Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

'Great cryptocurrencies have to go through several collapses,' says Cardano founder

According to Charles Hoskinson, projects that have survived both bull and bear markets over the years were “resilient under an adversarial load” — and many DeFi protocols weren’t.

How Aave Helped JP Morgan Complete Its First DeFi Transaction

Legacy financial institutions are embracing crypto and decentralized finance (DeFi), and the Ethereum-based protocol Aave is proof. Today, the team behind the protocol announced that banking giant JP Morgan Chase completed its first DeFi transaction. 5/5 @jpmorgan transacting on a public blockchain using Aave smart contracts is a huge milestone for DeFi, and represents a massive step towards bringing traditional financial assets into DeFi, to fully realize the opportunities afforded by smart contract based dApps. — Aave (@AaveAave) November 2, 2022  This represents a major milestone for the sector that continues to see high demand and adoption despite the downside trend in the crypto market. Two years ago, the total value for the DeFi sector, as measured by the total value locked (TVL), was less than $5 billion. Related Reading: Bitcoin Bullish Signal: Whales With 1k-10k BTC Have Been Accumulating In a short period, this metric will increase by over 20-fold, reaching an all-time high of around $170 billion by 2021, according to data from DeFi Llama. Today’s milestone marks a new era for the nascent sector and digital assets. Aave Supports Major JP Morgan Transaction According to the official announcement, JP Morgan leveraged a “modified” version of the Aave protocol. Due to its higher scalability, the project used Ethereum’s second-layer solution, Polygon. The team behind the protocol said: The Aave protocol was utilized by involving the supply and borrowing of tokenized foreign exchange transactions, using SGD tokenized deposits (1st issuance of tokenized deposits by a bank!) issued by J.P. Morgan and JPY tokenized assets issued by SBI Digital Asset Holdings. The transactions are part of the Monetary Authority of Singapore (MAS) led “Project Guardian.” The initiative explores ways to bridge legacy financial institutions with decentralized finances “across a broader range of use cases.” WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian 🙌🚀🔥https://t.co/XI212SG4zg Many world 1sts here, & since this is public ⛓ here’s a transparent🧵on what we did: — Ty Lobban (@TyLobban) November 2, 2022  In addition to JP Morgan, other major banking institutions are participating in the initiative, including DBS Bank, SBI Digital Asset Holding, and the Oliver Wyman Forum. These transactions are the first in a series of pilot tests to explore the potential for DeFi and digital assets to improve the interoperability and efficiency of legacy financial markets. Related Reading: Ripple (XRP) Sits On Key Support; Here Is What Could Happen If $0.45 Fails Project Guardian was announced in May 2022, its objective is to “identify” the key areas where traditional financial institutions and DeFi protocols can collaborate. So far, the initiative has identified pilot programs to “unlock economic value,” the study of regulatory and risk management, developing technology standards, and others as areas of interest. Chief FinTech Officer at MAS, Sopnendu Mohanty, said: The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets. This is a big step towards enabling more efficient and integrated global financial networks. Project Guardian has deepened MAS’ understanding of the digital asset ecosystem (…).

Coinbase Chief Product Officer Steps Down: ‘Time to Get Off the Ride’ – Decrypt

submitted by /u/ImaFreemason [link] [comments]

Bankman-Fried misguides regulators by directing them away from centralized finance

FTX CEO Sam Bankman-Fried proposed a blueprint for regulators to look into decentralized finance — with nary a word about centralized exchanges like his own.

Unstoppable Domains launches Web3 alliance and seeks self-regulating boards

The cross-chain coalition includes Bonfida, Tezos Domains, Polkadot Name System, Hedera, Syscoin, and Klaytn Name Service.

Robinhood monthly users drop by 1.8M to 12M, as Crypto revenue decreases another 12%

submitted by /u/partymsl [link] [comments]

Three crypto ETFs to be delisted in Australia as crypto winter continues

Two of the funds just received green lights for trading in the country in May, following regulatory approval.

Are Sepolia and Goerli test nets working properly at the moment?

I tried to buy Ether on both for testing purposes with no success. Goerli returns an internal server error whereas Sepolia tells me to wait because I've just bought some but there is no SepoliaETH in my Metamask wallet. Thanks. submitted by /u/originalgainster [link] [comments]

New ‘crypto token regime’ instituted at the Dubai International Financial Centre

The emirate’s free trade zone has its own legal system and courts. Now its crypto regulations have been augmented and extended to all tokens recognized in the zone.

A list of Web3 alternatives to popular Web2 services [OC]

I collected alternatives to popular web2 apps hoping to make the transition easier. This is by no means an exhaustive list, but a list of web3 protocols I found useful. You are probably familiar with some of these, but I think most will find at least a few new platforms to check out. Transitioning to…
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