Crypto Fight

2022-08-31 20:00:05 ​​MakerDAO co-founder recommends DAI-USD depegging to limit attack surface.

While revealing the protocol's inability to comply with regulators, Christensen suggested that "we must choose the path of decentralization."

In light of the recent discussions around depegging its native token from USD Coin (USDC) amid sanctioning of Tornado Cash, MakerDAO co-founder Rune Christensen reached out to the community explaining why free-floating DAI may be the only choice for the decentralized autonomous organization (DAO).

In his blog post, “The Path of Compliance and the Path of Decentralization: Why Maker has no choice but to prepare to free float Dai,” Christensen disclosed miscalculating the risks related to risk-weighted assets (RWA). He stated:

“Physical crackdown against crypto can occur with no advance notice and with no possibility of recovery even for legitimate, innocent users. This violates two core assumption that we used to understand RWA risk, making the authoritarian threat a lot more serious.”

While revealing the protocol’s inability to comply with regulators, Christensen suggested that “we must choose the path of decentralization, as was always the intent and the purpose of Dai.”

He believes that decentralizing Maker would reduce the impact of crackdowns on the overall protocol, adding that "The only choice is then to limit attack surface by reducing RWA exposure to a maximum fixed percentage of the total collateral - this requires free floating away from USD."

It is important to note that over 50% of DAI is currently collateralized by USDC, as evidenced by daistats data.

Joey Santoro, the founder of the decentralized finance (DeFi) platform Fei Protocol recommended revoking participation from Tribe DAO after reimbursing Fuze victims.

Previously, Rari Fuze hacker was offered a $10 million bounty for returning the $80 million worth of assets, but Fei Protocol received no response from the attacker. Open / Comment

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2022-08-28 20:00:06 ​US Crypto ATM Provider Bitcoin Depot to Go Public as Part of Merger Deal.

Major US crypto ATM provider Bitcoin Depot has signed a deal with GSR II Meteora Acquisition Corp, paving the way for the two companies’ merger and listing on the NASDAQ exchange.

Per the press release,

The two companies "announced a definitive agreement for a business combination that would result in Bitcoin Depot becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Bitcoin Depot Inc. and trade on the NASDAQ under the new ticker symbol “BTM”."

Following the merger, the company will have an estimated post-transaction equity value of some USD 885m, with about USD 170m in cash to finance its future growth, Bitcoin Depot said in a statement.

The business says that the net proceeds raised from the deal will consist of up to USD 321m of cash held in a trust account. They will be used with the aim to support Bitcoin Depot’s working capital, finalize acquisitions, and scale the company’s platform and range of products.

The business combination is expected to be completed by the first quarter of 2023, and is subject to regulatory and stockholder approvals.

Bitcoin Depot says that it enables its users to convert their cash into cryptoassets such as bitcoin (BTC), ethereum (ETH), and litecoin (LTC) at more than 7,000 locations in 47 states across the US and nine Canadian provinces.

The announcement notes that the company offers two products: the first is Bitcoin Depot BTMs, which enable users to convert cash to BTC, ETH, or LTC, while the second one is BDCheckout which enables customers to fund their Bitcoin Depot accounts with cash directly at checkout counters at "major participating retailers."

Once an account is funded, the user can receive BTC through the Bitcoin Depot mobile app, the company says. Open / Comment

2022-08-27 20:00:06 Singapore asks Crypto Companies for Detailed Information before making New Rules: Reports

As a result of the recent collapse of Three Arrow Capital in Singapore, the Monetary Authority of Singapore (MAS) is taking a strict view of the crypto industry in the country.

Read more https://www.thecryptoupdates.com/singapore-asks-crypto-companies-for-detailed-information-before-making-new-rules-reports/ Open / Comment

2022-08-25 20:00:07 ​​72% of Russians say they have never bought Bitcoin.

A new survey hints at a lack of crypto awareness in Russia as only 6% of respondents were found to have good knowledge of crypto.

Cryptocurrency adoption in Russia has not been moving too fast as an overwhelming majority of Russians have apparently not ever bought crypto, according to a new survey.

Switzerland-based cryptocurrency wallet provider Tangem has conducted a poll to learn more about cryptocurrency investors in Russia, local news agency Kommersant reported on Thursday.

As many as 72% of the 2,100 respondents in the survey claimed that they have never bought cryptocurrencies like Bitcoin (BTC), which leaves Russian crypto investors in a significant minority.

At the same time, just 9% survey participants indicated that they were negative toward cryptocurrencies while 45% of respondents said they had a positive attitude towards digital currencies, with the remaining 46% being neutral.

According to the survey, the “ability to earn” was the biggest positive thing about crypto investments, with 44% of respondents choosing to invest in crypto due to this factor. On the other hand, the “absence of physical backing” was indicated as the most concerning point, with 68% of respondents saying that they didn’t want to buy crypto because of this reason.

Despite the vast majority of Russians apparently snot being introduced to crypto investments, many are considering potential investments. 31% of respondents indicated that they were ready to buy crypto in the next six months, while 40% claimed they were still uncertain about any potential investments in crypto. Just 30% of participants said they didn’t plan any crypto purchases in the near future.

Russia’s low crypto adoption rate comes in line with a low level of awareness and crypto education. According to Tangem’s data, only 6% of respondents were found to have good knowledge of crypto, while 80% were only familiar with the term.

According to estimations by InDeFi CEO Sergey Mendeleev, the number of active and passive crypto users in Russia currently amounts to less than 1% out of the total 144.4 million population. He said this is likely due to an absence of legal methods to buy or sell crypto in Russia as well as the risk of funds being blocked by banks. Open / Comment

2022-08-23 16:00:07 ​ Go Around the World with 1xBit and Win Crypto

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2022-08-22 20:00:07 ​​Stablecoin issuers hold more US debt than Berkshire Hathaway.

Tether, Circle and other stablecoin firms held $80 billion worth of short-term U.S. government debt as of May 2022, more than owned by Warren Buffett’s Berkshire Hathaway.

Stablecoin issuers like Tether (USDT) and Circle have accumulated a significant share in the United States Treasury market, outperforming major traditional finance players.

Various stablecoin providers collectively held $80 billion worth of short-term U.S. government debt as of May 2022, according to a study by the investment bank JPMorgan released on Aug. 16.

Tether, Circle and other stablecoin firms accounted for 2% of the total market for the U.S. Treasury bills, holding a bigger share of T-bills than totally owned by Warren Buffett’s investment giant Berkshire Hathaway.

Stablecoin issuers have also outperformed offshore money market funds (MMF) and prime market MMFs in terms of their Treasury-bill investment proportion, according to the data.

Considered to be low-risk assets, Treasury bills are debt instruments that are commonly used by companies as a cash equivalent on corporate balance sheets. Tether and Circle — issuers of the world’s biggest asset-backed stablecoins, Tether and USD Coin (USDC), — have pledged to buy U.S. Treasury bills while cutting reliance on commercial paper earlier this year.

The move came amid uncertainty surrounding algorithmic stablecoins sparked by TerraUSD (formerly UST) losing its U.S. dollar peg in May 2022.

In contrast to algorithmic stablecoins, which rely on algorithms and smart contracts to support their U.S. dollar backing, asset-backed stablecoins like USDT and USDC are designed to guarantee the 1:1 peg by holding cash and common cash equivalents. At the time of writing, USDT’s market capitalization amounts to $67.6 billion, while USDC’s market value is $52.4 billion, according to data from CoinGecko.

As previously reported, USDC has seen notable growth in market cap, while Tether’s market dominance has been dropping since May. "Market confidence in Tether as a stablecoin has been gradually eroding, with the events over the past few months accelerating that dynamic," JPMorgan said. According to the bank, one of the primary drivers behind the shift has been the "superior transparency and asset quality of USD Coin’s reserve assets." Open / Comment

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