18 December

Coinbase is getting ready to go public. On Thursday, the major cryptocurrency exchange filed preliminary documents with the U.S. SEC. It’s unclear whether Coinbase is looking to go public via an IPO or a direct listing.

The major exchange is positioning itself as Wall Street’s most accessible bet yet on cryptocurrency. In October 2018, Coinbase was valued at $8 billion. Given the stratospheric increase in the price of bitcoin since then and the recent demand for initial public offerings, it’s expected Coinbase’s current valuation will be significantly higher.

The company’s influence touches all corners of the cryptocurrency industry. It is a major hub for retail bitcoin trading and a gateway for alternative cryptocurrencies. Its institutional business is growing faster than MicroStrategy’s sats pile. It has an analytics team, a stablecoin in partnership with Circle, a ventures wing and a commerce department. All of that could appeal to a Wall Street class eager for exposure to the cryptocurrency markets.”

See Also: Paxos, Firm Powering PayPal’s Crypto Service, Raises $142M

“While their study concluded overall that the dollar is safe for now, the authors said the reserve currency landscape would likely shift. They posited that private digital currencies could “emerge as important international currencies,” with libra/diem possibly becoming the first example of a global stablecoin.

GSCs do not need to be backed by existing fiat reserve currencies and could themselves attain reserve currency status.

The paper theorizes that rather than be differentiated by macroeconomic factors, digital currency competition would differentiate along network lines and by users.

See Also: CFTC’s Latest Crypto Primer Highlights DeFi, Governance

“From a fundamental perspective, this year’s Bitcoin bull run is nothing like 2017 — especially in terms of transaction fees.

Bitcoin’s 2020 bull run is significantly healthier in terms of costs per transaction. The average BTC transaction fee is down to $5 in December 2020 from $50 in 2017. The contrast is even more evident when looking at total BTC transaction fees, which are down from around 1,500 BTC on Dec. 21, 2017 to just 70 BTC on Dec. 14, 2020.

Despite BTC transaction fees staying much lower than in 2017, the Bitcoin network is processing significantly more transactions than three years ago. Bitcoin processed around 320,000 transactions on Dec. 14, 2020, compared to around 280,000 transactions in mid-December 2017.

The BTC hash rate has been steadily growing over time, with total hash rate surging from about 14 million terahashes (TH) per second in December 2017 to over 130 million TH/s in December 2020.

Amid the BTC rally of 2017, about 120,000 transactions were stuck in the BTC network in mid-December. The number of unconfirmed BTC transactions was just 68 on Dec. 16 [this year].”

See Also: Ethereum Metrics

“Current figures represent an increase of approximately 3,500% in just over one month. The threshold for the Ethereum 2.0 upgrade has also been surpassed by about 290%. This has been achieved by a combined effort of 34,709 total transactions to date.

The locked up funds signify the investor and community appetite for the new model.”

Perpetual Protocol uses a virtual automated market maker (vAMM) to allow perpetual swaps without the need for a centralized counterparty. The system bears some similarities to automated market makers (AMM) like Uniswap.

However, unlike Uniswap, there are no liquidity providers in the Perpetual Protocol setup. Thus, rather than storing tokens on the platform itself, tokens are domiciled in vaults with sufficient collateral to fulfill every trade. Thus, users do not suffer impermanent loss and liquidation is restricted to the individual deposits of the losing party in the perpetual contract trade.

While the platform promises 20x leveraged perpetual swaps on any crypto asset, the initial roll-out only covers BTC and ETH against USD Coin (USDC). The platform mitigates speed and trading fee issues by utilizing the xDai chain as a settlement layer.”

See Also: Perp Exchange

The Graph seeks to create usable decentralized indexes and API feeds for blockchain-based projects through its own blockchain and native token GRT. The project is seeking to be a key infrastructural piece of Web 3.0.

Indexers, delegators and curators are incentivized to build better APIs through the network’s native token, which is paid out depending on the performance of indexes called subgraphs.

The funny thing about blockchain data is that even though in theory everything is transparent and accessible, in practice it has historically been very opaque. The Graph has done great work so far in making smart contract data easy to monitor and use.

The Graph saw traction on its self-hosted version, Tal said, with some 10 billion queries last month alone, up tenfold since June.”

“Maple Finance is a new firm out of Australia releasing a token-governed platform for institutional lending at extremely competitive collateralization terms and fixed rates that won’t change for borrowers in good standing.

On Maple, a good firm would pay one rate for the life of the loan, could collateralize with as little as 40% of the loan’s value and the initial collateral deposit would not need to be revisited.

What we’re allowing is top institutions with solid balance sheets, sound reputations and strong cash flows soon being able to access capital-efficient finance.

Maple is able to offer better terms based on the reputation of borrowers. It will make offers only to institutional customers. While it will be more cautious than other DeFi projects about who it makes loans to, providing liquidity to Maple will be open to anyone who wants to get in.”

“Compound Labs released a white paper Thursday detailing its plans to create Compound Chain, an application-specific blockchain that can provide money market services across multiple networks. The whole purpose of the chain is to function like Compound but in a cross-blockchain fashion.

New supported assets aren’t envisioned to be limited to blockchains of the trustless, permissionless variety either. The new project is meant to support the forthcoming and rumored digital assets from central banks and investment banks.

While the Compound Chain will be governed by COMP – the token that spurred the yield farming craze over the summer – it also introduces a new cryptocurrency called CASH. Compound Chain’s native CASH token will be used to pay for transactions on the network.

Leshner expects those who are long Ethereum will see an advantage to incorporating other chains, because it will enable Ethereum to port value created on other chains into the world computer’s DeFi applications.”

“Blockchain platform Rocki has announced its first auction of a non-fungible token (NFT) bringing the buyer rights to royalty income from music.

Israeli-born and Malta-based progressive house musician Guy J sold the income rights a track dubbed “Cotton Eyes” on the Rocki platform through the sale of an ERC-721 standard NFT. Another token Rocki will issue – an ERC-1155 standard NFT – will bring purchasers “exclusive listening privileges.”

As such, Rocki is well-positioned to become ‘the preferred streaming service for all genres of independent artists.'”

“Over a century old, the Salvation Army is an international charity and church that is known for its network of thrift stores. Funds collected go towards its emergency relief efforts and ongoing programs such as shelters and hospitals.

When making a donation, if a zip code is provided the cryptocurrency would then go toward financing the donor’s local Salvation Army programs.

I believe the crypto community cares and could make a big difference in The Salvation Army’s efforts to help those struggling in communities across our country.”