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  • Crypto users outraged by fake Elizabeth Warren letter

    Crypto users outraged by fake Elizabeth Warren letter

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    A fake letter from Senator Elizabeth Warren in the U.S. proposing a cryptocurrency wealth tax caused a great deal of confusion within the crypto community. As the U.S. Recently, Senators Gillibrand & Lummis introduced legislation aimed at payment stablecoins. Canada will adopt the Crypto-Asset Reporting Framework (CAF) by 2026 in order to increase transparency of crypto transactions. Hong Kong is exploring industry-led supervision to balance market growth with regulation.

    Tax proposal by Senator Warren is a bogus tax.

    A fake letter sent by Senator Elizabeth Warren, to Joe Biden on Facebook, misled many users. This letter proposed that cryptocurrency holders with more than $500k in holdings would be subject to a wealth tax of 1%. Even though Warren’s spelling was incorrect, the letter still appeared to be authentic and caused quite a stir with crypto enthusiasts. The letter urged President Biden to support crypto-related legislation spearheaded Senator Warren in order to tackle issues within the U.S. Financial System.

    The tense relations between Senator Warren, the crypto-community, and others were not helped by the fact that some social media users pointed out the errors in the letter. Warren has a reputation for being very critical of digital assets and frequently links these to illegal activities such as terrorism funding. Crypto advocates, as well as some legislators, are opposed to her genuine legislative proposals like the Digital Asset Anti-Money Laundering Act.

    This controversy occurs as Warren is preparing for her November reelection campaign against Republican candidate and crypto lawyer John Deaton. Deaton is also involved in cryptocurrency’s legal fights and was recently asked to be a friend in Coinbase’s case with the SEC.

    Senators push for Stablecoin Regulation

    The crypto industry is being regulated. Kirsten Gilibrand and Cynthia Lummis, two United States senators, recently presented new legislation to create a regulatory framework that will cover payment stablecoins. The move is a response to instability in algorithmic stablecoins like TerraUSD, which depreciated dramatically from the U.S. Dollar in 2022. This proposed legislation wants to explicitly ban “unbacked algorithmic stablecoins”, and requires that issuers keep one-to-1 reserves in order to support the stablecoins they have issued.

    According to the bill, state-chartered institutions that have a restricted-purpose charter can issue unlimited stablecoins. The bill also seeks to maintain the dual banking system by allowing stablecoin issuesrs to be regulated both at federal and state levels.

    The bill was criticized by advocacy groups such as Coin Center who deemed the algorithmic stabilitycoins ban to be potentially unconstitutional. The groups claim that such a restriction on code would violate the First Amendment. Coin Center compares this bill to the Clarity for Payment Stablecoins Act which, while still pending a floor vote by the U.S. House of Representatives, offers a two-year moratorium rather than a ban on algorithmic stabilcoins.

    Arkansas takes steps to address crypto mining concerns

    Arkansas also takes crypto regulation very seriously. Arkansas State House passed recently two bills which aim to introduce regulations for cryptocurrency mining. The bills have not become law yet, but they’ve sparked a number of debates about noise, foreign ownership and proximity to residential areas. One of these bills was approved by the Senate, but ongoing discussions are focused on whether any further changes are needed.

    Arkansas Data Centers Act of 2030 proposes to create a framework of regulation for Bitcoin mining in Arkansas, providing guidelines as well as protection from discriminatory taxes and regulations. The environmental impact of the Bitcoin mining is being scrutinized. In fact, an Investopedia report found that Bitcoin mining generates over 77 kilotons electrical waste each year.

    Similar challenges also appear internationally. Paraguay legislators, for instance, proposed a law to ban crypto mining temporarily amid fears over illegal operations. The proposal is intended to stop the creation of new crypto mining operations and limit various crypto related activities. The mining ban is still not moving forward. Paraguayan officials are looking at alternative ways to use excess power from the Itaipu Hydropower Plant, including supplying it directly to the miners.

    Canada adopts new reporting standards for crypto transactions

    Canada, meanwhile, is prepared to adopt the International Crypto-Asset Reporting Framework by 2026. Canada is now one of the first countries to adopt a standard that will be adopted by 47 other nations by 2027. The CARF, developed by the Organisation for Economic Cooperation and Development(OECD), aims to increase transparency in cryptocurrency transactions through strict reporting requirements for Crypto Asset Service Providers (CASPs).

    The CARF will impose new requirements on entities such as crypto exchanges and brokers. The Canada Revenue Agency will be required to report transactions involving crypto-assets and fiat currency, as well exchanges of crypto assets. The CASPs must also report all crypto assets transfers that exceed $50,000 USD.

    The CASPs must also collect and provide detailed information about their customers, such as names, addresses and dates of birth. They will have to report these details to the CRA. Both CASPs who are Canadian residents or doing business there will be subject to the reporting requirements.

    Nevertheless, some digital representations such as central bank digital currency and stablecoins are excluded from the CARF due to their inclusion in existing amendments of the OECD Common Reporting Standard(CRS), which facilitates international sharing of financial data. CARF fills in the gaps that were left by CRS which did not include transactions that bypassed traditional financial intermediaries.

    During a G20 meeting in October 2022 with finance ministers, central bankers and other officials from the G20 countries, the OECD launched its CARF. In November 2023 47 nations agreed to adopt this framework before 2027.

    Hong Kong will consider industry-led crypto oversight

    Hong Kong Securities & Futures Professionals Association’s (HKSFPA), has proposed Hong Kong crypto companies form a self regulation committee that will oversee compliance. This recommendation was published in an April letter. The letter, dated 22 April 2012, suggested that Hong Kong’s financial markets have been too focused on regulation without encouraging industry development. The HKSFPA is concerned about maintaining Hong Kong’s position as a global financial centre and competitiveness in the global market for securities.

    In order to achieve this goal, the HKSFPA recommended that, while the Securities & Futures Commission should retain its authority over market conduct, licensing power should be decentralized to specific industry bodies within the asset management, virtual assets, securities and futures industries. The HKSFPA made a similar recommendation in August last year, calling for a balanced approach to regulation that avoided excessively strict regulatory measures.

    Other countries tighten their regulations on crypto, in contrast with Hong Kong. Lithuania is planning to upgrade its crypto regulatory framework by 2025 due to issues of compliance and embezzlement. This is despite the fact that it has licensed more than 580 crypto firms.

    Hong Kong is also continuing to make progress in the crypto-integration. In April, the SFC approved the issuance of spot Bitcoin and Ether exchange-traded funds (ETFs) by major firms including Harvest Fund Management, Bosera Asset Management and China Asset Manager (ChinaAMC). The SFC has approved the issue of exchange-traded fund (ETF) spot Bitcoin and Ether by major companies including Harvest Fund Management Bosera Asset Management and China Asset Management. The SFC approved the issuance of spot Bitcoin and Ether exchange-traded funds (ETFs) by major firms including Harvest Fund Management, Bosera Asset Management, and China Asset management (ChinaAMC).

    The U.S. Securities and Exchange Commission, on the other hand, hasn’t yet issued a license for crypto exchanges or approved an Ether ETF.

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  • DeFiLlama - Unveiling DeFi's Analytics Powerhouse

    DeFiLlama – Unveiling DeFi’s Analytics Powerhouse

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    DefiLlama is a major player in decentralized finance by offering comprehensive analytics. It aggregates the data of total value locked across multiple blockchain networks. The dashboard’s role also includes tracking revenue and fees. DefiLlama’s commitment to transparent and accurate data has made it a vital tool for analysts and investors in the DeFi industry.

    Platforms that do not display advertisements or sponsored content are distinguished by their unbiased data and focus on providing accurate information. DefiLlama, through its open-source strategy, has become the biggest TVL aggregator in decentralized finance. This approach has earned the community’s trust. The transparency of their methodology, made public and available for review by anyone interested in it, is also a testament to this.

    DefiLlama offers a range of features and tools to help manage DeFi portfolios. The platform helps users make informed decisions about swapping tokens and accessing liquidity pools. It also keeps track of the constantly changing yields for various pools and protocol. This makes DefiLlama a key platform for those who are involved in DeFi investments or transactions, and want to understand the digital finance industry.

    DeFiLlama Overview

    DeFiLlama is a complete aggregator which tracks Total Value Locked in Decentralized Finance (DeFi). The platform is committed to transparency and accuracy, avoiding advertisements in order to maintain the integrity of data.

    DeFiLlama Key Features

    • TVL Aggregation consolidates over 3,000 DeFi Projects, which makes it an essential tool for analysts and investors.
    • Chain Integration: This feature supports a variety of blockchains at layer 1 as well as layer 2.

    Comparative Tools and Metrics

    • The Multi-chain analysis tool allows users to compare blockchains and protocols and analyze metrics such as token usage and TVL.
    • Categorisation: This allows for a more focused analysis by categorizing projects.
    • Users can stay informed with the help of notifications about token unlocking and other important events.

    DeFiLlama, founded in October 2020 has become a trusted source for DeFi market information. It features a user friendly interface and tools that are tailored to the analysis of an evolving blockchain landscape. Its usefulness extends far beyond TVL tracking. The platform is a portal to nuanced insight across the DeFi eco-system.

    Project Genesis and History

    DefiLlama has established itself as a dedicated DeFi TVL (Total value locked) aggregator. It quickly gained prominence in the financial decentralization space for its ad free accurate data, and a transparent information dissemination approach.

    Find out more about the founding

    DefiLlama’s mission was to present DeFi information in a comprehensive manner, without bias from advertising and sponsored content. Platform’s commitment to accuracy and details set the scene for an expansive database that is designed as a reliable resource for DeFi insights and analytics.

    Early Milestones

    DefiLlama’s rapid growth was a result of the data integration from more than 80 layer-1 chains. The platform was designed to serve a variety of DeFi stakeholders – from novices to experienced investors – by tracking data across chains, different DeFi applications and other elements such as oracles, NFTs, etc. DefiLlama’s early phases were characterized by constant updates and new features aimed at improving user experience and extending data access.

    Platform Features

    DeFiLlama’s comprehensive analytics platform offers users a set of tools to inform them on different aspects of the Decentralized Finance (DeFi).

    TVL Tracking

    DeFiLlama tracks Total Value Locked, or TVL. This is an important indicator for economic activity in different DeFi protocols. Platform aggregates TVL across DeFi, which allows users to track the amount of capital locked into smart contracts. The function does not only reflect static data, but also reflects changes in real time. This gives investors and analysts a clear picture of the current market.

    Support for Multi-Chain

    DeFiLlama aggregates data from over 242 layer 1 and 2 chains. DeFiLlama gathers data from more than 242 layer 1, layer 2, and multi-chain chains. It caters for a wide range of users, including those interested in the most popular blockchains and emerging chains.

    Project Dashboards

    DeFiLlama provides dashboards for each DeFi project. These dashboards provide a comprehensive view of the metrics. The dashboards provide information about liquidity pools, farming yields, and financial instruments. The dashboards are displayed in an intuitive way, which allows users to compare and analyze different protocols. DeFiLlama provides valuable insights into strategic decisions with its nearly 3,000 DeFi project explorations.

    The accuracy of data and its sources

    DefiLlama is unique in the space of decentralized finance because it adheres to a strict commitment for data accuracy, and uses transparent sources. The platform’s purpose is to collect reliable data from a wide range of DeFi protocol.

    Integrating Protocols

    DefiLlama is compatible with more than 130 layer 1 blockchains, as well as a large number of decentralized apps (DApps). Platform data comes directly from DeFi protocols where public blockchain data can be accessed. Connecting with multiple protocols allows for:

    • Updates in real-time on the Total Value Locked
    • The DeFi and blockchain applications are covered in a variety of ways.

    Manual Verification

    DefiLlama also performs manual data verifications to ensure the accuracy of their data. Participants from multiple protocols participate in:

    • Data Curation and Review
    • Update and maintain open source information

    DefiLlama is a reliable source of DeFi insights because it seamlessly integrates automated data aggregation and careful manual review.

    DeFiLlama Impact on DeFi Sector

    DeFiLlama is a key platform for decentralized financial (DeFi), offering comprehensive insight and creating a transparent ecosystem.

    Market Transparency

    DeFiLlama has been instrumental in bringing transparency to the market through its aggregation Total Value Locked metrics (TVL). The company’s main role is to compile and present data on various DeFi project, which are crucial in assessing the growth and health of the DeFi industry. The team meticulously tracks project rankings, chains data and bridge TVL to ensure that the users are provided with accurate and unbiased information.

    Investor Decisions

    DeFiLlama’s data analytics have a significant impact on investor decisions. DeFiLlama provides investors with live and historic data to help them analyze trends and evaluate the performance of different DeFi protocols. In turn, this helps them make informed decisions about their investments. Its role in the DeFi decision-making ecosystem reflects the platform’s status as an essential and trusted resource.

    User Interfaces and Experience

    DeFiLlama’s user interface prioritizes clarity and accessibility, and allows users to analyze DeFi stats through interactive and intuitive elements.

    You can navigate using

    DeFiLlama offers a streamlined navigation, which allows users to easily access all of the features. It is easy to access the main menu, which guides users to important functions such as:

    • Tracking Total Value Locked: Quickly access current TVL for multiple chains.
    • Yield analytics: A dedicated section is available for the analysis of yield rates, farming options and opportunities.
    • Filters to view data that is specific to different blockchains.

    Visualization Tools

    Platform uses visualization tools for interactive charts that make complex data easy to understand at a quick glance. The platform has several key features, including:

    • Charts that are interactive: Click and hover on the chart element to see detailed metrics.
    • Updates in real-time: The charts dynamically display the latest information.
    • Color-coded scheme: The data is displayed in distinct colors, allowing for the differentiation of multiple datasets.

    DeFiLlama Developer Tools and API

    DeFiLlama is a powerful API for developers who want to access DeFi data. This API provides a variety of endpoints that allow retrieval total value locked metrics (TVL), protocol information and historical data.

    API Endpoints

    DeFiLlama’s API offers a number of endpoints.

    • Get all DeFi protocol TVLs with GET /protocols.
    • GET /protocol/protocol: Provides historical TVL data for a specific protocol, including breakdowns by token and chain.
    • GET /v2/historicalChainTvl: Retrieves historical TVL data across different blockchains.

    Choose from a variety of export options

    DeFiLlama API exports data into a format which can easily be integrated in applications by developers. The API exports data in JSON, which is compatible with most modern applications and web services.

    Safety and privacy

    DeFiLlama places a high priority on security, and takes robust steps to build user confidence. Platform is built to safeguard user interaction and protect data.

    Data Protection

    DeFiLlama uses strong security measures in order to protect the accuracy of their data. This helps to maintain confidence in its users. Platform takes measures to protect users from unauthorized data access.

    User Anonymity

    DeFiLlama places a high priority on anonymity. DeFiLlama allows users to access DeFi data and services without revealing their personal information. Users who are concerned about privacy will appreciate this approach.

    Community and Governance

    DefiLlama is a leader in the DeFi ecosystem for providing accurate and transparent data. In order to maintain the platform’s integrity and reliability, its governance structure and engagement with community are crucial.

    Community Engagement

    The community of DefiLlama is crucial to the growth and relevancy of this platform. Active participation by the community ensures that services offered, such as data aggregation across multiple blockchains remain comprehensive and up to date. The platform is open source data that members contribute, which facilitates a collaborative effort towards transparent and democratic sharing of information.

    Governance Mechanisms

    Governance frameworks are a part of DefiLlama and involve a systematized approach to making decisions. This is evident from the voting process as well as in proposals. Governance proposals cover a wide range of topics, from strategic directions to operational improvements. This is a summary of the governance activities:

    • Total Proposals : A total of all the governance proposals that have ever been made.
    • Success Proposals: Number of approved proposals and those that were implemented.
    • Recent Activity: This is a good way to get a sense of the platform’s dynamic by monitoring the proposals that have been made and approved in the last month.

    DefiLlama’s structure promotes informed voting, and it ensures that winning proposals are aligned with the best interests of the community. The bottom-up design empowers the users and fosters an environment of collaboration for innovation.

    Comparing with competitors

    DeFiLlama stands out in the market for Blockchain analytics platforms with its robust feature set. Users need to compare DeFiLlama against other options on the market.

    Features Set

    DeFiLlama offers a wide range of analytical tools for the Decentralized Finance (DeFi). It provides:

    • Data aggregation: This platform combines information from different DeFi protocols.
    • Portfolio management: users can track digital assets across different DeFi protocols.

    Binance, on the other hand, offers a wallet service, an exchange platform and much more.

    Data Comprehensiveness

    DeFiLlama is a leader in the data collection from multiple sources, within the DeFi area:

    • Integration with DeFi: These applications integrate into a variety of DeFi-based DeFi software to offer in-depth analysis.
    • Visits monthly: March 2024 data from Similarweb shows that DeFiLlama has received significant traffic. This indicates a strong reliance by users on the data.

    CoinMarketCap, a competitor platform, also offers comprehensive data, but it focuses on the entire cryptocurrency market, which includes prices, volumes and market capitalizations for all types of tokens.

    Future road map and updates

    DefiLlama is a leading analytics platform in the Decentralized Finance (DeFi). It has announced a number of improvements to its services. It is well-known for its ability to track total value locked across different DeFi protocols, and on blockchains. This allows it to foster greater transparency in the ecosystem.

    DefiLlama will integrate its platform with other DeFi protocols, and also blockchains in the future, thereby expanding its utility and scope for users. Integration efforts are aimed at ensuring comprehensive coverage in the DeFi area, making it easy for users to gain access to updated data and information that is essential to investment and development decision-making.

    In addition, notifications and alerts will be introduced. The features will keep the users up-to-date on important market changes and events in real time. Recent updates include the following:

    • New metrics can be added (e.g. DEX volume, transaction fees).
    • Data coverage expanded to over 130 Blockchains
    • Analyzing market dynamics by tracking protocol flows and outflows

    DefiLlama’s team is working to introduce tools that will help users identify emerging DeFi projects and their high-growth potential. While these updates are aimed at improving the user experience, they also highlight the team’s dedication to maintain the clarity and usability of the provided information.

    DefiLlama hopes to strengthen its position among DeFi participants who are looking for comprehensive and reliable data analytics.

    FAQs

    Why use DefiLlama to track TVL for decentralized finance in the first place?

    DefiLlama is a platform for comprehensive analytics that monitors the total value locked (TVL), in different protocols, across the sector of decentralized finance. The platform’s goal is to give users an accurate, aggregated picture of DeFi financial landscape, providing a way to measure the health and size of DeFi projects.

    What can DefiLlama API be used for?

    Developers and analysts can use DefiLlama API to retrieve historical and real-time DeFi data across multiple blockchains. It is possible to create custom dashboards and tools for performing market analyses, monitoring trends and other tasks.

    What features does DefiLlama offer in terms of integration with different blockchain chains?

    DefiLlama offers a broad coverage of blockchains, tracking over 225 layer 1, layer 2, and other blockchain networks. The integration allows a variety of performance assessments across multiple platforms including Ethereum and Binance Smart Chain.

    How can DefiLlama help users prepare for airdrops in advance?

    DefiLlama is able to identify protocol distributions by monitoring and analyzing activities on the chain. The platform doesn’t directly provide airdrops but it does offer valuable data to help users identify patterns and opportunities associated with such events.

    What is the market capitalization of DefiLlama compared to other platforms such as CoinMarketCap

    DefiLlama specializes on the DeFi market segment, focusing more on TVL than market capitalization. CoinMarketCap, for example, aggregates market capitalization data from various crypto assets. DefiLlama, on the other hand, provides insights tailored specifically to DeFi, including TVL analysis and protocol specific information.

    Does DefiLlama have an official Telegram group to engage the community and provide support?

    Telegram has an official DefiLlama Community where users can interact with their peers, get support and keep up to date on all the new developments. The platform encourages a collaborative atmosphere for discussion related to DefiLlama, and the broader DeFi eco-system.

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  • The US and UK governments step up efforts to regulate stablecoins

    The US and UK governments step up efforts to regulate stablecoins

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    Sherrod brown, the chair of U.S. Senate Banking Committee plans to move stablecoins forward by merging it with marijuana legislation and clawing compensation back from banks. The U.S. has been slow to adopt stablecoin regulations, particularly with elections in 2024. The UK has also taken steps to regulate cryptocurrency and stablecoins, with plans to create a regulatory framework for all of these activities by the middle of 2024. Stablecoins continue to be used for cross-border payments despite the uncertainty surrounding their regulation. Stablecoins are also set to gain a boost from the new competitions that players such as Ripple will be launching.

    Sen. Brown’s novel approach to passing stablecoin legislation

    Sherrod B. Brown, the chairperson of United States Senate Banking Committee revealed his plans to package stablecoin legislation with other measures. This includes allowing financial institutions to process transactions for marijuana companies and clawbacks on executives of failed financial institutions. The proposal addresses some regulatory concerns that are currently surrounding stablecoins, which have been stalled by Congress in spite of support from the industry.

    Legislative proposals to regulate stablecoins in the Senate and House of Representatives are struggling to progress. In the Senate, a bipartisan effort led by Republican Cynthia Lummis, and Democrat Kirsten Gilibrand, has been in progress. The House, however, saw its Clarity for Payment Stablecoins Act, which passed through a committee in July 2023 but has not made much progress since.

    This legislative push comes at a time when Senator Brown, known for his cautious stance on digital assets, is preparing to fight in Ohio against Republican nominee Bernie Moreno. The push for legislation comes as Senator Brown prepares to fight for reelection in Ohio, against Republican candidate Bernie Moreno, despite his conservative stance towards digital assets. In the meantime, Patrick McHenry announced he would not run for reelection as the chair of the House Financial Services Committee. This is another change in leadership which could affect the future of cryptocurrency regulation.

    UK also prepares crypto regulation legislation

    Senator Brown’s mission to regulate stablecoins isn’t his alone. According to UK Economic Secretary Bim Adolami, the UK is planning to introduce comprehensive legislation to regulate stablecoins as well as other crypto-activities like staking before mid-2024. Afolami, speaking at the Innovate Finance Global Summit reiterated the commitment of the UK government to establish a regulatory structure that would bring, for the very first time, crypto assets like exchanges, custodial service providers, and staking under regulation.

    The UK has passed the Financial Markets Bill in 2023 which paved the way for stablecoins, and other cryptocurrency activities to be treated as regulated financial operations in the UK. Since early last year, both the Financial Conduct Authority and Bank of England are actively consulting about the details of a regulatory framework for stablecoins. Bank of England plans to oversee major stablecoin suppliers that may have an impact on the financial system while FCA prepares to regulate the crypto market.

    Afolami, the UK’s Conservative Party led government, announced in February that it was aiming to complete secondary stablecoin laws in the next six months. This announcement reinforced the Conservative Party government’s desire to make the UK a cryptocurrency hub. There is an urgency for these regulations to be implemented much faster than initially thought, as a possible election could see the Conservative Party replace. Labour Party may be more focused on other priorities and put the Conservative Party’s agenda for crypto regulation to the side.

    Why is it important to use stablecoins?

    Stablecoins, a form of cryptocurrency that is designed to reduce the volatility associated with digital currency like Bitcoin. Stablecoins do this by tying their value to more stable assets such as fiat currency, commodities or financial instruments. They are more stable and suitable for daily transactions. This makes them a better option for consumers and merchants who may be wary about the Today’s viral level= lavender swings in Bitcoin and other cryptocurrencies.

    Stablecoins are important because they can act as reliable exchange mediums in the digital world. Stablecoins, unlike volatile cryptocurrencies offer predictability, and they preserve the purchasing power. This is important for routine transactions, as well for investors who want to own digital assets, without risking a drastic change in value. Stability helps to bridge the gap between fiat currency and cryptocurrency, making digital transaction more appealing and practical.

    The growing importance and popularity of stablecoins has attracted the attention of regulators. In response to concerns about the impact of stablecoins on the broader system, organizations like the International Organization of Securities Commissions have proposed that the most important ones be regulated by the Financial Market Infrastructure. Political and regulatory authorities are actively advocating measures such as regular audits, bank-like regulation for stablecoins issuers, to ensure safety, reliability, and stability.

    Stablecoins push for mainstream adoption

    Bernstein’s recent report shows that the stablecoin industry has experienced a massive increase in its adoption. This is especially true for cross-border payments. Stablecoins have also been increasingly integrated in the payment systems for companies from various industries.

    In the report, it was specifically noted that stablecoins are widely used in the crypto trading eco-system and as a means of cross-border payment. In the first quarter 2024, annualized transactions valued at $6.8 trillion. The value of transactions in the first quarter of 2024 was $6.8 trillion. This is roughly equal to the transaction peak recorded in 2022.

    Stablecoins are being adopted by some very well-known payment companies like PayPal, Visa and consumer fintech platforms such as Grab in Singapore or Mercado Libre Latin America.

    There are some challenges with the scaling of the blockchain, which is essential to handle the high volume of transactions required by stablecoin adoption. Solana has been a leader in stablecoin transfers, and is now the dominant blockchain. It even surpasses Ethereum this time around. Solana, despite its popularity, is facing major scaling issues. It currently processes 700 transactions per seconds (TPS), which are far less than the 10,000+ that Visa and other traditional payment networks require.

    Although Solana started pilot programs, with players such as Visa and Shopify it’s still not clear if Solana will be able to manage the rapid growth required for widespread payments between consumers and businesses.

    Stablecoin Ecosystem: Healthy competition

    Paolo Ardoino, CEO of Tether, recently spoke about the launch of Ripple’s stablecoin as well as benefits of the competition within the stablecoin industry during the Paris Blockchain Week. Ardoino is of the opinion that having a stablecoin market with more than $130 Billion in capitalization, it’s important to have a competition. He said that the competition validates both the industry and the stablecoins’ position in the regulatory discussion.

    Ardoino views Ripple’s move as an extremely positive development. It suggests that there’s plenty of room on the market for new players, particularly when you consider the massive money supply increase by the U.S. Government. With a total market capitalization of $108 billion dollars, Tether (USDT) still dominates the cryptocurrency market. USD Coin (USDC), with its $32 billion dollar market cap, is second.

    He pointed out also that inflation in many countries, including Argentina, Turkey Venezuela, Vietnam and Brazil, has led to a devaluation of currencies and a rapid adoption of stablecoins such as USDT and USDC. This has led to a demand for stablecoins as an alternative to national currencies that are unstable. Ardoino believes the digital nature and stability of stablecoins can provide financial inclusion for more than 2 billion people who are not banked.

    Ardoino also discussed Tether’s financial status, noting that USDT has a 106% overcollateralization. He highlighted Tether’s strategy to maintain 100% of reserves in U.S. Treasury Bills, as the company holds an estimated $90 Billion in Treasury Bonds.

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  • Pegasus is a spyware that targets iPhone users.

    Pegasus is a spyware that targets iPhone users.

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    Bleeping Computer is a technology news site that has published the security warning Apple sent to iPhone users across 92 countries. The alert warns them of ongoing spyware attacks by mercenaries. Apple alerts users that they are the target of a malicious spyware attack that is attempting to compromise your iPhone via the Apple ID […] More

  • Etherscan users targeted in sophisticated phishing scam

    Etherscan users targeted in sophisticated phishing scam

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    On X, a phishing scheme targeting Etherscan customers was exposed. Ads were used to redirect victims to websites that drain their cryptocurrency wallets. The discovery led to an investigation that revealed the existence of malicious ads on various platforms including popular search engine. Hacking has also become a problem in the crypto-space, however ParaSwap announced […] More

  • Binance discontinues support for Bitcoin Ordinals

    Binance discontinues support for Bitcoin Ordinals

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    Binance has announced it will stop supporting Bitcoin Ordinals. This means that the platform will no longer support Bitcoin NFTs for trades, deposits and airdrops. The move was made despite the massive amount of transaction fees and engagement generated by the 64 million inscriptions that have been registered since the Ordinals Protocol’s launch. Even though […] More

  • SEC vs CFTC - Understanding their Distinctive Roles

    SEC vs CFTC – Understanding their Distinctive Roles

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    Commodity Futures Trading Commission and Securities and Exchange Commission are both important regulatory agencies in the United States, with their own distinct jurisdictions and mandates. Established in 1974, the CFTC oversees US derivative markets including swaps and futures. Its goal is to protect participants and foster integrity on the market. The CFTC’s establishment marks the […] More

  • White Hat Hackers - Defenders of Digital Security

    White Hat Hackers – Defenders of Digital Security

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    The cybersecurity industry is dominated by white hat hackers. Also known as ethical hacker, they play an important role. White hat hackers use their expertise to identify vulnerabilities in computer systems, network or application before malicious hackers can exploit them. White hat hacker work in a legal manner, and often have explicit permission of the […] More

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