Bitcoin scaler Stacks escapes SEC action

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📝 What you need to know

A second crypto project has been released from the scrutiny of the SEC, with Stacks—a Bitcoin scaling network—notified that it will not face enforcement action from the agency. The news comes the day after Paxos got a similar reprieve over BUSD, its Binance-branded stablecoin.

Meanwhile, as the price of Bitcoin largely held above $56,000 this week—trading at $58,150 as of writing—one analyst still sees a path for the top cryptocurrency to hit $100,000 by year’s end.

From Our Partner

Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”

Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates.

“Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps,” said API3 Strategy Lead Ugur Mersinlioglu, adding that it could enable dapps to recapture “multi-million dollar opportunities.”

Find out more here.

💬 Quote of the Day

“They erroneously believe that Trump is sincere and that if they just donate enough money,
Operation Chokehold Crypto will vanish.
That is poppycock.”

—Arthur Hayes, BitMEX Cofounder

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