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Stargate price surges as Wormhole floats acquisition bid
GameFi Guides

Stargate price surges as Wormhole floats acquisition bid

by admin August 20, 2025



Stargate price rose sharply as the Wormhole Foundation announced its intention to enter a bidding war for the cross-chain protocol.

Summary

  • Stargate price jumped by more than 10% amid news that Wormhole Foundation wants to acquire the cross-chain protocol.
  • LayerZero has bid $110 million for the protocol, but Wormhole feels this undervalues Stargate.

The price of Stargate (STG) jumped more than 10% to climb from lows of $0.1633 and hit $0.182 across crypto exchanges on Aug. 20.

STG, native to the cross-chain protocol Stargate, had dipped in the wake of the broader crypto downturn that saw top altcoins crash to support levels on Tuesday, Aug. 19.

However, as Bitcoin (BTC) bid to bounce above $114k and Ethereum (ETH) reclaimed the $4,300 level, Stargate’s price shot up. The double digit gains for STG however coincides with another development – a key announcement from the Wormhole Foundation.

Wormhole Foundation wants to acquire Stargate

Stargate has attracted the attention of Wormhole Foundation, the entity supporting the Wormhole (W) ecosystem. 

Specifically, it believes it can offer a better deal if it acquires Stargate instead of LayerZero (ZRO).

At the WF, we have respect for the @StargateFinance protocol, its team, and especially its holders. Stargate is a leader in multichain asset transfers. That’s why we’re stepping up with our intent to acquire Stargate – to ensure holders get the fair deal they deserve.

— Wormhole Foundation (@WormholeFdn) August 20, 2025

On Aug. 11, LayerZero outlined a bid to acquire Stargate, and on Aug.17, Stargate announced that a snapshot for the proposed acquisition was live.

Terms include a figure of $110 million, with all circulating STG set to be swapped for ZRO, a revenue-sharing model, and the transition of Stargate operations to the LayerZero Foundation.

Now, the Wormhole Foundation says Stargate should pause the snapshot and allow for a competitive bidding process that will offer a deal that reflects Stargate’s worth and growth potential.

LayerZero’s offer of $110 million in ZRO for about $76.47 million in stablecoins and $15.9 million in ETH, and the “permanent capture of all future protocol revenue,” is low for Stargate, the Wormhole Foundation contended.

“Treasury alone is ~$92M, excluding STG tokens, yet the proposed deal hands over assets and ongoing economic upside for only $110M in token consideration. It doesn’t create a compelling offer, which values Stargate’s ongoing business at an unreasonably low number,” they noted.

Stargate protocol growth

In requesting a pause to the snapshot, the platform said its request is because STG holders deserve to get a better deal.

“The current bid undervalues the protocol’s assets, brand, codebase, and team. We’re prepared to submit a meaningfully higher offer, and we believe a competitive process will drive even more value for everyone involved,” WF wrote.

Stargate’s snapshot vote was scheduled to end on August 24 at 00:15 a.m. GMT.

The STG token traded to highs of $4.28 in April 2022, but has struggled to hit these highs since. However, the Stargate protocol has experienced notable growth, with bridge volume up 10x since July 2024 and the protocol’s total value locked hitting $345 million.

Stargate has gone live across more than 80 chains.





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August 20, 2025 0 comments
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Figure Joins Crypto IPO Rush With Nasdaq Listing Bid Under FIGR

by admin August 19, 2025



Figure, the blockchain-powered lender founded by SoFi co-founder Mike Cagney, has filed with the Securities and Exchange Commission for an initial public offering as the latest entrant in a growing crypto IPO wave.

The company plans to list its Class A shares on the Nasdaq under the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities serving as lead underwriters.

Figure’s path to public markets has been years in the making. In 2021, it launched a special purpose acquisition company, Figure Acquisition Corp. I, with a $250 million raise aimed at acquiring growth-stage businesses using Provenance as an efficiency layer, however in the end this SPAC did not bring Figure to market.

A friendlier regulatory stance under the Trump administration and buoyant crypto and stock markets have set the stage for a surge of digital asset firms tapping the equity markets, including crypto exchange Bullish which is the owner of CoinDesk.

The company last month merged with Figure Markets, a blockchain marketplace also launched by Cagney that issues YDLS, a yield-bearing stablecoin structured as a tokenized money market fund.

Financials disclosed in the S-1 show revenue up 22.4% in the first half of 2025 to $190.6 million, with net income of $29 million compared with a $13 million loss a year earlier.

According to the filing with the SEC, proceeds from the IPO will fund working capital and potential acquisitions, with no dividends planned.



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August 19, 2025 0 comments
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NYC proposes 5 percent raise for rideshare drivers in a bid to appease Uber and Lyft
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NYC proposes 5 percent raise for rideshare drivers in a bid to appease Uber and Lyft

by admin June 20, 2025


New York City’s Taxi and Limousine Commission (TLC) have settled on new minimum-wage rules for rideshare drivers, Bloomberg reports. Drivers will receive a five percent raise under the new proposal, a compromise to keep Uber and Lyft from locking drivers out of their apps.

The proposal needs to be voted on by the TLC’s board of commissioners before it goes into effect, but assuming it does, it’ll end months of uncertainty for drivers working in the city. Uber began sporadically locking drivers out of its app in May 2024, preventing them taking rides and earning money. The company was blocking access to its app to avoid having to pay drivers who were working but not actively taking rides. Besides introducing a minimum wage for drivers that started around $18 per hour in 2022, New York also included stipulations in its law that required drivers be paid for the downtime between rides, something Uber and Lyft naturally had a problem with.

Bloomberg writes that the TLC initially proposed a 6.1 percent raise in an attempt to disincentivize Uber and Lyft from locking drivers out. The proposal would adjust how driver pay is calculated, in exchange for an upfront raise and a guarantee that drivers are warned before they lose access to a rideshare app. Settling on a five percent raise and a commitment to not raise wages yearly and instead based “changing industry dynamics,” is a further capitulation. One that’s still not enough for Lyft, apparently. The company told Bloomberg that, “while these changes are a step in the right direction, we still have concerns that the underlying pay formula will still deprive drivers of earning opportunities, drive up prices for riders and reduce ride availability.”

Uber and Lyft have long had a contentious relationship with city and state governments over driver protections. In comparison to the passing of Prop 22 in California, which reclassified gig workers as contractors after another law did the opposite, even a diminished minimum wage law in New York is better than nothing.



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June 20, 2025 0 comments
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Nexon reportedly considering acquisition bid from Tencent
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Nexon reportedly considering acquisition bid from Tencent

by admin June 18, 2025


Tencent is reportedly considering a deal to acquire Nexon.

The Chinese megacorp – which recently struck up a deal with Ubisoft by developing a new operating model and subsidiary following a $1.25bn cash “injection” – shows no sign of slowing its acquisition business, with claims it “reached out to the family of Nexon’s late founder Kim Jung-ju to discuss the possibility of an acquisition.” Nexon’s market value is thought to be around $15 billion.

Bloomberg reports Kim’s family is considering the deal and has been “speaking to advisers and evaluating options,” according to sources close to the family. It’s thought Tencent is looking for “evergreen” franchises with established communities and strong revenue potential.

Neither Tencent nor Nexon has opted to comment publicly on the plans thus far.

As well as its recent deal with Ubisoft, Tencent has also recently increased its stake in FromSoftware parent company Kadokawa, Kuro Games, Wangyuan Shengtang, the Beijing-based developer behind action-RPG series Swords of Legends (or ‘Gujian’ as it is known in China), and loaned €15 million to Alan Wake 2 developer, Remedy.

Last week, Tencent won after a court found leaker Xiaopang Commentary had infringed the IP rights of Peacekeeper Elite, the Chinese version of PUBG Mobile.



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June 18, 2025 0 comments
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Hong Kong Opens Door to Crypto Derivatives in Bid to Rival Global Hubs

by admin June 5, 2025



In brief

  • Hong Kong’s SFC plans to introduce virtual asset derivatives trading for professional investors to boost competitiveness in the global digital asset market.
  • Virtual assets will qualify for tax concessions to attract large-scale international fintech companies to establish operations in Hong Kong.
  • The move follows recent approvals for staking services and virtual asset ETFs, with the SFC estimating $70 trillion in annual global virtual asset trading volumes.

Hong Kong could soon offer virtual asset derivatives trading for professional investors.

This news, reported by China Daily, comes as the Hong Kong securities regulator announces plans to introduce the option as part of its plan to expand product offerings while ensuring risk is kept under control.

Security is an important part of this focus as the Securities and Futures Commission, or SFC, points out it will ensure trades are carried out “in an orderly, transparent and secure manner.”

According to Hong Kong treasury chief, Christopher Hui Ching-yu, this plan aims to bolster competitiveness in the global digital asset market.

This follows plans shared earlier in the year in which the regulator outlined a move to broaden the range of virtual asset products and services on offer for different investors.

The SFC has permitted staking services for virtual assets in a bid to entice investors with the potential to earn additional returns.

Hui also pointed out that virtual assets will be recognized as qualifying transactions for tax concessions, as part of an attempt to attract more large-scale international fintech companies to set up in Hong Kong.



The newly proposed options will allow for efficient risk transfers and boost liquidity in the underlying spot markets, while supporting professional investors with hedging and leveraging strategies.

Hui said that the treasury plans to lay out the new policy directions in a statement that explores ways to leverage both the advantages of traditional financial services, as well as innovative technologies, that could help the virtual asset market while enhancing security and the flexibility of real economy activities. This is aimed to encourage both local and international business.

In April the SFC approved two licensed virtual asset trading platforms to offer staking services. This was followed by two virtual asset spot exchange traded funds, or ETFs, with revisions to documentation to engage in staking activities.

“These products have broadened the product diversity of the Hong Kong market, further enhancing Hong Kong’s position as Asia’s leading ETF market,” Hui said.

The SFC estimates the global virtual asset market has shown trading volumes of more than $70 trillion annually.

Edited by Stacy Elliott.

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June 5, 2025 0 comments
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Why Democrat Zoltan Istvan Is Backing Basic Income, Home Robots in California Governor Bid

by admin June 5, 2025



In brief

  • California gubernatorial candidate Zoltan Istvan warns that AI and humanoid robots could eliminate 50% of jobs, calling it a looming “job apocalypse.”
  • To address the threat, Istvan proposes a universal basic income and providing every household with a humanoid robot.
  • Shifting from the Transhumanist to the Democratic Party, Istvan emphasizes the urgency of regulating AI and preparing society for its rapid advancement.

As artificial intelligence threatens to disrupt the American workforce, Zoltan Istvan, who’s running for the Democratic nomination for Governor in California, is betting on a radical solution: universal basic income and a humanoid robot in every home.

Istvan’s campaign comes as tech leaders warn that AI could eliminate up to 50% of entry-level jobs within the next five years. Istvan believes the threat is far broader, predicting that the rise of generative AI and humanoid robots imperils half of all jobs.

“That is what my campaign is about,” Istvan told Decrypt. “We’re saying 50% of all jobs at this point are at risk. You can see the infrastructure being built in China and the U.S. and around the world for these humanoid robots.”

Friends, today I’m officially announcing my campaign for California Governor for the Democratic Party. After years of watching inequality, homelessness, regulation, taxes, lawfare, and crime increase in my home state, I’ve decided to do something about it. But the far deeper… pic.twitter.com/hPfqNW6WBn

— Zoltan Istvan 🖖 (@zoltan_istvan) April 29, 2025

While AI has become widespread since the public launch of ChatGPT in 2022, Istvan called the stakes urgent, arguing that the public’s understanding of AI hasn’t kept pace with its rapid development.

“It’s like a BMW, what hits the market is what was developed 18 months ago,” he said. “Right now, they’re test-driving 2027 models, producing 2026 models, and selling us the 2025 versions. The same thing is happening in AI.”

Best known for his 2016 presidential bid under the Transhumanist banner, Istvan drove a coffin-shaped bus across the country to promote his platform of radically extending human life through advancements in biotechnology, artificial intelligence, and other technologies.

Though he still identifies with transhumanist ideals, Istvan said switching from the Transhumanist Party to the Democratic Party is a strategic move to stay competitive in a traditionally one-party state.

“In California, to run as anything other than a Democrat would just mean you’re not going to win,” Istvan said.

To confront what he calls a looming “job apocalypse,” due to a convergence of humanoid robots and AI, Istvan is promoting two primary policy goals: establishing a universal basic income and ensuring a humanoid robot in every California household.

“Implementing universal basic income must be a top priority,” he said. “Otherwise, people in the next year or two, as they start losing their jobs en masse, are going to be picking up the pitchforks and causing huge disruption to society.”

Istvan said he is less concerned with the method of funding UBI, with options including taxation, company shares, or a robot tax, and more concerned with the urgent implementation.

Greater ambitions

The second policy he proposed is even more ambitious, providing every California citizen with a humanoid robot.

“We want to provide or lease a humanoid robot to every household,” he said. “That way, people can spend less time on chores, driving, or cooking, and more time with family.”

Getting voters to accept the idea of a free robot may be easier said than done. In a recent survey of U.S. and U.K. respondents, 12% reported being polite out of fear of a future AI uprising.

Istvan acknowledged the cultural resistance to robots, fueled by decades of dystopian science fiction films like James Cameron’s “The Terminator” and Gareth Edwards’ “The Creator,” but believes the benefits will outweigh fears.

That said, Istvan expressed concern about unregulated progress toward artificial general intelligence and superintelligence, commonly referred to as the singularity. He compared the current trajectory to playing with a loaded gun.

“We can’t just launch superintelligence and hope that it turns out for the best,” he said. “Unlike nuclear weapons, which remain under human control, superintelligence could develop beyond our ability to contain it.”

To create meaningful guardrails for AI, Istvan believes international cooperation is necessary.

“This is not going to be China versus America anymore,” he said. “This is going to be the human race versus a potential AI that might not like us.”

As the AI revolution accelerates, Istvan hopes California can serve as a testing ground for policies that merge technology with humanity’s best interests—before it’s too late.

“If we could guarantee that AI is not going to come after us, I would absolutely say, let us go through with it,” he said. “We’d end up in a more utopic world. The standard of living will go up. People will live longer.”

Before his utopian vision can come to pass, however, Istvan will still need to get through a highly competitive, expensive, and often contentious California election season.

Among ten “likely candidates” in a statewide Emerson College poll in April, former Vice-President Kamala Harris led the pack with 30 percent of the vote (though 50% of people polled said she shouldn’t run). Istvan was not among the names polled.

Edited by Josh Quittner and Sebastian Sinclair

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June 5, 2025 0 comments
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dOGECOIN
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21Shares Files Amended S-1 For Dogecoin ETF Bid

by admin May 30, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Asset manager 21Shares has filed an amendment for its Dogecoin ETFs, which it filed last month. This development comes just weeks after the US Securities and Exchange Commission (SEC) acknowledged the filing, which kickstarted the review process. 

21Shares Files Amended Dogecoin ETF Application

A SEC filing shows that 21Shares has amended its application to offer a Dogecoin ETF. The asset manager had initially filed the S-1 form for this fund on April 9, a move that showed its intention to offer institutional investors direct exposure to the top meme coin. Meanwhile, Nasdaq had filed the 19b-4 form to list and trade shares of this ETF, which officially began the approval process. 

In an X post, Bloomberg analyst Eric Balchunas noted that the amended filing makes things more interesting, as these amendments typically follow comments made by the SEC. As such, it suggests that the Commission is in communication with the asset manager, a development which provides optimism about an approval at some point. 

It is worth mentioning that the SEC recently delayed its decision on Grayscale’s Dogecoin ETF application while seeking more comments and rebuttals on the filing. The next deadline for the Commission to decide on this application is August 19. The fourth and final deadline is on October 18. 

Bitwise has also filed to offer a Dogecoin ETF, but the SEC delayed its decision on this filing following the first deadline, which came up on the first of this month. The next deadline for this filing is June 15, when the Commission is also likely to delay the application. 

The third and fourth deadlines are on September 13 and November 12, respectively. Bloomberg analyst James Seyffart predicts that approval is unlikely to come until the early part of the fourth quarter. 

Odds Of An Approval This Year

Polymarket data shows that there is a 69% chance of the SEC approving a Dogecoin ETF by December 31. Meanwhile, there is only a 15% chance that an approval will come by July 31. Bloomberg analysts Seyffart and Balchunas have also weighed in on the odds of an approval for a DOGE ETF this year. 

Balchunas shared a chart that showed there is an 80% chance that a Dogecoin ETF could be approved this year. They reached these odds based on the assumption that the SEC views DOGE as a commodity, as well as the fact that there is a regulated futures market for the meme coin. A futures market increases the chances of an approval since the court ruled in the Grayscale case that the spot and futures markets are similar. 

Source: Chart from Polymarket

At the time of writing, the Dogecoin price is trading at around $0.20, down over 9% in the last 24 hours, according to data from CoinMarketCap.

DOGE trading at $0.20 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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May 30, 2025 0 comments
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UK Appeals Court Dismisses Bitcoin SV Investors’ $13.3B Damages Bid Against Binance

by admin May 22, 2025



In brief

  • The UK appeals court has dismissed the bulk of a $13.3B class action against Binance, rejecting claims that BSV could have reached Bitcoin-level value if not delisted in 2019.
  • The court ruled damages were speculative and unsupported, saying that investors had a duty to mitigate losses by selling in an open market.
  • The scope of the lawsuit was significantly narrowed, though smaller claims from investors who lost access or sold at a loss may still proceed.

The UK Court of Appeal has dismissed the majority of a $13.3 billion (£10 billion) class action against crypto exchange Binance, dealing a major blow to Bitcoin SV (BSV) investors who said the company’s 2019 delisting of the token crushed its growth potential.

The court rejected the investors’ “foregone growth effect” theory, which suggested BSV would have reached price levels similar to Bitcoin had it not been removed from major trading platforms, in a judgment handed down on Wednesday.

The claim sought 352 times the original value of BSV held by “sub-class B” investors, but the court deemed it speculative and ruled it could not proceed.

“I asked Mr. John Wardell KC… how the representative could possibly claim hundreds of times more than the value of the assets that the defendants had allegedly damaged,” wrote Master of the Rolls Sir Geoffrey Vos in the ruling. “He was unable to give any answer.”

Wardell, a senior barrister at Wilberforce Chambers, represents BSV Claims Limited, the entity bringing the collective action on behalf of over 240,000 UK-based investors.

Last week, his team asked the court to revive the dismissed claims, including a “loss of chance” theory.

The Court found that the claimants’ own expert had relied on comparators like Bitcoin and Bitcoin Cash to estimate damages, undermining the argument that BSV was a unique or irreplaceable asset.

It also dismissed the “loss of chance” claim, ruling it was not legally applicable.

The judges explained the damages sought did not involve missed opportunities tied to third-party decisions or realistic probabilities.

Instead, the claim turned on whether BSV would have developed into a top-tier cryptocurrency, a question the Court said could be resolved on the balance of probabilities and not through speculative or fallback theories.

In doing so, the Court affirmed the Competition Appeal Tribunal’s July 2024 decision, which applied the “market mitigation rule,” a legal principle requiring claimants to take reasonable steps to reduce their losses when a functioning market is available.

Decrypt has reached out to Binance for comment and will update this story should the exchange respond.

Lawsuit narrowed

The judgment narrows the lawsuit, which also targets Kraken, ShapeShift, and Bittylicious over their 2019 delistings of the BSV token.

The BSV token, the full name of which is Bitcoin Satoshi Vision, was created by Craig Wright, whose claim to be Bitcoin creator Satoshi Nakamoto was dismissed by a UK court earlier this year.

While the Appeal Court dismissed the largest part of the lawsuit against Binance, some smaller claims could still move forward.

These include claims from investors who lost access to their BSV after it was removed from exchanges, or who sold it at a loss soon after the delisting.

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May 22, 2025 0 comments
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