Terra to burn 1B UST from the community pool as holders vote for it

In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool.  Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of the 1 billion TerraUSD (UST) that was stored in Terra’s community pool and the remaining cross-chain UST that’s deployed on the Ethereum blockchain as incentives. According to the proposal, the burn will help “reduce the…

How to create algo stablecoins that don’t turn into Ponzis or collapse

Ethereum co-founder Vitalik Buterin has shared two thought experiments on how to evaluate whether an algorithmic (algo) stablecoin is sustainable. Buterin’s comments were sparked by the multi-billion dollar losses caused by the collapse of the Terra ecosystem and its algo stablecoin TerraUSD (UST). In a Wednesday blog post, Buterin noted that the increased amount of scrutiny placed on crypto and decentralized finance (DeFi) since the Terra crash is “highly welcome,” but he warned against writing off all algo-stablecoins entirely. “What we need is not stablecoin boosterism or stablecoin doomerism, but rather…

Crypto spam increases 4000% in two years: LunarCrush

Spam and bots have been the bane of anyone that uses the internet for years, but recently this digital scourge has ramped up activity in the crypto sector in a big way. Crypto intelligence provider LunarCrush has revealed spam in the cryptosphere has increased by an astonishing 3,894%. The firm has been collecting crypto-specific social data since 2019, and says not only is spam at an all-time high, it’s also “the fastest growing metric on social media.” The findings were published in a May 25 report, stating that “more spam…

What Happens When You Die in the Metaverse?

“What happens to a person’s belongings when they die in the physical world is determined by legal processes, but in the metaverse code is law,” HQ Han, who runs ecosystem growth for Protocol Labs, told CryptoX. And so, we need tools to account for inheritance and recuperation of digital assets in case of death, Han said. Source DieMetaverse CryptoX Portal

Ethereum price dips below the $1.8K support as bears prepare for Friday’s $1B options expiry

Ether’s (ETH) performance over the past three months has been less than satisfying for holders and the 50% correction since April 3 caused the altcoin to test the $1,800 support for the first time since July 2021. Ether/USD 1-day chart at Kraken. Source: TradingView Due to the volatility in stocks, investors had been seeking shelter in the United States dollar and on May 13 the DXY index reached its highest level in 20 years. DXY measures the USD against a basket of major foreign currencies, including the British Pound (GBP),…

Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

Bitcoin has been struggling to hold on to the $30,000 level for the better part of this week, failing more often than not. While there have been various reactions from different parts of the market such as the ETFs, perpetual traders seem to have taken this as a sign to hold off on their activities. What this has led to is a continuation of the neutral or below-neutral funding rates that have been recorded in the past couple of weeks. Bitcoin Funding Rates Unmoved For the past few months, bitcoin…

Federal Vice Chair Lael Brainard Says CBDC Could Coexist With Stablecoins

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SWIFT probably won’t exist in 5 years: Mastercard CEO

Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five years’ time.  Miebach was speaking at a panel session on central bank digital currencies (CBDCs), as part of the Global Blockchain Business Council (GBBC)’s Blockchain Central Davos conference, which ran adjacent to the World Economic Forum 2022 in Davos, Switzerland. Kicking off GBBC’s #BlockchainCentral Davos session on CBDCs with @eva_szalay @FT @YuvalRooz @digitalassetcom @Jbrookslassiter @Digital_Dollar_ @MiebachMichael @Mastercard @BIS_org @DBTreat @Accenture pic.twitter.com/C2fvgy0Bij —…

BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders

Bitcoin (BTC) disappointed bulls on upside prior to the May 26 Wall Street open as BTC/USD returned under $29,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Markets “eerily calm” post FOMC Data from Cointelegraph Markets Pro and TradingView tracked an uninspiring day for Bitcoin, with $800 of losses coming in a single hourly candle several hours before the start of trading. The largest cryptocurrency had avoided volatility on the release of minutes from the United States Federal Reserve’s Federal Open Markets Committee (FOMC). These had avoided any serious divergence from already…

Circle Asks US Fed Not to Step on Its Toes by Launching a Digital Dollar

“A host of companies, including Circle, have leveraged blockchain technology to support trillions of dollars of economic activity with fiat-referenced stablecoins,” the company told the Fed in a letter released Wednesday, meant to respond to the Fed’s invitation to comment on a January report. “The introduction of a CBDC by the Federal Reserve could have a chilling effect on new innovations.” Source AsksCircleDigitalDollarFedLaunchingStepToes CryptoX Portal