DeFi & Ethereum News

2023-04-25 04:42:02 Wrapped Bitcoin Token Goes Live on Cardano Testnet

Wrapped bitcoin token cBTC has gone live on the Cardano testnet as the project’s developers seek to attract bitcoin (BTC) holders to the nascent Cardano decentralized-finance, or DeFi, network. Users can now mint cBTC tokens from the anetaBTC protocol and use the tokens to fund, trade or provide liquidity to Cardano's test network. These wrapped tokens are a 1:1 representation of bitcoin, but on the Cardano blockchain.

Wrapped tokens make it easy to transfer value across blockchains, which otherwise lack interoperability, allowing users to access different DeFi protocols without the native tokens of that protocol. Various DeFi enhancements have aided the rise of such protocols on Cardano since the start of 2023, with the total value locked on Cardano-based platforms rising to over $150 million from less than $50 million. DeFi exchanges such as Minswap, Indigo and Wingriders hold most of the TVL on Cardano, with stablecoin project Djed attracting over $15 million since it went live in early March. The anetaBTC project aims to attract bitcoin liquidity to the Cardano ecosystem.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-24 04:51:02 OKX Started The SUI IEO Subscription, OKB Loans Interest Rate Soared To 200%

OKX is the first exchange to open the sale of SUI tokens in the form of IEO. OKX has started the SUI IEO subscription today, and the annual interest rate of OKB loans has risen to over 200%. Originally, the exchange said that the SUI token sale event on OKX Jumpstart would take the shape of a token distribution lottery on April 23. OKB holders may use their OKB to purchase raffle tickets, and winning tickets will allow them to purchase SUI.

An extra appreciation sale will be held only for Sui ecosystem contributors. Users must be formally whitelisted by the Sui Foundation in order to participate in the Gratitude Sale. Whitelisted users may buy up to 1,500 SUI from a total supply of 25,000,000 SUI for only $0.03, and the tokens will be completely unlocked when the mainnet becomes live. Then, during the OKX Jumpstart event, whitelisted users may utilize OKB to buy SUI. The token allocation lottery is still open to participants of this special event. While the Sui Network is in its early phases, it has captured the attention of the wider cryptocurrency sector.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-23 04:31:02 Ethereum’s Shanghai Upgrade Spurs Institutional Investment Into Staking

Early signs show that Ethereum’s seamless Shanghai upgrade has spurred institutional investors’ interest in staking. Top institutional-grade ether (ETH) staking service providers have already recorded about three times larger inflows in April compared to all of last month, Michiel Milanovic, analyst of Ethereum blockchain developer firm ConsenSys, told CoinDesk.

Ethereum’s highly anticipated tech update, often referred to as the Shanghai or Shapella upgrade, starting April 12 enabled withdrawals of some 18 million tokens, worth $35 billion, previously locked up in staking contracts. After the upgrade, ETH’s price rallied to $2,100, its highest level in 11 months, defying earlier concerns the unlocking could lead to significant selling pressure and a price crash. The token recently has dropped below $1,900, aligning with a broader crypto market decline. Allowing withdrawals also reduced the liquidity risk associated with locking up ETH for staking, which has kept some investors at bay before.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-22 04:28:02 Lido Community Vote On A Treasury Management Committee Has 99.12% Support

The Lido community has begun voting on the proposal to establish a treasury management committee. This proposal seeks approval for a few key Treasury Management Principles (Principles), as well as the formation of a Treasury Management Committee (Committee) to develop Treasury Management Strategies (Strategies) constrained by the Principles, and Treasury Management Actions (Actions) to carry them out using On-chain tools.

According to the Snapshot voting website, the Lido community began voting on the proposal to adopt the DAO fund management principles and permit the formation of a treasury fund management committee early this morning. The current rate of support is 99.12%. The voting period will end on April 28. Proposed treasury management concepts include ETH as the primary unit of account for the platform, Lido DAO money as a source of protocol resilience and future expansion, and the ability to fund initiatives to enhance the protocol’s decentralization and cybersecurity goals. The chance of treasury monies being lost is reduced.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-21 04:46:02 Biggest bitcoin options exchange Deribit to launch zero-fee spot trading

Deribit, the world's largest crypto options exchange, is entering the spot trading space. The company announced late Wednesday that it is launching a zero-fee spot exchange on April 24. The move comes shortly after rival Binance's zero-fee spot trading campaign ended late last month. At launch, Deribit will offer spot trading with three pairs: BTC/USDC, ETH/USDC and ETH/BTC.

Deribit's entry into spot trading comes seven years after its inception. The exchange is currently the leader in the crypto options market, with over 90% share of open interest in both bitcoin and ether options trading, according to The Block's Data Dashboard. Last year, Deribit had challenging times as it had to liquidate Three Arrows Capital's (3AC's) positions after the now-bankrupt crypto hedge fund failed to meet its margin calls. In turn, Deribit took a "small" hit and later went on to raise $40 million from existing shareholders at a $400 million valuation. The company was valued at $2.1 billion in its previous funding round in August 2021.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-20 04:21:02 MicroStrategy’s Bitcoin Holding Doesn’t Necessarily Pose a Concentration Risk: Bernstein

Whether MicroStrategy (MSTR) sells its bitcoin (BTC) tokens to pay down debt is closely tied to how the cryptocurrency performs. The position is not large enough to distort prices but it does present a sentiment risk in a down cycle, Bernstein said in a research report Wednesday. The business analytics software company is the largest corporate holder of bitcoin as a balance sheet treasury asset.

The company has about $2.2 billion in debt, with repayments due in 2025 and beyond. It has pledged 15,000 of its bitcoins, Bernstein said. At those levels, MicroStrategy does not “necessarily pose a concentration risk” even if trading volumes fell during a bear market, though it may affect market sentiment. “High BTC prices mean a stronger balance sheet, higher stock prices and easier debt repayment without selling its BTC holdings,” analysts Gautam Chhugani and Manas Agrawal wrote. MicroStrategy holds around 0.7% of total bitcoin in circulation, representing about 20% of daily average traded volume in spot markets, the note said.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-19 04:40:04 Coinbase Could Move Away From U.S. if No Regulatory Clarity: CEO Brian Armstrong

Coinbase (COIN) CEO Brian Armstrong indicated that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry does not become clearer. "Anything is on the table, including relocating or whatever is necessary" he said after former U.K. Chancellor George Osbourne asked whether he could see Coinbase leaving the U.S. at Fintech Week in London.

Armstrong's comments come weeks after rival exchange Bittrex said it planned to exit the U.S. by the end of April, citing "the current U.S. regulatory and economic environment." Bittrex received a Wells Notice – a statement that the U.S. Securities and Exchange Commission's (SEC) Enforcement Division found evidence of legal violations – in March, general counsel David Maria told the Wall Street Journal. The SEC filed a lawsuit against the exchange on Monday. Coinbase received a Wells Notice from the SEC in March. Armstrong said Coinbase had met with the SEC "30 times" without getting feedback regarding the nature of its business before receiving the notice.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-18 06:09:02 One million ether has been withdrawn since Ethereum's Shanghai hard fork

The amount of ether withdrawn since Ethereum's Shanghai hard fork has surpassed one million coins. The Shanghai hard fork — part of an upgrade package called Shapella — went live just before 6:30 p.m. EDT on April 12 at block height 6209536. It allowed Ethereum stakers to withdraw their ether rewards for the first time since Beacon-chain deposits began in late 2020. The price of ether remains around $2,100 per coin while staking APR.

The total amount of withdrawn ether currently stands at 1.02 million coins, according to data from token.unlocks. Deposited ether since the Shanghai hard fork, meanwhile, stands at 373,040 — creating a net staking balance of -646,210. Just under 15% of the total ether supply remains deposited (excluding staking rewards). This accounts for 17.30 million ether, worth roughly $36.1 billion. The total amount of ether pending withdrawal (including rewards) fell below $2 billion after topping $3 billion yesterday. Some 877,880 ether is currently queued for withdrawal — amounting to $1.84 billion. An estimated $62.65 million will be withdrawn over the next 11 hours, creating a daily withdrawal average of $125.23 million per day.

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https://t.me/DeFi_Ethereum Open / Comment

2023-04-17 07:27:02 US House Committee Publicizes Potential Stablecoin Bill Of 2023

The US House Financial Services Committee unveiled a draft of a potentially historic stablecoin bill that calls for studying a central bank digital currency (CBDC), as well as a moratorium on stablecoins backed by other cryptocurrencies. It establishes definitions for payment stablecoin issuers, using language similar to that used by former Pennsylvania senator Pat Toomey (R) when he unveiled his own stablecoin legislation in 2022.

The ban on stablecoins like UST will last until a study can be conducted. The bill also seeks a study of the potential impact of CBDCs issued by the Federal Reserve. On Wednesday, a House Financial Services subcommittee will hold a hearing on stablecoins with testimony from Dante Disparte of Circle Internet Financial, which issues USDC, Jake Chervinsky of the Blockchain Association, Columbia Professor Austin Campbell, and Superintendent Adrienne Harris of the New York Department of Financial Services. A day later, the full Financial Services Committee will convene to hear from Gary Gensler, the chair of the Securities and Exchange Commission.

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2023-04-16 07:16:02 BitPay Already Supports Users To Buy ETH With Apple Pay

BitPay, a cryptocurrency payment service provider, revealed on April 15 that consumers might buy Ethereum (ETH) using Apple Pay. According to its official website, customers may buy Ethereum online using the platform’s self-custody wallet software or the purchasing widget, which is Apple Pay compatible. Users may buy over 60 cryptocurrencies, including Ethereum and Bitcoin, using the BitPay app, which allows cryptocurrency payments.

Users may buy over 60 cryptocurrencies, including Ethereum and Bitcoin, using the BitPay app, which allows cryptocurrency payments. 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]. BitPay was incorporated into Apple Wallet and Apple Pay in 2021, enabling Bitcoin to be consumed online, in retail, and via applications. The Apple Pay connection is part of the company’s bigger aim to capitalize on the recent surge in Bitcoin values. BitPay accepts 14 cryptocurrencies for purchase with Apple Pay, including Bitcoin, Ethereum, Polygon, USDC, and Dogecoin, and there is no cost.

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