Uniswap is the first DeFi protocol to surpass $1.000 billion in commission fees paid to its liquidity providers. This and more news in this handy daily digest so you're always up to date with the latest events happening within the crypto world.
Cryptocurrencies and altcoins
📍‌Bitcoin and Ethereum prices are down an average of 4%, but the data continues to show strength. In the last few hours, the value of Bitcoin fell by 2,6% this Thursday, while Ethereum lost 3,6%. Cryptocurrencies are trading near the $44.500 and $3.060 per unit, respectively. Despite the slight correction in cryptocurrencies, which were trading above $46.000 and $3.200, bulls expect the price to continue to rise.
Rekt Capital analyst considers Bitcoin is about to hit the “Golden Cross”, which would confirm a new bullish trend for BTC. Regarding Ethereum, the analyst suggests that the price remained stable despite the red candle on Thursday, so it is possible that the cryptocurrency will resume its growth today.
Bitcoin and Blockchain Adoption
📍‌In less than 3 years, Uniswap has paid out over $1.000 billion to its liquidity providers. According to on-chain data, Uniswap's liquidity providers (LPs), the DEX most important of the ecosystem DeFi, have charged over $1.000 billion in commission fees for adding liquidity to the protocol since late 2018.
Over $750 million in fees have been paid out via Uniswap V2, while the V3 iteration has paid out close to $250 million to LPs. Uniswap is the first protocol in the DeFi ecosystem to surpass this milestone.
📍‌DBS Bank receives approval from Singapore to operate cryptocurrency services. According to release Shared by the bank, its brokerage arm DBS Vickers was authorized by the Monetary Authority of Singapore (MAS) to offer payment services with cryptocurrencies, and digital assets to institutional clients. Thus, initially, the new services that the entity will offer will be focused on companies and asset managers. DBS reported that the platform already has around 400 clients and investors.
The new DBS Vickers services will be available 24 hours a day from next week.
NFT and DeFi Markets
📍‌Anonymous collector pays a fortune for Rare Pepe NFT. Three non-fungible tokens or NFT from the Rare Pepe collection, considered the first NFTs in history created in Bitcoin, were sold for 72, 99 y 75 ethers, for a total of 246 ethers. The collector behind the pseudonym 52DD07 paid almost $770.000 for the three tokens on the NFT marketplace OpenSea.
📍‌Argentine football star Lionel Messi receives Fan Tokens from Paris Saint-Germain as a welcome gift. Cryptocurrencies were given to Messi as a welcome to the football club, which will help him connect with his fans and followers. The professional football player left Barcelona to sign a two-year contract with Parisian club PSG, listed on Chiliz’s Socios.com app. At the time of writing, it is not known how many $PSDG tokens Messi received from the club.
Fan Tokens were created by Chiliz and Socios as consumer-oriented cryptocurrencies that give their owners special benefits. For example, access to matches, the favorite team's bench, signed merchandise, trading cards, and more. Messi's signing for PSG raised the value of the $PSG token to over $100,000. $40 nowadays.
Miners
📍‌Ethereum miner manufacturers are designing new, more powerful devices. Even though the Ethereum network will migrate to a consensus protocol that will eliminate miners, the manufacturers of these equipment continue to design new and more powerful equipment for mining within this blockchain, reported CoinDesk, citing several executives.
Bitmain, one of the largest miner manufacturers in the crypto industry, and Innosilicon will be releasing new mining hardware for the second-largest cryptocurrency on the markets: Ethereum; while crypto mining companies Hut 8 and Hive are already investing in these equipment to increase their power within the network. The development and investment in new equipment may suggest that the merger of Ethereum with Ethereum 2.0 may actually take longer than expected.
Development and Technology
📍‌ETC Group reported $3.000 billion in profits from cryptocurrency trading. According to financial report As of Q3.000, ETC Group reported that the company generated annual revenues worth close to $2.986 billion for cryptocurrency miners. Specifically, the company reported that as of April of this year, its Bitcoin activities generated an annualized revenue run rate of $2018 billion, surpassing Square’s annual recurring revenue (ARR) in 2020 and Shopify’s in 2.982. These companies reported annual revenues worth $2.929 billion and $XNUMX billion, respectively.
Likewise, ETC Group reported that the fees generated by transactions of Ethereum have increased by more than 2.000% in the past year, from $36.100 billion last year to $777.100 billion today.
📍‌The Web3 Foundation has funded 300 projects that aim to promote new technologies. Through GitHub, the Web3 Foundation's funding and grant program, shows that it has signed up 300 projects and protocols that are building the foundations of Web 3.0. The Foundation's funded projects range from research and development tools to Wallets, decentralized applications, finance, cryptography, bridges, gaming and much more.
Rules and Regulations
📍‌Argentine President Alberto Fernandez has spoken about cryptocurrencies as a possible solution to inflation. According to their statements During “Caja Negra,” a program broadcast by Filo News on YouTube, cryptocurrencies are assets “to beware of,” although they can help the nation overcome current inflation problems.
Fernández acknowledged that he has little knowledge about cryptocurrencies and how they work, and that like him, many people in the world still do not understand “how that fortune materializes.” It is worth remembering that the cryptocurrency market currently shows a capitalization close to 2 trillion dollars, after a significant recovery in the two main cryptocurrencies on the market: Bitcoin and Ethereum. However, despite doubts and fears, Fernández indicated that crypto assets can be “a good way” to end inflation.
Continue reading: The capitalization of cryptocurrencies is very close to reaching $2 trillion
