The parent company of the popular cross-chain blockchain bridge Wormhole, Jump Trading, has stepped in to backstop funds in a move that could be preventing widespread damage in the Solana decentralized finance (DeFi) ecosystem.

Miami has received its first payout from the CityCoins project, a Stacks network protocol which generates revenue for cities by having residents mine their city’s tokens. The payout was $5.25 million.

Myanmar’s military government is reportedly planning to launch its own digital currency months after its shadow government started accepting Tether’s USDT stablecoin as its official currency. The digital currency is meant to boost the country’s struggling economy, according to Deputy Information Minister Major General Zaw Min Tun.

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Top stories in the Crypto Roundup today:

• Jump Trading Replaces Wormhole’s Hacked $320 Million
• Miami Receives First Payout from CityCoins Project
• Myanmar’s Military Government Plans Digital Currency Launch
• Crypto Market Movers – QSP, PRO, KNC
• Sponsored:  A Warm Welcome to Bybit - Worth up to $600 in Rewards

Jump Trading Replaces Wormhole’s Hacked $320 Million

The parent company of the popular cross-chain blockchain bridge Wormhole, Jump Trading, has stepped in to backstop funds in a move that could be preventing widespread damage in the Solana decentralized finance (DeFi) ecosystem.

Wormhole, one of the most popular bridges linking the Ethereum and Solana blockchains, was this week hacked for 120,000 ETH worth over $320 million. The attacker moved the majority of the funds on Ethereum, while keeping 40,000 wrapped ETH on Solana.

Jump Trading, a large crypto venture capital and trading firm, has now confirmed it covered the funds, preventing potential chaos on Solana’s DeFi ecosystem.

Cross-chain bridges work by taking an asset and locking it in a smart contract to then issue a parallel asset on the bridged chain. The incident could see ETH circulating on the Solana blockchain while being unbacked.

Miami Receives First Payout from CityCoins Project

Miami has received its first payout from the CityCoins project, a Stacks network protocol which generates revenue for cities by having residents mine their city’s tokens. The payout was $5.25 million.

CityCoins allows users to mine their city’s coin by sending STX tokens to a dedicated smart contract. Part of the mining funds are then sent to a city wallet, which the city can use as it sees fit. Mining for MiamiCoin started in August 2021, and has generated more than $22 million so far.

There is no formal partnership between the protocol and Miami. The payment was made as part of a gift agreement, with the city not being able to custody the wallet itself – which now has $15 million in it – due to Floridian laws barring cities from holding crypto in their balance sheets.

The payment was made in USD. Miami Mayor Francis Suarez has touted the potential of the protocol as an alternative revenue stream to taxation.

Myanmar’s Military Government Plans Digital Currency Launch

Myanmar’s military government is reportedly planning to launch its own digital currency months after its shadow government started accepting Tether’s USDT stablecoin as its official currency. The digital currency is meant to boost the country’s struggling economy, according to Deputy Information Minister Major General Zaw Min Tun.

The military government is undecided as to whether it should work with local companies to launch the digital currency. Myanmar’s economy shrunk 18% in the year ending September 2021, according to World Bank data.

Myanmar has been effectively ruled by a military government after its democratically elected party was ousted in a coup last year. The ousted party formed a shadow government, which in December recognized USDT as its official currency.

Crypto Market Movers – QSP, PRO, KNC

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Quantstamp (QSP) - The Quantstamp is a protocol that aims to create a scalable and cost-effective audit system for all smart contracts on the Ethereum network. The protocol will use the SAT solver software to verify the solidity of the program. In order to have the necessary computing power for the software, the Quantstamp will leverage a distributed network of participants.

Kyber Network (KNC) - KyberNetwork is an on-chain protocol which allows instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, ZCash) with high liquidity.

Propy (PRO) – PRO is an ERC-2 token that powers Propy, a platform for international real estate transactions. PRO is used to pay for platform fees such as modifying and creating title and deed contracts.

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