Sui Blockchain Hits $1B TVL, Bitwise Hints at XRP ETF, StealthEX Giveaway
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Sui Blockchain Integrates SCION to Combat Internet Routing Attacks
Sui, a leading Layer 1 blockchain known for high performance and limitless scalability, has announced a groundbreaking security upgrade. The platform will become the first blockchain to provide its validators with full protection against Internet routing attacks that have plagued other networks. By integrating SCION, a next-generation networking technology, Sui aims to address risks inherent in the Internets infrastructure.
The Internet currently relies on the Border Gateway Protocol (BGP), developed in the late 1980s without modern security considerations. This outdated protocol allows malicious actors to reroute traffic, leading to data theft or service disruptions. Notable incidents include the 2018 attack on MyEtherWallet, where hackers stole over $17 million in Ethereum by redirecting DNS traffic.
SCION offers a solution by enabling cryptographic protection against unauthorized traffic rerouting. With SCION, Suis validators can choose secure paths for data transmission, preventing attackers from hijacking network traffic. This enhancement boosts the networks resilience, ensuring higher availability and robustness against Distributed Denial of Service (DDoS) attacks.
Bitwise Registers Delaware Trust, Signaling Potential XRP ETF Plans
Bitwise Asset Management registered a trust entity in Delaware, hinting at possible plans to launch a spot XRP Exchange-Traded Fund (ETF). CEO Matthew Hougan confirmed the registration, drawing attention from the crypto community. This move may indicate Bitwises intention to file for an XRP ETF in the future.
On September 30, Bitwise registered the trust, listing CSC Delaware Trust Company as its registered agent in Wilmington. This action appears on Delawares Division of Corporations website. However, it doesnt guarantee an immediate filing with the U.S. Securities and Exchange Commission (SEC). The approval process could take months due to regulatory challenges.
Ripple Labs, the company behind XRP, continues its legal battle with the SEC. The agency accused Ripple of raising $1.3 billion through unregistered XRP sales, labeling XRP as a security. A recent settlement has led many investors to believe that the path to an XRP ETF is becoming clearer.
Brad Garlinghouse, Ripples CEO, called an XRP ETF inevitable. He noted that the introduction of Bitcoin and Ethereum ETFs in the U.S. could pave the way for other cryptocurrency ETFs, including XRP. Despite this optimism, uncertainty remains. The SEC has until the end of the week to decide whether to appeal the Ripple decision. An appeal could delay the approval of XRP ETFs, potentially pushing timelines into 2025.
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Sui Blockchain Reaches $1 Billion in TVL, Climbs to 8th Largest Globally
Sui, a high-performance Layer 1 blockchain with infinite horizontal scaling, has surpassed $1 billion in Total Value Locked (TVL), according to data from DeFiLlama. This milestone reflects a staggering 2,700% growth in TVL over the past year. Suis innovative features, like its central limit order book DeepBook, have fueled this rapid expansion.
Founded by the team behind Metas former Diem crypto project, Sui now ranks as the 8th largest blockchain by TVL. It has overtaken established networks like Polygon and Optimism. This achievement signals growing demand within Suis Decentralized Finance (DeFi) ecosystem. Leading lending protocols such as NAVI, Suilend, and Scallop Lend, along with decentralized exchanges Cetus and Aftermath, are experiencing increased activity.
Holding over $400 million in stablecoins, Sui also ranks in the top 10 for weekly decentralized exchange trading volume. The network recently partnered with Circle to natively support the USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP). This places Sui among a select group of non-EVM chains offering this capability.
SEC Approves BNY Mellons Expansion into Crypto Custody Services
The U.S. Securities and Exchange Commission (SEC) has authorized Bank of New York Mellon (BNY Mellon) to broaden its crypto custody offerings beyond exchange-traded funds. SEC Chair Gary Gensler announced the approval after speaking at the Federal Reserve of New York. This move could challenge Coinbases position as the leading digital asset custodian for spot Bitcoin ETFs.
BNY Mellon, managing over $2 trillion in crypto assets, can now provide custody services for a wider range of digital currencies. The bank proposed a method to the SECs Office of the Chief Accountant to safeguard Bitcoin and Ethereum while protecting customer funds in case of insolvency. The SEC issued a no-objection response, allowing the bank to secure digital assets without listing them as liabilities. This simplifies the banks ability to offer custody services and comply with regulations.
Gensler noted that BNY Mellons crypto custody model isnt limited to specific assets and could apply to other cryptocurrencies. The approval enables the bank to expand its custody services, and other financial institutions might adopt similar models to manage additional digital assets.
The SECs approval requires BNY Mellon to use individual crypto wallets, ensuring customer assets remain separate if insolvency occurs. While the bank must consult the Office of the Chief Accountant for each new case, this development gives BNY Mellon a competitive edge in the rapidly growing crypto custody market, estimated at $300 million and expanding by 30% annually.
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Over the past year, StealthEX has expanded its presence in the industry, making this milestone an opportunity to give back to its community. Each day of the challenge, the platform will partner with well-known cryptocurrency projects, including Shiba Inu (SHIB), Bad Idea AI (BAD), SUNCAT (SUNCAT), Kishu Inu (KISHU), Vita Inu (VINU), and BabyDoge (BABYDOGE).
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This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.
CryptoDaily Ripple SEC SUI XRPThe post Sui Blockchain Hits $1B TVL, Bitwise Hints at XRP ETF, StealthEX Giveaway first appeared on StealthEX.
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