Crypto Chronicles ??: Curve's DeFi Thriller???, Crypto-Friendly Banks Emerge??, MultiversX x Academia??, FTX's Revival Plans ??, and More!

??Hello Crypto Enthusiasts! ??

Get ready for another action-packed week of crypto news! From potential threats in DeFi to the birth of blockchain education initiatives and even crypto-friendly banks sprouting worldwide! ????

DeFi Rollercoaster ??

Curve Finance, one of the largest decentralized exchanges (DEX), experienced a major hack that resulted in a loss of $70 million. The hack was primarily due to outdated smart contracts written in Vyper. The Total Value Locked (TVL) of Curve Finance took a major hit, which also negatively impacted the price of its native token, CRV. Complicating matters, Curve's founder, Michael Egorov, had a $100 million loan against CRV tokens, which left him on the brink of liquidation. To salvage the situation, CRV was sold off to rescue the platform. Moreover, their stablecoin, crvUSD, suffered a depeg, meaning its value deviated from its pegged value, causing further disruption across their ecosystem. Fortunately, hackers have started returning the stolen funds, and so far, 73% of them have been retrieved. That triggered a positive sentiment towards CRV.? Curve's resilience has underlined the importance of DeFi's role in the crypto sector.? ?? #DeFi #Blockchain #curvefinance

Banking's Crypto Embrace ??: Fiat-Crypto transactions On Rise

According to a report by CoinGecko , 37 out of the 50 biggest global banks are enabling fiat-crypto transactions by linking with regulated crypto exchanges. However, none of these banks currently offer cryptocurrency trading services or integration with their own financial platforms, which indicates a cautious yet open stance towards the crypto market. ???? #Banking #Crypto

Education x Blockchain ??: MultiversX's Academic Alliance

Beginning this autumn, the Faculty of Economic Sciences at the "Lucian Blaga" University of Sibiu (ULBS) will offer a new undergraduate program called “Business Informatics,” featuring 30 tuition-free spots for students, subsidized by the state and the companies involved in the initiative. As a part of the collaboration with MultiversX Labs , a blockchain network, the curriculum will include a “Blockchain and FinTech Applications” course. The aim is to attract a growing number of developers to build and expand the blockchain ecosystem, fostering innovation and promoting tech excellence. The future of blockchain begins in the classroom.?? ??#MultiversX #BlockchainEducation

Regulatory Thunderstorm ??: IRS Targets Crypto Staking

The United States Internal Revenue Service (IRS) has issued a new ruling, Revenue Ruling 2023-14, stating that crypto staking rewards must be reported as gross income in the year they are received. The ruling applies to taxpayers who receive cryptocurrency as compensation for validating transactions on proof-of-stake blockchains. It also specifies that the fair market value of the rewards should be included in annual income when they are received, and the taxpayer has control over them. The ruling has sparked criticism among some crypto enthusiasts, as it adds further complexity to the taxation landscape of digital assets.?? #IRS #CryptoTaxation

FTX Rising Like a Phoenix ???

The bankrupt cryptocurrency exchange FTX has proposed a plan to restart its operations for international clients. The proposal includes creating an "offshore exchange company" by pooling assets from a specific group of creditors, dubbed "dotcom customers". However, the plan also indicates that #FTT token holders would receive no compensation, resulting in their claims being cancelled, causing concerns among investors who may reconsider their engagement with the resurrected platform.?? #CryptoExchange

Racing on Blockchain Tracks ???

The Toyota Gazoo Racing Cup has revealed plans to utilize the Polygon Labs blockchain for awarding digital trophies and documenting driver performances. In order to fulfil their goal of maintaining a permanent digital record of driver achievements and encourage fan interaction, race statistics and podium finisher awards will be recorded on-chain.? An innovative merger of sports and blockchain tech that's worth watching! ?? Toyota Motor Corporation #toyotagazooracing #Blockchain

Lightning Strikes Coinbase ??: Plans to Integrate Lightning Network

Coinbase , one of the world's largest cryptocurrency exchanges, has announced plans to integrate Bitcoin's Lightning Network into their platform as part of its larger strategy to improve crypto-based payments globally. This move comes in response to advancements made by competitor Binance, which integrated the same technology a few weeks prior. #Coinbase CEO, Brian Armstrong, stated that while the integration is non-trivial, it is worthwhile for facilitating faster and cheaper #Bitcoin transactions. The Lightning Network is a second-layer solution for Bitcoin, using micro-payment channels to expedite payments on the Bitcoin blockchain at a reduced cost. As of the announcement, the Lightning Network’s total capacity stood at 4,686.64 Bitcoin, approximately worth over $138 million. The move is a significant stride towards enhancing crypto payments globally. ??? #LightningNetwork

MIT's Blockchain Leap: Experimental Smart Contracts Platform??

The 美国麻省理工学院 (MIT) Digital Currency Initiative (DCI) has unveiled an experimental platform called PArSEC, short for "parallelized architecture for scalably executing smart contracts." Designed with central bank digital currency (CBDC) in mind, PArSEC operates on the ERC-20 standard and showcased a speed of 118,000 ERC-20 transactions per second on 128 hosts. However, the developers noted that the platform still needs considerable research, specifically in areas like security, key management, and data migration. It still needs work, but its potential is immense. ?? #MIT #SmartContracts #PArSEC

Retail Crypto in Hong Kong ??

Hong Kong-based digital asset firm HashKey Group has gained regulatory approval to expand its services from professional to retail investors. This achievement, facilitated by upgrading two key licenses from Hong Kong's Securities and Futures Commission, makes HashKey one of the first licensed exchanges to offer retail crypto trading in the region. Another local firm, OSL, has also announced that it received an upgrade to its existing license, allowing immediate trading in #Bitcoin and #Ether for retail investors.?? #CryptoTrading

Israel x Blockchain ????: Fireblocks Partners Tel Aviv Stock Exchange

The Tel Aviv Stock Exchange - ?????? ??????? ??? (TASE) in Israel is preparing to offer regulated cryptocurrency services to its clients through a partnership with the digital asset platform Fireblocks . This initiative is aimed at introducing more regulated cryptocurrency opportunities in the country by offering a range of new digital asset products and services, combining TASE's market experience with Fireblocks' asset-focused technology.

In a separate development, Fireblocks, along with digital asset Sygnum Bank and institutional trading technology leader Wyden , have joined forces to enable Luzerner Kantonalbank AG (LUKB) to offer crypto assets to its clients. This partnership is set to provide LUKB with the necessary technology for the secure custody, transfer, and trading of crypto and digital assets, expecting to launch the service by the end of 2023. Great week for #Fireblocks! ??

Litecoin Halves: Block Reward Halving? ??

Litecoin , a popular cryptocurrency, has successfully halved its block reward in 2023, an event commonly known as "halving". This halving event, which happens approximately every four years, reduces the number of litecoins rewarded to miners for each block they create, aiming to prolong the coin’s lifespan by slowing the rate at which new coins are created. ?? #litecoin #Halving

Binance's Busy Week ??: New Launches & Achievements

Binance , one of the world's leading cryptocurrency exchanges, had a very active week with numerous significant achievements. They officially launched Binance Japan, secured an Operational MVP License in Dubai (becoming the first exchange globally to do so), added two new offerings to their Launchpool, and reached a new milestone of 150 million registered users. ?? #CryptoAchievements

Apple's Blockchain Dilemma ??: NFT Wars and Legal Tussles

苹果 is facing challenges with respect to its policies towards blockchain, non-fungible tokens (NFTs), and other distributed ledger technologies. Coinbase, a leading cryptocurrency exchange, had to remove NFT transfers from its iOS app to get it approved on Apple's marketplace, as Apple sought a share of the blockchain gas fees associated with NFT transfers. However, the tech giant doesn't currently support crypto in its proprietary In-App Purchase system. The situation raised concerns in the US Congress, prompting representatives to send a letter questioning if Apple's guidelines could restrict emerging technologies. Meanwhile, the EU Digital Markets Act, coming into effect next year, might force Apple to accept third-party payment solutions and app installations from alternative sources on its devices.

An ongoing battle worth watching. ?? #NFTs

Sky-High Blockchain with Etihad Airways ??

Etihad Airways is launching an expansion to its EY-ZERO1 non-fungible token (NFT) collection, offering additional benefits to holders such as priority check-in, lounge access, and the opportunity to stake their NFTs to earn Etihad miles. The new NFTs, part of a limited-edition release, are designed to look like the Mission: Impossible-branded Boeing 787 Dreamliner. In September, the airline plans to initiate its #Web3 loyalty program, "Horizon Club," which will allow members to earn Etihad Guest Miles by staking their NFTs. These miles can then be redeemed for flights, upgrades, and other benefits. This move positions Etihad Airways at the forefront of blockchain-based loyalty programs in the aviation industry. The skies just got friendlier for NFT holders! ?? #Etihad #NFT

Amazon's NFT Treats for Gamers ??

亚马逊 has partnered with Mojo Melee, a game on the Ethereum scaling network Polygon, to offer its Prime subscribers exclusive non-fungible token (NFT) rewards. With this initiative, Amazon Prime Gaming members can claim an NFT for the in-game character Gwyn Rockhopper, bypassing typical in-game requirements. The partnership extends over six months, featuring monthly drops of free in-game NFTs and exclusive content for Prime subscribers. This follows Amazon's previous NFT collaborations and indicates their growing interest in the blockchain gaming sector. Rumours also suggest that Amazon is launching its own NFT marketplace, signalling the potential for more significant mainstream adoption of NFTs. #NFT

Sneaker Culture's Blockchain Synergy ??

Gary Vaynerchuk's VeeFriends has announced a collaboration with shoe brand Reebok , launching a unique pair of sneakers named Aspiring Alpaca Classic Nylon, featuring a VeeFriends character and logo. The collaboration, which intertwines '80s nostalgia with modern sneaker culture, offers VeeFriends token holders an exclusive opportunity to claim these sneakers. From August 17th, a presale will be available for VeeFriends Series 1 and Series 2 NFT holders, and the sneakers will be available worldwide from August 24th. The blend of blockchain and sneaker culture has never looked so good! ??

That's it for this week, folks!?? Stay tuned, and don't forget to check us out on our social media. Keep it decentralized! ??