Category: Cryptocurrency News

Ethereum might be the king of smart contracts and the world’s primary hub for decentralized finance (DeFi) and non-fungible tokens (NFTs) activity but onchain data suggests that Bitcoin is ahead in user engagement, interpreted by the number of daily active users, and network activity is at acceptable, healthy levels, reading from the number of daily transactions confirmed.  Bitcoin Leads Ethereum In Daily Active Addresses According to Artemis Terminal data on September 15, Bitcoin, despite being predominantly a transactional layer, enabling the peer-to-peer (P2P) transfer of value between addresses, has more daily active users than Ethereum. This observation is even as Ethereum serves as a conduit of value since assets can be moved, just like in Bitcoin, and a smart contract platform for deploying trustless and automated decentralized applications (dapps). Some, like Uniswap, a decentralized exchange (DEX), process billions worth of transactions every month. Related Reading: Artist Stages Crypto Protest In Front Of US SEC With “Rug Pull” Exhibit On September 15, Bitcoin had over 800,000 daily active addresses (DAA), more than twice those in Ethereum, which stood at slightly over 378,000. The only time there was a slight change was on September 13, when over 1 million addresses were activated on Ethereum. Then, the number of DAA on Bitcoin also fell to around 743,000. However, the DAA on Ethereum has fallen sharply while Bitcoin has maintained an upward trajectory since late August. During this time, Ethereum’s DAA has been fluctuating heavily, as evidenced by the rise and fall on Sep 13 and through to today. Ethereum Processes Over 1 Million Transactions Everyday Ethereum shines in the number of daily transactions processed. When writing on September 15, the smart contract platform had processed over 1 million transactions while Bitcoin lagged, confirming less than 600,000. Even at this level, Ethereum has processed less than half of what it did on September 13, when the network processed over 2.3 million transactions. On the other hand, Bitcoin’s daily transactions have been steady, while those of Ethereum have, on average, risen over the past three months, as Artemis Terminal data shows. DAA and daily transaction count are important metrics that on-chain analysts use to analyze the level of engagement and health of public blockchains. Over the past 18 months, activity has rapidly shrunk as asset prices fall in the crypto winter. Ethereum’s drop from around $5,000 in late November 2021 to as low as $1,500 in 2022 weighed negatively on DeFi and NFT activity.  Related Reading: Dogecoin Price Prediction for 2023, 2024, 2025, 2030 & Beyond According to DeFiLlama, the total value locked (TVL) of DeFi protocols has stabilized below $50 billion, down from around $180 billion in 2021. Meanwhile, trading volume has crashed by over 90%, dragging the value of NFT-related projects, including Immutable X and ApeCoin. To illustrate, APE is down 96% from peaks. Feature image from Canva, chart from TradingView

In a Friday 15 court filing, Gemini, the US-based crypto exchange platform, has accused Digital Currency Group (DCG) of engaging in “fraudulent activities” and attempting to evade responsibility for the harm caused to creditors.  The filing directly responds to a statement made by DCG regarding a proposed agreement between DCG, the debtors, and the Official Committee of Unsecured Creditors. Related Reading: Artist Stages Crypto Protest In Front Of US SEC With “Rug Pull” Exhibit Gemini Seeks Justice For Creditors Affected By The Collapse Of Genesis According to Gemini, DCG devised a $1.1 billion promissory note to conceal the significant financial losses caused by the collapse of Three Arrows Capital (3AC).  However, DCG allegedly kept the actual terms of the note “hidden,” leading to misleading representations to Gemini’s creditors. Furthermore, the company claims that DCG borrowed a substantial amount of Bitcoin (BTC) from the company instead of providing much-needed capital. Gemini also highlights that DCG is now unwilling to repay the more than $630 million it borrowed from the company, which was due several months ago in May.  In response, as reported by NewsBTC, DCG has proposed a deal that would require Genesis creditors, including Gemini, to extend years of credit to DCG. However, Gemini intends to fight against this proposal, asserting that DCG should pay creditors a just and adequate amount. Gemini argues that DCG has attempted to “wear down” creditors over the past ten months, hoping they would settle for a significant reduction in the amount owed.  According to the court filing, Gemini is determined not to succumb to these tactics and will continue to pursue a fair resolution. Rejection Of DCG’s Proposed Recovery Rates In the filing, Gemini criticizes DCG’s proposed recovery rates, claiming they are “misleading and deceptive.” The company argues that receiving fractional shares of interest and principal payments over seven years from a risky counterparty is not equivalent to receiving the actual cash and digital assets owned by Genesis.  Gemini demands that DCG significantly improve the terms of the loans it provides if it wishes to gain the support of the harmed individuals. Overall, Gemini accuses DCG of being the architect of its subsidiary’s insolvency and “sacrificing” the exchange and its creditors to shield itself from liability.  The company founded by the Winklevoss twins asserts that DCG’s delay tactics have hindered progress in distributing funds to Gemini Lenders, despite Gemini’s offer of a $100 million premium for a swift resolution.  Related Reading: These Countries Are Picking Shiba Inu Over Dogecoin And Cardano It is worth noting that the court filing by Gemini comes after months of negotiations with the crypto lender and DCG and the collapse of the Gemini Earn program, which resulted in lawsuits and severed ties between Digital Currency Group and the crypto exchange.  Featured image from iStock, chart from TradingView.com

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Despite Brian Shroder resigning as CEO of the exchange’s US wing amid SEC and CFTC lawsuits, Binance CEO Changpeng Zhao claimed that the departure was normal.