Cross-chain protocol Wormhole has secured a $225-million investment at a valuation of $2.5 billion. According to the Nov. 29 announcement, the investment round was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital. The Wormhole Foundation also announced the launch of Wormhole Labs, which the company said “is an independent technology company that specializes in building products, tools, and reference implementations that help grow cross-chain activity and development.” Currently, its blockchain-to-blockchain communications technology is used to bridge assets, power oracle data feeds, and transfer nonfungible tokens. Wormhole was launched in 2021 and has since facilitated over $35 billion in transactions. Developers claim that the protocol processes over 2 million cross-chain messages across more than 30 chains every day. In February 2022, Wormhole was hacked for more than $321 million via an unauthorized minting glitch on its Ethereum–Solana bridge. Shortly after the incident, venture capital firm Jump Crypto pledged to replenish more than $320 million in funds lost during the hack. In May, investors of the former Terra ecosystem filed a lawsuit against Jump Trading, the high-frequency trading firm that owns Jump Crypto, alleging the firm and its CEO, Kanav Kariya, manipulated the price of TerraUSD to gain roughly $1.3 billion in profits. The allegations have not yet been proven in court.

Jito Foundation unveils governance token, JTO, for its Solana liquid staking protocol, planning to mint 1 billion tokens initially circulating 115 million. Token allocation: 34% community growth, 25% ecosystem development, 24.5% core contributors, and 16% investors. The Jito Foundation, a significant player in the Solana (SOL) ecosystem, has introduced a governance token named JTO for its liquid staking protocol on Solana. They aim to create 1 billion JTO tokens, with 115 million currently in circulation. This strategic step is geared towards decentralizing Jito Network’s governance, involving vital tasks like managing the JitoSOL staking pool, overseeing revenue, and handling the DAO treasury. Jito Foundation’s Token Distribution and Governance Model in Simple Terms The Jito Foundation carefully plans how it shares JTO tokens: 34% for helping the community grow, 25% for developing the ecosystem, 24.5% for those who contribute a lot, and the last 16% for investors. They’re also giving 10% to the Jito community through airdrops, so the community stays involved. The Jito Foundation wants everyone to be part of decisions, making governance modern and including the community more. Jito Labs, part of the foundation, works on making Solana safer from potential issues. Their Jito MEV network, used by over 40% of Solana, shows how strong and reliable the network is. To keep things open and accountable, the Jito Foundation has two independent directors and a supervisor from FFP Corporate Services. Webslinger, a crypto advisory firm, helps manage things. What’s cool is that people with tokens have the power to remove the supervisor and directors, making sure the foundation always listens to what the community wants. Jito Labs’ Strong Backing and Jito Foundation’s Transparent Governance Model Jito Labs gains significant support from the crypto community, with investments from Solana Ventures and Anatoly Yakovenko, Solana Labs co-founder. A recent $10 million Series A funding round, led by Multicoin Capital and Framework Ventures, cements Jito Labs’ position in the Solana ecosystem. Support from Alameda Research, Delphi Digital, and Robot Ventures reflects broad industry endorsement for Jito’s initiatives. The governance model of the Jito Foundation, anchored by its Constitution, Bylaws, Articles, and Memorandum of Association, promises further details in the future, emphasizing transparency and stakeholder engagement. Regular transparency reports will be a staple, ensuring all actions and decisions are open for scrutiny by stakeholders. The introduction of JTO tokens by the Jito Foundation marks a significant leap in the evolution of the Solana-based liquid staking protocol. By empowering community members and stakeholders in governance, the foundation sets a new standard for decentralized network management. With substantial support from key industry players and a clear commitment to transparency and community involvement, the Jito Foundation is poised to play a pivotal role in shaping the future of the Solana ecosystem. DISCLAIMER: This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader. #Solana

Jito Foundation is launching a governance token aimed at both managing and spurring the development of the Solana-based liquid staking protocol. Decentralized Empowerment In a significant move towards decentralized governance, Jito, the Solana-based DeFi platform, has introduced its new governance token, JTO. This token aims to facilitate the management of the Jito Network, marking a crucial phase in Jito's evolution.  Jito Labs, the entity behind Jito, specializes in building infrastructure to counter the adverse effects of maximum extractable value on Solana. The introduction of the JTO governance token aligns with the broader trend of decentralized platforms embracing governance tokens to empower their user communities with decision-making processes. The announcement follows the recent revelation by the Solana Foundation that nearly one-third of the stake is flowing through the Jito Labs client. In a Monday update, the Jito Foundation disclosed that the Jito MEV network of validators now handles over 40% of the Solana network's stake weight. Strategic Token Distribution The foundation conducted a critical snapshot on November 25, forming the basis for the airdrop, taking into account user activity up to that date.  A total of 1 billion JTO tokens have been minted to streamline network management tasks, such as setting fees for the JitoSOL staking pool and overseeing revenue and the DAO treasury. The initial circulation will involve 115 million JTO tokens. Notably, 34% of these tokens are earmarked for community growth, with 25% for ecosystem development, 24.5% for core contributors, and 16% for investors. Snapshot And Token Airdrop The foundation has also committed to airdropping 10% of the tokens, i.e., 100 million tokens, to Jito community members, recognizing their role in bootstrapping the network and ensuring their active participation in governance from day one. Community members are urged to stay vigilant for updates on this upcoming airdrop. While the specific timeframe for the completion of the airdrop remains undisclosed, the foundation plans to retain 250 million JTO tokens. Of these, 162 million will be allocated to investors, and the rest will be dedicated to core contributors, ecosystem development, and various community initiatives. Following DeFi Trends on Solana Jito Labs has garnered investment from notable entities, including Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs. In the previous year, the company successfully raised $10 million in a Series A funding round, further solidifying its position in the Solana ecosystem. Jito's strategic move mirrors similar initiatives by other Solana protocols, such as the Pyth network and Solana-based tokens like the JUP token. These developments underscore the dynamic and continually evolving nature of the DeFi space on the Solana blockchain, with governance tokens emerging as a standard tool to foster community involvement and drive platform growth. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

The Jito Foundation team announced the launch of the JTO token, designed to govern and encourage the development of a liquidity protocol based on Solana. The organization plans to issue 1 billion JTO tokens. According to representatives of the foundation, the initial circulating supply will be 115 million tokens. According to the developers of Jito Labs, the token will allow the community to make decisions that determine the future of the foundation. Community members will be able to influence delegation strategies, manage the treasury of a decentralized autonomous organization (DAO), and contribute to the development of the Jito decentralized finance (DeFi) platform running on the Solana network. The team allocated 34.3% for the community, 25% for ecosystem development. Investors will receive 16.2%, and the core team will receive 24.5%. The Jito Foundation plans to distribute 10% of the tokens as an airdrop. JitoSOL holders, validators and users of the Jito MEV service will be able to claim the reward. The project team noted that the reward will be distributed in the near future. $SOL #JTO

🆘 Brief market NEWS on Tuesday - NOVEMBER 28 UPDATE + Bitcoin hovers around $37K, altcoins in the red as US stocks pause after 4 weeks of acceleration. + CZ detained in the US while awaiting court consideration of the Department of Justice's proposal. + Thanks to the ETF prospects, last week saw $346M flowing into crypto funds, the largest since the end of the bull season in 2021. + USDT market capitalization is approaching $89 billion, increasing by over $4 billion in the past month. + Tron (TRX) is mentioned as a preferred network for terrorist financing activities. + Binance will delist Tornado Cash (TORN), BitShares (BTS), PERL.eco (PERL), and Waltonchain (WTC) starting from December 7th. + Cosmos approves a proposal to reduce the ATOM inflation rate to 10%. The founder is dissatisfied and demands a new blockchain fork and airdrop for users. + Jito, a Solana-based project, announces a 10% airdrop of total supply to users who interact with the JitoSOL token and Validator. + Arkham offers a $43K bounty for anyone who can find the attacker of KyberSwap. + Binance Labs invests $3.15M in Open Campus; Animoca invests in the shooting game Farcana on Bitcoin. Follow Insider Trading with Onchain to get updates every day!💹

Magic Eden has announced the launch of a multi-chain compatible crypto wallet browser extension, aiming to simplify user interaction across different blockchains. Magic Eden, a leading player in the NFT marketplace, is taking a significant step towards a more integrated and user-friendly crypto experience with its upcoming crypto wallet browser extension. This development, as announced by CEO and co-founder Jack Lu, is designed to support a multi-chain world for NFTs, addressing the current fragmentation and complexity in managing digital assets across different blockchains. Introducing Magic Eden Wallet, a wallet made for Magic Eden users and cross-chain collectors.Beta version is now live and only available to a small group of early testers!Want to give it a try? You can get on the waiting list by downloading the extension and entering your… pic.twitter.com/5DsS5qhdlQ — Magic Eden 🪄 (@MagicEden) November 27, 2023 Currently, users engaging with multiple blockchains face the inconvenience of using several wallets, creating a disjointed experience. Magic Eden’s solution, beginning with a Google Chrome extension and with plans for Safari and a mobile app that could be available by next year, aims to streamline this process. The wallet will support Bitcoin, Ethereum, Solana and Polygon, the four blockchains currently integrated with Magic Eden’s NFT marketplace. A notable aspect of this wallet is its self-custody feature, requiring users to manage their seed phrases independently. This choice aligns with the ethos of web3, emphasizing decentralized ownership and control. While this approach resonates with the principles of crypto and NFTs, it does raise questions about user convenience and accessibility, particularly for those less familiar with such security measures. You might also like: Magic Eden welcomes BRC-20 tokens to its multi-chain platform Lu’s awareness of the challenges in the current crypto wallet landscape, including the conflicts arising from multiple browser extensions, indicates a thoughtful approach to design. The collaboration with Exodus aims to mitigate such issues. Additionally, the integration of cross-chain swaps, the ability to purchase crypto with fiat currency via MoonPay and NFT-focused features, such as cross-chain portfolio tracking and Bitcoin Ordinals support, are significant advancements. While the wallet’s self-custodial nature may be seen as a barrier to some, Lu hints at the possibility of integrating more user-friendly features like email login in the future, suggesting a balance between security and ease of use. Read more: Yuga Labs, Magic Eden unveil Ethereum NFT marketplace

Ripple Labs has transferred a portion of its XRP coins subsequent to receiving unfavorable news from Binance. The potential for a surge in the value of #ftx Token (FTT) arises as the network's administration contemplates the possibility of revitalizing the FTX exchange. Bonk is a pioneering Solana-based cryptocurrency that is designed to cater to the needs and interests of the general public. It distinguishes itself by allocating 50% of its overall token supply via an airdrop mechanism specifically targeted to the Solana community. Ripple Labs has seen an escalation in its token transactions in recent days, coinciding with the surge in value of XRP. According to some commentators, the intention behind this action is to enhance the trading volume of XRP by dispersing it over many exchanges. In other contexts, the FTX Token (FTT) is seeing a notable surge in value amidst speculative conversations about a potential strategy to revitalize its FTX trading platform. However, among other projects, none has garnered as much enthusiasm as Rebel Satoshi ($RBLZ), as its projected surge of 30% has taken investors by surprise. The idea first gained popularity because to its introduction of a meme currency with significant practical value. Does it possess the necessary qualities and attributes to be classified as a leading Initial Coin Offering (ICO) project? Let us engage in a discussion. #Ripple Labs has seen a notable surge in the movement of XRP tokens. On November 20, Whale Alert observed noteworthy XRP transactions conducted by Ripple Labs. According to the sources, Ripple Labs executed the transfer of around 200 million XRP tokens. The notable movement of the XRP token is a consequence of Binance's acknowledgment of its failure to detect and prevent money laundering activities on its platform. In light of the perplexity arising from the notable transactions conducted by large holders of XRP and the substantial penalty imposed on Binance, the market performance of XRP continues to exhibit positive growth. On October 29, the market price of XRP was recorded at $0.556. As of November 20th, the value of XRP saw a 4.3% increase, reaching $0.580. Binance's admission of guilt on money laundering allegations has the potential to raise inquiries about the business practices of Ripple. There have been suggestions by experts that XRP transactions may face more scrutiny from federal authorities. However, it is widely acknowledged that the positive market sentiment towards XRP is expected to persist. The authors of the study further assert that XRP has the potential to see a 24.1% increase, reaching a value of $0.720 by the beginning of 2024. The trading volume of FTX Token experiences a significant surge. FTX Token (FTT) had a notable surge in network activity on November 21, 2023, accompanied by a substantial spike in trade volume over $250 million. The market capitalization of FTX Token had a significant increase, reaching a value of $1.19 billion. The expansion of FTX Token's (FTT) network services coincides with the legal allegations confronting Binance. The increasing market demand for FTX Token has the potential to enhance the November surge of FTT. On November 1, the stock of FTT was valued at $1.275. On November 10th, the stock price of FTT had a significant increase of 243.9%, reaching a value of $4.270. As of November 21, the stock price of FTT had a decline of 22.9%, reaching a value of $3.290. Binance has admitted culpability in relation to accusations of money laundering, which include its former Chief Executive Officer, Changpeng Zhao. It is anticipated by analysts that the news would prompt investors to gravitate towards networks such as FTX token. In addition, experts anticipate that the FTX token (FTT) will leverage its increasing demand via strategies aimed at revitalizing its trading platform. In the event of such an occurrence, it is plausible that the FTX token may regain its position as one of the leading initiatives in the decentralized finance (DeFi) sector. The forecasted increase in #ftt is projected to be 32.0%, resulting in a value of $4.345. The #BONK project was introduced to the Solana community via a substantial Christmas airdrop in late 2022, coinciding with a significant decline in the price and emotion of Solana. Since its introduction, Bonk has seen significant growth, reaching a record-breaking milestone of 480,000 unique holders. This achievement positions Bonk as one of the most extensively distributed tokens within the Solana ecosystem. More than 100 applications use the $BONK framework. The primary objective of Bonk is to provide incentives to Solana users who demonstrate loyalty, while also supporting the development of applications that are only feasible on the Solana blockchain platform. Since the commencement of the year, the aforementioned token has consistently maintained its position as the most frequently exchanged asset on Solana, surpassing both Solana itself and USDC in terms of trading volume. The current market value of Bonk (BONK) is at $0.00000429, accompanied by a substantial trading volume of $30,609,091.89 throughout the last 24 hours. The aforementioned figures indicate a price surge of 7.47% over the previous 24-hour period and a substantial rise of 50.41% over the course of the last 7 days. Bonk, a cryptocurrency, currently has a circulating supply of 61 trillion units. This substantial supply contributes to its market capitalization, which is currently estimated at $261,324,871.

Many analysts expect another bull run for the cryptocurrency market in 2024. Researchers cite the next Bitcoin (BTC) halving and the possibility of a spot BTC ETF (Exchange Traded Fund) in 2024 as potential drivers for the next bull market. The probability of a bull run could see the entry of many new investors in the crypto space.While some investors may want to go for the heavyweights, such as BTC or Ethereum (ETH), others may want to start small. Hence, let’s look at some crypto tokens under $0.50 that could rally next year.Top 3 cryptocurrency projects under $0.50Cardano (ADA):Cardano (ADA) is one of the most popular altcoins out there. It is also one of the most developmentally active projects in the cryptocurrency space. Since January, ADA has surged by over 50%. Although rivals such as Solana (SOL) have risen by over 400%, ADA’s performance is still commendable.ADA reached its all-time high in September 2021, about two months before BTC’s peak. We may see a similar pattern in the next bull run as well.VeChain (VET):VeChain (VET) is another popular cryptocurrency with decent returns in 2023. Since January, the token’s price has surged by around 40%. VeChain (VET) is a supply chain-based project that is involved with a lot of climate and environment-related initiatives. Since we live in a climate-conscious world, VET has a lot of potential for growth in the future. The project has also collaborated with many global firms, such as Amazon.VET is currently down by over 90% from its all-time high, and the asset may touch those levels again in the next bull run.Shiba Inu (SHIB):Shiba Inu (SHIB) is one of the most popular memecoins in the cryptocurrency space. Although the token has struggled in 2023, analysts anticipate it to regain momentum in 2024. Moreover, the SHIB team is working on several new initiatives for the project that could bring more use cases for the popular cryptocurrency.SHIB is also down by over 90% from its all-time high, and many expect it to reach a new peak in the next bull run.Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this post/article includes personal opinions. Readers are encouraged to do thorough research before making any investment decisions. Decrypted Labs is not responsible for any financial losses.