Weekend Edition

“Should DAI remain mostly backed by trustless assets? Away from the grasp of third-parties and settled on Ethereum—maybe that’s the point of crypto.

Or should DAI open the door to trusted assets? Increasing resilience with non-correlated assets from traditional finance—maybe that’s how to onboard the world. It’s clear Maker is going in the direction of the latter.

Centrifuge is taking revenue streams from digital music and supply chain, tokenizing them, and adding them to DeFi. They see Maker as a global credit system for the world. They see DeFi as a force for traditional asset democratization—the future of FinTech—a new backend for global finance.

The trustless Purity Dai market it too small to satisfy the needs of stablecoin market. We will run out of collateral assets, heighten the stability risk of Dai, and will limit the circulation of Dai. MakerDAO has made the right decision to focus on Global Dai.

“You can send ETH and ERC20 tokens instantly, for free, and with the same 100% Ethereum security guarantees Loopring always upholds. Ethereum scales with Loopring. It scales exchanges, and it scales payments — it does so today, and it does so securely.

With Loopring, Ethereum has the most secure, scalable solution for trading and transfers.

Opyn uses [non-custodial] protective put options on ETH to allow option buyers to keep their upside while limiting their downside. If you buy Opyn protection, you are buying ‘the right but not the obligation to sell your option at a pre-specified price.’

In this case, let’s assume that the pre-specified price is $100, so if ETH price falls below $100, you can sell your ETH for $100, which is above the market price. The best part is, you can now buy even more ETH with this fat profit!”

See Also: Opyn
See Also: DeFi Strategies Guide

The recent surge in African peer-to-peer bitcoin transactions [is] now at more than $12 million a week. I think this, and similar patterns across other emerging market regions during the COVID-19 pandemic, reflect the most important cryptocurrency trend of the moment.

What’s driving this is a worldwide dollar shortage. If you can’t get dollars and you don’t trust your local currency, bitcoin and stablecoins start to look attractive, either as a hedge against future inflation or as a payments or remittances solution.

While quantitative easing has breathed life into U.S. stocks, the shortages have persisted in many emerging markets, creating serious problems in their citizens’ lives.”

“Of the 77,500 or so PAX dollar wallets in existence, MMM BSC’s [ponzi scheme] wallet clocks in as the ninth-largest holder, at 1.6% of all PAX issued. Take out the big exchange holders like Binance and Huobi, plus Paxos’ own internal wallets, and MMM BSC is Paxos’s third-largest holder. Just last week it was the largest. MMM BSC does far more transactions than any other PAX wallet owner.

Because it is regulated, Paxos has built a tool that allows it to freeze or seize PAX stablecoin balances. However, it has never frozen an address to date.

Stablecoins are growing. The amount in circulation has doubled to more than $10 billion in just a few months. As they become more prominent, stablecoins will attract more fraudsters. The industry may want to be sure that it pushes them away – or not?

“Lee and Yun created AstroCanvas, a game that gave stakers the ability to draw tiny amounts on one large digital canvas. Stakers could receive different colors to use on the canvas if they spread their stakes across staking pools of different sizes.

The big threat Lee sees to the health of staking protocols is exchanges and their outsize role. A product like AstroCanvas would give holders an incentive to move some of those holdings off of exchanges so they can get some different colors on their palettes.

Essentially, if you wanted to draw something of a different color, you would have to delegate to a specific validator. It forces you to spread out your staking across different kinds of validators.”

The British government is taking £150 million (roughly $186 million) from “dormant” bank accounts to support the country’s coronavirus response—but it has promised to return owners’ funds if they’re taken by mistake.

£150 million from dormant bank and building society accounts is to be unlocked to help charities, social enterprises and vulnerable individuals during the coronavirus outbreak.

The UK government is also consulting on the possibility of adding insurance and pensions, investment and wealth management as well as securities to the dormant assets scheme. The announcement didn’t mention any attempts to contact potential relatives of dormant accounts’ holders in case of potential inheritance claims.”

Nearly 40% of new fintech firms to launch in Hong Kong over the past year are operating in the blockchain sector. DLT represents an increasingly dominant share of the country’s new fintech firms year-over-year, up from 27% as of 2018.

The report finds enterprise DLT solutions to comprise the largest sub-sector of the territory’s blockchain industry.”