30s Summary

Donald Trump’s recently launched token saw low uptake, with one-day trading yielding only $12.7 million, leaving $287 million untouched. There are concerns about decentralization in Ethereum’s network, as two block builders produced over 88% of the main blocks. The crypto game developer Fracture Labs is suing Jump Trading for alleged misuse of their DIO gaming token. Meanwhile, allegations of insider selling have overshadowed the impressive rally of the Sui token. Despite these developments, majority of the top 100 cryptocurrencies ended the week positively.

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So, despite all the buzz, Donald Trump’s newly launched token didn’t exactly take off. After one day of trading, it only made about $12.7 million in sales, leaving $287 million worth of tokens untouched.

In the broader world of crypto, there’s a bit of worry circulating around Ethereum’s centralization. Apparently, two block builders produced more than 88% of the main blocks during the first half of October. That’s got some folks nervous.

Now, onto why Trump’s World Liberty Financial token didn’t exactly soar high. Trump launched this token on Oct. 16 — the idea was to let investors gain rights to vote over a future decentralized finance (DeFi) protocol. Sounds fancy, right? But turns out, in a day of trading, it barely made a dent. Only 848.63 million WLFI (which equates to $12.7 million) were sold, leaving a whopping 19.1 billion coins (or $287 million) untouched. This meant that only about 4.24% of the total potential sales were actually sold.

And about Ethereum: two block builders, Beaverbuild and Titan Builder, were responsible for the bulk of the blocks made in the first two weeks of October. That may seem like techie jargon, but it’s a big deal because it raises concerns about whether too much control is centered in a few hands on Ethereum’s network.

In other crypto news, beware of scam emails trying to trick you into activating a non-existent security feature they call “Ledger Clear Signing.” And in legal land, the crypto game developer Fracture Labs is suing Jump Trading for what they claim is usage of their DIO gaming token for a pump-and-dump scheme.

Finally, the triple-digit rally of the Sui token has been overshadowed by allegations of insider selling among crypto investors. And speaking of market trends, it looks like most of the 100 biggest cryptocurrencies ended the week on a high note.

Thanks for catching up with this week’s top stories! Stick around for more updates next Friday.

Source: Cointelegraph