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Day: July 19, 2022
Lido Finance Will Soon Offer Staked Ether on Layer 2 Networks, Proposes to Sell LDO for DAI
Layer 2 protocols run a separate blockchain on top of the mainnet, providing a secondary framework where transactions can take place. Once the transactions are processed, the data is sent back to the layer 1 blockchain, where it is stored in the blockchain ledger. That way layer 2s help alleviate network congestion on the mainnet. Source
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Crypto Trading Firm TPS Capital Denied Ties to Insolvent Three Arrows. Court Documents Indicate a Connection
Caymans-registered Tai Ping Shan, which owns 5% of the Singapore entity TPS Capital, lists Paul Muspratt, the managing director of West Bay Global Services, a corporate services provider, as one of its directors, alongside Steven Sokohl, another West Bay employee, and Yi Long Fung as directors. Source
Liquidity protocol uses stablecoins to ensure zero impermanent loss
At a time when the decentralized finance (DeFi) protocols have seen a significant outflow of funds from the market, maintaining liquidity has become even more challenging. Liquidity plays a central role in the DeFi ecosystem, and many protocols over time have come up with various new solutions to keep liquidity pools brimming. The latest trend in the liquidity market is focused on cross-chain solutions. Many experts believe cross-chain solutions are the future of DeFi, and Symbiosis Finance, a liquidity protocol, has come up with its own stablecoin-based cross-chain liquidity solution.…
Nigerian Central Bank Governor Says Fintechs and Cryptos Change the Way Financial Systems Function โ Emerging Markets Bitcoin News
The Nigerian central bank governor and bitcoin critic, Godwin Emefiele, recently remarked that the rise of fintechs and cryptocurrencies among other technologies have forced banks and financial institutions to change the way they operate. According to Emefiele, this requires the central bankโs monetary policy committee (MPC) to rethink the way it regulates the financial system. Rethinking Financial System Regulation The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, reportedly said the MPC, which was set to meet on July 18 and 19, must chart a new path that…
Aave taps Pocket Network to beef up decentralized app development
Aave (AAVE), an open source decentralized finance (DeFi) protocol, is teaming up withย decentralized Web3 infrastructure provider Pocket Network to offer developers increased scalability and ease of use when building decentralized applications (DApps) on the Aave Protocol. According to the statement on Tuesday, Aave will use Pocket’s distributed network of more than 44,000 nodes to access on-chain data from various blockchains to power decentralized applications. Developers building Aave-powered DApps may now access blockchain data from Pocket Network on demand following the new integration. Michael OโRourke, CEO of Pocket Network, remarked that:…
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ApeCoin price eyes 45% rally following Otherside metaverse demo
ApeCoin (APE) rallied to start the week as traders considered Yuga Labsโ decision to open its Otherside metaverse for selected users. In doing so, the token broke out of a technical pattern that hints at another 45% price rally by September 2022. Otherside metaverse euphoria APEโs price surged by almost 23.5% week-to-date to reach $6.12 a token on July 19. The weekly gains came as a part of a rally that started on July 16. Interestingly, Yuga Labs invitedย 4,300 players of its Otherside gaming metaverse for a demo โ and…
Dubai to ramp up metaverse efforts with 40,000 new jobs
One of the leading crypto hubs in the Middle East, the emirate of Dubai, launches the Dubai Metaverse Strategy that aims to turn it into one of the worldโs top 10 metaverse economies. The strategy promotes Dubaiโs ambitions to support more than 40,000 virtual jobs by 2030.ย On July 18, the Emirates News Agency reported about the launch of the Dubai Metaverse Strategy by Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. Al Maktoum hopes to transform the emirate into a…