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Uniswap's Volume Victory to PancakeSwap's Layer 2 Leap: DEXs Turn Up the Heat
CoinCorner and Lolly Sweeten Retail with Bitcoin Rewards, JPMorgan Sees a Bright Crypto Horizon, and Mastercard Bids Adieu to Binance
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
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Uniswap Surpasses Coinbase in Spot Trading Volume
Uniswap, a decentralized exchange, has surpassed Coinbase in spot trading volume in 2023, processing around $110 billion worth of trades in the second quarter compared to Coinbase's $90 billion. Despite the increase in volume, the price of UNI token has decreased by 10% in 2023 and remains 90% below its all-time high. Uniswap is also working on expanding its market share with the introduction of new products, including the upcoming v4 protocol and the UniswapX DEX aggregation protocol.
CoinCorner and Lolly Introduce Bitcoin Payments
CoinCorner, a cryptocurrency exchange, has partnered with Lolly, a rewards platform, to introduce Bitcoin payments alongside traditional methods. This partnership aims to make Bitcoin more accessible and mainstream by allowing users to earn Bitcoin rewards when shopping at participating retailers. The integration of Bitcoin payments into Lolly's platform will provide users with more options for spending and earning Bitcoin.
Earl Sweatshirt Releases Surprise Album via Gala Music
Earl Sweatshirt has released a surprise album called "Voir Dire" via Gala Music. The album was released exclusively on Gala Music and is accompanied by NFTs, with limited edition NFTs of each track available. Fans can stream the album for free on Gala Music or purchase the NFTs. The partnership between Earl Sweatshirt and Gala Music aims to create a more direct and immersive music experience for fans.
JPMorgan Predicts Limited Downside for Crypto Markets
JPMorgan analysts believe that the unwinding of long positions in Bitcoin futures is nearing its end, indicating limited downside for the crypto markets in the near term. They attribute the correction in crypto markets in August to a broader correction in risk assets and the news of Elon Musk's SpaceX writing off its Bitcoin holdings. The report also mentions the ongoing legal uncertainty for crypto markets due to the SEC's appeal against the district court's ruling in the Ripple case.
Binance Boosts Trading for Low-Cap Crypto Projects
Binance, the world's largest crypto exchange, has reached out to low-liquidity crypto projects to enhance their liquidity protection. The exchange has asked for details about the projects' market makers and whether they would consider contributing up to 5% of their circulating tokens to Binance savings pools in return for interest. This move aims to boost market liquidity and reduce the risk of price manipulation.
Mastercard and Binance End Crypto Card Partnership
Mastercard and Binance are ending their crypto card partnership in four countries, including Argentina, Brazil, Colombia, and Bahrain. The partnership allowed users to convert cryptocurrency into fiat currency and earn up to 8% cash back in crypto. The cessation of the program will not affect Mastercard's other crypto card programs. The move comes as these countries have seen increased interest in alternative payment options due to high inflation rates.
PancakeSwap Version 3 Launches on Ethereum Layer 2 Linea Mainnet
PancakeSwap version 3 has launched on the Linea mainnet, a blockchain developed by Consensys. This expansion aims to attract new users and generate revenue. Traders can now trade tokens on PancakeSwap with lower fees and improved capital efficiency. PancakeSwap v3 on Linea introduces advanced Swap and Liquidity Provision functionalities, offering users a seamless trading experience.
Coinbase Talks With Canadian Banks to Promote Crypto
Coinbase, a US-based cryptocurrency exchange, is in talks with Canadian banking giants to encourage support for the crypto industry in Canada. The company recently entered the Canadian market due to regulatory uncertainty in the US. Lucas Matheson, the director of Coinbase's Canada operations, revealed that he has been discussing with Canada's major banks, known as the Big Five, to promote banking services for cryptocurrencies.
Bitcoin Could Be Worth Less Than $20K in 2023, US Inflation Data Says
Bitcoin (BTC) has remained relatively static in terms of price performance since 2017, even though it has crossed the $20,000 mark multiple times. Adjusted for inflation, $20,000 worth of BTC purchased in 2017 is now worth $24,942. This suggests that the current Bitcoin spot price of $26,050 reflects six years of practically static price action. Some argue that this highlights Bitcoin's ability to function as a store of value.
Tether Maintains $3.3B in Liquidity Cushion
Tether, the stablecoin issuer, has released a transparency report revealing that it maintains a liquidity cushion of $3.3 billion. The report shows a surplus in shareholder capital cushion spread across 15 blockchain ecosystems. The Solana ecosystem leads in terms of the value pre-authorized for issuance, followed by Ethereum and Tron. Tether's total assets stand at $86.1 billion with total liabilities of $82.8 billion, confirming a reserve backing of over 100%.
Coinbase Pledges Neutrality for Its New Blockchain
Coinbase, a publicly traded company, has released a plan to pursue decentralization and neutrality for its new blockchain called "Base." The plan, known as the "Base Neutrality Principles," aims to align with Optimism's "Law of Chains" framework. Coinbase pledges to adhere to a set of standards for all OP Stack blockchains and ensure open access to the neutral blockspace of Base.
Ether Whales Scoop Up ETH as Price Plunges
Large ether investors took advantage of the lower prices after the recent crypto market tumble to increase their holdings. Four whale entities accumulated a total of $94 million in ETH over the past seven days. These whales are significant players in the crypto market, and their purchases and sales can impact market movements. The purchases occurred as ETH dropped to its weakest price since June, reaching as low as $1,547. Similarly, large bitcoin investors also capitalized on lower prices, adding a total of $309 million in BTC to their wallets since August 17.
As always, stay tuned for more updates in crypto!