#blockchain

Sonic, a Layer 1 blockchain (formerly Fantom), is gearing up to distribute its new S token to loyal users through a unique airdrop. Sonic Labs will release about 200 million tokens, incorporating a deflationary mechanism based on a linear burn model.

The global payment system Swift is set to start testing digital asset transactions via its network in 2025. Having experimented with blockchain technology for a while, Swift is now preparing to conduct trials with banks. The initial tests are planned for Europe, North America, and Asia.

At the end of September, Ripple got a major update related to its Ripple USD (RLUSD) stablecoin. The blockchain payments company minted 800,000 RLUSD, or 99% of the total supply in 24 hours, according to an X post by XRP Ledger validator Vet.

Immunefi, a blockchain security company, reported a 40% drop in stolen crypto assets in Q3 2024 compared to the same period last year, with losses totaling around $413 million. There were 34 successful breaches or scams during this period.

Blockchain researcher ZachXBT revealed details of a $243 million fraud operation. This led to the arrest of several suspects and the freezing of funds' portion. The victim was a lone creditor from the Genesis platform, and the main culprits were Greavys (Malone Iam), Wiz (Veer Chetal), and Box (Jeandiel Serrano).

Treasure DAO, which is set to launch its own gaming network, is considering migrating to the Layer 2 blockchain ZKsync instead of Arbitrum, citing a more suitable infrastructure for decentralized games. A vote is scheduled for September 17 to allow users time to discuss the proposal.

Visa, the leading company in the banking payments sector, is working on a solution to tokenize traditional assets on the blockchain. The Visa Tokenized Asset Platform (VTAP), a platform for creating tokens on Ethereum, was announced in a report published on October 3, 2024.

Raydium, an Automated Market Maker on the Solana blockchain, has announced a new feature enabling transfers from EVM networks to Solana.

The non-profit Cryptocurrency Open Patent Alliance (COPA), in collaboration with Unified Patents, launched the Blockchain Zone initiative to combat patent trolls — non-practicing entities (NPEs) that acquire patents to profit from legal actions rather than to innovate.

Chainalysis CEO Michael Gronager predicts that within the next five years, governments will increasingly leverage AI to uncover financial crimes on the blockchain, including tax evasion. This initiative is expected to be coordinated rather than fragmanted across various agencies.

Bloomberg reports that Dragonfly Capital, a crypto-focused venture company, is preparing to raise $500 million for a new fund aimed at early-stage blockchain projects. So far, over $250 million has been secured, with the full fundraising expected to be completed by the first quarter of 2025.