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Krystal DeFi

Krystal Newsflash (18th Nov 2022)

Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:

Nike 🤝 Polygon

After acquiring the RTFKT platform, Nike has further stamped its mark on Web3 by launching the .Swoosh platform.

.Swoosh allows Nike to sell ‘virtual creations’, which include sneakers, apparel, accessories and collectibles that can be won in games or other immersive experiences (most likely the Metaverse).

What’s more, these virtual creations can unlock benefits in the physical world, such as access to certain products and events.

These virtual creations are set to be minted on the Polygon network,

which will help to reduce gas fees required for minting.

Don’t have a wallet that supports the Polygon network yet? You can create a wallet on Krystal’s mobile app, that allows you to access 10 EVM-compatible networks and Solana.

BCH to become legal tender? 🏦

A Caribbean nation with a population of 53,546 is set to declare Bitcoin Cash as legal tender.

St. Kitts and Nevis intend to use BCH as a means of payment, with some businesses in the country already accepting it.

This would follow the likes of El Salvador and the Central African Republic, where they have both accepted BTC as legal tender.

Bitcoin Cash is a fork of Bitcoin, where it is a more scalable version that can handle more transactions.

Circle now accepts Apple Pay 🍏

In a huge update, Circle could now be the bridge between crypto and non-crypto businesses.

USDC has now added support for Apple Pay, which allows:

  1. Crypto businesses to accept payments from non-crypto customers
  2. Traditional businesses to experience the benefits of receiving faster payments via crypto

Apple Pay is a convenient method for Apple users to pay with either their Touch or Face ID, and this move will further increase the use cases of stablecoins in day-to-day payments.

CEXes halt deposits of USDT and USDC on Solana ⛔️

With close links to both FTX and Alameda Research, the Solana network is under a lot of scrutiny.

In a curious turn of events on 17 November (Thursday), many centralised exchanges started to halt deposits of both USDT and USDC on the Solana network.

No reason was communicated by these exchanges, although it could be due to the risks of wrapped assets on the Solana network depegging, like what happened to soBTC and soETH.

Interestingly, Binance has resumed deposits of USDT via the Solana network, but not for USDC.

Both Circle and Tether have stated that there are no issues with their stablecoins on the Solana network.

This is because while FTX was the issuer of soBTC and soETH, both Circle and Tether are the issuers of their own stablecoins on Solana.

As such, there should be no issues with redeeming these stablecoins back to USD!

LFG was legit? 👀

Amidst the chaos of FTX’s collapse, the ‘villains’ of the previous black swan event, the Luna Foundation Guard, released an audit declaring that they really defended TerraUSD’s stablecoin peg.

This means that Do Kwon’s infamous tweet was actually true!

The Luna Foundation Guard (LFG) amassed a huge amount of BTC and other cryptocurrencies in an attempt to defend the peg of UST (now UST Classic), should it ever deviate from the US dollar.

During the infamous Terra crash, it has now been confirmed that the LFG spent almost $2.8 billion to defend the peg.

Confidence in crypto platforms is extremely low, especially with a lack of transparency involved.

However, with more centralised exchanges adopting Merkle trees to show their Proof of Assets, it will hopefully be a step forward to greater trust in the industry.

🔍 Navigate the DeFi Space NOW with Krystal!

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