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Taker Protocol Raises $3M To Transform Cross Chain NFT Liquidity And Utilization
Taker Protocol focuses on improving the liquidity available in the NFT market. Due to the unique non-fungible structure of NFTs, existing DeFi primitives are difficult to integrate into the market, resulting in significant issues in terms of overall liquidity. The value of an NFT is extremely volatile and often effectively becomes zero as no buyers can be found at any reasonable price. Furthermore, NFTs are difficult to use productively after purchase and often end up forgotten in the user’s wallet.
Taker Protocol aims to solve the worst of the liquidity issues for NFTs by bridging them with DeFi and implementing NFT lending. Owners of NFTs will be able to supply them into the protocol so that borrowers may use them. This can enable several unique use cases, such as renting profile picture NFTs or metaverse assets to start playing a video game. Lending on Taker is unique in DeFi as it does not depend on the value of the assets. Interest rates and the terms of the loan are fixed at the beginning, and only the failure to return the asset in time may result in liquidation.
The TKR token defines membership in the Taker DAO, which has several key functions in the system. In addition to setting loan-to-value rates and other parameters in the protocol, the DAO will also contribute in fairly appraising a particular NFT or NFT collection. This means that each asset supported by Taker will have a guaranteed fair floor price. In return, TKR holders will be able to obtain rewards and receive a portion of platform income.
The funds received will help Taker launch the full version of the protocol across multiple chains, including Ethereum, Polygon, NEAR, Solana and Polkadot. The support of major stakeholders and participants in the NFT ecosystem will also help further development of the project.
“We are absolutely thrilled to welcome so many well-established investment funds to the team,” said Angel X, Co-Founder of Taker. “Their participation heralds an exciting new phase for the protocol, as we seek to address persistent problems in the NFT lending market for the benefit of end users. This investment will enable us to further optimize liquidation on NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.”
Taker is the first protocol to provide liquidity to the NFT market by combining it with DeFi primitives and DAO management. It is a multi-strategy, cross-chain lending protocol for lenders and borrowers to liquidate and rent all kinds of crypto assets, including metaverse assets and digital collectibles, but also financial papers, synthetic assets and more. Taker provides ensured liquidity via the LenderDao infrastructure and extensions that could be integrated into NFT marketplaces
Bitcoin And El Salvador Roundup: How BTC Became Legal Tender, A New BTC Wallet, BitGo, And More
Bitcoin and El Salvador saw one of the most important moments in their history take place last week when the country passed a law making Bitcoin legal tender. Starting with a new BTC wallet to how the groundwork was laid to make BTC legal tender in El Salvador, let’s look at some of the biggest developments over the past week.
El Salvador has made history by becoming the first government to adopt Bitcoin, with help from Bitgo that is behind the technology that is powering the entire effort. The South American country had outlined its intentions about adopting BTC in June, with president Nayib Bukele announcing the decision on his official Twitter handle. The bill for the Bitcoin law was passed after 62 out of a total of 84 Congressmen voted in favor. El Salvador will also be looking at sustainable bitcoin mining, exploring renewable energy use for Bitcoin mining.
After adopting BTC as legal tender, El Salvador will be using the official Chivo digital wallet, which will be provided by Bitgo, a crypto custody firm based out of California. Bitgo will provide the Chivo security platform and the application programming interface. Since its founding in 2013, Bitgo has become one of the most valuable blockchain companies, offering multisig wallets and custody services for Bitcoin.
Mike Belshe, CEO and Co-Founder of BitGo, commented on El Salvador’s decision, stating,
“Digital assets look so different from what we’ve seen with other types of money, and so people wonder about how [they] fit in, but this is an opportunity to build financial freedom for the people of El Salvador.”
Several reports have stated that the Chivo Wallet could cost money service providers such as MoneyGram and Western Union to lose around $400 Million in commission made due to remittances. With remittances making up over 23% of El Salvador’s GDP, money service providers such as MoneyGram and Western Union were the preferred method of transferring the remittances. However, the Chivo wallet could change all that.
Whistleblower and privacy activist Edward Snowden weighed in with his thoughts on the possible implications of the Bitcoin law. According to Snowden, the implementation of Bitcoin as legal tender could put pressure on competing nations to follow suit, with other countries being forced to acquire Bitcoin. He further stated that Bitcoin’s technical design incentivizes early adoption.
After the announcement that El Salvador will be adopting Bitcoin as legal tender, the world media has unleashed a barrage on the South American country, drawing the ire of the IMF. Several media reports have come out against the adoption of BTC. According to economist Steve Hanke, the existing system is working perfectly fine. He also backed MoneyGram and Western Union, commenting that they are cheaper and better methods to send remittances.
El Salvador: Government Supporters Dismiss Bitcoin ‘Protests’
With just days to go until bitcoin (BTC) becomes legal tender in El Salvador, resistance to crypto adoption is continuing – while pro-BTC advocates are dismissing opposition to adoption and looking forward to the dawn of a new financial paradigm.
Reuters (via Yahoo) aired images of street protests attended by “Retirees, veterans, disability pensioners, and workers,” which the news agency stated were “expressing their concerns that the government would start paying their pensions in bitcoin instead of USD.”
The footage showed people carrying signs reading: “No to bitcoin” and “No to corrupt money-laundering.”
Some carried placards printed by the left-wing Movement of Popular Resistance (MPR-12) group, while a number of protesters carried a banner that read:
“The working class rejects cryptocurrencies. No to bitcoin.”
Reuters quoted a member of the Supreme Court of Justice’s workers’ union, Stanley Quinteros, as stating:
“We know this coin fluctuates drastically. Its value changes from one second to another and we will have no control over it.”
But some dismissed the protests and argued that the media had sought to blow them out of proportion. The conservative commentator Jose Valdez shared a video of a small group of protestors and wrote on Twitter:
“The traditional media, which is paid to maintain the status quo, and including international media, are selling ‘protests’ with big headlines… But the reality is this: [The protests amount to] eight people who do not understand what they are opposed to, because they do not even know how it works or what they are they even fighting against.”
Felissa Cristales a popular ARENA party opposition MP, who has famously sided with Bukele on a number of matters, sought to play down talk of protests. She wrote:
“Remember that the government’s opposition will always complain about Bitcoin. Some because they don’t know what it is and others because they want to defend the interests of the banks. Don’t be surprised by this. On September 7, we will start using bitcoin and the doubts will vanish.”
But those who are opposed to the BTC bill will have no doubt taken note of comments from the highest Catholic Church authority in the land – Escobar Alas, the Archbishop of San Salvador – who, in a video shared by La Prensa Gráfica, also expressed crypto doubts.
Alas stated that the public “fears” bitcoin adoption. He urged the government to allay such fears by seeking to educate the public and put an end to the “lack of information” provided to ordinary people on the subject.
El Salvador’s President Nayib Bukele, meanwhile, was in no mood to focus on voices of dissent – instead taking to Twitter to triumphantly post a promotional video for the state-run Chivo bitcoin wallet, which will roll out on September 7.
Some welcomed the news on Twitter, including ElisabettaZacc2, who wrote that she “cannot wait”
for the opportunity to use the app to remit money to family in El Salvador without having to pay USD 14 on a USD 100 remittance.
Bukele is hoping to transform El Salvador into a center of gravity for the Bitcoin world, and will hope to achieve this by holding a Lightning Network summit in the nation in autumn.
The event will be titled Adopting Bitcoin – A Lightning Summit 2021, and its masterminds said that its aim was to “bring together the Bitcoin and Lightning communities,” with a focus on “transitioning 6+ million people onto the Lightning Network.”
But Bukele and his supporters might have a few wrinkles to iron out of their BTC adoption plan yet.
The media outlet ElSalvador unveiled some of the details of the assistance that the government has requested of the Central American Bank for Economic Integration (CABEI) ahead of September 7.
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Argentine Superstar Lionel Messi NFT Collection Goes Live After Unimaginable Barcelona Exit
Lionel Messi has had an eventful summer so far, with the Footballing icon having left his boyhood club to link up with French Superclub Paris Saint Germain. Messi has been busy off the field as well, as he launched his exclusive NFT collection soon after his Barcelona departure.
After winning the Copa America with Argentina, Messi is settling in with his new club and teammates while also working on his new venture, which sees him join the likes of Ronaldinho and Gianluigi Buffon, who also launched their own groundbreaking NFTs.
The exclusive collection, titled The Messiverse x Bosslogic, has seen Messi team up with Ethernity Chain that has created a “futuristic AI-driven bionic semblance” of the superstar, reflecting all of his achievements, iconic moments, and future accomplishments.
Ethernity is very well known, thanks to their collaborations to create collectibles items and rare NFTs with ice hockey legend Alex Ovechkin, Poker star Phil Ivey and musician Nas, and several other rare collaborators.
Nick Rose, CEO of Ethernity, described the vision behind the collaboration with Lionel Messi, stating,
“Our vision for the collaboration with Lionel and Bosslogic was to merge the physical world with the digital, allowing fans around the world to engage with a coveted collection coming straight from one of the world’s greatest soccer players.”
He also went on to stress how important the collaboration with Messi was, going on to say that it was a huge milestone and a dream come true for the team at Ethernity, further commenting,
“This collaboration with Lionel was not only a dream come true but a huge milestone for the Ethernity team. Being part of creating the Messiverse with Bosslogic is yet another way to actualize what Ethernity means and what we are working towards as a company.”
Lionel Messi’s four-piece collection will be released on Saturday and will be available only for a limited period of time. The price for the collection has not been disclosed yet but will be revealed on the day of the launch. Lionel Messi also released a small statement about the release stating, “Soccer is like art -- it is timeless.”
NFTs and cryptocurrencies have recently broken into the world of soccer, with several top clubs in Europe exploring cryptocurrencies to launch fan tokens and increase revenue.
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U.S. Government To Tax Crypto Transactions To Fund $1 Trillion Infrastructure Package
Lawmakers in the U.S. and President Joe Biden have finalized the details for a $1 Trillion bipartisan package for infrastructure. The plan also contains measures to improve tax compliance and comes with measures that are specifically directed at improving tax compliance around cryptocurrencies and crypto-assets.
The bill, described as a “once in a generation” investment in the U.S. infrastructure, also includes $550 Billion in new Federal investment into America’s infrastructure. This will be spent on constructing bridges, roads, high-speed internet, electric vehicles, shipping ports, upgrading public infrastructure, and other areas. The bill also outlines provisions that would enable the government to raise $28 billion from cryptocurrency transactions.
The plans to step up tax enforcement around cryptocurrency assets were not originally a part of the bill. However, they were added in at the last minute to raise additional funds for the infrastructure package.
The bill includes measures to increase tax enforcement, such as reporting requirements on exchanges and crypto brokerages. According to the bill, exchanges and crypto brokerages will be required to provide all details about cryptocurrency transactions equal to or more than $10,000 to the IRS.
Jake Chervinksy of Compound Finance tore into the proposed legislation on Twitter, breaking down the bill to highlight the consequences for the crypto industry. According to Chervinksy, the bill essentially broadens the definition of “broker” to include almost every economic actor involved in the crypto industry. The new draft could also include miners and validators.
The bill could cover DeFi markets and participants, too, such as Liquidity Providers, Decentralized exchanges, protocol governors, and liquidators.
Chervinksy also highlighted the potential for surveillance, as the tax code mandates that brokers comply with IRS reporting requirements and have to give their customers Form 1099s and file them with the IRS. The form requires that brokers collect customer data, including personal details such as phone number, name, and address.
This essentially would mean that brokers will need to verify all KYC for their customers to comply with the IRS reporting requirements, defeating the entire purpose of crypto, whose users are pseudo-anonymous. For non-custodial actors such as miners, it is almost impossible to get the required information required for Form 1099s, which in practice could point to a de facto mining ban in the U.S.
The latest crypto legislation is part of a bipartisan infrastructure bill that is highly likely to pass. The bill includes provisions to raise revenue for spending and ensure that it is revenue-neutral. The definition of “broker” has been included as one of the pay-for provisions in the draft of the bill.
Revenue can be raised through current taxes, new taxes, or improving tax compliance, with crypto falling into the third category according to legislators, with the “broker” definition set to add $28 Billion in added tax revenue.
Nodle Network, Partners With ESTV Expanding Its Token Reward Service To The Gaming And E-Sports World
San Francisco-based decentralized wireless network, Nodle announces a strategic partnership with global e-sports content streaming giant, ESTV with an aim to expand into the e-sports and gaming industry. The partnership aims to boost user acquisition and adoption of the Nodle network across the sporting world by introducing new revenue streams for ESTV users, who be able to mint Nodle Cash, the network’s native token.
Nodle is a citizen-powered decentralized wireless network that uses its “Bluetooth Low Energy” network to connect millions of Internet of Things (IoT) across the world. To join the network, users require a Bluetooth-enabled device connected to millions of other BT-connected smartphones or IoT devices. The network allows developers, users, and publishers to monetize their applications via the Nodle networking library by mining Nodle Cash, which in turn allows the network to grow further.
Micha Benoliel, CEO and Co-founder of Nodle believes the partnership with ESTV, boasting over 29.6 million unique views and 124.8 million viewership minutes worldwide, will boost the network access across the gaming and e-sports world – opening opportunities for users on both platforms. Notwithstanding, influencers, anchors, athletes, teams, celebrities, and other ESTV partners will also enhance user acquisition– boosting downloads of its Nodle Cash app across the global gaming community.
Adding to Benoliel comments, Garrett Kinsman, VP of Sales and Growth and Co-Founder of Nodle said,
“We are thrilled to have our Nodle brand associated with ESTV and can’t wait to see it being used in tournaments where everyone wins with Nodle Cash.”
Launched in 2017, Nodle has grown its stance as one of the most powerful and privacy-focused IoT stacks. Following the strategic partnership with ESTV, gamers and e-sports fanatics will be able to connect and secure physical assets, track lost items globally, capture sensor data, security certificates, and providing important data insights for companies in the IoT space, a statement from the team reads.
Nodle Cash is mined via the use of Bluetooth Low Energy (BLE) connections and an algorithm, ‘Proof of Connectivity’, which allows BLE-connected devices to automatically scan for other nearby BLE-enabled IoT devices and sensors, and move tiny bits of data to the decentralized cloud.
On its part, ESTV’s wide global reach will boost the user acquisition of the Nodle network through in-app advertisements on ESTV’s upcoming mobile app and 24/7 global broadcasts. The Nodle networking library will also be integrated into its mobile app allowing users on ESTV to opt-in to passively earn Nodle Cash. As such, ESTV will earn additional revenue generated through the partnership and users can convert their earnings to ESTV gear and other offerings on the e-sports streaming service.
Users will be able to earn Nodle Cash by simply watching their favorite sportspersons, athletes, and teams on the live streaming app and vast ESTV content library, Eric Yoon, Founder & CEO of ESTV commented.
“The more our viewers view content on the ESTV mobile app, the more Nodle Cash they'll earn,” Yoon added. “This partnership is truly a win-win-win for ESTV viewers and users, Nodle, and ESTV!”
According to the statement, Nodle ensures users’ data is encrypted to preserve their privacy when dealing with third parties such as manufacturers, smart cities, and enterprises, who require the data insights from IoT devices connected to Nodle.
Apart from ESTV’s app, the Nodle Cash app is available to users on Android and iOS.
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USDC Issuer Circle To Debut On NYSE, Promises More Transparency
US-based Circle, the issuer of the second-most popular stablecoin, USD Coin (USDC), said it will go public on the New York Stock Exchange (NYSE) under the symbol “CRCL”.
The company said it will go public through a combination with Concord Acquisition Corp, a publicly traded special purpose acquisition company (SPAC). Circle did not specify when it might happen.
"The transaction values Circle at an enterprise value of USD 4.5bn, and through the combination of Circle’s recently completed financing, the SPAC and associated PIPE financing, Circle will have raised more than USD 1.1bn in capital," Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, said in a blog post today.
Per the company, USDC, ranked 8th by market capitalization, has grown over 3,400% since early 2021, now sitting at more than USDC 25bn in circulation, and "powering over USD 785bn in on-chain transactions."
Also, Allaire said that Circle intends to become "the most public and transparent operator of full-reserve stablecoins in the market today."
"With upcoming public filings, and new USDC reserve attestations, our intention is to provide a detailed summary of USDC reserves," he said.
Bitcoin and Ethereum Can Coexist With DeFi Bridging the Two
While some of the most active members of Bitcoin (BTC) and Ethereum (ETH) communities never stop fighting over technology and money, among other things (including memes), these both blockchain-powered networks still can coexist, according to the Bitcoin 2021 conference participants speaking to Cryptonews. And decentralized finance (DeFi) might play a role here.
The conference, held earlier this month in Miami, USA, proved to be a major event, with thousands of people attending, as well as a number of well-known speakers from both within and outside the Cryptosphere.
Among the questions discussed between a few of the industry insiders and Cryptonews was that of the Bitcoin-Ethereum turbulent dynamics.
But the two are not necessarily as intertwined as some may think – rather, they exist parallel to each other.
"Comparing ETH and BTC directly is like comparing apples to oranges," according to Zeeshan Feroz, Chief Growth Officer at crypto payments company MoonPay.
In the opinion of Matthew Gundrum, the marketing director for cryptocurrency payroll service Bitwage, “people don't realize that ETH and BTC are trying to do two separate things and, therefore, can coexist.”
Both of these networks have seen a “dramatic adoption” in 2021 so far, which “will show no slowing in the next decade,” despite occasional hiccups along the way, he said.
Meanwhile, William Zielke, Chief Marketing Officer at crypto payments provider BitPay, said that while BTC remains the most popular crypto used by their consumers for purchases, representing almost 72%, ETH has grown to almost 10%.
“Both have strong perceptions as fast, secure, and modern digital assets. And, both work very well as a payment option,” said Zielke, who also noted that “unfortunately, both have high fees during peak periods.”
Also, bitcoin has certainly been receiving more institutional interest as of late, while interest in ETH is also growing.
MicroStrategy, for example, adopted BTC as their primary treasury reserve because “Bitcoin’s technical characteristics make it an ideal, diversified corporate treasury holding,” according to David Shafrir, co-founder and President of GDA Capital, the capital markets arm of the GDA Group of Companies.
"In the medium term, I think BTC will continue to grow as a treasury asset and solidify its position as the most widely used cryptocurrency. ETH on the other hand, I think, will grow into its boots in the medium term. Use-cases for ETH will continue to expand, driven by the NFT market for one," Feroz added.
And DeFi is changing the game also.
“More recently, institutional investors are increasingly gravitating towards Ethereum, primarily to participate in DeFi applications, such as “yield farming,” and a few whale institutional wallets are now dominating the capital pools of many of these platforms,” Shafrir said.
DeFi leverages smart contracts automatically executing code residing on blockchains, mostly Ethereum. So, while individual wallet metrics continue to improve, new money continues to enter the DeFi market from funds, trading firms, and centralized yield platforms “that are providing the bulk of the liquidity.”
New applications are constantly being built on Ethereum, resulting in traditional financial markets becoming “far more sophisticated in their understanding of the potential of cryptocurrencies as an asset class,” Shafrir said, adding that one only needs to look at the number of bridges being built to Ethereum from other blockchain platforms, such as Corda.
Decentralized bridges
And speaking of bridges, DeFi might become one of those. But some wonder how large of a role BTC will end up playing in DeFi.
Per William Zielke, the rapidly evolving DeFi space “effectively brings bitcoin to the Ethereum network,” thus providing blockchain traders with a bridge to Ethereum while maintaining exposure to BTC.
Market Update: Crypto Market Tanks Under $1.4 Trillion, BTC Down 7%, ETH Down By 9%
It’s not a pleasant Sunday for crypto investors as there’s a fresh bloodbath all over the Satoshi Streets. The overall cryptocurrency market is down 8.39% slipping under $1.4 trillion as of writing this story.
The world’s largest cryptocurrency is down 7% and is currently trading at $34,632 with a market cap of $629 billion. Bitcoin fails to hold crucial support levels and amid the recent crackdown by China on local miners, the Bitcoin network hashrate has also tanked further 30%.
After hitting $40,000 last Tuesday, Bitcoin has been continuously trading under pressure and the next level seems to be $30,000 as of now. As Bitcoin has been showing correlation with the equity market in recent times, it is at risk of further price fall if Wall Street comes under pressure.
Citing the strength of the U.S. Dollar Index (DXY) analyst Willy Woo pointed out that money has been flowing back to the USD as investors look for security. This can possibly lead to weakness in the equity markets going ahead. Thus, BTC remains at a risk of further correction from this point onwards.
A Quick Look at the Altcoin Market
- Ethereum (ETH) is down 9% today moving closer to $2000 levels but holding well above. After hitting its all-time high of $4400 in mid-May, ETH has been trading sideways for a while now. The ETH price is more than 50% down now.
- Dogecoin (DOGE) and XRP are the biggest losers in the top ten list crashing 13% as of writing this story.
- Polkadot (DOT) gained momentum last week moving past $25 has corrected 20% since then. Today, the DOT price is down by 10% slipping under $20.
Overall market scenario clearly remains bearish at this stage and bulls are having a tough time. Profit booking has ensued at every price rise over the last week. It is quite a wait and watches moment as data from market whales and retailers give mixed signals.
DeFi Has Had a Strong 2021, Driven By New Trends & Paradigms
The decentralized finance (DeFi) sector had a massive 2020, and while non-fungible tokens (NFTs) and the crypto bull market may have overshadowed it so far in 2021, its performance this year has been at least as strong.
Total value locked (TVL) into Ethereum (ETH)-based DeFi platforms hit a peak of USD 86bn on May 12 (per DeFi Pulse data), while TVL for DeFi services on Binance Smart Chain (BSC) rose to USD 53bn two days earlier, highlighting the wild growth the sector experienced during the first half of the year.
Given that the wider crypto market has accelerated its downturn since May 12, TVL has unsurprisingly declined from all-time highs over the past month, yet they still remain significantly higher than where they were six or 12 months ago. At the same time, new platforms and services are being rolled out with growing frequency, with emerging startups and firms looking to capitalize on robust demand for decentralized financial services.
Analysts focused on the sector told that there are several key DeFi trends to keep an eye on at the moment, including not only lending, but also gaming and gamification, staking, yield farming, and NFTs. At the same time, we’re likely to see Ethereum’s former dominance of the sector continue to decline, with DeFi becoming more multichain than ever before.
DeFi did certainly expand with impressive rapidity from the beginning of the year to early May, with Ethereum-based DeFi growing its TVL by just over 400%. And while the sector has obviously taken a knock as a result of the current bearish climate, Norheim Schei expects it to continue growing strongly once the market more broadly recovers.
“I expect DeFi tokens to perform well when the bullish sentiment returns, as they were lagging a bit during the last months of the uptrend this spring,” he told.
However, the story of 2021 isn’t simply that Ethereum-based DeFi continued growing, but that DeFi apps and platforms on other blockchains also showed enviable growth.
“In 2021 the emergence of a multichain paradigm has certainly arrived. By discounting Polygon and Binance Smart Chain from this equation we are missing a key chunk of information,” said DappRadar’s Ian Kane, noting that BSC has generated over USD 25bn TVL in the last 90 days alone.
As reported, one of the main drivers of expansion on other chains (aside from the wider bull market) was record-high Ethereum transaction fees.
“In Q1 2021, high Ethereum gas prices continued to be an issue for all verticals as multiple DeFi, NFT, and game dapps announced their expansion to other chains. The dominant narrative in the sector remained the emergence of the multichain paradigm,” Kane said.
He noted that, while Ethereum remains the biggest platform for DeFi, DeFi on Binance Smart Chain and Polygon has expanded more rapidly, even surpassing Ethereum in daily transactions and other metrics.
“The BSC DeFi ecosystem TVL grew 30 times during the first three months of 2021. One of the most prominent layer 2 solutions, Polygon faced significant growth in Q1 2021. Daily unique active wallets grew by 496% from 500 to 4,800 quarter-on-quarter. Transaction volumes also followed the trend with a growth of 288% reaching USD 0.5 billion in Q1 2020,” he said.
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Will The Biden Administration Regulate Stablecoin Issuers As Banks?
According to a report by the WSJ, the Biden administration is looking into the possibility of regulating issuers of stablecoins as if they are banks. The administration is also exploring the possibility of asking Congress to come up with legislation that would create a special-purpose charter specifically tailored to these companies.
All the recommendations made by the Biden administration will be included in a treasury-led paper, which is slated for release in October.
Apart from treating stablecoin issuers as banks, the administration will also nudge the firms to register as banks, with the continuous and rapid evolution of the crypto space eliciting significant concern from authorities.
Along with the regulatory strategy, the administration is also considering going to Congress to ask it to propose legislation that would create a special-purpose charter that would be created specifically for these firms. If Congress passes the special-purpose charter, then it would subject stablecoin issuers under federal oversight and not state laws.
Although the recommendations and proposals are still a work in progress, they will be included in a Treasury-led paper that will be published sometime in late October. The paper is being authored by Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell, and Securities and Exchange Commission Chairman Gary Gensler. Gensler had recently compared stablecoins to poker chips.
One of the recommendations made by the administration is to have the Financial Stability Oversight Council explore the risks posed by stablecoins to the current financial system. However, according to the WSJ, the administration is leaning towards Congress to act as the Financial Stability Oversight Council can be a little difficult or unwieldy. The Federal Reserve is also set to release its highly anticipated report on the potential digital dollar.
Stablecoins are digital tokens that are often pegged to external assets or currencies such as the US Dollar. Stablecoins make up only a tiny percentage of the $2 trillion digital assets but have attracted attention from regulators thanks to their astonishing growth in a very short amount of time.
Well-known stablecoins such as Tether and Circle have seen a significant increase in valuation, skyrocketing to $110 billion from $11 billion. As a result, they have become a target for regulators who have proposed a slew of strict rules for cryptocurrencies. Securities and Exchange Commission Chairman Gary Gensler has already warned that cryptocurrency investors could potentially get hurt if the crypto space is not given the same protection against fraud and manipulation as present in the banking sector.
On the other hand, Federal Reserve Chairman Jerome Powell told Congress that he believes stablecoins are like money market funds and should be regulated.
“Stablecoins are like money market funds, are like bank deposits, but they’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated. Same activity, same regulation.”
Crypto Daily™ Is Changing Its Main Telegram Channel
Previously, Crypto Daily’s old Telegram group had around 33,500 subscribers. The group was constantly updated with the latest news, making waves in the crypto space, or with technical analysis reports. However, due to certain internal reasons, the leadership felt it was best to deploy a new TG channel.
Subscribers are advised to move to the new channel as soon as possible to keep on receiving the latest crypto news with the highest journalistic quality and integrity as they have grown to expect.
Crypto Daily is the leading crypto and blockchain news site that ‘bridges the gap between companies, users, and enthusiasts. Founded in 2017, Crypto Daily originally started as the world’s first free-to-publish crypto news platform and operated under this model in response to what it deemed as the centralization of information by the largest media outlets. However, owing to the financial demands of running a full-time media website, the free-to-publish model was not sustainable enough in which to continue bringing diverse content to the masses.
For this reason, Crypto Daily has since opted for a new model which it believes will not only allow for more diverse news to reach the masses but one which will allow for more companies and projects to get the coverage that they deserve. Quite simply, Crypto Daily is aiming to cover more news and information than what other outlets are currently providing, and through the unique benefits associated with Crypto Daily’s hybrid model, it is the outlet’s ambition to become the number one news and information resource for the crypto and blockchain sphere.
Fantom Foundation And Bware Labs Announce Collaboration, To Focus On Growing Infrastructure
With the collaboration, developers on Fantom have access to Bware services and can now create blockchain APIs that can connect their dApps to the Fantom Network. The entire process of creating blockchain APIs and connecting them to the Fantom network takes less than a minute.
The partnership with Bware comes at a time when the Fantom platform is seeing rapid growth, with developers hoping to leverage Fantom’s ability to provide finality in less than a second and almost zero gas fees to help power their decentralized applications. Additionally, there are several projects that have already taken advantage of Fantom’s EVM compatibility, using it to port over their Ethereum solutions. One such example is the Atari Chain.
Fantom has seen a significant rise in its on-chain statistics, which reflect the growth that is currently taking place on the Fantom Network. The Fantom has seen an increase of over 5700% in the number of unique wallet addresses on the platform, with Fantom now processing anywhere between 300,000 and 1 Million transactions per day.
With such a high and unprecedented rate of expansion, the partnership with Bware Labs gives developers an efficient method of connecting to the Fantom blockchain without investing the time, money, and effort required to engineer and maintain a node.
Bware Labs has also enjoyed stellar success during the current year, and the collaboration with the Fantom Foundation has resulted in Bware receiving a grant that can help the protocol in the building of their API infrastructure.
The announcement of the collaboration with Bware labs caps off a remarkable and immensely successful summer for Fantom. The company has announced several new initiatives during the current year, including several new partnerships, the integration on the Coinbase mobile wallet, a DeFi focused incentive program worth over $350 Million, and several other initiatives. The partnership with Bware Labs will play a crucial role in the onboarding of new developers and new projects, as the Fantom ecosystem continues to grow,
The Fantom protocol is a scalable, quick, and secure EVM Layer-1 compatible platform that is built on a permissionless aBFT consensus protocol. All transactions on Fantom are confirmed in just a second and at an average cost of one cent. The high speed and high throughput, coupled with low transaction costs, make Fantom an ideal platform for DeFi applications and other real-world use cases.
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Starting August 26, 2021, FTX, Raydium and Apollo-X will host the sale of the highly anticipated tokens of the Solana-powered Star Atlas metaverse, ushering in the next era of play-to-earn enabled GameFi revolution. In the two IDOs, additional allocation of ATLAS and POLIS tokens will be available to holders of meta-posters.
FTX:
https://help.ftx.com/hc/en-us/articles/4405371380116-How-to-participate-in-the-Star-Atlas-Sale
Raydium:
https://raydium.medium.com/star-atlas-is-launching-on-acceleraytor-fa35cfe3291f
Appollo-X
https://apollox.paidnetwork.com/project/star-atlas
Official Websites:
* https://StarAtlas.com
* app: https://play.staratlas.com/
Telegram: /channel/staratlasgame
US Infra Bill Might Prompt Crypto Business Exodus, Treasury Has a Role Too
If the controversial US infrastructure bill is passed in its current form, it may force crypto companies to leave the country as there's no way to comply with the new requirements. However, the industry would also depend on the US Treasury as this institution would need to put the vague language into practice.
The US Senate passed the bill with the original crypto tax provision this week and now it goes to the House next, which is in recess until September 20.
One of the major issues revolves around the use and the definition of the term ‘broker’ for information reporting purposes, as it currently includes node operators, developers, miners, and others who “don't even have access to the information that is needed for tax reporting, and definitely should not be in scope for this reporting,” Wendy Walker, solutions principal at global tax software provider Sovos.
According to her, the provision presents a risk to a massive segment of the industry and that the word on the street is that businesses, being unable to continue their operations in the US, would move offshore to a country that doesn’t tax them in this respect should the current language remain.
“There's no way that those folks can, not only comply with the requirement, but they won't be able to make a living here doing that,” she said.
Moreover, the US is one of the only jurisdictions that require this third party information reporting, with a similar framework being developed by the Organisation for Economic Co-operation and Development (OECD).
What’s noticeable in other regimes is more real-time tax validation, which is where the IRS and the US, in general, would like to get to as well, Walker said. “They've talked about [a more real-time tax system] for years.”
However, the bill still might change as the pressure is growing in Congress with crypto advocates hopeful of convincing the House of the need to amend.
In either case, what we’re further going to see is the legislation focusing on centralized exchanges and custodians for whom it is intended. But none of this will happen overnight, as there’ll likely be a period of proposed rulemaking that could take three to six months, while the implementation could take 18 months to three years.
Walker also suggested that there is an interconnectedness on this matter globally. For example, the OECD has been working on a change to the common reporting standards schema to include crypto since before the IRS started working on their issue. And when the OECD heard that IRS was prioritizing this and was going to get some legislative action done, they delayed making their changes, according to Walker.
The reason is that “everybody would flock to the US because the US wouldn’t report any non-US transactions. [...] So the idea is that they can't flock to any one country to hide, that everybody will be reporting,” she added.
Why You Should Pay Attention To Mythical Beings In The NFT Space
Non-fungible tokens are a booming industry, as numerous projects continue to gain traction quickly. Mythical Beings, a mythology-oriented NFT collection, is one of the projects that seem to fly under most people's radars. It is a bit surprising, considering how the card packs are very accessible and affordable, and its overall volume is seemingly on the rise.
Even though there are many NFT projects on the market today, several of them tend to be successful along with others. That success can be quantified differently, although most people will not look past the overall sales volume. It is crucial to note that sales volume comes in two forms: primary sales from the Mythical Beings smart contract and trades from the secondary market. Any NFT project with an active secondary market usually has a good chance of succeeding.
As Mythical Beings revolves around mythological creatures which suddenly appeared worldwide as of June 1, 2021, there is a growing interest in this project. The NFT collection consists of dozens of creatures belonging to cultures from the five continents. Creatures to collect include the yeti or Arab Ifrit, which have a special meaning to the people who grew up with these tales and legends. However, there are also less-known cultures that are represented, creating a highly collectible and educational set of NFTs.
Users can acquire the cards by buying card packs. Three different card types exist: common, rare, and epic. Every pack has three cards for $2, which is more than affordable compared to other NFTs on the market. Any duplicates that players earn can be sold through peer-to-peer exchanges, the game's Discord, or the decentralized exchange. However, players may also want to explore the crafting of higher-level cards.
Considering how Mythical Beings will have multiple seasons, users have until October 1 to complete the current set. However, users will need to be invited by another player, and there is a limited number of invites to go around. Using Discord for an invite may be the best option to explore, which is accessible through the project's NFT wallet once you register an account.
Numbers-wise, Mythical Beings has proven to be rather successful since its launch. The platform notes 149 unique users and 8,316 card sales directly from the smart contract. Those sales are all packs being bought and sold, confirming people are trying to complete their sets before the October 1 deadline. Moreover, there have been 2,074 card sales through secondary markets, which is a more than healthy figure given how new this project is.
With a current market cap of $200,000, Mythical Beings is still in the early stages of gaining traction. The volumes are on the rise, as are the overall sales. The team recently concluded an airdrop that awarded up to three free card packs to everyone who participated. These mythological creatures are slowly becoming more common, allowing more players to complete their collections.
For those who complete the season1 collection, there is an extra incentive. Every three days, 50% of the smart contract income from Mythical Beings is distributed to all users who completed the set. Additionally, these users can receive one of two copies of the most special NFT in the collection, the Occitan dragon Tarasca. There are only 250 copies of that card, and it distributes 10% of the smart contract income to its holders periodically.
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Chinese Bitcoin Mining Power Disappears Overnight
According to research by the Cambridge Centre for Alternative Finance (CCAF), China’s mining power disappeared overnight as soon as the crackdown was enacted. It also shows that China’s share of global bitcoin mining has been in decline since 2019.
An article published today by the BBC shows that “bitcoin mining is on the move”, following crackdowns by the Chinese government. It tells that China’s share of mining has fallen from 75.5% in September 2019 to 46% in April of this year. Further recent moves from various Chinese provinces will now make that figure a lot smaller.
A significant amount of energy is consumed in order to create new bitcoins, this comes in the form of computing power, which in turn feeds on huge amounts of electricity. The CCAF Bitcoin Electricity Consumption Index puts bitcoin mining electricity consumption at almost equal to that used annually by Colombia.
Data from the CCAF highlights that fact that bitcoin mining in China was already in decline far before the recent heavy crackdown in June. This crackdown came in the form of the authorities ordering banks and payment platforms to cease supporting cryptocurrency transactions.
Once this edict had been enacted, it led to the already declining bitcoin mining power “"disappearing overnight, suggesting that miners and their equipment are on the move".
It would appear that these miners are highly mobile. According to David Gerard, the author of “The attack of the 50 foot blockchain”:
"Miners pack shipping containers with mining rigs, so that in effect they are mobile computer data centres, and they are now trying to ship those out of China".
One place, highlighted by the BBC article, that has seen an almost 6-fold increase in bitcoin mining, is Kazakhstan. However, the energy source for the mining here is predominantly coal, an obviously very dirty source of energy.
Kazakhstan is now third in the list of countries mining the most bitcoin, behind the US, which has significantly increased its share of bitcoin mining power to around 16.8%.
Celsius Network recently announced a more than $200 million investment into bitcoin mining in North America. The investment makes the company one of the largest investors into bitcoin mining in the US, and Celsius has said that its investment will be into mining that uses only 100% of renewable and green resources.
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