STABLECOIN DIGEST #8/2023

Your guide into the summary of last week’s events in the crypto

The crypto realm grows by leaps and bounds. Our weekly news bulletin is here to inform you of the most impactful of last week’s events. Read about the essential news and analytics of the stablecoin market, DeFi, NFTs, and the crypto regulation sector.

Only a few days separate us from the seemingly warm waves of Spring, and a refreshing breeze that bears aspirations of a change in crypto seasons. While the market remained in nearly the same state, being unable to either pull forward or drop, the aspiration of people remained nearly the same. The last week of February continued an unfortunate trend of layoffs across the big industry players, as well as scam stories.

Bitcoin, the blue-chip and digital gold of the crypto realm, continued to flirt with the $25,000 level, with the price falling below $24,000 last Friday.

No reassurance of a local bull run was found in the altcoin market either, as all crypto assets from the TOP-10 on market cap closed a week in the red zone. The Bitcoin dominance index decreased to 40.2%. The total capitalization of the cryptocurrency market was around $1.11 trillion.

The EURS stablecoin was feeling just alright despite the market conditions, and why shouldn’t it? STASIS issues the most transparent and reliable instrument for the digital asset journey. If you were merely browsing about it up to this point, it’s the right time to dive in and see the benefits of STASIS EURO first-hand.

Will Spring break the negative trend and flourish us with green? Stay tuned next week. And now, let’s explore the main developments or setbacks of the last week.

Only a few days separate us from the seemingly warm waves of Spring, and a refreshing breeze that bears aspirations of a change in crypto seasons. While the market remained in nearly the same state, being unable to either pull forward or drop, the aspiration of people remained nearly the same. The last week of February continued an unfortunate trend of layoffs across the big industry players, as well as scam stories.

Bitcoin, the blue-chip and digital gold of the crypto realm, continued to flirt with the $25,000 level, with the price falling below $24,000 on Friday.

No reassurance of a local bull run was found in the altcoin market, as all crypto assets from the TOP-10 on market cap closed a week in the red zone. The Bitcoin dominance index decreased to 40.2%. The total capitalization of the cryptocurrency market was around $1.11 trillion.

The EURS stablecoin was feeling just alright despite the market conditions, and why shouldn’t it? STASIS issues the most transparent and reliable instrument for the digital asset journey. If you were merely browsing about it up to this point, it’s the right time to dive in and see the benefits of STASIS EURO first-hand.

Will Spring break the negative trend and flourish us with green? Stay tuned next week. And now, let’s explore the main developments or setbacks of the last week.

• Forsage founders indicted for $340M Ponzi scheme

The never-ending saga of pyramids in crypto continues with a new sad chapter as the founders of Forsage, a decentralized finance (DeFi) platform, have been indicted for operating a $340 million Ponzi schem that was allegedly disguised as a DeFi platform. However, in harsh reality, it turned out to be just another fraudulent investment scheme that promised high returns to participants. The founders have been charged with conspiracy to commit securities fraud, wire fraud, and money laundering. If convicted, they face up to 20 years in prison.

• $700,000 drained from BNB Chain-based DeFi protocol LaunchZone

More than half a million dollars was stolen from LaunchZone yesterday, a decentralized finance (DeFi) protocol based on the Binance Smart Chain (BNB) blockchain. The attack was carried out using a flash loan, a type of DeFi transaction that allows users to borrow and repay funds within a single transaction. The stolen funds included LaunchZone’s native token, Launchpool (LPOOL), as well as other tokens held in liquidity pools. LaunchZone has stated that it will compensate affected users using its insurance fund. The incident highlights the risks associated with DeFi protocols and the importance of caution when investing in the space.

• Coinbase Risks Losing Revenue Sources as Regulators Circle

Coinbase, a leading cryptocurrency exchange, is expected to post another loss due to increased regulatory scrutiny and legal costs. The company has faced multiple regulatory challenges in recent months, including fines from the U.S. Commodity Futures Trading Commission, and may be required to pay more in the future. Additionally, Coinbase faces increasing competition from other exchanges and platforms, which could further impact its financial performance.

The company also announced the launch of a Layer 2 network for Ethereum, which aims to offer faster and cheaper transactions for its users. The network will be built using the Polygon protocol and will not have its own token, which sets it apart from other L2 solutions.

• “Blurred” NFT mania overtakes OpenSea

The Blur NFT Marketplace has become the leader of digital art, leaving the once most popular marketplace, OpenSea, in the dust.

Blur’s success can be attributed to its user-friendly platform and unique features, such as the ability for creators to set automatic royalties on their NFTs. Blur will distribute more than 300 million Blur tokens during the second season. The amount of remuneration will depend on loyalty indicators. Despite the forecasts of NFT realm decay, we witness a continuous expansion of the market, with OpenSea crossing the $10 billion mark in trading volume in February 2023.

• Polygon Labs lays off 20% of its staff

Polygon Labs, a blockchain infrastructure provider, has reportedly laid off 20% of its employees. The reason for the layoffs is unclear, but sources suggest that it could be due to a shift in the company’s strategy or financial difficulties. The news comes amid a period of growth for Polygon, which has seen a significant increase in usage and adoption over the past year. Polygon Labs provides infrastructure for the Polygon network, a Layer 2 solution for Ethereum that aims to address the scalability issues faced by the network.

• Spotify goes NFT

Spotify is introducing a new feature that allows artists to promote their NFTs (non-fungible tokens) on their profile pages. This will enable fans to access and purchase NFTs directly from their favorite artists on the streaming platform. NFTs are unique digital assets that allow creators to sell their work as one-of-a-kind items, and they have become increasingly popular in the music industry. With this new feature, Spotify hopes to provide a new revenue stream for artists and bring NFTs to a broader audience.

• Synthetix deployed V3

Synthetix, a decentralized finance (DeFi) liquidity protocol, has launched its latest version, V3, on the Ethereum blockchain. The new version includes several updates and improvements, such as a redesigned interface, new synthetics assets, and lower gas transaction fees. Synthetix V3 also incorporates optimistic rollups, allowing faster and cheaper transactions by processing them off-chain and settling them on-chain. This deployment is expected to improve the user experience and increase protocol adoption in the DeFi ecosystem.

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