Coinbase and Lido Dominate Ethereum Staking, Compound Treasury Launches Institutional Borrowing Feature – Aspen Market Daily

Daily Market Wrap

• Crypto market cap: 899.88 Billion, down 7.73%
• BTC price stands at USD 18,449, down 8.02%
• ETH price stands at USD 1,293, down 11.04%
• Top gainer: Helium (HNT), up 3.10%
• Top loser: Ethereum Classic (ETC), down 17.36%

News of the Day

Ethereum has successfully merged to Proof-of-Stake and according to various sources, Lido and Coinbase are the two largest Ethereum stakers.

Why it matters:?

• Proof-of-Stake consists of users staking their tokens, such as ETH, to validate transactions and secure a blockchain
• According to Dune Analytics, Lido has 4.16 million ETH staked (30.1%) and Coinbase has 2 million ETH (14.5%)
• Crypto users have begun to voice concerns about the level of centralisation of Ethereum validation, as this could make the blockchain less secure; for example, a 51% attack would be easier for bad actors to achieve

Crypto Daily Spotlight

Compound Treasury has launched a new feature which will allow institutions to borrow using digital assets as collateral.

Brief Introduction: Compound Treasury is powered by Compound Labs, an algorithmic, autonomous interest rate protocol. Launched over a year ago, Compound Treasury aims to be “the bridge for non-crypto financial institutions to deliver the core benefits of DeFi to the next billion users.” Current clients include fintech and crypto companies, as well as banks, who can wire US dollars into their Compound Treasury accounts and earn up to 4% APY yields.

Why it matters:

• Compound Treasury is monitored by a rating agency and has a B- credit rating from S&P Global
• Compound Treasury does not lend out its collateral assets
• The new feature enables authorised institutions to use ERC-20 digital assets, including Bitcoin and Ether, as collateral and borrow USD and USDC at a fixed rate of up to 6% APR

Daily Sector Tracker

Daily News Roundup

1. Vietnam Leads Global Crypto Adoption https://bit.ly/3f1ur96
2. South Korean Ministry Plans to Issue New Regulatory Guidelines to Promote Metaverse Growth https://bit.ly/3LoEyRv
3. Ethereum Miner Predicts That 90% of Proof-of-Work Miners Will Go Bankrupt https://bit.ly/3RW3HW6
4. U.S. President Biden Recommends SEC and CFTC to Take Aggressive Approach to Digital Asset Crime https://bit.ly/3BLkTHl
5. Grayscale Considers Selling ETHW Stash https://bit.ly/3Sb1rKs

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