PRICE CHANGE: WTD/YTD
- BTC ($7,618): +5% / +6%
- ETH ($196): +7% / +50%
- LTC ($45): +5% / +8%
- XRP ($0.19): +1% / +1%
- Crypto Market Cap ($220B): +5% / +15%
- BTC Dominance: 64%
THIS WEEK IN CRYPTO
- Messenger app Telegram hit 400 million unique monthly users, with at least 1.5 million new people signing up to the platform every day. The company has been engaged in an ongoing court case with the SEC regarding its $1.7 billion token sale for the Telegram Open Network, its upcoming blockchain network which would have created opportunities to monetize Telegram's hundreds of millions of users. Given the structure of the legal docs and ongoing regulatory headwinds that have prevented the network from launching, Telegram might have to begin returning capital to its SAFT investors. Link.
- The number of smart contracts on the Ethereum network grew by 75% from February to March, though there hasn't been a noticeable increase in the number of transactions suggesting many contracts are not being utilized. The increase in smart contracts could be a signal that adoption of Ethereum is on the rise, signaling strong support for the upgrade to Ethereum 2.0 which will move Ethereum from a proof-of-work consensus protocol to a proof-of-stake protocol. The shift could alleviate many of the current scalability issues with the network. Link.
- The aggregate market cap of Ethereum-based stablecoins has increased by 95% YTD to $6.25 billion. The surge in stablecoin activity is likely a combination of recent market volatility and the inflation of foreign currencies against the USD. Tether dominates among Ethereum-based stablecoins with 78% of market share. Link.
- Decentralized storage network Filecoin is delaying its mainnet launch again. The company raised over $50 million in its 2017 ICO and was originally targeting a mainnet launch by the end of Q1. Mainnet is now expected to go live sometime between July 20 and August 21. Link.
- Reddit just passed 1 million subscribers on the r/Cryptocurrency subreddit. Link.
- Decentralized lending protocol dYdX has lent more than a billion dollars worth of loans over the last 12 months. $700 million came in February and March alone, as traders took advantage of the wide volatility swings in crypto. dYdX allows users to lend, borrow and trade ether, dai and USDC using up to 4x leverage. Link.
- SmartSession is a new plug-in that allows Zoom hosts to monetize by putting up crypto paywalls and reward customers for referrals. The plug-in is the first paywall to be approved by Zoom and allows small businesses, such as teachers or yoga instructors, to monetize their services. SmartSession uses ethereum-based smart contracts and allows users to pay via Metamask and other crypto wallets. Link.
- There were roughly 1,200 new Bitcoin ATMs installed around the world, bringing the global total to 7,500. The United States has over 70% of the global market share followed by Canada at 9.5%. Link.
- Kentucky has passed legislation creating a working group that will evaluate using blockchain technology for state infrastructure, including the electric utility grid, natural gas pipelines, drinking water supply and delivery, telecom, and wastewater. Kentucky has set an annual budget of $400,000 for the efforts, most of which will be used on experts in blockchain tech. Link.
- Starbucks and McDonald's are rumored to be testing China's upcoming digital currency in Xiong'an, one of four pilot program locations. It seems as though the four locations will test the digital yuan across different use cases: Xiong'an is testing usage with retailers while Suzhou is testing the digital yuan with transport subsidies. Link.
- Coinbase has launched Coinbase Oracle, a secure price feed of BTC/USD and ETH/USD prices sourced directly from the Coinbase Pro exchange. Coinbase Oracle is intended to help make DeFi apps safer by providing a secure, trusted source of price information and to reduce reliance on price data from less liquid exchanges or on-chain data from decentralized exchanges, both of which are susceptible to attacks. Any third party can access Coinbase Oracle data via the Oracle API. Prices are updated every 60 seconds. Link.
- The NEAR protocol, an emerging smart contract protocol with a focus on high performance, is planning to launch its mainnet soon. Initially the NEAR Foundation would operate the only nodes. Sometime between June and August NEAR expects to introduce external validators and token delegation. The final stage of the mainnet launch will unlock token transfers and will require vote from 35% of the total supply. Link.
- China-based bitcoin miner, Ebang International Holdings, has filed for a $100 million IPO in the US. Ebang had previously tried to go public on the Hong Kong Stock Exchange in June 2018 but that attempt failed. Ebang generated $109 million in revenue last year, down nearly 66% from 2018. Link.
- Dole plans to launch blockchain product tagging and traceability solutions across its three business divisions - tropical fruits, fresh vegetables, and other diversified products - by 2025. A blockchain based system would allow Dole to better trace the supply chain and recall contaminated products, and would also give consumers direct transparency into their supply chains. Link.
- Coinbase has hired a new Head of Institutional Coverage to manage its institutional business. Brett Tejpaul joins the company from a long tenure at Barclays, where he held a range of roles including Global Head of Sales, Global Head of Credit and Commodities, and Barclays' first Head of Digital. Link.