🏹 Robinhood adds support for AVAX and XLM

🏹 Robinhood adds support for AVAX and XLM 💀 Hodlnaut halts all withdrawals and deposits ✋ Vitalik Buterin isn't expecting ETH PoW to have “substantial, long-term adoption”

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However, if you're more of a "lay low and let the world come to you" type, we've got the latest stories right here:🏹 Robinhood adds support for AVAX and XLM💀 Hodlnaut halts all withdrawals and deposits✋ Vitalik Buterin isn't expecting ETH PoW to have “substantial, long-term adoption”

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Robinhood adds support for AVAX and XLM

The crypto world was abuzz with excitement on Monday, as popular trading platform Robinhood announced the addition of two new digital assets to its platform. Avalanche's AVAX token and Steller Lumen's XLM are now both available to trade on Robinhood, and investors responded positively to the news, with both tokens seeing price increases.

Robinhood CEO Vlad Tenev recently spoke about the addition of new cryptocurrencies to the platform, saying that the firm prides itself on offering a wide range of digital assets to its users. He went on to say that some other platforms might be inadvertently offering securities to investors – alluding to Coinbase's recent troubles with the SEC – who are unaware that they are investing in regulated assets. This is not the case with Robinhood, which only offers decentralized assets that are not subject to SEC regulation. This commitment to offering only truly decentralized assets makes Robinhood the best choice for those traditional traders who are looking to dip their toes into the world of cryptocurrency.

XLM and AVAX have managed to hold onto their gains, as both tokens are still in the green today, outperforming the likes of bitcoin and ether. It remains to be seen how long this positive performance will last, but for now, investors are certainly happy with the addition of these two new assets to Robinhood.

Hodlnaut halts all withdrawals and deposits

It seems that the crypto lending crisis is far from over. The latest victim is Hodlnaut, the Singapore-based crypto lending platform has announced that it is suspending all withdrawals and deposits, blaming market conditions and lack of liquidity.

In an official announcement made on Aug. 8, Hodlnaut stated that market conditions have forced it to suspend its services and that it is actively working on recovery plans. Hodlnaut also announced that it has withdrawn its regulatory license application in Singapore, and as a result, it would no longer be able to offer any token swaps features.

The official announcement read:

"We are actively working on the recovery plan that we hope to provide updates and details on as soon as permissible. We are consulting with Damodara Ong LLC on the feasibility and timelines of our intended execution plan and are strategizing our recovery plan with our users’ best interests in mind."

This is no surprise to anyone who has been following the crypto lending space, as it has been embroiled in scandal and controversy for the past few months. The first big blow came when Celsius, the largest crypto lending platform, announced that it was suspending all withdrawals and deposits due to a lack of liquidity. This was followed by a string of other companies such as 3AC, Zipmex, and Voyager, all announcing similar suspensions.

Nobody knows how this will end, what we do know, however, is that the crisis is far from over and more platforms are sure to succumb to the pressure.

Vitalik Buterin isn't expecting ETH PoW to have “substantial, long-term adoption”

With all eyes on Ethereum’s potential proof-of-work fork, co-founder Vitalik Buterin has come out to say that the fork is unlikely to have substantial long-term adoption.

The idea to fork Ethereum’s blockchain came about after popular Chinese crypto miner Chandler Guo said he would fork the network and call it “ETH POW.” The idea is that when the Ethereum blockchain transitions to a proof-of-stake network, these miners would create a fork of the network that ignores the update.

However, Buterin doesn’t see this fork gaining much traction in the long run. At ETHSeoul on Friday, Vitalik said: “I'm not expecting it to have substantial, long-term adoption.” Vitalik doesn’t it as organic and claimed that it’s just a “couple of outsiders that basically have exchanges, and mostly just want to make a quick buck.” It seems like he may be right given that the people behind this fork have been less than forthcoming about their motivations.

A potential fork could be useful to the miners, but it seems like a long shot that it would be widely accepted, and without users to generate transactions, there won't be any fees to pay the miners. It will be interesting to see how this plays out in the coming months. But for now, it seems like Buterin is right and this potential fork won’t amount to much.

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