Tether Scraps Plans to Launch its Own Blockchain for USDT Tether Holdings, the issuer of the world’s largest stablecoin USDT, has decided to scrap plans to launch its own blockchain. The decision is driven by a saturated market and the principles of supply and demand, Paolo Ardoino, chief executive officer at Tether, said in an interview with Bloomberg News. Ardoino explained that despite Tether’s strong technological capabilities, the market is already crowded with blockchains. “We are very good in technology, but I think blockchains will become almost a commodity in the future,” Ardoino stated.
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30 Solana celebrity memecoins launched in June; most are dead Celebrity memecoins on Solana have become a dime a dozen this cycle, but data shows investors hardly see returns. Solana last month as popular figures capitalized on the speculative investment culture gripping one of crypto’s largest ecosystems. Memecoins are a play on popular culture, combining funny images and social media themes with decentralized tokenomics to issue hype-driven cryptocurrencies. Celebrities like Andrew Tate, Caitlyn Jenner, Davido, Iggy Azalea, Jason Derulo, and 50 Cent have indulged in the celebrity meme meta. Public status has done little to ensure success in the web3 world. A Jupiter exchange team member said meme tokens backed by celebrities showed an average decline of 94%. Half the coins are down 99% from the highs within 30 days of launch. Tokens from Tate, Jenner, and Azalea have faired best, with declines within the 70-80% range.
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What is an initial DEX offering? An initial DEX offering is a method crypto projects use to raise funds through decentralized exchanges, also called DEXes. These are crypto exchanges where users can buy and sell crypto, but unlike a traditional exchange, there is no centralized authority or team in charge of the project. Crypto trades are handled automatically using smart contracts, and the community of a DEX provides the necessary liquidity by staking their own funds for rewards. An IDO allows crypto projects to list their project token on one of these DEXes, with proceeds from the sales going towards funding the project. Users typically buy these tokens in the hope that they will increase in value as the project grows. Of course, this practice buying an asset in the hopes that the associated project will increase in value and therefore pay out dividends to the investor falls under murky regulatory territory, with the US SEC often viewing IDO tokens as securities.
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