Key Points:

• Digital Asset exchange Alliance (DAXA), will implement a virtual asset alert system from July 4.
• The early warning system includes five categories: price fluctuations, trading volume, spiked deposit volume, arbitrage, and concentrated trading of a small number of accounts.
• The alert system will focus on resolving the imbalance of user information by promptly informing the public of information that is not easily known through charts or order books.

According to Korean media reports, Digital Asset exchange Alliance (DAXA), which includes five major South Korean virtual asset exchanges, Gopax, Bithumb, Upbit, Korbit and Coinone, announced that the virtual asset alert system will start on July 4.​

A virtual asset alert system has been implemented. The early warning system includes five categories: price fluctuations, trading volume, spiked deposit volume, arbitrage, and concentrated trading of a small number of accounts. It is enabled through real-time monitoring by various exchanges.

It is known that if an item that matches the specific conditions of each alert system is detected, it will be reported as a badge in the trading window of that item, and it will be displayed in 24 hours maximum.

When considering differences in trading volumes, etc., the internal standards of each member company are followed within the scope of the conditions.

“The alert system of DAXA member companies is focused on solving the imbalance of user information by promptly notifying the public of information that is not easily known through charts or order books. We hope that this will be the case, and we will continue to work on upgrading the alert system.”

Jaejin Kim, executive vice president of DAXA, said.

It is known that this system was built after considering and reflecting the opinions of DAXA consultants. Since the council’s establishment in June last year, five member companies have jointly built this system. At the same time, the alliance also announced that it would release common standards for the final classification of support for crypto-asset trading (delisting).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Key Points:

• Launchpad Bitcoin Ordinals Platform Luminex has launched a new ordinal collection standard: BRC-69.
• With the BRC69, we can reduce the cost of inscriptions for Ordinals collections by more than 90%.
• Minters only need to inscribe a single line of text instead of an entire image.

Launchpad Bitcoin Ordinals Luminex has launched a new Ordinals collection standard, BRC-69, with simplicity at heart.

BRC-69 is a revolutionary standard for creating recursive Ordinals collections quickly. This standard will be the engine that launches recursive collections on Bitcoin.

BRC-69 can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process:

• (1) inscribe traits,
• (2) deploy collection,
• (3) compile collections,
• (4) mint assets.

The brilliance of BRC-69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions.

With this new standard, a perfectly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image-type Ordinals.

Furthermore, the BRC-69 offers great flexibility and allows for more improvements and features. For instance, launching collections with a fully on-chain pre-disclosure process is now possible. The new standard will be tested with upcoming launches on Luminex.

Scams and exploits became rampant as Ordinals introduced NFT-like digital media etching and later meme tokens on the Bitcoin blockchain. Last week, the Ordinals space saw an attack described by some users as the largest to date.

Earlier on June 9, a new meme token project called ORNG was launched through a fake website called “Luminux,” which many people mistook for Luminex.

Shortly after, Twitter users complained about their Bitcoin wallets being drained after signing a transaction to mint a new meme token. It is unclear exactly how much money was stolen in the attack, but the wallet involved in the scam obtained approximately 2.37 Bitcoins (worth around $63,000).

Luminex and Bitcoin wallet creation company Xverse are among the companies warning users about the scam and posting details on Twitter on how to avoid falling into the same trap.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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