Anna KeyFri, Nov 13, 2020 5:16 PM
Weekly Digest: DeFi Market up to 18.4% Weekly Gains
What important crypto events happened last week?
A subsidiary of the major Japanese financial company SBI Holdings, SBI e-Sports, which works with professional gamers, announced the creation of the Apex Legends team. It has already hired four players — HaRu, P1NKY, Lelia, Wasuo — who will receive their salary in XRP. To provide this feature, SBI e-Sports signed a sponsorship deal with VC Trade, a cryptocurrency exchange operated by SBI Holdings, back in late September.
The DeFi market again showed significant growth. The capitalization of the DeFi market has gained by 18.4% over the past week, thus outperformed the overall crypto market, which grew by 11.4%. Besides, the 20 most popular DeFi tokens showed about a twofold increase compared to the general crypto top-20.
The KuCoin exchange recovered most of the funds stolen as a result of the major hacking on September 25 this year. The platform's co-founder CEO, Johnny Lyu, claims that 84% of the assets were recovered judicially, as well as through on-chain tracking and smart contract updates. The exchange has already resumed full service of 176 tokens and will restore support for all other assets until November 22.
Bitcoin's price now reached the $16,000 mark, the first time since January 6, 2018, when it began to decline after reaching its record peak of almost $20,000. In mid-March, amid the panic in the financial markets because of the spread of COVID-19 and the associated risks, cryptocurrency quotes fell to a local minimum of $3,700. However, many large companies and individuals soon appreciated the advantages of digital gold against quantitative easing policy and supported Bitcoin with large investments.
The President of the European Central Bank, Christine Lagarde, spoke about the Bank's plans on a digital Euro. According to her, ECB is not "rushing to be the first" to follow the example of China or Facebook in its efforts to issue CBDC, and will consider all necessary measures to oppose money laundering and terrorist financing in addition to protecting users' privacy. Therefore, although the decision on the feasibility of the project will be made in the next year, the development of the project can take up to four years.
Projects And Updates
Russian aluminum and hydroelectric power giant En+ Group has announced a partnership with Bitcoin miner hosting provider BitRiver to create a Bit+ joint venture. The companies have already launched a 10 megawatt-hour site near the Bratsk reservoir in Eastern Siberia, where large energy plants owned by En+ Group are located, supplying the BitRiver data center with cheap electricity. In the future, companies plan to increase the capacity of the Bit+ to 40 megawatt-hours.
Ripple noted an increase in the average daily trading volume of XRP to $403.58 million — in the second quarter, this figure was at the level of $196.28 million. XRP's total trading volume also increased by 108% compared to the second quarter, totaling $37.13 billion. Thus, in terms of liquidity and trading volumes, XRP was the fourth most popular asset in the markets for the quarter, rising one line up.
Last week, the Chinese province of Hubei hosted an economic cooperation conference that focused on using digital tools to upgrade the public health system after the COVID-19 pandemic. During the meeting of the delegation of the Huabei government with the leaders of VeChain and its partner DNV GL, it was decided to create a platform based on VeChain for the global health system, specializing in risk control issues.
Ethereum developers implemented changes to the code to fix consensus flaws in the old version of the Geth client, which led to a chain split on block 11234873. As the parts of the network were not updated to the latest version, there were interruptions in the work of old clients, including Infura, providing synchronization of most DeFi applications with the Ethereum network. Ethereum developers did not announce the upcoming hard fork, out of concern that someone will be able to exploit the identified bugs.
Tezos blockchain developers have successfully activated the Delphi update. The developers consider the most significant change of the update to be a definite reduction in gas fees (by an average of 75%), which will make it possible to develop more complex smart contracts. Also, the new Protocol has increased the number of transactions per second proceeding by the network, reducing storage costs, and letting smart contracts function much faster.
PayPal has updated its policy and allowed the purchase, storage, and sale of cryptocurrencies to all users in the United States if they pass the required verification of their identity in the payment system. Currently, PayPal users can buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The company is convinced of the relevance of the ongoing implementations since new crypto opportunities of the system have received a great demand among their customers.
Changpeng Zhao, CEO of Binance, continues to show his support for the Ethereum project. In a recent tweet, he expressed a wish to buy 32ETH, focusing on the fact that this is not a kind of financial advice, but his attempt to contribute to the further development of the project.
The largest cryptocurrency exchange Binance is going to donate $100,000 to support the development of the Ethereum network. At the Binance summit, which took place on November 10, the CEO of Binance CZ announced a deposit of $100,000 for the next round of Gitcoin Grants Matching, to support promising Ethereum projects. CZ stated that the company wants to support Ethereum developers by allowing them to work on the next generation of decentralized applications and develop the infrastructure for the DeFi ecosystem, as they see this as the future of the crypto industry.
Cryptocurrency exchange Binance paid $200,000 to a group of investigators for helping catch the individuals behind the attempted hacking of the platform in March 2018. Then the victims of unauthorized transactions were users who used API keys to synchronize with trading bots. Their data was obtained by hackers using a phishing version of the Binance website, as the representatives of the exchange said. Then the company promised to pay a reward of $250,000 for revealing the identity of the attackers. The company will hand over the remaining $50,000 after their detention.