Weekly Updates

Caddi Weekly Update - April 27th

UPDATE: Voyager-Binance US deal falls apart. Solana Labs Launches ChatGPT Plugin to Revolutionize Blockchain Data Retrieval. Circle expands USDC universe with cross-chain transfer protocol for Ethereum and Avalanche.
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Voyager Deal No More

Cryptocurrency exchange Voyager has announced that its $1 billion deal to acquire Binance US has fallen apart, with Binance US reportedly sending a letter to Voyager terminating the deal. The two companies originally announced the deal in February, with Voyager set to acquire Binance US for a mix of cash and stock. The deal would have created a major player in the US cryptocurrency market, with Voyager gaining access to Binance US's trading platform and other resources.

While no reason was given for the termination of the deal, rumors suggest that regulatory concerns may have played a role. The US government has been cracking down on the cryptocurrency industry in recent months, with many exchanges and other crypto businesses targeted over concerns about money laundering, fraud, and other illegal activities.

The news of the deal falling apart has had a significant impact on the price of Voyager's stock, which fell more than 15% in after-hours trading following the announcement. The news also highlights the challenges facing companies in the cryptocurrency industry as they try to navigate a rapidly evolving regulatory landscape.

Solana and ChatGPT Are Taking Over Blockchain Data

Solana Labs has developed a plugin that allows artificial intelligence (AI) models to access blockchain data for training and prediction. Called the ChatGPT plugin, it can retrieve data from the Solana blockchain to help train AI models to understand natural language processing. Solana Labs has said that the plugin can be used for a variety of applications, such as predicting the outcome of sports matches or analyzing financial data. According to the CEO of Solana Labs, the plugin is "the first step in an exciting journey to connect machine learning to blockchains" and could help drive the growth of the AI and blockchain industries.

The plugin works by allowing AI models to interact with the Solana blockchain via chat commands. The AI can ask questions and receive answers in natural language, allowing it to understand the data and use it for training. The ChatGPT plugin is based on the GPT-3 language model developed by OpenAI, which has been trained on vast amounts of text data and is capable of generating human-like text.

The integration of AI and blockchain technology has been a growing trend in recent years, with many companies exploring the potential benefits of combining the two technologies. By allowing AI models to access blockchain data, companies like Solana Labs hope to create new opportunities for innovation and growth in both industries.

Circle Expands USDC Universe

Crypto finance company Circle has launched a cross-chain protocol, dubbed 'Pendle', for transferring its USDC stablecoin between different blockchain networks, starting with Ethereum and Avalanche. This will allow USDC holders to move their funds from one blockchain to another, avoiding the need to convert to other cryptocurrencies first.

Circle has been a key player in the USDC stablecoin market, with the cryptocurrency boasting a market cap of over $13 billion at the time of writing. The company has also been working to improve the usability and accessibility of USDC, with the latest move aimed at making it easier for users to move their funds between different blockchain networks.

The Pendle protocol is built on top of existing decentralized finance (DeFi) infrastructure, and will initially allow for the transfer of USDC between Ethereum and Avalanche. Circle plans to expand the protocol to support other blockchain networks in the future. The protocol also offers new ways for liquidity providers to earn yield on their USDC holdings by providing liquidity to the protocol.

The launch of Pendle comes as the DeFi space continues to grow rapidly, with the total value locked in DeFi protocols reaching over $100 billion earlier this year. By allowing for the seamless transfer of USDC between different blockchains, the protocol is expected to further enhance the utility of the stablecoin and drive adoption among users looking for greater flexibility in managing their crypto holdings.

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