crypto blog
Which decentralized finance innovations are expected by the DeFi community?
While the broader crypto market is on a downward spiral and social media is plagued with fears and complaints, some are choosing to focus on the decentralized finance (DeFi) space’s potential for the future. In a DeFi subreddit, Redditor Popular_Rub9075 asked community members what they want to see more of in the DeFi space. According to the Redditor, while negative discussions are prevalent in social channels, it’s a “great time” to look into projects that have potential, while the market is down. In response to the thread, Reddit user Crumbedsausage said that he wishes to see more Liquid Ether (ETH) staking projects that are non-custodial. In addition, the Redditor said that being able to run an Ethereum node with “1 ETH or less” may be good for ...
Tether’s USDT market cap dips below $70B for an 8-month low
Tether (USDT), the biggest stablecoin and the third largest digital currency by market capitalization, continues losing its market value amid the current market downturn. On June 16, USDT’s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May. At the time of writing, Tether USDT’s market capitalization stands at $69.3 billion, up around $300 million from the multi-month low, according to data from CoinGecko. USDT 90-day market capitalization chart. Source: CoinGecko Tether’s biggest rival, USDC, is the second-largest U.S. dollar-pegged stablecoin backed by the peer-to-peer payments technology company Circle. The stablecoin reached $5...
Elusive Bitcoin ETF: Hester Perice criticizes lack of legal clarity for crypto
The crypto sector may be maturing, but regulatory clarity around the treatment of digital assets continues to remain cumbersome. This was recently highlighted by Commissioner Hester Peirce — also known as the United States Securities and Exchange Commission’s (SEC) “crypto mom” — in remarks she made at “The Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?” Peirce began her speech by emphasizing the importance of “regulating the new crypto ecosystem.” While this may be, Peirce also noted that the crypto industry is still in search of an actual regulator. She said: “A bipartisan bill announced last week attempts to answer that question. Some people in the crypto industry are celebrating the all...
UAE launches the world’s most expensive modern postage stamp
The United Arab Emirates has launched the world’s most expensive modern postage stamp to celebrate the 50th anniversary of the country’s foundation day. Emirates Post Group, a government-owned post office launched the first edition of the modern postage stamp with four editions. Each physical stamp in the collection comes with a digital version. [embedded content] The most expensive edition is the “Golden Jubille 2021,” which has a total of 2021 pieces and costs a 2021 AED ($550 USD). Each stamp contains one gram of gold The second stamp is called the “Spirit of the Union – 1971” which symbolizes the establishment of the UAE by the founding fathers. Guess what, the third stamp is “Year of the 50th – 2021” while the fourth one is the “Projects of the 50th 2071” — representing the futuristic...
Getting into metaverse tokens with these top selections
Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are all solid token options to get. Each of these tokens is a part of some of the largest metaverse projects within the crypto sphere. THETA increased by 5% in the last 24h hours, while MANA and SAND are maintaining their value well. Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are some of the best Metaverse tokens you can get as of June 17, 2022. On June 17, 2022, Richard Lai invited everyone to join the Yahoo Metaverse on Decentraland. Theta Network announced that Replay had launched a new Theta Validator Node, which is the 25th overall node. The Sandbox also announced that Lionsgate would become the first film and TV studio to enter The Sandbox. Should you buy Decentraland (MANA)? On June 17, 2...
Getting into metaverse tokens with these top selections
Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are all solid token options to get. Each of these tokens is a part of some of the largest metaverse projects within the crypto sphere. THETA increased by 5% in the last 24h hours, while MANA and SAND are maintaining their value well. Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are some of the best Metaverse tokens you can get as of June 17, 2022. On June 17, 2022, Richard Lai invited everyone to join the Yahoo Metaverse on Decentraland. Theta Network announced that Replay had launched a new Theta Validator Node, which is the 25th overall node. The Sandbox also announced that Lionsgate would become the first film and TV studio to enter The Sandbox. Should you buy Decentraland (MANA)? On June 17, 2...
Inverse Finance exploited again for $1.2M in flashloan oracle attack
Just two months after losing $15.6 million in a price oracle manipulation exploit, Inverse Finance has again been hit with a flashloan exploit that saw the attackers make off with $1.26 million in Tether (USDT) and Wrapped Bitcoin (WBTC). Inverse Finance is an Ethereum based decentralized finance (DeFi) protocol and a flashloan is a type of crypto loan that is usually borrowed and returned within a single transaction. Oracles report outside pricing information. The latest exploit worked by using a flashloan to manipulate the price oracle for a liquidity provider (LP) token used by the protocol’s money market application. This allowed the attacker to borrow a larger amount of the protocol’s stablecoin DOLA than the amount of collateral they posted, letting them pocket the difference. The at...
Mark Cuban says crypto crash highlights Warren Buffett’s wisdom
Billionaire crypto investor and owner of the Dallas Mavericks Mark Cuban says the current market downturn reminds him of a well-known adage uttered by Warren Buffett. Cuban sees a parallel between the rise and fall of crypto markets and projects, and the 91-year-old ‘Oracle of Omaha’s aphorism that: “Only when the tide goes out do you discover who’s been swimming naked.” Cuban’s observation was revealed during a June 16 interview with Fortune in which he discussed what he sees as flawed business models of some crypto projects that have fallen on hard times over the past two months. “In stocks and crypto, you will see companies that were sustained by cheap, easy money—but didn’t have valid business prospects—will disappear,” the Shark Tank investor said. “Like ...
Elon Musk gets hit with ‘ridiculous’ $258B Dogecoin lawsuit
Billionaire Elon Musk, along with his companies SpaceX and Tesla Inc, are all being sued for an astonishing $258 billion in damages for being “engaged in a crypto pyramid scheme” involving Dogecoin (DOGE). The damages sought are more than 34 times Dogecoin’s current market cap of $7.5 billion and nearly three times its ATH market cap of $88.68 billion in mid-2021. Filed in the New York District Court by an attorney at Evan Spencer Law on Thursday, the class-action lawsuit alleges that Musk “used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.” In the filing, plaintiff Keith Johnson, a U.S. citizen, alleges that Musk and his corporations were “unjustly enriched” by $86 billion as a result of wire fraud, gambling ...
President of Panama shoots down crypto bill citing FATF guidelines
Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697 dubbed the “crypto bill” saying it requires more work to better fit Panama’s financial regulations. President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering rules after Panama’s National Assembly passed the crypto bill in late April 2022. Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the President wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering”. President Cortizo has previously described the legislation as an “innovative law”, and indicated approval of certain aspects of the ...
Regulations and exchange delistings put future of private cryptocurrencies in doubt
The core principles of cryptocurrency were based on financial independence, decentralization and anonymity. With regulations being the key to mass adoption, however, the privacy aspect of the crypto market seems to be in jeopardy. In 2022, even though no particular country has come up with a universal regulatory outline that governs the whole crypto market, most countries have introduced some form of legislation to govern a few aspects of the crypto market such as trading and financial services. While different countries have set different rules and regulations in accordance with their existing financial laws, a common theme has been the strict implementation of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. A majority of crypto exchanges operating with a license obt...
Soulbound Tokens: Social credit system or spark for global adoption?
Ethereum co-founder Vitalik Buterin’s Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community. Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, it’s suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities. Supporters say that SBTs could be the use case for the next bull market. But others have likened the concept to China’s social credit system and say it’s an “expensive solution to a problem that’s already been solved.” So, which is it? Let’s take a deeper dive. Soulbound Tokens: Not sure about the name but the...
