Provident Financial News

Scenarios have started to look greener for the global crypto market. Well, Bitcoin and Ethereum in particular. But one specific token has been in an uptrend registering more than 150% gains in a week.

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Polkadot has been grabbing headlines recently with its performance. The latest updates on the network have added fuel to DOT’s uptrend in the crypto market.

Interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses.Michele Bullock, deputy governor of the Reserve Bank, says: "This project is an important next step in our research on CBDC. We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia."While the Reserve Bank has been actively working on the prospect for inroducing a CBDC in the wholesale markets, scepticism has been expressed about the need for a retail equivalent."Considerable research has been undertaken by central banks, including the Reserve Bank, into the feasibility and possible technical design of CBDC, in particular exploring the potential use of new technologies such as distributed ledger technology," the central bank acknowledges.

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However, in an OFR working paper, Todd Keister and Cyril Monnet argue that banks would lower their maturity mismatch when depositors have access to CBDC, reducing their exposure to depositor runs.In addition, the flow of funds into a CBDC provides policymakers with a new source of real-time information enabling them to react faster to potential runs. Depositors would anticipate this faster policy reaction, which decreases their incentive to join the run.The paper highlights the importance of a CBDC's design for how it affects financial stability.

During the crypto-onslaught of the first half of 2022, there were some unnoticed movements in DEXs. A relatively lesser-known DEX called Perpetual Protocol has ramped activity on Optimism. In fact, since the launch of Perp v2, it has had the largest number of transactions on Optimism.

A part of the Shiba Inu ecosystem and launched in July 2021, ShibaSwap is a decentralized exchange (DEX). It facilitates cryptocurrency trading on a peer-to-peer basis. According to the project’s whitepaper, the DEX was launched to provide a “safe place,” one where traders can conduct cryptocurrency transactions.

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MakerDAO [MKR] has claimed that the much-anticipated Ethereum [ETH] Merge could do more harm than good to its network. 

Solana was in the news recently after it addressed this week’s hack by underscoring the need to improve wallet address security. NEAR protocol promptly took note and has now taken action to improve security for all NEAR wallet users.