Category: Cryptocurrency News

MuesliSwap, a decentralized exchange (DEX) on the Cardano network, has announced its decision to reimburse its users that have been affected by high slippage over the past year. This is in response to the recent questions faced by the protocol on its slippage feature. Slippage refers to the price difference between when a transaction order is submitted and when the transaction is executed by the market maker and confirmed on the blockchain. MuesliSwap Acknowledges Lack Of “Adequate Clarity”  In a post on X (formerly Twitter), the team behind MuesliSwap admitted that it failed to provide “adequate clarity” on the slippage feature within its decentralized exchange. Users have had to pay high slippage due to the manner in which the protocol’s matchmaker was designed.  Related Reading: Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month? The MuesliSwap team explained in the post: Our decentralized matchmaker setup allowed each matchmaker to fill the limit order and choose whether to return the additional slippage amount or retain the difference at their discretion. MuesliSwap claims this difference has served as an incentive for the matchmakers since the beginning. To further clarify, the protocol’s team said this “supplementary matchmaker incentive” pushes the decentralized matchmaker to prioritize users’ orders during periods of high market volatility. However, it acknowledged that pushing this under the unclear term “slippage” may have confused new users. 📣 Clarifying Slippage on MuesliSwap: We want to address confusion about advanced matchmaker slippage on our platform. Quick heads-up: This impacts only a handful of users so please be careful about what others state on Twitter. 🔍 1️⃣ Trades through the MuesliSwap DEX aggregator… pic.twitter.com/SBpBZUWxnb — MuesliSwap Team🥛 (@MuesliSwapTeam) August 8, 2023 In a bid to rectify the situation, the MuesliSwap team disclosed that it would be refunding users who were affected by the high slippage on the protocol’s pools in the last 12 months. The team claims that the funds for users’ reimbursement will come from the “project funds”. Additionally, MuesliSwap said that a comprehensive analysis of all trades will be carried out to ensure fair refunds. “This process may take approximately 3 to 4 weeks as we gather and validate the necessary data, and implement the distribution code,” the team noted. MuesliSwap To Remedy The Situation? At the end of the post, MuesliSwap stated that swift action has been taken to fix the high slippage issue in the DEX order book.  Related Reading: Cardano (ADA) Price Prediction: 28% Upswing Or 23% Drop Coming Next? The team also said: Going forward, our DEX protocol will provide clear and accurate information on slippage when interacting with our pools. MuesliSwap is the fifth-largest protocol on the Cardano network, with a total value locked (TVL) of $10.41 million, according to data from DefiLlama. MILKUSDT trading at $2.7232 | Source: daily MILKUSDT chart from TradingView Featured image from Taxaide, chart from TradingView

The Lightning Network is growing, but liquidity issues and a need for greater user awareness continue to hinder mainstream adoption.

My grandma messaged me about a politician who had been talking about crypto. She and I had had some discussions about crypto, including at $16K when I was pitching her a buy-in and I guess she's been doing some research. She claimed that the politician, who has been very open about his appreciation for Bitcoin…
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Crypto mining firm Bitdeer reached an agreement with B. Riley Financial to sell up to $150 million of its Class A ordinary shares.

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Rep. Maxine Waters said she was “deeply concerned” about the PYUSD without a proper regulatory framework in place, while Rep. Patrick McHenry said it “hold[s] promise”.

As Bitcoin continues to enjoy more mass adoption, many have regretted their decision not to get in earlier on the flagship cryptocurrency. Co-founder of private investment firm The Carlyle Group David Rubenstein joins this long list of individuals as he wishes he had bought BTC early on.  Bitcoin Is Here To Stay Speaking on Bloomberg Television on August 8, Rubenstein said he wished he had bought Bitcoin when one BTC was worth $100. The statement stems from the fact that the billionaire believes BTC is here to stay, following “enormous interest” in the cryptocurrency.   Related Reading: ARK Invest’s CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs Simultaneously He explained that Bitcoin’s decentralization is key to this interest as people want a form of money that governments can’t control. According to him: There’s enormous interest around the world, and to be able to have something you can transfer without having the government knowing about it, and keep it private. You can say people shouldn’t do that, but that’s not going to stop people from doing it. BTC price rocks up to $29,873 | Source: BTCUSD on Tradingview.com BlackRock Is Key To All Of It Rubenstein also noted that people who once mocked BTC and other cryptocurrencies might begin to have second thoughts following BlackRock’s application for a Spot Bitcoin exchange-traded fund (ETF). “What’s happened is people made fun of bitcoin and other cryptocurrencies, but now the establishment, Larry Fink at BlackRock, is now saying they’re going to have an ETF if approved by the government in bitcoin,” Rubenstein told Bloomberg. “So you’re saying wait a second, the mighty BlackRock is willing to have an ETF in bitcoin, maybe bitcoin is going to be around for a while.” The billionaire investor’s sentiments echo that of Galaxy Digital CEO Mike Novogratz, who mentioned, during an interview on Bloomberg TV with David Rubenstein, that BlackRock’s CEO Larry Fink’s change of heart was the “most important thing that happened this year in Bitcoin.” “He [Larry Fink] got ‘orange-pilled. Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it,” he said. Larry, who had once referred to BTC as “an index of money laundering,” said in a July 5 interview with Fox Business that Bitcoin could revolutionize the financial industry as it could be used as a hedge against inflation instead of traditional gold.  Related Reading: Can PayPal’s PYUSD Be Frozen In Your Wallet Like Tether’s USDT? There is no denying the influence that BlackRock and its CEO Larry Fink could have on BTC adoption, especially among institutional investors. BlackRock is currently the largest asset manager with over $9.1 trillion in assets under management (AuM).  With such a large clientele base, the market could see more individual investors, companies, governments, and foundations invest in Bitcoin through BlackRock (when their spot Bitcoin ETF gets approved by the SEC).  Meanwhile, Larry Fink is a prominent figure on Wall Street and one who boasts tremendous influence in the financial world, and he will likely carry this influence into crypto. Featured image from iStock, chart from Tradingview.com