PRICE CHANGE: WTD/YTD
- BTC ($10,048): +10% / +39%
- ETH ($322): +37% / +146%
- LTC ($49): +16% / +18%
- XRP ($0.22): +10% / +14%
- Crypto Market Cap ($304B): +12% / +59%
- BTC Dominance: 61%
STABLECOIN MARKET CAP CHANGE: WTD/YTD
- Tether ($10.0B): +9% / +141%
- USDC ($1.2B): +4% / +122%
THIS WEEK IN CRYPTO
- The value locked in DeFi projects has grown to $4 billion, up from $2 billion on July 7. DeFi refers to decentralized, non-custodial financial products, such as crypto lending protocols and decentralized stablecoins, most which live on Ethereum. The three largest DeFi protocols are Compound, Aave and Maker, all lending protocols, though Maker also operates Dai, a decentralized stablecoin. Link.
- Ethereum 2.0 is launching its final testnet on August 4. Eth 2.0 will move the protocol from proof of work to proof of stake, a long awaited upgrade that should dramatically increase transaction speeds. Link.
- ERC-20 contracts account for almost 50% of the total assets on Ethereum, largely driven by the surge in DeFi protocols. Ether accounts for the other 50%. Link.
- Dapper Labs announced a partnership with Dr. Seuss to create digital collectibles featuring iconic characters like Cat in the Hat, the Lorax, the Grinch, Horton, and Thing One and Thing Two. Users will be able to store, sell, or trade the collectibles. Link.
- PayPal reportedly plans to facilitate crypto trading through a new partnership with stablecoin operator Paxos. PayPal was previously a part of the Libra Association but withdrew in October 2019. Link.
- Australian crypto business owners filed a lawsuit against Google, Twitter and Facebook seeking $600 million in damages, alleging they were harmed by the banning of crypto-related ads in 2018. The amount could reach over $200B as more litigants join the class action. Link.
- SEC Commissioner Hester Peirce, sometimes referred to as "crypto mom", said the SEC fundamentally erred in prosecuting and punishing Telegrams $1.2B Gram token sale. She said the SAFT structure should have protected the projected from securities violations. Peirce called for a "safe harbor" that would give token projects three years to experiment while regulators retooled crypto frameworks. Link.
- NBA's Spencer Dinwiddie raised $1.3 million for tokenized shares of his $34 million NBA contract, far lower than the $13 million initially targeted. Dinwiddie wanted to use the token sale to secure cash on his contract upfront. Dinwiddie tested positive for Covid-19 in June and is not scheduled to participate when the NBA restarts. Link.
- In its mid-year review Coinbase has grown its client base to 35 million retail and institutional clients, up from 30 million at the beginning of the year. Coinbase also highlighted DeFi's growth and announced it would continue to support DeFi protocols by enabling users to connect directly to DeFi services, perform in-app voting for governance protocols like Compound, and use USDC as collateral in DeFi smart contracts. Link.
- South Korea has announced a 20% tax rate for income generated from crypto trading. 20% is on par with the basic tax rate for most other taxable income and capital gains in South Korea. Link.
- Blockchain protocol Avalanche raised $42 million in a public token sale in just 4.5 hours. The Avalanche token, AVAX, is a utility token that can be used for launching decentralized finance applications and enterprise blockchain solutions. The company had raised $12 million in a private token sale in June from investors like Bitmain and Galaxy Digital. Mainnet is expected to launch end of August. Link.
- Tether's daily transaction value may soon supersede bitcoin's daily transaction value. Link.
- Apple co-founder Steve Wozniak filed a lawsuit against Youtube for allowing bitcoin giveaway scams, some which use his name and likeness.The lawsuit praised Twitter for shutting down malicious accounts, something Youtube has allegedly refused to do. Link.
- Opera's web browser now has 170,000 users who use its built-in crypto wallet every month. The firm has said Ethereum is by far the most popular protocol used. Link.