The DeFi ecosystem is recovering with several of its main tokens surpassing 10% growth in the last few hours, while IOHK, developers of Cardano, announced the integration of Chainlink oracles into the network to boost its decentralized ecosystem. 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
📍DeFi tokens rally amid crypto market crash. The quotes of AAVE, COMP, SNX, YFI, REN, CRV, 1INCH and OCEAN have recovered by more than 10% in the last 24 hours. The value of other tokens DeFi, such as UNI and SUSHI have increased by more than 35% and 24% respectively in the same period, according to data from CoinGecko. CVP and DYDX are the DeFi tokens that are leading this recovery, increasing in value by more than 60% at the time of writing.
On the other hand, the quotes of the main cryptocurrencies, industry-leading cryptocurrencies such as BTC, ETH, XRP, SOL, LTC, MATIC, ETC, THETA and XMR show more moderate growth, between 2% and 8%.
📍Bitcoin has been declared dead 37 times, according to the review website 99Bitcoins. The section of Bitcoin Obituaries On the 99Bitcoins portal, it shows that the media and BTC skeptics have declared the cryptocurrency dead about 37 times to date. From calling it a bubble and a scam, to a highly speculative asset with no future and useless, the portal highlights the numerous times that the media has tried to create fear in the community, predicting the defeat of this financial innovation. However, in all cases, Bitcoin has come out on top.
The latest of its victories is happening now. The cryptocurrency has recovered more than 5% after China declared that the use and trade of BTC, as well as other cryptocurrencies issued by non-monetary entities, has been completely banned in its territory. Bitcoin is trading at a value of $44.200 at the time of this edition.
Bitcoin and Blockchain Adoption
📍El Salvador's Bitcoin wallet, Chivo, already has more than 2 million users. Nayib Bukele, president of El Salvador, shared new figures from his Bitcoin wallet Chivo on his Twitter account. The president's update indicates that Chivo has already surpassed 2,1 million active users throughout the country, highlighting that the number of downloads is higher than this. With these figures, Chivo has become the financial application with more users than any traditional bank in El Salvador, Bukele highlighted.
📍Deutsche Bank analyst Marion Laboure said Bitcoin has the potential to be the “gold of the 21st century.” The analyst at Deutsche Bank, a global banking group quite familiar with the cryptocurrency industry, believes that Bitcoin could become the gold of the 21st century in the coming years. The analyst published a series of questions and answers about cryptocurrency and its future. Laboure focused on bitcoin as a medium of exchange and a store of value, noting that as a hedge against inflation, bitcoin has great potential due to its limited issuance and scarcity.
Laboure also referred to the main differences between Bitcoin and Ethereum and highlighted that Ethereum would be the equivalent of “digital silver” compared to Bitcoin. The environmental issue, related to the energy consumption of cryptocurrencies, was also reflected in Laboure's analysis, who pointed out that in the coming years the operation of these digital assets will be more ecological and safe for the planet. Likewise, the Deutsche Bank analyst indicated that cryptocurrencies, such as Bitcoin and Ethereum, will coexist with fiat money and with the CBDC that banks are currently developing.
Development and Technology
📍Cardano integrates Chainlink blockchain oracles to boost DeFi. The Cardano network announced that it will integrate the oracles decentralized on blockchain chainlink to provide trusted data to developers and drive the construction of its DeFi ecosystem. IOHK reported that Chainlink’s Oracle services will help Cardano drive the development of hybrid smart contracts that enable the creation of new innovative and highly efficient applications, while contributing to its promise of building a less costly and more inclusive global economic system for all.
In addition to this, Charles Hoskinson, co-founder and CEO of Cardano, reported that the COTI platform will be in charge of issuing its next stablecoin called Djed. In its release Officially, IOHK notes that Djed will be a stablecoin with an algorithmic design that uses smart contracts to ensure price stability in DeFi transactions.
NFT and DeFi Markets
📍Chloe Chlem meme sells for $78.000 as NFT “Side Eyeing Chloe”, The sideways glance of a 2-year-old girl, which became popular on the Internet for her worried expression, was sold for 25 ethers on the Foundation platform. At the time of this writing, the value of the ethers exceeds $78.700.
The buyer of the NFT was 3F Music. Chloe's family has said they will not be exchanging the ethers from the sale for fiat in the immediate future.
📍Andre Cronje, one of the most important DeFi developers, competes with Opensea with a new NFT marketplace on Fantom. DeFi developer, creator of the Yearn Finance protocol, announced the launch of a new marketplace for non-fungible tokens on the Fantom blockchain. Cronje chose the staking network (PoS) to offer fast transactions and affordable commission rates for everyone. The new NFT marketplace, called Artion, will compete with Opensea, which is currently the most used NFT marketplace in the crypto industry.
Fantom announced that it will integrate Chainlink oracles into its new NFT marketplace to provide fair market exchange rates for crypto-to-crypto transactions, allowing its users to manage the buying and selling of NFTs using multiple cryptocurrencies securely. So far, Artion supports trading with multiple tokens. ERC-20 and with FTM, Fantom’s native token.
Continue reading: Bitcoin becomes the native currency of the social network Twitter
