Trading volume on decentralized exchanges (DEX) is on the rise following lawsuits filed by the US Securities and Exchange Commission (SEC) against Binance and Coinbase. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
DEX: Over 200% growth this week
📍Increasing regulatory pressure from the SEC on cryptocurrency firms has driven up trading volumes on decentralized exchanges, or DEXs. According to data from DeFi Llama, cryptocurrency traders are moving towards decentralized platforms as regulatory pressure from US regulators against cryptocurrency companies grows.
Trading volume on DEXs has increased by more than 250% over the past week following separate lawsuits filed by the Securities and Exchange Commission (SEC) against centralized exchanges Binance and Coinbase.
On-chain data shows trading volume on DEXs jumped from around $1.200 billion on Sunday to more than $3.090 billion on Monday, when the SEC served notice on the lawsuit against Binance and its CEO, Changpeng Zhao.
The above figures show a 257% growth in trading volume on DEXs over the past few days.
Source: DeFi Llama
DEXs currently hold a total of $45.000 billion in Total Locked Value, with Lido being the most dominant decentralized protocol in terms of TVL.
Jack Dorsey believes Ethereum is a security
📍Former Twitter CEO Jack Dorsey has sparked a new controversy in the crypto community by claiming that Ethereum is a security. Dorsey responded affirmatively to a question posed by Twitter user @MerruX, who questioned on the social network whether Ethereum is a security.
Dorsey's response has sparked controversy in the crypto community, which is in the midst of a new war with the US securities regulator.
The U.S. Securities and Exchange Commission (SEC) has designated a dozen cryptocurrencies as securities in its complaint against Binance on Monday. In the complaint, BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, ALGO, COTI, MANA, SAND, and AXS were mentioned as securities offered by the company in an unregulated manner to investors in the country. Although Ethereum (ETH) was not mentioned on this occasion, its classification as a security is something that has been under discussion for some time.
The current SEC Chairman, Gary Gensler, has said on several occasions that Ethereum should be classified as a security, differing from statements he had made years ago on this very topic. During one of his classes, Gensler had claimed that Ethereum was “sufficiently decentralized” and that it was not a securityHowever, as PointsVille founder Gabor Gurbacs noted, the network's transition from the Proof of Work consensus protocol to the Proof of Stake consensus protocol may have been a game-changer for the cryptocurrency, making it classifiable as a security under U.S. laws.
“I have been saying this for over 6 years, that transitions from PoW to PoS can attract regulatory attention,” Gurbacs stated.
FETRI integrates NFT tokens
📍The Spanish Triathlon Federation is betting on digitalization through NFTs. In a release, the organization announced that non-fungible tokens were seamlessly integrated into the European Championship in Madrid, held last weekend.
The organisation said it is betting on evolution and innovation to adapt to the latest technologies. The athletes who were present at the championship each received a personalised finisher video, created using AI, and a medal in NFT format. The digital medals are "perfect to share with friends, family, co-workers... and to be able to boast about their participation in an entire European Triathlon Championship," said FETRI.
Continue reading: China creates first national standard for blockchain industry
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