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Cryptomir week: ETH-Kitov purchases slow down after the July rally
Beansstalk, a credit protocol of stabbleco, reloaded into the anniversary of its launch, four months after he suffered from destructive exploit in the amount of 182 million dollars.
Curve Finance decentralized trading platform is another victim of exploits aimed at blockchain companies and crypto space.
The third and last test was completed on the Goerli network. Finally all the “general rehearsals” have ended before updating the main network, which is planned for September.
The stunning decision of the US Department of Finance to ban Tornado Cash, a leading project to ensure confidentiality in the crypto industry, prompted many market participants to reconsider their attitude to centralized products located within the reach of regulatory authorities.
Updates in Defi
This week we will consider Maker, the largest Defi protocol from TVL.
The US Treasury has recently imposed sanctions against Tornado Cash, as a result of which Circle, the USDC issuer, made Tornado Cash contracts and froze USDCs belonging to these addresses. Circle’s reaction prompted investors to turn to decentralized stablecoin, such as DAI to avoid censorship. However, this also identified the risks of providing maker.
Read more here, We have collected the latest Maker news and the risks of https://gagarin.news/ua/news/tech-companies-join-forces-to-start-the-metaverse-standards-forum/ USDC centralization on DAI.
Week in detail
This week we will introduce you to the development of Ethereum Pow.
The Merge is not far off, so the talented Chinese miner Ethereum called on the community to think about Ethereum hard for. It will continue to use Proof-OF-WORK (POW) and thus deviate from the Proof-OF-Stake (POS) model after updating. The article discusses the miners’ dilemma associated with the loss of familiar profit from mining.
Read article, To understand whether Ethereum Pow and ETC can solve the Ethereum miner dilemma.
Blockchain news overview in a week
A wider market continues to catch the wave from the update of The Merge. The main digital assets reached local maximums – the BTC was at a mark of 25 thousand dollars before adjusted down, while ETH overcame the $ 1900 mark after the Goerli test was completed. Meanwhile, the slowdown of inflation in the United States prompted NASDAQ Composite to bounce by more than 20% of its minimum, clearing the way to restore cryptocurrency. However, it is still difficult to understand the expectations of investors regarding risky assets, since the probability of further increase in the rate by 75 b is not excluded.P.
Assessment of BTC accumulation trends in the network indicates a decrease in the activity of whales and small retail merchants after two months of aggressive increase in balance. Meanwhile, the ETH/BTC ratio quickly approaches 0.08 after it fell to 0.05 in June, which indicates a positive effect of the renewal on the air.
The ETH divergence schedule shows that whales and small retail traders have accumulated since the ETH reached the local bottom when a wider cryptorrhist collapsed. Nevertheless, such activity fell on July 26, and since then these two groups of players have reduced the accumulation, despite the raging spot prices.
Changing a pure exchange position over the past weeks shows that “smart money” may have chosen a strategy that does not depend on the price – they hold ETH on a cold wallet and at the same time shorten the futures because The Merge is approaching.
Against the background of a spot rally, the Ethereum gas commission continues to decline against the background of muffled demand and low trade volumes on the main exchanges.
Macroeconomic events that should be paid attention to