Blockchain Financial News

Stablecoins are a type of cryptocurrency designed to have a stable value relative to a specific asset or a basket of assets, typically a fiat currency such as the U.S. dollar, euro or Japanese yen.

PancakeSwap and Uniswap have been locked in a battle of the DEXes for some time but the latter has been winning. There have been instances where PancakeSwap almost took the lead and recent observations suggest that it might flip Uniswap soon.

As 2050 approaches, the global population is projected to reach 9.7 billion, necessitating a significant increase in food production. Unfortunately, the hunger problem persists, with over 1 billion people going to bed hungry each day in 2021, and experts say the issue has been worsening over the last five years. Fortunately, many experts agree that modern technology, including artificial intelligence (AI), can improve the world’s outlook on food production.

The Graph [GRT] is a decentralized protocol that allows users to query and index data from numerous blockchains. These services are provided by a network of nodes known as Indexers.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC's collateral was held at Silicon Valley Bank.

Following the launch of its go-opera version 1.1.2-rc.5 mainnet upgrade on 6 March, blockchain platform Fantom [FTM] saw a spike in user activity on the chain.

Lending protocol Aave has frozen stablecoins trading and set Loan-to-Value (LTV) ratio to zero in response to recent price volatility on stablecoins after the USD Coin depegged on March 11. 

According to a post on Mar. 11 by Bob Elliot, chief investment officer of unlimited funds, relief efforts may already be underway less than 72 hours after the collapse of prominent American tech bank Silicon Valley Bank (SVB). Elliot claimed, among many items, that "big banks actively working on buying svb business," the U.S. Federal Deposit Insurance Corporation (FDIC) is planning to cover 95% of uninsured depositors to the acquirer, and that "50pct of uninsured paid out next wk."

According to a report that began circulating on March 11 in the aftermath of the collapse of Silicon Valley Bank (SVB), prominent blockchain venture capitalists (VCs) have over $6 billion worth of assets held by the now-defunct financial entity. These include $2.85 billion from Andreessen Horowitz (a16z), $1.72 billion from Paradigm and $560 million from Pantera Capital.

Decentralized websites rely on decentralized networks rather than centralized servers to preserve and verify the data’s integrity. Decentralized websites offer a more private, secure and censorship-resistant alternative to standard websites by utilizing peer-to-peer (P2P) networking, cryptography and blockchain.

In response to the extraordinary depegging event of the USD Coin (USDC) stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to have embarked on a series of capital flights to protect assets. Du Jun, the co-founder of cryptocurrency exchange Huobi Global, posted: 

In the early trading hours of 10 March, Bitcoin [BTC] traded momentarily below the $20,000 price level for the first time in seven weeks, causing market-wide liquidations.

The crypto market is known for launching new projects on a regular basis. However, none has generated more excitement than the new lifestyle platform Fight Out, which seeks to revolutionize the health and fitness industry.

According to play-to-earn nonfungible tokens (NFT) protocol Aavegotchi on Mar. 11, the entity closed the bonding curve defining the exchange rate between its namesake token (GHST) and the DAI U.S. dollar stablecoin (DAI). The same day, the DAI stablecoin depegged as part of the ongoing USD Coin destabilization, which was, in turn, caused by $3.3 billion in stuck stablecoin collateral deposits owed to its issuer Circle by now-defunct Silicon Valley Bank. 

Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022. 

According to a forum post from Maker DAO, issuer of the U.S. dollar-pegged DAI stablecoin, on Mar. 11, the firm requested an "urgent executive proposal to mitigate risks to the protocol." Maker said that it possessed multiple collaterals "exposed to USDC tail risk" in light of the extraordinary de-pegging of the USD Coin (USDC) stablecoin that began on Mar. 10.  Maker DAO currently possesses more than 3.1 billion USDC in collateral backing its DAI stablecoin. 

If there is one thing blockchain has come to be associated with, it is disruption. Beginning from value exchanges amongst peers, the innovative accounting solution has since oiled its way into gaming, entertainment, and fitness. Now, it is making a stop in politics via a meme coin project.

Binance NFT, the non-fungible token (NFT) arm of the popular cryptocurrency exchange Binance, has announced the inclusion of the Polygon network as one of the supported blockchains in its marketplace. The move is part of Binance's efforts to expand the NFT ecosystem within its community and allow users to trade NFTs on various blockchains like Ethereum, BNB Smart Chain, and now Polygon, using their Binance accounts.

Among the cryptocurrency community, Bitcoin Ordinals, which provide users with the option to permanently store data on the Bitcoin blockchain, have become a contentious issue of discussion. The architects of Bitcoin-focused firms and the CEOs of such companies see promise in the technology, despite the fact that some people are concerned about congestion on the blockchain and objectionable material.

MPC wallets are becoming more popular among financial institutions and developers of Web3 apps as a means of securing cryptocurrency assets. This trend may be attributed to the growing concern about the security of cryptocurrency holdings. These wallets are able to perform their intended functions as a result of the production of pieces of a private key that are owned by a number of different signers. In order for a transaction to take place, each fragment must have a certain amount of signatures in order for them to be considered genuine. In contrast to conventional multisig wallets, MPC wallets do not need the addition of any particular smart contracts to the blockchain in order to function properly. Moreover, MPC wallets are able to be blockchain-agnostic, which results in lower gas rates. This is a significant advantage.