Read about the most recent trends and updates in the crypto industry.
The turmoil provoked by FTX’s insolvency and liquidity issues has shaken the industry to its core. We feel the need to clarify that it’s business as usual at WhaleFin and Amber, and here we explain why.
Cardano to scale up to 1,000,000 tps with Hydra for super fast payments
- One step forward for the Cardano blockchain network to see the large-scale deployment of its layer two (L2) scaling solution Hydra to make super-fast micro-payments possible.
- The core developers of Cardano, Input Output Global (IOG), has released an update on its fully open-source peer-to-peer payments developer toolkit called Hydra for Payments.
- The protocol aims to increase network scalability.
- Hydra Head is an L2 solution that works as an off-chain mini ledger between a small group of participants. It is similar to the main on-chain ledger but faster, more cost-efficient, scalable, isomorphic, and customizable.
Source: Crypto News Flash
Bank of America downgrades Coinbase
- Analysts at Bank of America downgraded shares of Coinbase on Friday.
- Shares of Coinbase were down as much as 5.5% in early trading on Friday.
Source: Yahoo Finance
Tether’s $1 billion chain swap to convert USDT on the Solana blockchain to the Ethereum blockchain.
- Tether, the largest stablecoin issuer in the world, announced a US$1 billion chain swap to convert USDT on Solana to Ethereum ERC20.
Curve Finance releases the official code and whitepaper of its stablecoin,
- The stablecoin, called crvUSD, will be overcollateralised and rely on an algorithm called Lending-Liquidating AMM (LLAMMA).
Uniswap Labs introduces new smart contracts
- Permit2 allows sharing and managing token approvals across different smart contracts.
- Universal Router is used for token and NFT swaps aggregation.
Source: The Coin Republic
Input Output Global to release a new privacy-focused blockchain
- Cardano’s developer Input Output Global is releasing a new privacy-focused blockchain called Midnight.
- The goal of the blockchain is to preserve privacy while giving access to regulators and auditors.
- Midnight will be a side-chain of Cardano and offer zero-knowledge proof smart contracts.
El Salvador introduced a bill to launch the ‘Bitcoin bonds’
- El Salvador finally made a decisive step to the realization of its “Bitcoin bonds” project.
- The Minister of the Economy introduced a bill confirming the government’s plan to raise $1 billion and invest them into the construction of a “Bitcoin city.”
Russia to launch a ‘national crypto exchange’
- Russian lawmakers are working on amendments to launch a national crypto exchange.
- This effort is supported by the Ministry of Finance and the Central Bank of Russia.
- The two institutions have a long history of disagreement over crypto regulation in the country.
New York Fed advances two digital asset exchange projects
- The Federal Reserve Bank of New York and the Monetary Authority of Singapore are working together on a series of wholesale digital currency cross-border payment tests.
- The aim is to reduce settlement risk.
- The regional Fed bank also announced a proof-of-concept project connecting digital central bank and commercial bank money through distributed ledgers.
Source: Central Banking
Japan Kicks Off Central Bank Digital Currency Experiment
- The Bank of Japan is working with three megabanks as well as regional banks in the Asian nation to trial a digital yen next year.
- Nike Launches .Swoosh Web3 Platform, With Polygon NFTs Due in 2023
- Cristiano Ronaldo Launches NFT Collection With Binance Crypto Exchange
- OpenSea to enforce creator royalties on all collections after community outcry
Check out our WhaleFin NFT Marketplace here.
Crypto has survived worse than the fall of FTX: Chainalysis
- Blockchain analysis firm Chainalysis has compared the fall of Mt. Gox to FTX to determine how FTX’s bankruptcy will impact the ecosystem.
- It concluded that FTX was a relatively smaller part of the crypto industry than Mt. Gox was at the time.
- The industry should bounce back stronger than ever.
Source: Cointelegraph, Chainalysis
- BTC: 16,699.2 USD
- ETH: 1,217.65 USD
- BTC: 15,776.2 USD
- ETH: 1,107.46 USD
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