DeFi Daily - JPEG'd, The Most Important Punk, & The Rise Of Dubai

JPEG'd, The Most Important Punk, & The Rise Of Dubai

Apr 27, 2022

Welcome Back Maxis! It has been a wild 24 hours in the metaverse, with JPEG’d Announcing their official launch, Large Cap Coins down across the board, and though not technically Crypto news Elon Musk having his offer to buy twitter accepted is sure to effect us all. Let’s jump right into it!

Large Cap Movement

Bitcoin
US Token Value: $38998
UST market cap: $741028667018.5616
UST 24h vol: $33227002386.2485
UST 24h change: $-3.7228928064906
Ethereum
US Token Value: $2885.92
UST market cap: $347882090770.8424
UST 24h vol: $8944273252.156456
UST 24h change: $-3.822136192470932
Chainlink
US Token Value: $12.6
UST market cap: $5886431156.952464
UST 24h vol: $433275656.3204871
UST 24h change: $-5.716450768157874
Polkadot
US Token Value: $17.08
UST market cap: $18898903144.363354
UST 24h vol: $588060399.7417867
UST 24h change: $-4.65847888410874
Avalanche
US Token Value: $70.16
UST market cap: $18838277920.09862
UST 24h vol: $527623698.3545156
UST 24h change: $-2.857898003484279
Near
US Token Value: $13.06
UST market cap: $8876049584.928123
UST 24h vol: $1018007529.2730329
UST 24h change: $-11.80287549909345
Solana
US Token Value: $99.23
UST market cap: $33064130426.50819
UST 24h vol: $1272950185.2766423
UST 24h change: $-1.7396860956007798
Fantom
US Token Value: $1.001
UST market cap: $2541306882.6906457
UST 24h vol: $428101417.91022277
UST 24h change: $-5.413445593651957
Matic
US Token Value: $1.27
UST market cap: $8726293379.86005
UST 24h vol: $577760041.0772424
UST 24h change: $-4.831826374288436

DeFi News

Fireblocks Sees $500M Stampede Into Terra DeFi in First Week - CoinDesk

Fireblocks CEO Michael Shaulov said pent-up demand from members of the company’s early access program, including crypto hedge funds, venture capital firms and high net worth individuals, has been “crazy.”
“Once we released the capability to access DeFi on Terra, we’ve seen this kind of crazy demand,” Shaulov said in an interview with CoinDesk.“So over $250 million was deployed in the first 72 hours, and I think it’s exactly a week now and there’s been half a billion dollars of transactions into Terra from our platform.”
The current Terra DeFi access for Fireblocks clients is fully permissionless and is not part of the custody firm’s know-your-customer (KYC) whitelisted DeFi pooling system, recently announced with Aave Arc.Terra boasts some 4 million unique wallets and has seen 400% user growth in the past two years, with over $30 billion of total locked value, according to DeFiLama.The expansion has seen the project look to bolster the algorithmic UST stablecoin (a smart contract keeps the price anchored to $1 by burning LUNA tokens in order to mint new UST tokens) by buying $1.6 billion reserves of bitcoin (BTC), and pledging to purchase a further $10 billion.If you’re asking me if there is a place for this innovation around stablecoins, I think that the answer to that is yes.”
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

How to Overcome Traditional Finance Difficulties with DeFi Development Solutions? - DataDrivenInvestor

However, the financial industries are looking for a more convenient and secure technology that can be implemented to simplify the workflow and improve security as most of the people are trying to move their finances from physical to digital.However, it was inspired by blockchain technology and had been appealing due to its advantages and features.However, these systems work without any central authority, thus enabling full control over the assets, engaging in peer-to-peer transactions, and also building Dapps.Also, DeFi is open source and encourages collaboration, but that is not the case with CeFi, a group of individuals makes the decisions.A decentralized financial ecosystem will outperform the following: - More DApps are being developed - Interoperability between them is improving Yield farming, also known as liquidity mining, is the most recent invention in the DeFi ecosystem.

Cardano Defi Acardex launches car NFTs, grants opportunities to the users - GlobeNewswire

New York, NY, April 26, 2022 (GLOBE NEWSWIRE) -- Acardex is a decentralized exchange platform but also is offering Racing Play to Earn Gaming protocol, the Metaverse Gaming Spot!Acardex project which is powered by ACX token (Purchase on Pre Sale) as its native token is looking to revolutionize P2E NFT gaming with its accessible car racing and fun approach to the metaverse.Using its built-in social features, you can relax, play games, and socialize with like-minded players from the platform and earn some of our native tokens which can be easily swapped on our exchange and other exchanges ACX token are listed.What Sets Acardex Racing world Apart
Acardex Racing world is taking a different approach to building its virtual world.About Acardex car NFTs
Acardex Racing is the newest play-to-earn title in the Acardex Motorsport metaverse of racing games, Acardex plans to develop blockchain-based games that have the quality, look, and feel of traditional video games.

Avoiding Sticky Situations With Web3: DOJ, SEC Scrutiny Of NFT And DeFi Projects Expected To Continue - Fin Tech - United States - Mondaq

At best, these parties do not understand the legal issues implicated by their projects; at worst, they abuse Web3's buzz and the accompanying fear of missing out (FOMO) to defraud investors and consumers alike.The Frosties team sold all 8,888 NFTs within 48 minutes of the public launch on January 9, 2022, raising $1.1 million in ether - the native cryptocurrency of the Ethereum blockchain.In a statement published shortly after the fraud, Nguyen acknowledged that he "never intended to keep the project going[.]"In practice, DeFi projects come in many flavors, and may combine virtual token offerings, smart contracts and decentralized autonomous organizations (DAOs) with conventional centralized databases, agreements and management structures.The pair of BCP executives established smart contracts selling two different virtual tokens: mTokens represented a share of the money market's asset pool and promised a 6.25 percent annual return, while DMG tokens represented a share in the governance and excess profits of the DeFi project itself.

Tonic Raises $5 Million to Build a DeFi Platform on NEAR - PR Newswire

With this raise, Tonic will continue to expand its team and deliver a scalable platform for trading and building DeFi applications.With their deep ecosystem ties and protocol know-how, Tonic's lead investors will help drive the strategic growth and expansion of the Tonic platform over the coming months, and in turn help boost the adoption of NEAR's DeFi ecosystem at large.Tonic aims to bring the speed and convenience of centralized exchanges to the blockchain while being fully decentralized.The mission is to build an open protocol for trading, owned and operated by the community.NEAR's vision is to create a network that enables people to reimagine finance, creativity, and community in new and inclusive ways.

GODFATHER unveils the Highest Paying DeFi Yield of - GlobeNewswire

The appearance of DeFi 3.0 protocols is a new revolution, offering token holders better levels of simplicity and safety, as well as improved fixed rewards through staking.In this broadening trend, an increasing number of investors over the world are chasing low-risk, high-yield profits.Alternatively, simply holding the $GF token in Wallet, users can receive auto-staking and rebase rewards worth 0,00786% every 5 minutes, owing to its manageable yet cutting-edge mechanism, BUY - HOLD - EARN.GODFATHER Protocol strives for the best to continuously upgrade the features followed by advanced services, such as Cross-Chain Integration, Merchandising, gamefi projects, NFTs collections, and NFTs marketplace, to generate additional profit and attract more users, investors, and holders to the project.Links:
Website https://Godfather.app
Reddit: https://www.reddit.com/r/TheGodFather2030/
Twitter: https://twitter.com/GodfatherHi
Facebook:https://www.facebook.com/GodFather-107748885242257
Discord: https://discord.gg/aDnfA4b6ST
Telegram Channel: https://t.me/godfatherANN
Telegram Community: https://t.me/godfatherchat
Media Contact:
Contact Person: Vito Corleoni
Company Name: Godfather ltd
Email: hi@godfather.app
City: Brasilia
Country: brazil
Website: https://Godfather.app/
This is not an investment advice.

Mixing Service Tornado Cash Begins Blocking OFAC Sanctioned Addresses, Signaling DeFi Willingness to be Re ... - CPO Magazine

The recent use of it by North Korea’s Lazarus hacking group in an attempt to launder hundreds of millions in stolen funds appears to have been a bridge too far, however, as the service has announced it will now begin blocking OFAC sanctioned addresses.The block is at the front end, or decentralized application level, meaning that individual addresses will be blocked but that Tornado Cash itself cannot be sanctioned.OFAC sanctioned entities now blocked from Tornado Cash
Tornado Cash is the most familiar name in “mixing services.” The site employs its own smart contract that enables it to break the links between wallet transactions, which are generally a matter of public record allowing anyone to trace money as it moves away from where it was stolen.The voluntary concession, which came just a day after the FBI named North Korea’s Lazarus hackers as the prime suspect in the Ronin network breach and the US Treasury Department placed sanctions on a Lazarus wallet involved in the theft, is thus surprising.And the Uniswap exchange began banning tokens that resemble securities or derivatives that governments might attempt to claim as something that falls under their legal purview.

Uncollateralized DeFi mortgage taken out on Austin condo via Teller - Cointelegraph

The USDC.homes crypto mortgages platform issued its first crypto loan to an Austin resident who bought a $680,000 condo with a $500,000 loan issued in USD Coin (USDC) stablecoin over the Polygon network.This new platform combines practices from traditional lending markets such as leveraging a borrower’s credit score to determine eligibility with new decentralized finance (DeFi) innovations such as cryptocurrency staking to help pay off the balance.Today, we’re excited to debut https://t.co/26BgeWPd0Z and announce the arrival of crypto mortgages to Texas!The LoanSnap platform expects to open its services to licensed mortgage brokers this year, according to a Tuesday report from Housing Wire.His company’s services have also extended into the crypto space by working with DeFi lender Bacon Protocol to link mortgage values to a nonfungible token (NFT)
Related: Decentralized credit scores: How can blockchain tech change ratings
Bacon Protocol has been issuing NFT mortgages since last November, with lending rates ranging as high as 3.1%, far less than the 5.55% rate on a traditional 30-year mortgage, according to Investopedia.

Stacks Ventures Adding DeFi Capabilities to CityCoins - BeInCrypto

Stacks Ventures is incubating 11 projects designed to expand the use of CityCoins into wireless networking, Web3, gaming, nonfungible tokens, decentralized autonomous organizations, decentralized finance, and education.“CityCoins communities will create apps that use tokens for rewards, local benefits, access control (to digital or physical spaces), trading, lending, smart contract execution, and more.”
Patrick Stanley, a founder of CityCoins, said that the new startups would help it achieve its mission of increasing the well-being of citizens wherever it is used.He said he would like to launch a stablecoin on the Stacks blockchain that would become a vital tool in helping the most vulnerable in cities fight inflation in the U.S.
Are CityCoins securities?The CityCoins project has the potential to replace taxes by encouraging citizens to mine coins, taking a 30% cut of mining fees in STX, which can then be “stacked” (a process similar to staking on Ethereum) to generate yields in bitcoin.But, as Bloomberg Law explains, “MiamiCoin and NYCCoin appear to be dangerously close to meeting the definition of a security under the Howey test.”
They may soon attract the attention of the Securities and Exchange Commission (SEC) since they offer the “reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.”
There is no evidence CityCoins has applied for SEC approval,
CityCoins launch planned in 15 cities
MiamiCoin launched last Aug and NYCCoin launched in Nov. Fifteen more cities are slated to receive CityCoins, including three in the U.S. and twelve others in Mexico City, Rio de Janeiro, Amsterdam, Lisbon, Berlin, Lagos, Cairo, Dubai, Singapore, Seoul, Tokyo, and Sydney.

Giving Back to the Cardano Community and Driving DeFi Adoption – crypto.news - Cardano Feed

As a demonstration of how powerful the technology is, Bitcoin exploded to over $1.2 trillion in market capitalization at peaks, finding utility as a medium of exchange and increasingly a store of value.Cardax Academy is how the Team is Giving Back to the Global Cardano Community
One such project is Cardax, a top-tier DeFi protocol on the Cardano ecosystem aiming to release a decentralized exchange for seamless swapping of native tokens.By doing so, Cardax, through the academy, is giving back to the Cardano community as it aligns with blockchain’s principles of being community-centric and open.In their quest to educate the global community of Cardax and Cardano users, the DeFi protocol will publish as many articles as possible covering every facet of the Cardano and DeFi ecosystem.Source: https://crypto.news/cardax-academy-community-defi-adoption/
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Investing in Crypto? 5 Things Everyone Should Know Today - CNET

Bitcoin and ethereum are the two most widely known flavors of crypto, but more than 18,000 tokens are traded under different names (dogecoin is one famous example).Developments like President Joe Biden's desire to explore a digital US dollar to multimillion-dollar Super Bowl ads underscore a growing desire from powerful government and corporate institutions to quickly legitimize crypto in much the same way as stocks and bonds.The simplest way to get your feet wet with crypto investments is to use US dollars to buy a cryptocurrency using a popular exchange like Coinbase, Binance or FTX.Crypto is so new, there isn't enough data yet to decide how much of your portfolio "should" be in cryptocurrency, according to Cesare Fracassi, who runs the Blockchain Initiative at the University of Texas, Austin.But investment professionals suggest that investors keep their exposure low -- even for those who are all-in on the technology.

The Future of Crypto Payments Will Be Centralized - CoinDesk

Since validating transactions is the primary cost in generating $1.9 trillion of revenue within the global payments market, blockchains will inevitably become mainstream technologies.At a minimum, networks or payment service providers offering merchants crypto acceptance will need to execute service level agreements and obtain relevant money transmitter licenses for each jurisdiction in which they operate.Even reasonably decentralized routing methods like the Lightning Network will necessarily require licensure for nodes; it is trivial for legislation to prohibit accepting these types of payments otherwise.Blockchains offer unique advantages, but these must be combined with a user experience that feels similar to the one consumers know today, writes Senior Vice President Jose Fernandez da Ponte.DISCLOSURE The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

Crypto Market's Direction During a Recession Might Depend on Nasdaq - CoinDesk

Because of bitcoin’s recent strong correlation to U.S. stocks – from the Nasdaq Composite Index to the Standard & Poor's 500 to the tech-heavy Nasdaq 100 – the largest cryptocurrency's performance will likely depend on what the broader markets do, according to some analysts.“During an extended recession I think we will see positive price movement with BTC but the rest of the crypto market would face headwinds as investors continue to move risk off and investors find it harder to raise funds in a tighter lending market,” said Howard Greenberg, a cryptocurrency educator at Prosper Trading Academy.“Over the past few years they have become even more correlated to equity markets, and more recently the bond market,” said Joe Haggenmiller, head of markets at XBTO, a crypto trading platform."We expect the major cryptocurrencies to follow the broader market on a short-to-medium term basis, on the upside and downside.”
This would be a very different scenario from what crypto markets saw during the COVID-19 recession.While bitcoin hit an all-time-hime and rose over 50% in 2020, equity markets suffered severe losses during the period between January and March 2020 before bouncing back to normal levels as the Fed stimulated traditional markets with freshly printed money.

The rise of Dubai as a crypto hub - Verdict

The UAE has established the Virtual Assets Regulatory Authority (VARA) to grant licenses to crypto firms looking to set up in Dubai and will begin to oversee activities related to cryptoassets.Dubai will be competing with the likes of Singapore and the UK to become the global hub for crypto, and appears to be very well-placed to do so.The UAE is starting with a light-touch approach, which will attract crypto firms and boost the domestic crypto sector, rather than starting heavy-handed and backtracking when competition among rival crypto hubs intensifies.Regulating crypto supports the UAE’s growing reputation of having a diverse investment landscape and being at the forefront of financial innovation.VARA has already granted licenses to Kraken, Binance, and FTX Europe—all prominent players within the sector.

Crypto ETF Roll Out in Australia Hits Snag in Inaugural Push - Bloomberg

Australians may have to wait a little longer for the debut of the nation’s first financial products offering direct expose to cryptocurrencies.
Cboe Australia said in a statement Tuesday that “standard checks” prior to the launch of Cosmos Asset Management’s Cosmos Purpose Bitcoin Access ETF are still being completed and the fund will not commence trading Wednesday as anticipated. 21Shares AG, in partnership with ETF Securities, said its fund listing was also delayed.

The Crypto Report: Cryptocurrencies rally as Elon Musk strikes Twitter deal - Proactive Investors UK

Cryptocurrencies rallied to offset some of the losses made in the last week, mirroring the two tech stock indices as Elon Musk reached a deal to buy Twitter.Bitcoin, the largest coin by market cap, gained 4.06% to US$40,572, its highest value in four days.The cryptocurrency is trading just above its key support level, having dropped as low as US$38,338 yesterday.Ethereum also climbed, up 5.55% to US$3,001.Like Bitcoin, it is trading just above its key support level of US$3,000, and at its highest level since Thursday.

Concerns rise over crypto regulation as Congress members disclose holdings - Fortune

As efforts to regulate the rapidly-growing cryptocurrency market increase, some observers are raising concern about the rising number of U.S. lawmakers beginning to dabble in digital assets.
Current members of Congress bought and sold an estimated $1.8 million worth of crypto-related investments since the beginning of 2021, according to an analysis conducted by data provider 2iQ Research. The amount is based on the midpoint of dollar ranges reported by lawmakers in public disclosures.

Europe's Lawmakers Set to Advance Discussion of Controversial Crypto AML Rules - CoinDesk

Many in the industry question the premise that tough new rules are needed against a tide of criminal behavior, but more pragmatic voices are looking at the legislative details that could prove crucial – such as how the law will treat small payments and unhosted wallets, as well as when the new law would take effect.“I do not think that this is some tragedy” to apply checks to small crypto payments, Peslar said, because it is “all information any compliant service provider could already have,” and gathering it “is not an administrative burden nor any invasion of privacy.” But from a legal point of view, it could constitute an unfair intrusion into personal affairs that could invite a legal challenge, blockchain law expert Thibault Schrepel told CoinDesk.Extending bank-style know-your-customer checks to self-guarded crypto holders – such as a wallet not hosted by a central exchange – “isn't aligned with my values,” and is out of line with how cash is treated, he told CoinDesk.Lawmakers, however, want to see a phasing in of between nine and 18 months, while French central banker François Villeroy de Galhau on Tuesday said the rules should be implemented by “at the latest early 2024.” That matters a lot, Kopitsch believes – because crypto providers might decide to drop services altogether rather than face the legal risk of a rushed job.The timeline for implementing is “actually the biggest problem” of the forthcoming negotiations, Kopitsch said, noting the importance of coordinating with other jurisdictions such as the U.S. “In nine months you cannot do anything.” Read more: ECB's Panetta Blasts Crypto as ‘Ponzi Scheme’ Fueled by Greed Some would rather take a step back from the fine print of negotiations and remind lawmakers that crypto is not the bogeyman of illicit finance For criminal behavior “it’s not bitcoin these people are going to use, because it’s traceable,” Pascal Gauthier told CoinDesk, saying that cash and conventional finance would be far more attractive to those seeking to hide than transparent blockchains.

European Crypto Users Prefer Decentralized Services, Bank of Spain Says - CryptoPotato

On April 26, the Bank of Spain published a report elaborating on how Spaniards and Europeans have been using cryptocurrencies during the last year.“Over the past year, the volume of transactions in Europe was nearly €845 billion in cryptoassets (4.9% of GDP, 0.9% of total financial assets), representing 25% of the global total, ahead of North America.”
Unbacked Cryptocurrencies and Decentralized Services Are Hot Among Europeans
According to the report, Europeans have a greater interest in using unbacked cryptocurrencies, with transactions in BTC and ETH accounting for approximately 60% of all transactions made over the last year.Backed cryptocurrencies accounted for 25%, with an overall Interest in altcoins other than ETH reaching about 15%.During an interview for a local media, he talked about creating a European metaverse where cryptocurrencies are regulated without affecting or slowing down their development.And so, France could become a leader in the European cryptocurrency —Should Macron fulfills his promises of setting up a legal framework that boosts the crypto industry and promotes innovation in the WEB3 area.

Grayscale to Expand Into Europe's Competitive Crypto-Fund Market - Bloomberg

Grayscale Investments LLC, which runs an almost $30 billion Bitcoin trust, is getting ready to expand into Europe, according to Chief Executive Officer Michael Sonnenshein.
The company has yet to decide on which exchanges or in which countries it will offer products, or which offerings to launch first, Sonnenshein said in an interview in London on Tuesday. He added that he’s holding meetings with various local partners to discuss the timeline. Grayscale plans to run a series of pilot tests in different markets.