🗞 Daily Crypto News, May, 24th💰
Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 DeFi Can 'Transform Global Finance': Wharton
- The Wharton School of the University of Pennsylvania has just published its assessment of the decentralized finance (DeFi) sector.
- While noting that DeFi has the potential to "transform global finance", the report also highlights a variety of obstacles faced by the sector.
The Wharton School of the University of Pennsylvania has released a report titled “DeFi Beyond the Hype,” produced by the Wharton Blockchain and Digital Asset Project in collaboration with the World Economic Forum.
According to the famed business school, the DeFi industry has the potential to transform global finance. To date, however, it has yet to fulfill the hype.
“DeFi has the potential to transform global finance, but activity to date has concentrated on speculation, leverage, and yield generation among the existing community of digital asset holders,” the report said, adding that the novel industry is exposed to many risks.
🗞 Augur Taps Chainlink for 'Turbo' Sports Betting
Decentralized predictions market Augur is launching a new platform, Augur Turbo, aimed at the fast-growing sports betting market.
The new offering will attempt to cut costs and intermediaries, Augur claims. “Traditional betting exchanges are highly centralized and introduce a large number of restrictions on users, such as limiting payouts and withdrawals, siphoning fees of 5-10%, and limiting the types of markets that can be created,” the Augur team wrote.
To ensure fees remain low, Augur Turbo is built using Polygon, a Layer 2 scalability solution. Many popular crypto platforms are built on Ethereum, including Augur. Unfortunately, the cost of interacting with these platforms can be costly given the constraints of Ethereum. When the network is congested, even simple swaps can cost hundreds of dollars.
Augur makes sports-betting bid
With Augur Turbo, users can also create markets for unique sporting events and outcomes, such as the final score of this week’s Champions League final between British soccer clubs Manchester City and Chelsea. Alternatively, users could make a market speculating on the outcome of Game 2 between the Miami Heat and Milwaukee Bucks in the NBA Playoffs. It could even be something as mundane as which colors each team will wear on game day.
🗞 Chinese Bitcoin Miners Look Abroad Amid Government Crackdown
- BTC.Top is the first major Bitcoin mining operator to stop operations in China citing regulatory risks.
- Other mining operators, such as Huobi Pool and HashCow, are taking measures as well, including halting cryptocurrency trading services.
Intensified pressure on the cryptocurrency industry in China has seen several crypto companies halting all or part of their operations within the country, with some already looking overseas.
BTC.Top, the tenth-largest Bitcoin mining pool responsible for 1.7% of the network’s global hash rate in the past 24 hours, has announced on Monday that it would move its operations mainly to North America.
According to a Weibo post by Jiang Zhuoer, the company’s founder, BTC.Top is suspending its China business due to regulatory risks. Zhuoer added that China’s role in the Bitcoin mining industry would likely diminish in the future as more pools relocate to either Europe or the U.S.
🗞 Ray Dalio: ‘I Have Some Bitcoin’
Concerns about a looming global debt crisis have taken the world’s top hedge fund manager from doubting bitcoin (BTC) to dabbling in it.
Bridgewater Associates founder Ray Dalio said the U.S. dollar is on the verge of devaluation on a level last seen in 1971 and that China is threatening the greenback’s role as the world’s reserve currency.
In such an environment bitcoin, with its gold-like properties, looks increasingly attractive as a savings vehicle, said Dalio, whose firm started 2021 with $101.9 billion in assets under management, making it the world’s largest hedge fund.
“Personally, I’d rather have bitcoin than a bond” in an inflationary scenario, Dalio said during an hour-long conversation with CoinDesk Chief Content Officer Michael J. Casey.
The debt cycle
More than a decade ago, on the heels of the 2008 financial crisis (and during the nascent stages of Bitcoin), Dalio began studying the rise and fall of the three most recent global reserve currencies: the Dutch guilder, the British pound, and the U.S. dollar, he recounted.
As Dalio sees it, currency supremacy moves in three “cycles” that may occur simultaneously: the creation of debt and financial assets; an “internal cohesiveness clash cycle” (“as the wealth gaps grow and the value gaps grow – and political groups grow – you have a greater amount of conflict”); and the rise of another great power to challenge the existing top currency.
🗞 Daily Crypto Calendar, May, 24th💰
- Aave (AAVE), Band Protocol (BAND), BitTorrent (BTT), Chainlink (LINK), Cosmos (ATOM), Crypto.com Coin (CRO), Ethereum (ETH), Filecoin (FIL), FTX Token (FTT), Gnosis (GNO), Hedera Hashgraph (HBAR), Loopring (LRC), Polygon (MATIC), Ontology (ONT), Paxos Standard (PAX), SIMBA Storage Token (SST), SKALE (SKL), Solana (SOL), Stacks (STX), Stellar (XLM), TRON (TRX), Uniswap (UNI), XRP (XRP)
"Consensus unites professionals across the globe for an immersive virtual experience, Exploring the Evolution of Cryptocurrency"
- MoonToken (MOONTOKEN)
"MoonSwap goes live via new website"
"New Website"
- Solana (SOL)
"Trading will begin on or after 9AM PT on Monday May 24, if liquidity conditions are met."
- FREE coin (FREE)
"The FREE coin will burn another 2% of its total supply."
- Stacks (STX)
Cycle 9 runs from approximately May 27 to June 10. OKEx cut off deposit by 3AM, May 24, 2021 (UTC).
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hi @vlemon, now I no longer have the coronavirus and can go back to reading your posts. I've had a hard time
I am sorry to hear you had a hard time to go through this fucking disease but I am very happy you made it through. Rest and take it easy for a while now.
Glad to have you back 😉