Crypto Guides, Knowledge & Insights

Tether Issues 1 Billion USDT On TRON Network, USDT Dominates Stablecoin Market

Tether issues 1 billion USDT on TRON network to expand presence and liquidity.　　USDTs market value surges by $2.6 billion in 90 days, holding 65% of the stablecoin market.　　Tethers strategy of expanding offerings on multiple blockchains highlights the growing demand for stable digital assets and intensifies competition among stablecoin issuers.　　Tether has made a significant move in the cryptocurrency market today by issuing an additional 1 billion USDT on the TRON network.　　This announcement comes as Tether aims to expand its presence and liquidity on the TRON blockchain.　　The news was confirmed by Whale Alert, a prominent blockchain tracker, in a tweet that provided a link to the transaction details. This move by Tether signifies its commitment to leveraging the TRON networks fast and low-cost transactions, attracting more users and solidifying its position as the leading stablecoin.　　Over the past 90 days, the market value of USDT has surged by a staggering $2.6 billion. In contrast, USDC, another popular stablecoin, has witnessed a decrease of $4.6 billion in its market value during the same period.　　Currently, USDT holds the lions share of the stablecoin market, accounting for 65% of the total market value. The latest move by Tether on the TRON network is expected to further

2023-07-13Deep Dive

Binance Labs Announces $15 Million Investment in Xterio

Binance Labs announces a $15 million investment in a Web3 gaming platform to expand its game development capabilities in the AI and Web3 domains.　　Xterio is a Web3 gaming platform and publisher based in Switzerland. The founding management team brings extensive experience from technology, Web2 gaming, and entertainment companies such as FunPlus, Ubisoft, Krafton, Jam City, and NetEase. Their vision is to bridge the gap between free games and on-chain games through innovative AI toolkits and a diverse range of in-house and third-party game suites.　　In August 2022, Xterio announced the completion of a $40 million Series A funding round. The funding was led by video game developer FunPlus, venture capital firm Makers Fund, FTX Ventures, and blockchain gaming platform XPLA. Other participants in the funding round included Animoca Brands, HashKey, Foresight Ventures, Infinity Ventures Crypto, and Matrix Partners. Following the investment, Xterio reached a post-money valuation of $300 million.　　Binance has not disclosed the specific funding round for this investment. It is possible that Xterio pursued this funding round due to being unable to receive the remaining investment from the A-round as a result of FTXs bankruptcy.　　Currently, Xterio is developing an AI toolkit that generates stylistically consistent, high-quality 2D and 3D assets.

2023-07-13Deep Dive

Europe's First Bitcoin ETF Set to Launch This Month

According to a report by the Financial Times, Europes first Bitcoin ETF is expected to go public this month, following a 12-month delay from its planned launch.　　Jacobi Asset Management initially announced that its Bitcoin ETF would be listed on the Amsterdam-based Pan-European Exchange in July 2022. The company now states that the fund is “expected” to launch this month. The timing was previously deemed unfavorable by Jacobi due to the cryptocurrency crash of Terra Luna in May 2022 and the collapse of cryptocurrency exchange FTX in November, causing concerns.　　Michael ORiordan, Founding Partner of ETF and digital asset consultancy firm Blackwater Search and Advisory, stated that the regulatory challenges of launching a Bitcoin ETF in Europe are “very significant” due to the fact that Bitcoin is not considered a qualifying asset under the Ucits rules.

2023-07-13Deep Dive

Tokenization of US Treasuries Surpasses $600 Million

According to data published by RWA.xyz, crypto investors invested a total of $617 million in U.S. debt through different tokenized treasury products that package U.S. treasuries, bonds, and money funds into tokens.　　RWA.xyz has recorded a total of 19 products (with two temporarily without data), and the data shows that since January 2023, the Market Cap of these tokenized products, which package US Treasuries, bonds, and money market funds, has been continuously increasing.　　The reason behind this trend is the ongoing interest rate hikes by the Federal Reserve, which has led to the withdrawal of liquidity from the DeFi market. In various DeFi protocols, the yield on stablecoins (such as USDT, USDC, DAI) has been consistently declining, while US Treasury bonds, which serve as risk-free interest rates, have gained favor among investors.

2023-07-12Deep Dive

Coinbase shares up 50% since SEC lawsuit

Senior Coinbase executives, including CEO Brian Armstrong, have been selling their shares amid the stocks growth over the past month.　　Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit in the United States, the companys stock has been on the rise recently.　　Coinbase stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.　　According to data from TradingView, Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7. The stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%.　　Coinbase 30-day price chart. Source: TradingView　　Amid significant growth, some major Coinbase stockholders have continued selling some of their shares.　　On July 6, a number of senior Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 shares worth about $6.9 million.　　According to official filings with the SEC, the transactions included a 4,580 sale by Coinbase board member Gokul Rajaram, a 1,818 sale by chief legal officer Paul Grewal and a 7,335 sale by chief accounting officer Jennifer Jones.　　Previously, Jones also sold 74,375 Coinbase shares on June 29, netting $5.2 million.　　While Coinbase executives have

2023-07-12Deep Dive

Tim Draper Still Very Optimistic On Bitcoin With $250,000 Price Target

Tim Draper stands by his $250,000 BTC price prediction, possibly by 2025.　　Recent SEC actions driving entrepreneurs away from the U.S. are seen as a factor impacting BTCs price.　　Draper emphasizes BTCs value as a future mainstream currency with transparent blockchain operations.　　Renowned investor Tim Draper remains resolute in his belief that Bitcoin (BTC) will eventually reach $250,000, albeit with a revised timeline.　　Although Draper‘s previous prediction for June 2023 did not materialize, the billionaire venture capitalist asserts that BTC’s ascent to the target price might take a bit longer, potentially happening by 2025.　　Speaking on Bloomberg TV, Draper reaffirmed his optimistic outlook, emphasizing that BTC is here to stay despite recent regulatory actions against crypto companies by the U.S. Securities and Exchange Commission (SEC). According to Draper, these enforcement measures have forced entrepreneurs out of the United States, resulting in a negative impact on BTCs price.　　“I wasn‘t really expecting for the U.S. bureaucracy to be this aggressive and I thought that maybe they would be recognizing that they got to compete with the rest of the world. They’ve got to provide a platform from which entrepreneurs can flourish, and by having this regulation by enforcement that the SEC has been professing and driving, its

2023-07-12Deep Dive

FTX Opens Inquiry Gate For Creditors, FTT Price Volatile

Bankruptcy crypto exchange FTX has announced a portal that allows users with cash to file claims.　　Those who wish to claim assets on the exchange must provide the required evidence to prove ownership of the assets on the platform.　　The price of FTT is up 15% in the last 24 hours, currently delivering at $1.6.　　After a long wait, the FTX exchange has announced an electronic portal that allows users with money to file for property claims.　　Sam Bankman-Fried‘s bankrupt cryptocurrency exchange has officially launched its customer claims portal. According to the website information, individual customers can access their account information and then submit an application to be included in the crypto exchange’s Chapter 11 bankruptcy proceedings. The site will be open to customers with accounts at FTX.com, FTX US, Blockfolio, FTX EU, FTX JP and Liquid.　　A screenshot of the website shows that the person who wants to claim assets on FTX must provide evidence to prove that they own money on the exchange, including:　　Account holder identification information and identity verification;　　Information about transaction history;　　Verify account balance by submitting proof to FTX takeover – with balance as of 09:00 PM on 11/11/2022 (when this exchange announced bankruptcy).　　According to information from users, the website seems to

2023-07-12Deep Dive

Linea Concludes 9-Week Voyager Campaign, Offers NFT Rewards to Participants on Mainnet

Linea announced yesterday the successful conclusion of its 9-week Voyager campaign on July 9, 2023. During Voyager, Lineas testnet witnessed a transaction volume of over 30 million and attracted 5.2 million unique addresses actively engaging in tasks on the Linea platform. The task activity page received over 90 million views.　　Linea is a Layer 2 network with zero-knowledge proof technology launched by Ethereum software giant ConsenSys. Alongside the conclusion of the Voyager campaign, Linea announced its plans to recruit launch partners and release the Alpha version of its mainnet during ETHCC.　　According to Lineas official statement, Linea combines the powerful functionality of zero-knowledge proofs with full Ethereum Virtual Machine (EVM) compatibility, allowing builders to create scalable decentralized applications (dApps) or migrate existing applications without the need to modify code or rewrite smart contracts. The alpha version offers increased throughput and transaction fees that are 15 times lower than Ethereum Layer 1 (L1).

2023-07-12Deep Dive

Lens Protocol to Launch V2 Version During EthCC Conference

Web3 social protocol Lens Protocols founder Stani Kulechov has announced in a post that the Lens Protocol V2 version will be launched during the ETHCC (Ethereum Community Conference) held in Paris.　　Lens Protocol is a composable decentralized social graph built on the Ethereum Layer 2 network Polygon. It makes it easy to build social media platforms, allowing creators to focus on creating exceptional experiences for their user base rather than scalability. Leveraging NFT technology, social applications supported by Lens enable users to have full ownership of their data and interactions with others, unlocking new ways for creators to monetize their digital content and empowering everyone to own their relationships with friends and followers.　　In summary, Lens Protocol binds users personal information, social graph, and content in an NFT-based manner. Developers can leverage modular components to build various social protocols, and external applications can also integrate with Lens Protocol.　　Lens Protocol, founded by Stani Kulechov, the creator of the leading lending protocol AAVE, operates in the social space and has not yet launched its own token. Previously, Stani Kulechov made a joking remark on Twitter that he was the new interim CEO of Twitter, which led to a temporary suspension from Twitter and being

2023-07-12Deep Dive

Standard Chartered Bank Now Forecasting $120,000 Bitcoin Price By 2024

Standard Chartered Bank predicts that Bitcoin will reach $50,000 by the end of this year and $120,000 by the end of 2024, revising its previous projection of $100,000 by 2024.　　The bank expects Bitcoin hoarding by miners to increase, leading to reduced net supply and higher prices.　　The BlackRock effect, driven by BlackRocks application for a spot Bitcoin exchange-traded fund (ETF), has contributed to a more positive mainstream view of Bitcoin, with other asset managers following suit.　　According to Reuters, prominent multinational British bank Standard Chartered predicts that the flagship cryptocurrency, Bitcoin, will hit $50,000 by the end of this year. In terms of greater peaks, the banks experts predict that Bitcoin will reach $120,000 by the end of next year, 2024.　　Standard Chartered Bank has amended its prior projection of a $100,000 Bitcoin price by the end of 2024, citing the conclusion of the “crypto winter.” But, the banks chief foreign currency expert, Geoff Kendrick, said that the prior projection had a 20% upside owing to Bitcoin miners hoarding more BTCs. This higher prediction comes as experts at the bank expect increasing Bitcoin hoarding by miners.　　“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net

2023-07-11Deep Dive

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