DeFining news: May 5th, 2023
SUI token dropped 70% from its launch this week pulled down by the concern that the circulating supply growth of ~15% by year-end will dilute the valuation too much.
Bitcoin fees are hitting multi-year highs thanks to the start of another wave of memecoin madness. Bitcoin transactions also hit a record high after the introduction of the BTC-20 standard in a direct bid to compete with Ethereum’s ERC-20.
In other Bitcoin token news, BTC.b is unseating WBTC in “bitcoinlike” token popularity, at least on the Avalanche chain.
Meanwhile, Ethereum developers continue upgrading the network, with the Dencun update in the final stages of planning. It will focus on scaling for the sake of tx cost reduction.
The US White House is trying the old “if you can’t beat them — lead them” strategy by aiming to develop the international standards for distributed ledger technology (DLT).
Meanwhile, Montana’s governor signed a pro-crypto mining bill into law, showing that crypto has a lot of support on state level in parts of the US.
In a rare sight for stablecoins, TUSD briefly depegged in the upward direction, actually going up by 20 cents. This was caused by a liquidity crunch for the SUI token campaign run by Binance Launchpad.
The established stablecoin-focused DEX, Curve, deployed the crvUSD stablecoin on Ethereum. crvUSD has a novel lending-liquidating AMM algorithm, converting the ETH collateral to stablecoins as it approaches liquidation.
The decentralized social protocol, Lens, unveiled “Momoka” — its Layer 3 solution for off-chain storage.
Franklin Templeton (part of a $1.4 trillion global investment firm) has opened a stablecoin fund on the Polygon L2 network, showing that institutional interest in crypto is not going anywhere.
Stay tuned!
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