Altcoins are once again leading the crypto market, which has surpassed a total market capitalization of $2,2 trillion. AXS and XTZ are two of the fastest-growing altcoins this week, reaching new all-time highs. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍Altcoins dominate the crypto market again and AXS hits a new all-time high. After a few weeks of ups and downs, altcoins are back in the lead of the crypto market. Axie Infinity’s native token (AXS) is leading the industry with over 109% growth in the past week. The value of this cryptocurrency, which is being boosted by the implementation of staking with AXS, reached $140 per unit.
Axie Infinity (AXS) Price.
Source: CoinGecko
On the other hand, other altcoins such as Tezos (XTZ), Terra (LUNA), Icon (ICX), and Solana (SOL) are also growing significantly in the market. With a growth of over 30%, XTZ reached a new all-time high of $8,9 per unit. ICX, SOL, and LUNA show growth of 33%, 19%, and 13%, respectively, in the last week.
The cryptocurrency market reaches a total value of 2,2 trillions of dollars At the time of this writing, while the altcoin market, excluding market cap, Bitcoin (BTC), reaches 1,25 trillion dollars.
Bitcoin and Blockchain Adoption
📍Société Générale takes out a loan in DAI using MakerDAO. The French bank, one of the largest in Europe, impressed everyone by requesting a loan in the stablecoin DAI, for $20 million, through a decentralized finance protocol (DeFi). The application introduced by Société Générale Forge, a regulated subsidiary of the traditional bank to the DeFi protocol MakerDAO, indicates that it will use the bond tokens issued last year by the entity on the Ethereum blockchain as collateral for the loan. The bank indicated that both the bond tokens issued and the DAI are recognized by French regulation.
At the time of writing, the MakerDAO community is still debating the bank’s proposed application, but members of the crypto community already recognize that this is a historic moment for everyone. If the loan is approved, Société Générale would be taking a major step towards merging the traditional and decentralized financial systems and opening the doors to building the next generation of finance: Finance 3.0; a new open and permissionless system that was born with cryptocurrencies and blockchain, free of intermediaries, without borders and where users themselves maintain control.
The founder of MakerDAO he highlighted the power of decentralized governance, reporting that it had no knowledge of the proposal put forward by the French bank.
📍Grayscale adds two new cryptocurrencies to its crypto investment funds. Cryptocurrency investment manager Grayscale has integrated two new cryptocurrencies into its investment funds Grayscale Digital Large Cap Fund y Grayscale DeFi Fund. An release Recently, the company reported that Solana (SOL) and Uniswap (UNI) have been added to its large-cap funds in order to balance them. Grayscale sold part of its crypto assets, such as Bitcoin, in order to purchase the new cryptocurrencies.
In July, the crypto investment manager went through the same process to add Cardano (ADA) to its cryptocurrency investment fund. Grayscale Digital Large Cap Fund is composed of BTC, ETH, ADA, LINK, LTC, BCH and now SOL and UNI. On the other hand, the Grayscale DeFi Fund It is made up of DeFi assets such as UNI, AAVE, SUSHI, MKR, COMP, SNX, YFI, CRV, BNT and UMA.
Cybersecurity
📍Over $160 million at risk again on Compound. Decentralized finance protocol Compound suffers from a new vulnerability in which over 202.000 COMP tokens were sent to the Comptroller group. The Yearn Finance developer reported the new vulnerability on his Twitter account, highlighting that it was the best kept secret in DeFi.
As he explains, the vulnerability was known and the protocol developers were working on a solution that would be activated next week. It is worth remembering that Compound governance requires 7 days to activate any patch or update, which is why the developers hid the vulnerability hoping it would not be exploited. The funds that are at risk, such as he pointed Compound founder Robert Leshner is estimated at around $164 million. This vulnerability comes just days after Compound suffered a bug that caused it to send more than $90 million in COMP tokens to members of its community.
Development and Technology
📍DOGE could be used in the purchase and sale of NFT tokens. The co-founder of Dogecoins (DOGE), which was born as a crypto meme in 2013, is targeting the lucrative NFT market. Via Twitter, Billy Markus pointed out the importance of creating a bridge that interconnects DOGE with Ethereum in order to be able to use the cryptocurrency in NFT markets such as Opensea, which currently moves a trading volume of $ 130 million a day.
Markus stressed that the completion of this interconnection bridge would significantly help increase the utility and adoption of DOGE and, therefore, its revaluation in the markets.
Rules and Regulations
📍Brazil promotes regulatory project for cryptocurrencies. Brazil’s Chamber of Deputies will vote in the coming weeks on Bill 2303/2015, which focuses on regulating cryptocurrencies in the country. The regulatory proposal, which was introduced in 2015, seeks to legalize the use and investment in cryptocurrencies, as well as regulate cryptocurrency exchanges and intermediaries, to ensure the security and stability of investors.
According to data According to Chainalysis, Brazil is among the 4 Latin American countries with the highest levels of cryptocurrency adoption. In addition to Law 2303/2015, Brazil has other regulatory proposals focused on the crypto industry; in addition, so far this year, the government has given the green light to the creation of ETFs (exchange-traded products) for several cryptocurrencies, such as Bitcoin and Ethereum.
Continue reading: Axie Infinity, the blockchain game to earn money, launches staking service with AXS
