Day: May 22, 2022

Layer-2 adoption could spur the next crypto turning point

Brian Newar

A mysterious Redditor has made a data-driven prediction that the next major phase of development in the blockchain space will be in layer-2 solutions, primarily on Ethereum. The May 22 post explains that “We’re at a turning point” where the industry is moving away from bridging between L1 blockchains towards L2’s which are “right out of the gate, more secure and decentralized than alt-L1s and are built to use sound money on a credibly neutral platform.” “L2 adoption is happening now, even if it is slow and in bursts. Behind…

BTC, BNB, XMR, ETC, MANA

Rakesh Upadhyay

The Dow Jones Industrial Average has declined for eight consecutive weeks, the first such losing streak since 1923. On May 20, the S&P 500 briefly fell into bear market territory, indicating that traders continue to sell risky assets in fear of a recession.  Due to its tight correlation with US equities markets, Bitcoin (BTC) has remained under pressure for many weeks. The bulls are attempting to push Bitcoin higher during the weekend and avert an even longer losing streak. Crypto market data daily view. Source: Coin360 Bitcoin’s performance in the…

What is total value locked (TVL) in crypto and why does it matter?

Cointelegraph By Emi Lacapra

In 2022, Ethereum appeared as the largest network by DeFi TVL, accounting for over half of the total DeFi volume worldwide. To give some perspective, the Ethereum DeFi network includes just under 500 protocols. It has a TVL of approximately $73 billion, with 64% of the market share, compared with BNB Smart Chain, which is the second-highest TVL at $8.74 billion in value at 7.7% of the market share, Avalanche with $5.21 billion and 4.5% of the market share and Solana with $4.19 billion and 3.68% of the market share.…

Pharrell Williams: Web3 Is ‘Scaring the System’

Anthony B

In brief Popular musician and producer Pharrell Williams spoke at the VeeCon NFT conference on Saturday. He described the potential impact of Web3 on creative industries, but also on human rights and the wider world. Musician, producer, and fashion designer Pharrell Williams believes that a revolution is coming that will shake up the music industry, the financial system, and even government—and he thinks that blockchain and decentralized Web3 technology are key to it. Williams appeared at VeeCon on Saturday, and during an onstage interview with entrepreneur and event creator Gary…

The hard truths about Web3: What no one else is talking about

Arnav Pagidyala

We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today! The entirety of Web3 rests on the fundamental belief that decentralization will provide freedom and equality for all. When in fact, so far, Web3 is spurring the greatest consolidation of power in recent times.  What is Web3? It’s an all-encompassing term to describe a blockchain-powered internet, where platforms and apps can be built and owned by users. The underlying…

The BTC-Stock Correlation at Its Peak. When Will It End? The 4 Top Gainers in DeFi

Anthony B

The most important developments in the crypto world in 2021 were the entry of institutional investors like Tesla, Wall Street banks, and hedge funds into the space. Institutional investors were not only a sign of mainstream acceptance, but also seemed to drive up prices. Cryptocurrency’s market capitalization grew 185% in 2021, a boom year for the industry. The latest crypto market crash has erased $1.25 trillion from the industry’s all-time high market cap, raising the question: are institutional investors worsening the situation? Crypto markets have become increasingly correlated with the…

China Can’t Seem to Stop Bitcoin Mining

Anthony B

In theory, miners turn off their machines whenever bitcoin prices drop significantly, and it becomes unprofitable to keep them running. This time, even though hashprice has decreased, we haven’t seen this sort of drop off, and we have the public mining company filings to prove it. Public miners have all publicly repped to something along the lines of, “We are mining bitcoin, we want to mine more bitcoin, we are going to hold as much of the bitcoin we mine as possible and we’re going to use other sources of…

Circle to Issue Weekly USDC Reserve Reports — Tether Publishes May 2022 Assurance Report – Altcoins Bitcoin News

Jamie Redman

The co-founder and CEO of Circle, Jeremy Allaire, has announced the cryptocurrency firm that issues the stablecoin usd coin plans to provide the public with weekly stablecoin reserve reports. Additionally, the company Tether has also released an assurance report on its stablecoin reserves via the Cayman Islands auditing company MHA Cayman. Circle CEO Says Firm’s Stablecoin Is a ‘Very Efficient Pipe Between Legacy Electronic Dollars and Digital Currency Dollars’ The two largest stablecoin providers, Tether and Circle, want the public to be assured that tether (USDT) and usd coin (USDC)…

Empowering artists and charities to embrace the digital movement

Garri Zmudze

Depending who you ask, NFTs are either a new and exciting way to invest, or a bearish, overhyped sector. Regardless, journalists, investors and collectors have paid significant attention to the growing NFT market in the past year. NFTs continue to be one of the most popular Web3 entry points, an opportunity for everyone from casual art fans to crypto billionaires to own a unique asset stored on the blockchain.  As NFT visionaries have recently pointed out, NFTs also have the potential to be used for incredible causes beyond digital asset…