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The Stablecoins Boom: What You Need to Know

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Stablecoins continue to be the trailblazer in the crypto economy in a market where highly speculative assets often steal the spotlight. But recent observation revealed that roughly every stablecoin metric has hit all-time highs, suggesting a massive shift in the crypto economy. Designed to maintain a stable value by being pegged to an asset like the US dollar, stablecoins are crucial for transactions, trading, and as a store of value within the volatile crypto market.

They offer a reliable medium of exchange and a haven for traders amidst speculative investments like Bitcoin and other cryptocurrencies. Market analyst Ryan Watkins from Messari highlights the numerous ways to gain exposure to this growing sector, both directly and indirectly. First, he shed light on a prominent stablecoin issuer with public availability- MakerDAO’s Dai [DAI] which is expected to accelerate due to strategic initiatives like Endgame, rollup integrations, and the launch of new bridges, making it a prime candidate for direct investment.

USDT [Tether] and USDC [USD Coin], are the two dominant players in the stablecoin market. As per Watkins, Tether is especially popular as collateral on derivatives exchanges. USDC, on the other hand, offers indirect exposure to stablecoins through investments in Coinbase [COIN], though stablecoin issuance is not its primary business focus.

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The Stablecoins Boom: What You Need to Know 2

ETH [Ethereum], SOL [Solana], and TRX [Tron] are the major altcoins that provide settlement infrastructures for stablecoins, opening alternative avenues for investors to gain indirect exposure. Recent entrant TON [The Open Network] is also positioned to be a significant player, with USDT transfers available to its vast user base of over 900 million.

Stablecoins: The Antidote to Financial Nihilism in Crypto

Another notable mention is ENA, a tokenized hedge fund expected to gain market share from USDT. However, ENA’s classification as a stablecoin is debated due to its nature and the challenges it faces, such as unfavorable supply overhang and inflated fully diluted valuation [FDV].

For those seeking an antidote to the excess financial nihilism in the crypto economy, stablecoins represent a promising trend. They offer a unique blend of stability and growth potential, making them a key focus for forward-thinking investors. As always, any investment decisions should be made with careful consideration and due diligence, Watkins concluded.

Stablecoin Market Reaches New Low, But USDT and DAI Shine

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In the realm of stablecoins, September marked significant cryptocurrency market developments. One prominent trend was the 18th consecutive month of declining stablecoin market capitalization, dropping to a new low of US$123.8 billion, reminiscent of September 2021. Despite this decline, USDT and DAI managed to buck the trend, exhibiting slight increases in their market capitalization.

Despite occasional turbulence from events like the FTX asset liquidation announcement and the Federal Open Market Committee (FOMC) meeting, the crypto market as a whole has displayed resilience, quickly recovering and regaining stability. The standout moment of the month was Telegram’s integration of the TON wallet, sparking a significant rally in the TON coin’s value.

One of the most promising narratives is the adoption of account abstraction (“AA”), marked by over 2.3 million successful ERC-4377 smart account transactions across more than 870,000 unique AA accounts. Ethereum’s Layer-2 solutions (“L2s”) have played a pivotal role in this growth, with Polygon, Optimism, and Arbitrum accounting for the majority of transactions. These L2s are essential in addressing Ethereum’s scalability challenges.

Stablecoin Resilience Amid Gas Fee Dominance

Uniswap’s insatiable appetite for gas fees continues, maintaining its top spot in Ethereum gas consumption over the last 30 days. L2s have also seen a surge in activity, emphasizing their role in enhancing blockchain scalability. zkSync Era’s mainnet recorded over 30.58 million transactions in 30 days, surpassing Ethereum itself. Arbitrum’s relaunch of the Arbitrum Odyssey campaign has also contributed to its growing usage and popularity.

In the DeFi sector, September witnessed a reshuffling of the market composition. ApolloX emerged as a formidable player, boasting a remarkable 450% month-on-month growth in trading volume market share. This shift underscores the evolving landscape, where newcomers like ApolloX challenge the dominance of established protocols such as dYdX and GMX.

In conclusion, September presented a mixed bag of developments in the cryptocurrency space. Stablecoins faced prolonged decline, while select coins like USDT and DAI demonstrated resilience. The market remained relatively stable, with occasional disturbances quickly absorbed. Layer-2 solutions and account abstraction are on the rise, addressing scalability issues, and DeFi dynamics continue to evolve with the emergence of new players like ApolloX. Crypto enthusiasts and investors will undoubtedly keep a close eye on these trends as the market continues to evolve.

FTX Heist Redux: Stolen Ether Moves In Mystery Amidst CEO’s Trial

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In a baffling turn of events, the funds stolen during last year’s $600 million attack on FTX’s wallets have resurfaced just ahead of the impending trial of the exchange’s former CEO, Sam Bankman-Fried. The enigma deepens around the collapse of the prominent crypto exchange.

According to a recent report, the purloined 15,000 ether (ETH), dormant in a wallet linked to the audacious heist, has now traversed through an array of privacy-enhancing tools and bridges. This movement began in earnest over the weekend when an initial 2,500 ETH (equivalent to $4 million) was set in motion. The voyage ultimately led to destinations including the Thorchain bridge, Railgun privacy wallet, and various intermediary addresses.

Subsequently, the remainder of the stolen assets embarked on their journey, with many finding their way to the Thorchain router. Some funds also stopped at a contract cryptically labeled “Metamask: Swap Router.”

The Railgun privacy wallet is a bastion for users seeking to safeguard tokens and engage in decentralized financial activities, such as lending and borrowing. Transactions within this ecosystem are veiled, shrouding the precise utilization of these funds. Conversely, Thorchain operates as a conduit, allowing users to seamlessly exchange tokens across diverse blockchains, free from interference concerns.

FTX’s $32 Million Ether Surge

According to recent evaluations, the addresses associated with the hack may have been used to transfer more than $32 million worth of ether through THORChain. This sudden influx of funds emerged when Sam Bankman-Fried was about to go on trial, casting a shadow over the unresolved mystery surrounding FTX’s catastrophic collapse last year. The culprits behind the attack are still unknown.

After the breach, several addresses amassed diverse tokens, including ETH and the dai (DAI) stablecoin, consolidating them into a staggering 37,000 ether. At its zenith, the address held an excess of 288,000 ether, securing its position as the 35th-largest holder of the cryptocurrency.

Federal prosecutors levied charges against Bankman-Fried last year, accusing him of two counts of wire fraud and five counts of conspiracy to commit various forms of fraud. These legal actions transpired mere weeks after his resignation from the helm of FTX, which coincided with the exchange’s bankruptcy filing.

Related Reading: | FTX Hack Perpetrator Resurfaces With $4M Moves Amidst Ethereum ETF Excitement

Phoenix Labs Takes MakerDAO To The Next Level With Spark Lend Proposal

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MakerDAO, the leader in decentralized finance (DeFi), has seen a major boost in its capabilities due to Phoenix Labs. The blockchain firm has proposed Spark Lend, a new DeFi solution built on top of the MakerDAO platform.

It will allow anyone to borrow DAI, MakerDAO’s stablecoin, at the Dai Savings Rate (DSR) and enjoy a host of new features such as cross-margin, short positions, high leverage, and many more.

Revolutionary Spark Protocol Elevates MakerDAO To New Heights

On February 8th, Phoenix Labs proposed the Spark Protocol promises to elevate the DeFi giant to new heights. By enabling a liquidity market for supplying and borrowing scalable crypto assets with variable and fixed rates. 

The proposed protocol will support EtherDAI and implement the first resilient oracles to improve Maker’s strength. It will also evolve over time, adding new features to the front end by integrating Maker’s products and the most innovative DeFi solutions.

According to the MakerDAO governance forum, Spark Lend, the product under Spark Protocol, is a lending market that will integrate Maker’s D3M and the PSM. The main differentiator of Spark Lend from existing lending protocols is its D3M. 

Maker already has the cheapest credit in DeFi due to the absence of third-party liquidity providers. It will further amplify this advantage by allowing anyone to borrow DAI at the Dai Savings Rate. Spark Lend will focus on highly liquid, scalable types of collateral and will not compete with markets that offer “tail assets.”

Spark Fixed Rates: Capital-Efficient Fixed Rates In DeFi

Phoenix Labs plans to efficiently deliver fixed rates in DeFi capital through Spark Fixed Rates. Spark Protocol intends to partner with fixed-rate protocols such as Deco, Sense Finance, and Element Finance to deliver this feature by the second half of 2023. 

These protocols have already done the heavy lifting, and Spark Protocol will simply plug into them to offer fixed rates to Spark Lend users.

Moreover, regarding revenue generation and scenario analysis, at the start, Spark Protocol will generate revenue mainly through variable-rate loans in its borrowing and lending market. 

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Source: MakerDAO Governance forum

Later, fixed-rate loans and other adjacent revenue streams will be added. The main factors driving protocol revenue at the beginning include the variety of pools offered, TVL, utilization rates, and interest rate curves. 

Additionally, Scenario analysis shows that Spark Protocol could achieve substantial adoption and profits once properly ratified and funded with initial start-up capital.

Nevertheless, Phoenix Labs’ Spark Lend and Spark Protocol are set to revolutionize the DeFi landscape, bringing the best rate available in DeFi, capital-efficient fixed rates, and highly secure and scalable lending solutions. The future of DeFi just got a lot brighter with Spark Lend and Spark Protocol on MakerDAO.

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Orbeon Protocol (ORBN) Maintains Profit While Dai (DAI) And UNUS SED LEO (LEO) Remain Bearish

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Are you seeking for a viable crypto investment to kick-start the new year? Do you want to earn passive income without paying so much in fees? Then investing in these three projects might just be what you need to change your story: Orbeon Protocol (ORBN), Dai (DAI), and UNUS SED LEO (LEO).

 While Orbeon Protocol (ORBN) offers over 987% ROI during presale, Dai and UNUS SED LEO (LEO) remained bearish in the last 48 hours.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN) Makes Inroad Towards The Top 10

Orbeon Protocol (ORBN) has carved a niche for itself as one of the few tokens making inroad to become one of the top 10 tokens in 2023. After displaying exceptional and sterling performance during its ongoing presale, Orbeon Protocol is set to take over the crypto market, with investors smiling home with over 987% ROI. 

The presale will end in the next 21 days, so rush now to grab a bite of what Orbeon Protocol offers, now that the project sells for $0.0362. As a matter of fact, you will even earn a 10% deposit bonus once your initial payment has been confirmed. You can visit https://presale.orbeonprotocol.com/register to register for the presale.

Orbeon Protocol (ORBN) is one of the best investment hubs as far as the cryptocurrency market is concerned. It lets you fractionally invest in early stage businesses to earn money. Businesses can also raise funds on the Orbeon Protocol ecosystem to finance their marketing campaigns and offer value to their customers. 

Experts predict a 6000% surge in price when ORBN is listed on exchanges.

>>BUY ORBEON TOKENS HERE<<

Dai (DAI) Loses Steam Amid The Bear Market

While the bear market has taken a toll on major altcoins, including Dai, the Dai team has been working round the clock to strengthen the performance of the project. Investors’ apathy is one of the major reasons listed by the team that is affecting the performance of Dai. The team is even considering listing $DAI on major decentralized exchanges to boost its adoption rate. The bear market has made investors scared of investing their hard-earned money. Experts believe that the new year may be a turning point for the crypto industry.

 Dai is a blockchain-powered project stabilized against the value of the US dollar. Dai (DAI) brings trustless stability to the volatile crypto ecosystem. At press time, Dai (DAI) traded for $0.999773 USD with a 24-hour trading volume of $127,405,929 USD.

What’s Next For Bearish Rated UNUS SED LEO (LEO)?

2022 was indeed a challenging year for both investors and traders. The prolonged crypto waves plummeted the prices of major cryptocurrencies like Bitcoin and Ethereum, and also dashed the hopes of altcoins like UNUS SED LEO (LEO). Investors in the UNUS SED LEO (LEO) ecosystem are jumping ship to join a more viable project like Orbeon Protocol (ORBN).

Launched in May 2019, UNUS SED LEO is the native token of iFinex, the parent company of cryptocurrency exchange Bifinex. At press time, UNUS SED LEO trades for $3.50 USD with a 24-hour trading volume of $2,380,505 USD.

Unlike other tokens, Orbeon Protocol is transparent, flexible, and offers investors a seamless way to earn passive income.

 For more information on Orbeon Protocol (ORBN):

Website: https://orbeonprotocol.com/ 

Telegram: https://t.me/OrbeonProtocol 

Twitter: https://twitter.com/OrbeonProtocol 

Instagram: https://www.instagram.com/orbeonprotocol/ 

Aave V3 Launch Delayed By Ethereum Voting Process

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In a surprise turn of events, the highly-anticipated launch of Aave V3 has been delayed by an Ethereum voting process. Earlier this week, the platform’s team member Graham tweeted that the upgrade, which includes a host of new features such as cross-chain asset functions and community contribution tools, was set to occur this week.

However, yesterday, it was announced that an Aave Ethereum V3 proposal was up for voting, which will activate its Ethereum pool (3.0.1) by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE, all of which have already been pre-approved by the community.

According to the announcement post, this governance proposal activates the Aave V3 Ethereum pool (3.0.1) by completing all the initial setups and listing the above-mentioned assets. All its addresses can be found in the network’s address book.

The delay in the launch of Aave V3 is due to the fact that the Ethereum pool was still running V2. After careful consideration, the community decided to deploy a fresh V3 instead of upgrading the V2 pool for increased compatibility between the V3 pools and less general complexity. 

The assets to be listed and their respective configurations have been discussed in the governance forum and decided in the snapshot that is mentioned in the announcement post.

Additionally, security procedures have been taken to ensure the proposal execution is simulated within the tests and the resulting pool configuration is tested for correctness. Further, the proposal has been tested using forks on the Aave interface, and its companies have reviewed the code.

This is a momentous occasion for Aave and the entire decentralized finance community, as this upgrade promises to take the platform to new heights. The community is eagerly awaiting the results of the voting and the official launch of Aave V3.

Aave Team Member’s Tweet

According to a January 15th tweet from team member Graham about the launch of Aave V3, it is expected to reduce costs by 20-25% significantly and is set to revolutionize the decentralized lending platform. The new version will also come with efficient mode and other upgrades. However, the community is excited about the launch and is eagerly waiting for the release.

In his tweet, the member disclosed several other organizations’ hard work and dedication in the lead-up to the highly-anticipated launch. The member gave shout-outs to bgdlabs, a Web3 development initiative contributing to the platform. 

Additionally, the member tagged Chaos Labs, the economic security and risk management platform for DeFi protocols, and Gaunt Let Network for their contributions and efforts over the past few weeks that have helped make the launch a reality.

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