17 June

“Revealing its plans in a June 11 job posting, the central bank said it was ‘reinventing central banking‘ and radically rethinking the nature of Canada’s cash.

The Bank of Canada is embarking on a program of major social significance to design a contingent system for a CBDC, which can be thought of as a banknote, but in digital form.

According to the job posting, Canada’s CBDC should protect user privacy (though not to the degree that cash does), remain accessible to those without bank accounts or mobile phones, work when the power is out and rival banknotes in their security.

Further, the bank wants its CBDC to live on an architecture ‘with a potentially multi-decade evolving lifespanthat can grow in tandem with policy goals. The bank did not state what technology its CBDC might run on, whether it would follow a token-based or account-based model, or how it could create a digital currency that works where electricity does not.

The move casts Canada as a serious contender in the race to develop CBDCs.

“ConsenSys is being backed by heavy hitters like Binance and Huobi to test its new “staking-as-a-service” offering, designed to make it easy for institutions to earn income from the next iteration of the second-largest public blockchain.

This first batch of participants will provide feedback and feature requests to Codefi as it builds out its Eth 2.0 staking API, which is targeted at large exchanges, wallet providers, custodians and crypto hedge funds.

We have also been talking to some of the newer banks, the kind of challenger banks in the space, and they are definitely interested.

Codefi Staking was built using Teku, an Eth 2.0 client written in Java by PegaSys, a Consensys engineering team with a sharp focus on enterprise.”

“The Bitcoin (BTC) mining ASIC manufacturing industry is expected to further consolidate due to tightened competition, geopolitical pressures and slower returns on investment after Bitcoin’s recent halving.

Researchers wrote they ‘think it is likely that only 2 to 3 players will survive into the longer term.‘ Notably, BitMEX’s report expects that not only will ASIC manufacturing continue to consolidate, but the mining farm operating sector will as well.

Customers are now larger funds, and no longer small businesses or individuals.”

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“I don’t think that the balance sheet at anything like its current size presents any real threat to either inflation or financial stability.

He [also] revealed that it is unlikely that the Fed’s balance sheet will be de-leveraged following the crisis.”

See Also: Bitcoin Rises to $9.6K as Stocks Cheer Additional US Stimulus Plans

“Analysts say the growth of both transactions and the cost to process them is being driven by an increase in stablecoin usage and DeFi applications. Ethereum’s transaction count recently hit a 27-month high of 938,265 and was up nearly 45% from lows seen in January.

Ethereum-based Decentralized Exchanges (DEXs) such as Kyber, Uniswap and IDEX have all experienced solid growth in transaction volumes this year. ‘Almost $6 billion of USDT’s total supply is now on Ethereum, up from $1.5 billion in the beginning of 2020.'”

“People started putting USDC as collateral on Compound, taking USDT, swapping on Curve to USDC to put as collateral on Compound [and] doing that up to 30 times to earn COMP with leverage.

In other words, users put in USDC, borrow as much USDT as they can, switch it on Curve for more USDC, put that in Compound as well so they can borrow more, take out additional USDT and repeat until they have capped out their leverage. This allows them to absolutely maximize their activity on Compound as both a borrower and lender, which earns COMP on both sides.

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“SIMBA Chain, a blockchain-as-a-service company with deep ties to the Department of Defense, has two years and $1.5 million to research and develop a blockchain for supply chain logistics for the U.S. Air Force.

The firm will “stand up” a node running Hyperledger Fabric at Oklahoma’s Tinker Air Force Base – a hub for Air Force supply chain logistics – with a special focus on risk management: knowing the what, where, who and how of parts that may one day go through the USAF’s $62 billion procurement machine.”

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