Month: August 2023

MakerDAO Debates New EDSR Optimization Plan As MKR Bears Retain Market Control

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MakerDAO has been in the headlines recently following a boost in the maximum Dai Savings Rate (DSR) from 3.19% to 8% on Sunday, August 6. This temporary increment termed the Enhanced Dai Savings Rate (EDSR), was designed to encourage more Dai (Maker’s stablecoin) holders to deposit their tokens on the Maker protocol and earn interest. Following the implementation of EDSR, the Dai token has experienced some traction, with its market cap rising by over $570 million since Sunday, according to data from CoinMarketCap.  In addition, data from the Makerburn dashboard shows…

Federal judge suggests Q2 2024 trial for SEC case against Ripple execs

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The judge overseeing the civil case of the United States Securities and Exchange Commission (SEC) against Ripple Labs plans to schedule a jury trial starting in the second quarter of 2024. In an Aug. 9 filing in the U.S. District Court for the Southern District of New York, Judge Analisa Torres said the court would be moving forward with plans for a jury trial for Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen. The judge gave a deadline of Aug. 23 for prosecutors and defense lawyers to submit blackout dates…

Here’s how it can be used

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Coinbase’s Base network has officially launched after spending a few weeks in an “open for builders only” phase. The network is now ready to onboard users, according to an Aug. 9 announcement from the team. Several Web3 development teams have simultaneously announced that they are releasing apps for Base, and the network’s team has released a schedule of upcoming events to celebrate its launch. Base is open and Onchain Summer is here Become a part of Base history by minting “Base Day One” to join the story of bringing the…

Cardano-Native MuesliSwap To Refund Users After “Slippage” Misunderstanding

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MuesliSwap, a decentralized exchange (DEX) on the Cardano network, has announced its decision to reimburse its users that have been affected by high slippage over the past year. This is in response to the recent questions faced by the protocol on its slippage feature. Slippage refers to the price difference between when a transaction order is submitted and when the transaction is executed by the market maker and confirmed on the blockchain. MuesliSwap Acknowledges Lack Of “Adequate Clarity”  In a post on X (formerly Twitter), the team behind MuesliSwap admitted…

Bitcoin Lightning Network is growing, but 3 major challenges remain

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The Lightning Network is a layer-2 solution built on top of the Bitcoin blockchain, and its primary objective is to address the Bitcoin network’s scalability issues. It also allows for faster and cheaper transactions by facilitating off-chain payments through a network of payment channels.  The Lightning Network has gained traction since its launch in 2018, hitting a total value locked of $140 million, but this is relatively small compared to Bitcoin’s (BTC) $580 billion market capitalization. However, this oversimplification disregards that this scaling solution focuses on instant transactions, not lending, yield farms…

Early Base Whales Have an Affinity for Meme Tokens, Nansen

The 22 early base whales, which had the most interactions with 1inch, Uniswap, Base, 0x, USDC and Unibot, “show how heavily leaning towards Ethereum and L2 ecosystems,” wrote Nansen research analyst Jake Kennis. “Their interactions with well-established DEXs, L2 bridges, and especially the noticeable presence of Unibot, shows the adoption of Telegram bots and new applications.” Source

Bitdeer, B. Riley Financial enter into agreement for $150M share purchase

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Bitdeer, a crypto mining firm spun off from mining manufacturer Bitmain, has entered into an agreement with the special purpose acquisition company (SPAC) B. Riley Financial to sell up to $150 million of its Class A ordinary shares. According to an Aug. 9 filing with the United States Securities and Exchange Commission (SEC), B. Riley will have the right, but not the obligation, to purchase a specified number of Bitdeer’s shares over three years. The agreement’s rules include a maximum purchase of 1 million shares or 25% of Bitdeer’s shares…

US House Financial Services Committee leadership takes opposing sides on the PayPal stablecoin

PayPal’s launch of a U.S. dollar-pegged stablecoin has prompted questions from Democratic members of the House Financial Services Committee, while Republican leadership said the coin showed the potential of regulatory clarity. In an Aug. 9 statement, committee ranking member Maxine Waters said she was “deeply concerned” about the PayPal USD (PYUSD) stablecoin without a regulatory framework in place to ensure oversight and protection for investors. PayPal announced the stablecoin’s launch on Aug. 7, saying its PYUSD would be issued by Paxos Trust and “fully backed by U.S. dollar deposits, short-term…

Billionaire Investor Wishes He Bought Bitcoin Early On, Here’s Why

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As Bitcoin continues to enjoy more mass adoption, many have regretted their decision not to get in earlier on the flagship cryptocurrency. Co-founder of private investment firm The Carlyle Group David Rubenstein joins this long list of individuals as he wishes he had bought BTC early on.  Bitcoin Is Here To Stay Speaking on Bloomberg Television on August 8, Rubenstein said he wished he had bought Bitcoin when one BTC was worth $100. The statement stems from the fact that the billionaire believes BTC is here to stay, following “enormous…