Weekly Update: 20 July 2023
1) Aave’s dollar-pegged GHO stablecoin hits $2.5M market cap after just 2 days [Decrypt]
– Aave’s new algorithmic dollar-pegged stablecoin GHO on Ethereum has minted approximately $2.5 million coins. The launch was approved nearly unanimously by holders of the protocol’s governance token AAVE.
2) Celsius Network fined $4.7B by Federal Trade Commission [Cointelegraph]
– The FTC has issued a $4.7-billion fine against bankrupt crypto lender Celsius Network. The regulator accused Celsius of squandering billions in user deposits and making $1.2 billion in unsecured loans.
3) Chainlink launches cross-chain protocol to bridge blockchains with traditional capital markets [Decrypt]
– The Cross-Chain Interoperability Protocol (CCIP) aims to bridge the gap between decentralized finance and traditional capital markets, with early support for Avalanche, Ethereum, Optimism, and Polygon networks.
4) Dragonfly, Arthur Hayes back $6M round for new stablecoin, Ethena [CoinDesk]
– Portugal-based Ethena has raised $6 million in a seed funding round led by crypto-focused VC firm Dragonfly. The startup will use the capital toward the launch of its stablecoin and bond asset in the third quarter.
5) Gnosis launches Visa card that lets you spend self-custody crypto in Europe [TechCrunch]
– The Visa card that allows users to spend funds from self-custodial wallets anywhere Visa is accepted. It is currently available in the U.K. and the EU, with plans to expand to Brazil, Mexico, Singapore, and Hong Kong.
6) Lightning network Bitcoin deposits now live on Binance [CoinDesk]
– Bitcoin holders can now deposit their assets to the crypto exchange Binance using the Lightning Network. Depositing Bitcoin via Lightning is faster and cheaper than on the main blockchain.
7) Polygon proposes upgrading MATIC into a multipurpose token for all chains [Cointelegraph]
– Polygon, a Layer 2 scaling solution for Ethereum, has proposed an upgrade to its native token MATIC. The upgrade aims to transform MATIC into a multi-purpose token that can be used across all chains.
8) Prime Trust put into receivership amid shortfall in funds, charges it misused customer money [CoinDesk]
– Crypto custodian Prime Trust has been ordered by the Court of Nevada to be put into receivership after the state ordered the company to cease all activities amid a shortfall and misuse of funds.
9) Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list [Cointelegraph]
– SEC has accepted Valkyrie’s Bitcoin ETF proposal for official review. The fund would trade under “BRRR,” a reference to a popular meme in the Bitcoin community.
10) Uniswap launches cross-AMM protocol, UniswapX [CoinDesk]
– UniswapX addresses many of the pain points of on-chain trading and self-custody swapping, including better prices by aggregating liquidity sources, gas-free swapping, and protection against maximal extract value.
