In the last week, for every $1 in Bitcoin fees, more than $95.000 in BTC was moved, proving that it is the most efficient monetary settlement network in the world. 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.
Cryptocurrencies and altcoins
📍Transaction fees on Bitcoin are reduced as settlement efficiency on the network increases. On-chain analyst Dylan LeClair noted on his Twitter account that Bitcoin’s increased settlement efficiency has lowered transaction fees on the blockchain network. According to his data, in the last week, for every $1 paid as a fee on the network, nearly $95.142 was moved, making Bitcoin “the most efficient monetary settlement network the world has ever seen.”
LaClair also noted that commission fees paid in Bitcoin over the past week accounted for just 0,00105% of the total value transacted across the network, $451.300 billion. “Legacy institutions cannot compete”, the analyst noted.
Bitcoin and Blockchain Adoption
📍Japanese corporation SoftBank invests in Asian Metaverse Zepeto. Naver Corp, the South Korean company developing the Zepeto metaverse, with more than 2 million active users a day, raised 150 million during the Series B investment round, which was participated in by SoftBank Group Corp. With the funds raised during the Series B, Naver Corp became a new crypto unicorn, reaching a valuation of $1.000 billion.
📍US investment firm Kelly Strategic Management is seeking approval for an Ethereum futures ETF. Kelly Strategic Management presented its application for the creation of a new exchange-traded fund (ETF) that tracks Ethereum (ETH) futures contracts traded on the CME. The investment firm is awaiting approval from the U.S. Securities and Exchange Commission (SEC), which has already authorized the creation of two Bitcoin futures ETFs in the country, launched by firms ProShares and VanEck.
CBDC and Central Banks
📍Juda Agung, governor of Bank Indonesia, argues that CBDCs were born to combat Bitcoin. The CBDC They are one of the tools that central banks have to combat the rise and dominance of Bitcoin in the financial system, said the current governor of Bank Indonesia, Juda Agung. In his opinion, cryptocurrencies like Bitcoin can have a major impact on the current system, so banks must act to counteract their massive use in financial transactions.
Bank Indonesia is considering developing and launching its own CBDC, the digital rupiah, to address the challenges that cryptocurrencies may pose.
Development and Technology
📍Colony, a joint venture between Avalanche Foundation, raises $18,5 million to fund projects that boost the DeFi ecosystem. Avalanche Foundation, which develops the Avalanche blockchain, has invested in the community-driven investment fund and acceleration program called colony. This fund is intended to boost the development of next-generation projects focused on the decentralized financial ecosystem and inject liquidity into existing DeFi protocols. Colony raised $18,5 million in a final investment round led by the Avalanche Foundation and participated by investors including GBV Capital, Bixin Ventures, and Polychain Capital.
Avalanche's DeFi ecosystem currently has 76 decentralized protocols and brings together a total liquidity of 13.600 million.
📍ClimateTrade joins Algorand to power carbon-neutral blockchain solutions. The carbon market and firm that Bit2Me collaborates with to offset its carbon footprint has joined forces with Algorand to promote new carbon-neutral solutions that allow the potential and opportunities of blockchain technology to be explored in a friendly and environmentally friendly way.
ClimateTrade and Algorand will develop a blockchain oracle, called “Green Treasury”, to help developers and builders drive new restoration solutions and projects globally, using the potential of blockchain technology. The initiative will also create a new blockchain sustainability standard to help reduce carbon emissions within the ecosystem, with the aim of achieving full chain neutrality in the future.
Cybersecurity
📍New DeFi attack costs ecosystem another $30 million The liquidity protocol in DeFi MonoX Finance fell victim to a new hack that compromised nearly $30 million in different cryptoassets. A vulnerability in MonoX’s smart contract on Ethereum and Polygon was exploited, allowing the hacker to artificially increase the value of the protocol’s MONO tokens and then exchange them for other cryptocurrencies, such as MATIC, wETH, LINK, and others, extracting part of the liquidity deposited in the project.
The protocol developers say they are working to track the funds and want to negotiate with the attacker to recover the users' funds. They are also investigating in a security audit by the firm Halborn, which noted the price manipulation vulnerability as “resolved” in its report.
Rules and Regulations
📍South Korea's National Assembly delays cryptocurrency tax bill until 2023. South Korea's National Assembly Planning and Finance Committee has confirmed that the government's planned cryptocurrency tax bill will be postponed until 2023, so the country's citizens can continue trading crypto assets without worrying about having to declare their capital gains. reported According to a local media outlet, in early 2023, the new resolution on the tax law in South Korea will come into force, which will tax cryptocurrency profits at 20%.
Continue reading: Uniswap leads DEXs with nearly $79.000 billion in trading volume during November
