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DeFi can be 100 times larger than today in 5 years
Decentralized finance (DeFi) is a natural product made possible by blockchain technology and has the right and ready infrastructure to propel the technology to a bigger playing field. The space has grown by leaps and bounds since the Ethereum network went live in July 2015, with Ethereum network transactions growing by 33x to 1.2 million per day currently, and blockchain transactions would exceed millions per day if other chains were included. Most of these transactions originated from the DeFi services such as Uniswap, which facilitates over $1 billion swaps each day, as well as lending and borrowing protocols such as Aave, Compound and BondAppetit, with tens of billions in market size. While these are large numbers by any standard, it is only a decimal point of the trillion-dollar tradit...
Finance Redefined: Avalanche launches $200M fund, wXRP to debut on Ethereum Oct. 29–Nov. 5
Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. For many years, Ethereum and XRP held the second and third-ranking spots in the crypto market. Read on to discover how wXRP will integrate into Ethereum to expand its utility to smart contracts. What you’re about to read is the smaller version of this newsletter. For the full breakdown of DeFi’s developments over the last week, subscribe to our newsletter below. Avalanche launch $200M fund to incentive developers The Avalanche Foundation unveiled a new $200 million fund this week aimed at expanding the liquidity potential of startup projects with its ecosystem building decentralized finance, nonfungible tokens, enterprise and cultural applications. According to the official blog post, the smart contracts pla...
Next generation of crypto millionaires: SHIB allows warehouse manager to retire
A Shiba Inu token holder who invested thousands of dollars in the memecoin in February has partially cashed out to become a stay-at-home dad. According to a Thursday report from Fortune, a 35-year-old supermarket warehouse manager identified only as Rob invested $8,000 into Shiba Inu (SHIB) when the price was roughly $0.0000001 — giving him an allocation of 800 billion tokens. In May, when the token price surged significantly to reach a then all-time high of more than $0.00035, Rob cashed out part of his holdings to deposit $500,000 into his bank account. The SHIB holder still has more than $1 million worth of crypto following the token’s price surge in October. The funds have allowed him to quit his job, which paid $68,000 annually, stay at home taking care of his son and participate in o...
An inside look at the moral and technical considerations of crypto social media
Following Vitalik Buterin’s call for more social application use cases on Ethereum earlier this summer, multiple crypto companies voiced intentions to build decentralized versions of mainstream social networks like Twitter. However, to create and view crypto-centered social platforms as merely decentralized versions of Twitter is shortsighted. The moral and technical implications of creating truly decentralized social networks that abide by Web 3.0 principles extend far beyond what the idea of “decentralized Twitter” currently encompasses. Beyond mere decentralization, there are four key themes central to the idea of crypto social development: private communication and censorship resistance, moderation, decentralized governance, and secure and decentralized money. Private communicati...
Reddit to reportedly tokenize karma points and onboard 500M new users
American social media giant Reddit may soon convert users’ karma points into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto users in the process, according to a newly hired Reddit engineer. A series of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer-two rollup using Arbitrum technology for its rewards points, named Community Points. According to the website: “Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin (BTC) !).” How will we pull this off? Reddit has partnered with @OffchainLabs (@arbitrum) and created our own separa...
Investors sour on cannabis after Democrats fail to help industry
One big reason for the financial doldrums is that Congress and the Biden administration have done nothing to ease marijuana restrictions, despite Democrats being in complete control of the federal government. The latest blow: JPMorgan Chase’s decision to stop accepting some cannabis trades from brokerage clients, as first reported by Reuters on Tuesday. That comes on the heels of Credit Suisse Group making a similar announcement. “The banks are seeing the same thing that I’m seeing, that there is no cannabis legalization coming in the next six to 12 months,” said Marc Adesso, an attorney with Saul Ewing Arnstein & Lehr who works on major cannabis industry deals. It all adds up to a remarkable reversal from the start of the year, when optimism soared in the cannabis industry after...
Bitcoin’s consolidation is ‘normal’ — Analysts set $80K BTC price target
Bitcoin (BTC) bulls are still hoping for a major breakout but at the moment, bears are applying pressure and keeping the digital asset pinned below $61,000. Data from Cointelegraph Markets Pro and TradingView shows that an early morning breakout by bulls to make a run above $62,000 was met with a strong defensive line from the bears who handily rejected the attempt. BTC/USDT 4-hour chart. Source: TradingView Here’s a look at what traders and analysts are saying about Bitcoin’s current price action and what they expect in the short term. “Bitcoin is still on the path to $90,000” While some traders may have found themselves bored with Bitcoin’s sideways price action, independent market analyst ‘Rekt Capital’ recently posted the following chart highlighting the fact that BTC...
Cosmoverse Conference 2021 kicks off in Lisbon
The team behind interoperable blockchain network Cosmos (ATOM) recently hosted the Cosmoverse Conference live from Lisbon, Portugal. Cosmonauts,#Cosmoverse it’s LIVE! This event is 100% from the community to the community, and we are proud to have our Cosmos Hub Community Pool as the main sponsor! Tune now to the livestream and prepare yourself to dive into cosmos’s wondershttps://t.co/OzyD3bSdqB pic.twitter.com/QFXHu5l3B6 — Cosmos – Internet of Blockchains ⚛️ (@cosmos) November 5, 2021 Kicking off the two-day event, Zaki Manian, co-founder of decentralized finance, or DeFi, project Sommel and former lead developer at Cosmos and Tendermint (Cosmos network’s core contributor), discussed a number of technologies under development by the Cosmos ecosys...
3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and SPELL
Stablecoins and their use in decentralized finance (DeFi) have played a key role in the 2021 cryptocurrency bull market because allow investors to participate in the ever-growing number of protocols that offer high yield staking pools and they ease the process of transacting without needing to use a centralized exchange. One project that has seen a significant amount of adoption thanks to its focus on creating a truly decentralized ecosystem and asset-backed stablecoin is the Abracadabra.money DeFi protocol and its native SPELL token. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.0114 on Oct. 15, the price of SPELL rallied 178.55% to establish a new record high at $0.035 on Nov. 1 as its 24-hour trading volume spiked to $109.82 million. SPEL...
House passes $1T infrastructure bill with crypto tax for Biden’s approval
The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill, which if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens. The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage. However, the bill mandated stringent reporting requirements for the crypto community, requiring all digital asset transactions worth more than $10,000 to be reported to the IRS. As Cointelegraph reported, the bill was first approved by the Senate on Aug. 10 with a 69-30 vote, which was met with a proposal to compromise amendment by a group of six senators — Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, ...
Jeff Bezos Loses NASA Lawsuit and Rolling Stone Teams Up With Bored Ape Yacht Club in This Week’s Business and Crypto Roundup
Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before. HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries. Business 1. Elon Musk offered to sell $6 billion USD of Tesla stock to ‘solve world hunger’ Last month, David Beasley, the director of the United Nations‘ World Food Program challenged Musk to donate a portion of his wealth to help alleviate the global hunger crisis on Twitter. Musk responded on Twitter, offering to sell $6 billion USD worth of Telsa shares if the UN’s World Food Program can describe exactly ...
Acting CoC Hsu: More crypto regulation is needed
In remarks given at the American Fintech Council’s 2021 Policy Summit, acting Comptroller of the Currency Michael J. Hsu called for greater regulation of universal crypto firms. “Large, universal crypto firms—especially issuers of highly-circulated stablecoins—should embrace comprehensive, consolidated supervision. At the same time, federal and state bank regulators should prioritize the development of policies, staff and supervisory approaches to bring such firms safely into the bank regulatory perimeter. This would clearly differentiate safe and sound crypto firms from those that are regulated only partially and have a history of control lapses, such as Binance and Tether.” The Office of the Comptroller of the Currency is responsible for the regulatory oversight of federally chartered ba...
