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- Ethereum Turns 8 🎂🎁 Curve Liquidity Pools Exploited, Hackers Steal $24M 💰🏃
Ethereum Turns 8 🎂🎁 Curve Liquidity Pools Exploited, Hackers Steal $24M 💰🏃
German regulator raises concerns about Binance CEO. Food and beverage brands are using NFTs.
Manan Vora
July 31, 2023
Snapshot Web3
July 31, 2023
Regulatory Updates
Germany's financial regulator, BaFin, reportedly advised Binance to withdraw its license application, citing concerns about CEO Changpeng Zhao's suitability and the company's structure. Binance is facing legal actions in the U.S. and is under investigation for violating sanctions.
The Indian Supreme Court criticized the Union government for the delay in issuing crypto regulations. The court asked the government to clarify if it plans to establish a federal agency to investigate crypto-related crimes. The government has been working on a crypto bill since 2018 but has not introduced the final draft. Meanwhile, crypto taxation laws were imposed in April 2022, impacting the crypto market negatively.
Innovation and Launches
Threshold Network has completed a multi-year effort to upgrade its Bitcoin-to-DeFi bridge tBTC. The protocol now allows users to reverse the process and "unmint" tBTC back to BTC, enabling Bitcoin holders to transfer and use BTC within the DeFi ecosystem without a trusted intermediary. This development is a significant step towards decentralized solutions in the DeFi space, as it eliminates the need for centralized custodians. The upgrade comes after comprehensive testing for security and functionality, and it aims to provide a more secure and efficient bridge for Bitcoin users to access the Ethereum ecosystem.
Trending DApps
NFT and Metaverse
The food and beverage industry is embracing NFTs, with fast-food chains like Pizza Hut and Papa John's using them for marketing. The global food and beverage NFT market is predicted to surpass $2 billion by 2032, driven by blockchain adoption and demand for transparency. NFTs help track food origin, quality, and safety. Challenges include technical complexities and limited awareness among consumers and stakeholders.
Resource of the Day
OpenSea is a top NFT marketplace for creating, buying, and selling NFTs. To start, users need Ethereum and a crypto wallet like Metamask. They can create an NFT account, upload files, and add details. To sell, select the NFT, set a price, and choose listing duration. Gas fees apply during transactions. Be cautious of market prices and volatility.
Interesting Reads
Today marks the 8th birthday of Ethereum, launched on July 30, 2015. It has become the second-largest crypto with a $225 billion market cap and 1,900 active developers. Community members celebrate its growth and milestones. Binance CEO recalled Vitalik Buterin staying with him before Ethereum's launch. Ethereum's smart contracts fueled the ICO boom and DeFi rise. It shifted to proof-of-stake through the Merge upgrade in 2022, reducing energy usage and enabling staking incentives.
Blockchain technology is empowering East African farmers to sell their produce globally by ensuring traceability and sustainability. Technologies like blockchain, satellite imagery, AI, and IoT devices are being used to create immutable records, providing proof of sustainable practices. Blockchain enables two-way transparency, benefiting farmers and stakeholders in the supply chain. Small farmers can document the origin of their produce, comply with international regulations, and fetch higher prices in export markets like Europe. While it may take time for full adoption, the combination of blockchain with other emerging technologies has the potential to revolutionize agriculture in the developing world.
Quick Links
On July 30, DeFi protocols suffered an attack, resulting in a $24 million loss. The hackers exploited a vulnerability in Curve's liquidity pools. JPEG'd, Alchemix, and Metronome DAO were among the affected protocols. The flaw was attributed to a failure in the Vyper programming language's compiler, rendering re-entry guards ineffective.
Liquid staking tokens (LSTs) are set to replace Ethereum's native cryptocurrency, Ether (ETH), due to their advantages. LSTs unlock staked token value, providing liquidity and flexibility. Users can earn staking rewards while using LSTs for DeFi liquidity. The lower cost of entry makes LSTs appealing to new investors. As LST adoption grows, they could dominate exchanges and replace ETH. LSTs may attract new users and revitalize the industry.
During the Wagner Group rebellion in Russia, crypto trading surged as people sought a stable alternative to the weakening rouble. Trading volume between the rouble and Tether stablecoin increased by 277%. Cryptocurrencies offered an escape during the unrest, but also revealed their dark side, being used for illicit activities. The implications of this surge in crypto trading continue to resonate globally as technology and currency intersect with politics and finance.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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