FTX COLLAPSE COULD ACCELERATE LAYOFFS

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1inch tries to optimize gas prices with the new Router v5; FTX collapse could accelerate layoffs in the crypto industry; Exchanges stop listing FTX Token pairs.

1inch tries to optimize gas prices with the new Router v5

1inch believes that gas costs for swaps will be at least 10 percent lower than their previous offerings in the DEX segment, thus making swap transactions on the Ethereum network more profitable.

Among the new features and improvements in Router v5 are a new interaction logic, pre/post interactions, and an improved smart contract error handling system. Aiming to prioritize security as well, the new version has been audited by many industry projects, including Consensys, OpenZeppelin, and ABDK Consulting.

In August, 1inch partnered with Klaytn, South Korea’s most popular metaverse blockchain. The user base was integrated to provide access to the 1inch Limit Order Protocol v2 and deeper liquidity and enhanced token swaps over the 1inch network.

The decentralized exchange (DEX) protocol 1inch is currently preparing to release Router v2. 

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FTX collapse could accelerate layoffs in the crypto industry

According to recruiters, the collapse of cryptocurrency exchange FTX and its potential to infect the entire industry could result in crypto companies increasing the number of people they lay off in the coming months.

CoinGecko’s research published on November 14 suggests the number of people sacked from crypto companies since the beginning of the year reached 4,695 people as of November 13. This signifies a 4% reduction in the crypto workforce.

Yet, the report’s authors warn that layoffs in the crypto space could increase in the coming months as the effects of the collapse of FTX fully unfold.

Read more:  Binance Bitcoin Balance Drops by 3.4K BTC After CFTC Lawsuit

During the 2022 bear market, many crypto companies laid off their employees. Payments operating company Stripe laid off nearly 1,000 of its employees. Dapper Lab, the developer of the Flow blockchain, shrunk its workforce by 22 percent and the venture capital firm Digital Currency Group by 10 percent.

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Exchanges stop listing FTX Token pairs

As the FTX collapse continues to cause great uproar in the crypto industry, various crypto exchanges have delisted FTT on their platforms.

Crypto exchange Binance emphasized in its announcement that it has removed FTT/BTC, FTT/BNB, FTT/ETH, and FTT/USDT pairs from its platform, arguing that they did not pass its final reviews, which, however, doesn’t cover FTT/BUSD that is still available for trading.

The decision comes after community members’ requests to delist the token and basically everything that has anything to do with it.

Alongside Binance, BitMEX has also delisted perpetual swap contracts linked to FTT. This included FTT/USD and FTT/USDT. Similarly, KuCoin has delisted the FTT/USDT perpetual contract on KuCoin Futures.

Zipmex also announced that it will delist FTT on November 22, 2022, but will keep withdrawals open until February 14, 2023.

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