Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
Eastern Europe Shines for Crypto Adoption but Darknet Looms
Crypto adoption is on the rise in Eastern Europe. Chainalysis published a preview of its upcoming Geography Report in which it pointed out the trend, which also reveals a rise in darknet marketplace transactions. Chainalysis also fielded a couple of questions from BeInCrypto.
According to the report, Ukraine and Russia are in the lead for crypto adoption, based on the firm’s Global Crypto Adoption Index. Ukraine takes the top spot, followed by Russia at No. 2 and Belarus, which is ranked as No. 19. The results are surprising for a couple of reasons, not the least of which is because based on cryptocurrency transaction volume, the Eastern European crypto markets rank as No. 4 globally.
What do you think about this? You can read more about this story by clicking here.
Official Ethereum Proof-of-Stake Algorithm Proposal Published
On Wednesday, Danny Ryan, a lead developer of the Ethereum Foundation, published the official proposal EIP-2982, foreshadowing the launch of Ethereum 2.0.If approved, this paves the way for the launch of Serenity “phase zero.” Within this framework, the Beacon Chain will be activated, which will use Proof-of-Stake.
To read more about this, click here.
Yearn Finance Launches StableCredit while YFI Pumps from COINBASE Listing
DeFi giant Yearn Finance continues to grow and develop new products. Its latest offering is StableCredit, a new protocol for decentralized lending, stablecoins, and automated market makers. Meanwhile, its native YFI token got a huge boost from being listed on Coinbase Pro.
DeFi aggregator Yearn Finance has launched another protocol that combines tokenized debt stable coins, lending, and automated market makers (AMMs). It allows users to provide any asset and create tokenized credit called StableCredit in USD or other fiat bases such as EUR and JPY. To read more about this story, click here.
Uniswap UNI Pools Amass $750 Million in First 24 Hours
In the first 24 hours since Uniswap announced its native UNI token and liquidity mining rewards, its four pools have accrued over $750 million.
UNI is the hottest thing in DeFi at the moment, so hot that it caused a gas price spike resulting in four-figure Gwei (gas) fees for transactions over the past day. There has been a rush to claim the free UNI for those that have provided liquidity before Sept 1, and a rush to deposit liquidity to earn the token from the four new liquidity pools.
Did you claim your 400 $UNI? To read more about this, click here.
Sprawling DeFi Sector Pushes Tether (USDT) to $15 Billion
The total market cap of Tether (USDT) has crossed $15 billion for the first time. The expanding DeFi sector appears to be driving usage of the controversial stablecoin.
The USDT market has increased by around $3 billion in the last month alone. Some see the expansion of the stablecoin and its rising use in DeFi protocols as a concern. Ongoing legal issues could prompt action against the company that backs the stablecoin. Meanwhile, recent developments highlight the centralized nature of Tether due to the firm’s control over various aspects of the network. To read more about this story, click here.
SushiSwap Founder Returns $14m in ETH to Project Treasury
SushiSwap founder Chef Nomi has announced the return of $14 million in ETH to the SushiSwap treasury and issued a public apology.
On September 5, the anonymous founder sold $8 million worth of SUSHI, leading to a panicked selloff that sent the price tumbling more than 50%. After selling 19,430 ETH in SUSHI from the SushiSwap dev pool, the founder came out of the transaction $14 million richer while the SUSHI market went into a tailspin. This sparked angry accusations of exit scamming from SUSHI holders.
To read more about this situation, click here.
Bitcoin ATMs Worldwide Pass 10,000 Milestone
The number of global Bitcoin ATMs hit 10,000 on Wednesday, seven years after the first machine was installed in Vancouver, Canada.
According to Norwegian financial services company AksjeBloggen, the total number of Bitcoin ATMs has increased significantly in recent years—jumping 87% from the 5,336 recorded just a year ago.
Have you used a Bitcoin ATM? To read more about this story, click here.
Coinbase Pro No Longer Paying Ethereum Transaction Fees
Coinbase Pro has announced that it will no longer pay Ethereum gas fees for its users. The change comes as transaction fees on the network continue to increase.
Previously, the cryptocurrency exchange had paid Ethereum fees on behalf of its customers. The change in fee policy came into effect from Thursday, 17 Sept.
To read more about this, click here.
Japanese Crypto Exchange Alleges BINANCE Enabled Thieves to Launder Money
Cryptocurrency exchange giant Binance is being sued in US court by a Japanese crypto exchange called Fisco. The lawsuit is based on the claim that Binance allegedly facilitated the laundering of more than $9 million in digital assets stolen from Fisco. To read more about the allegations, click here.
New EU Rules To Institute Crypto For Cross-Border Payments By 2024
Two new European Union documents have proposed a four-year window for incorporating crypto assets into the E.U.’s payment infrastructure. The documents include plans for the E.U. executive to put forward a law to iron out any regulatory kinks and if necessary create new regulation for crypto adoption in the E.U.
What do you think about this? You can read more by clicking here.
ETH’s Daily Transaction Volume Thrusts Ethereum 2.0 Into Limelight
Ethereum is on a roll. The blockchain network just attained a new all-time high for daily transactions, while gas fees have been skyrocketing in the interim.
Ethereum’s daily transaction flow was fueled by a frenzy in the decentralized finance (DeFi) space that has thrown the market into a tizzy. According to the Ethereum Daily Transactions Chart, the record high was reached on Sept. 17, when the number of daily transactions registered at 1,406,016. The last time it even came close to these levels was in January 2018, when the ICO craze was at its height. To read more, click here.
Kraken Granted Approval for “America’s First Crypto Bank”
Crypto exchange Kraken has received regulatory approval to form the world’s first fully regulated crypto bank in the U.S. state of Wyoming.
In an announcement early on Wed 16 Sep., Kraken revealed that the new institution, tentatively called Kraken Financial, will be a Special Purpose Depository Institution (SPDI). The approval marks the second time a crypto-financial firm has successfully received a banking charter and underlines Wyoming’s burgeoning reputation as a crypto innovation hub.
Similar to a traditional bank, Kraken Financial will offer depository, custodial and fiduciary services, but also for crypto assets. To read more about this, click here.
Yam Finance Readies for Relaunch as Token Returns to $25
One of the first DeFi ‘food’ protocols, Yam Finance, is preparing to reenter the space with a third attempt at a launch following a turbulent start.
Yam Finance kick-started the DeFi food farming frenzy in mid-August when it was one of the first to launch high-yielding liquidity pools using code from another protocol. Farmers initially flocked to the platform to load up on YAM.Yam Finance is now on the verge of launching its v3 iteration and migrating v2 tokens to the new contracts. This occurred on Sept 18, at 20.00 UTC.
What do you think about $YAM? To read more, click here.
Bittrex Shuts Door on 7 Countries, Sending Users Scrambling
The popular cryptocurrency exchange Bittrex has quietly announced they are ending operations in seven countries. The exchange gave users 14 days to vacate their funds. But poor communication leaves some traders racing to withdraw from the site. Recently, Bittrex users in seven countries found they were unable to login.
Users from Belarus, Burundi, Mali, Myanmar, Nicaragua, Panama, and Ukraine were added to the list of countries where Bittrex has ceased operations. What do you think about this? You can read more about this by clicking here.
Ethereum Classic Devs Propose 51% Attack Prevention Protocol
After multiple 51% attacks, Ethereum Classic (ETC) developers working towards making the project’s network more resistant to blockchain reorganization (reorg) exploits.
In a press release issued on Sept. 18, Ethereum Classic Labs (ETC Labs) announced a proposed plan to curb future 51% attacks. According to the press statement, ETC developers proposed the “Modified Exponential Subjective Scoring,” or MESS, system designed to prevent malicious blockchain reorgs. To read more about this by clicking here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!
