dYdX's New Frontier Beyond Ethereum

Alchemy Pay's U.S. breakthrough, Bitcoin's resilient rally, and Busan's blockchain dreams

Hello, Crypto Enthusiasts!

Before we take off on our journey with today's Coinfeeds Daily Digest, don't forget to catch the live updates over at our Trending News page. It's the place to be for real-time crypto buzz!

Now, let's buckle up and delve into the universe of crypto stories that await:

1️⃣ Alchemy Pay isn't just about alchemical gold; they're securing licenses and joining the ranks of the crypto elites. Expansion mode: ON! Alchemy Pay has secured a Money Transmitter License in Arkansas, joining the ranks of Coinbase and Block. This license allows Alchemy Pay to operate services like selling or issuing payment instruments and receiving money or virtual currency for transmission. The company is also in the process of obtaining licenses in other states across the United States.

2️⃣ In China, the Bitcoin rocket is soaring, with prices surging amidst legal dances and the yuan's changing tides. The surge in price has defied the traditionally bearish trend in September and is also influenced by the correlation between Bitcoin and the US dollar index. It’s attributed to increased demand from Chinese consumers seeking refuge from the depreciation of the yuan and a legal battle between Binance and the SEC.

3️⃣ dYdX is charting a course for the Cosmos, suggesting Ethereum might not be the final destination. Founder Juliano highlights the need for scalability and explains that dYdX cannot be built on Ethereum due to its limitations. The new dYdX chain aims to achieve over 1,000 transactions per second and will feature a decentralized but off-chain order book. The dYdX mainnet launch is expected in October.

4️⃣ For a chuckle, an AI's been dabbling in Memecoin magic and—brace yourself—pocketed a cool $12 Million in a day! Talk about machine genius. An anonymous Ethereum developer has created a code that combines OpenAI's ChatGPT API with his own script to allow an AI chatbot to automatically create ERC-20 tokens. The chatbot generates token names based on real data from the top ten thousand tokens traded on Uniswap and creates icons for the tokens using DALL-E. A public token he launched called AstroPepeX (APX), has generated $12.9 million in trading volume in 24 hours.

5️⃣ On the sultrier side of the crypto-verse, adult content creators are swaying to the decentralized rhythm, waving off payment hiccups and censorship. Decentralized platforms like Only1, WetSpace, and Friend.tech are gaining popularity as they offer more autonomy and ownership rights to creators.

6️⃣ Conspiracy antennas up: chatter indicates Alameda Research might've been the tempest-maker for Bitcoin in 2021. Oh, the drama! The drop occurred on October 21, 2021, and was initially attributed to a bug in the trading systems of an institutional trader on the crypto exchange Binance.US. However, the ex-employee claims that the drop was actually caused by a trader at Alameda Research who made a mistake while manually sending orders.

7️⃣ As Bitcoin sways, the Federal Reserve's tunes might be throwing it off-beat. A dance or a stumble in the making? Analysts are divided on Bitcoin's near-term price action. Bitcoin is facing resistance at the 50-day moving average, while the 20-day moving average and relative strength index indicate bullish control.

8️⃣ Busan dreams of 'Blockchain City' stardom, mashing urban feels with Ethereum-compatible beats. The second-largest city in South Korea, is developing a public blockchain network compatible with platforms like Ethereum and Cosmos. The goal is to integrate blockchain-based services from various mainnets onto a single platform at a city level, making Busan a "Blockchain City." The city has allocated a budget of $75 million for open blockchain development, with investments from public financial institutions and private companies.

9️⃣ PayPal introduces its PYUSD stablecoin to the Venmo dancefloor. Fresh moves incoming! PYUSD is already available on select exchanges and is backed by U.S. dollar deposits and cash equivalents.

🔟 MakerDAO's MKR is on a euphoric ascent, nearing interstellar prices and delighting its holders. MKR is nearing its highest price since last May. The cryptocurrency has risen almost 5% in the past 24 hours and has vastly outperformed the broader crypto market this year with a 152% return. The surge in price is attributed to rising protocol profits, accumulation by large investors, and MakerDAO's investment in U.S. Treasuries.

Tweet of the day

For our final act, step into the time machine with Bitcoin pioneer Hal Finney, exploring zk proofs long before they were the talk of the town.

So dear readers, we’ve got all your crypto cravings covered for the day. Until tomorrow, keep your wallets secure and your spirits high!

Peace out ✌️