DeFi’s Fairness Questioned as ‘Super Users’ Dominate

Super users on DeFi platforms soared 20% in Q2, while bot usage has also increased. Massive growth in decentralized finance over the past three months has been accompanied by  a big increase in the number of ‘super users’ who dominate the sector. Along with the prevalence of trading bots, it has raised questions over the fairness and openness of the DeFi ecosystem. Messari researcher, Mason Nystrom tweeted earlier today about the big jump in super users: “DeFi super users (users with over 100 transactions) have grown nearly 20% in just three…

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NASCAR Driver Bubba Wallace’s Car Showcases Bitcoin Logo

The African American driver who made headlines after pushing NASCAR to ban the Confederate flag from events, will drive a Cash App car. Darrell “Bubba” Wallace, the only African American driver in NASCAR’s top racing series, will now be flying around the track in a car adorned with the Bitcoin logo. According to a tweet posted by Twitter CEO Jack Dorsey on July 14, the NASCAR driver’s new paint job has at least two Bitcoin (BTC) logos along with logos for Square’s Cash App. Dorsey is the CEO and co-founder…

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Stocks TD9 Sell Sign Flashes Yet Bitcoin Traders Expect Higher Price

The S&P 500 sees a TD9 sell signal confirmed on multiple time frames but traders remain optimistic about the price of Bitcoin. The TD9 sell indicator emerged on the S&P 500 chart across various time frames. Considering the heightened level of correlation between Bitcoin and stocks, it might hint at a short-term BTC price pullback. But cryptocurrency traders seemingly remain unfazed by the vulnerability of stocks. Several traders anticipate Bitcoin to rally towards the mid-$9,000s despite the TD9 signaling for a correction. What is the TD9 system, and why could…

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Diamonds Are (Finally) Forever on the Ethereum Blockchain

A company founded by Jacques Voorhees, father of ShapeShift CEO Erik Voorhees, is offering NFTs representing diamonds on the OpenSea marketplace. Non fungible tokens (NFT) representing diamonds have made their way to the OpenSea marketplace.  In the past, there have been quite a few attempts to tokenize diamonds and other precious stones and metals. But Icecap founder and CEO Jacques Voorhees says the problem with previous attempts was they treated diamonds as fungible commodities, which they are not. He told Cointelegraph that when he first heard about NFTs from his…

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Toronto Options Exchange Picks BNC to Power Crypto Markets

New Zealand-based crypto data firm Brave New Coin has partnered with a new Canadian options exchange to develop indexes for its forthcoming crypto markets. Digital asset data firm Brave New Coin (BNC) has inked a multi-year deal with the Toronto Futures Options Swaps Exchange (tFOSE) to power its crypto options trading. BNC’s data will enable the new Canadian derivatives exchange and clearinghouse to offer cash-settled crypto derivatives to global clients. The partnership will see BNC “design, calculate, and administer a suite of cryptocurrency indices to power cash-settled options trading on…

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Japanese Government Set to Include CBDC in Official Economic Plan

The Japanese government is getting serious about a CBDC. The Japanese government is expected to include consideration of a central bank digital currency (CBDC) in its official economic plan. The news comes 10 days after the Bank of Japan’s announcement that it will start experimenting with the digital yen to check its feasibility from a technical perspective. According to Nikkei, the consideration of CBDC will be included in the Honebuto Plan for Economic and Fiscal Revitalization. The Honebuto Plan is the basis for Japan’s economic and fiscal policy and the…

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BitMex’s Parent Company Transforms Into ‘100x Group’

BitMex’s parent company has undergone a corporate restructuring to allow it to make investments in the digital currency space. HDR Global Trading Limited, the firm behind veteran crypto derivatives platform BitMex, has undergone a corporate restructuring and will now be known as ‘100x Group.’ HDR announced the new holding structure on July 15, with the exchange now being owned by the Seychelles-based 100x Group. The announcement said the “new structure provides [the] group with more freedom to explore, incubate, and pursue new opportunities and investments.” There are also suggestions the…

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Testnet Results Suggest Matic Could Power Ethereum to 7,200 TPS

Matic Network may be closer to a scalability solution for the Ethereum blockchain after a test run showed it could handle 7,200 TPS. Blockchain scalability solution Matic claims the network can supercharge the Ethereum ecosystem, after a two-month testnet run revealed it was able to process 7,2000 transactions per second (TPS). In a July 14 blog post by Matic Network, the project reported it had stress tested its Counter Stake CS-2008 testnet, which could “reliably handle a performance level of 7,200 TPS.”  The blog stated that this performance could be…

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ConsenSys: BTC Tokenization and Yield Farming Drives DeFi Growth

DeFi’s growth has been propelled by the increasing popularity of yield farming and Bitcoin tokenization protocols, according to ConsenSys. The growing tokenization of Bitcoin and the emergence of yield farming has propelled the growth of the decentralized finance sector over the past three months according to ConsenSys. The second quarter report into Ethereum-based DeFi emphasizes the significance of the total number of tokenized BTC overtaking the sum of BTC on Bitcoin’s own layer 2 scaling solution, Lightning Network. Wrapped Bitcoin (WBTC) represents more than two-thirds of the tokenized BTC on…

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‘AML Bitcoin’ Lobbyist Jack Abramoff Pleads Guilty to ICO Fraud

Jack Abramoff has pleaded guilty to multiple counts of fraud relating to his promotion of the 2018 AML BitCoin ICO. Notorious political lobbyist Jack Abramoff has pleaded guilty to charges of conspiring to defraud investors, conspiring to commit wire fraud, and violations of the Lobbying Disclosure Act relating to the 2018 initial coin offering (ICO) for AML BitCoin. Abramoff pleaded guilty by telephone on July 14, admitting to having defrauded millions from investors through the ICO. The plea marks the first prosecution of a lobbyist for a criminal violation of…

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