman-Fried

The Texas State Securities Board is probing FTX US and its founder, Sam Bankman-Fried, over the offering of unregistered securities through yield-bearing accounts. The investigation could delay FTX’s $1.4 billion acquisition of Voyager Digital and may attract broader regulatory scrutiny.

Bitcoin Shows Recovery Signs

Bitcoin has rebounded alongside stocks, with the S&P 500 and Nasdaq Composite gaining 2.7% and 3.2%, respectively. Bitcoin’s price rose to $19,672, reflecting a 3.5% increase from recent lows. Long-term metrics, such as Bitcoin’s mean dollar invested age (MDIA) reaching an all-time high, suggest potential bullish signals.

These developments highlight the dynamic nature of the crypto market, with significant implications for investors, developers, and regulators.