Yellow Crypto Digest #1
Welcome to Yellow Crypto Digest!
2022 has just started, and the news is already flooding in. First and foremost, since the merger of two prominent blockchain product companies, Openware and Yellow, the Crypto Digest is moving to Yellow Blog as Yellow Crypto Digest.
We hope the transition will not cause much discomfort for you, our beloved readers, and we will keep striving to bring you the fresh jam of the most influential crypto industry news every week.
Now, without further ado, let’s go over some of the most significant events that occurred throughout the previous week in the Fintech industry and have an in-depth look at the world of crypto and blockchain technology.
- Elon Musk Disclosed That Mars Will Have Its Own Cryptocurrency — and it’s not Dogecoin!
- The FTX CEO Sam Bankman-Fried Claims That No Blockchain Is Still Fast Enough For Global Market Adoption.
- Kraken Is Planning to Open An NFT Marketplace.
- Shiba Inu Developers Announced the First Phase Of DOGGY DAO, and a 2.95 billion Shiba Inu Burn is coming worth $100,000.
- Decentralized Stablecoin UST on Luna Became the First to Reach a $10 Billion Market Capitalization.
Elon Musk Disclosed That Mars Will Have Its Own Cryptocurrency
Elon Musk has often referred to Dogecoin as his favorite cryptocurrency token on the market. Musk even declared that Dogecoin is a better payment method than Bitcoin and confirmed that Tesla would accept Dogecoin for merchandise purchases.
Through an appearance in a podcast with Lex Friedman, Elon Musk explained why Dogecoin will not be the official cryptocurrency of Mars.
Due to excitement surrounding the arrival on Mars throughout the following few years, Elon Musk talks about it consistently. However, there is also a discussion about the local currency on Mars. Friedman asked Elon if there were any plans to make Doge the official currency of Mars because he recently said that SpaceX would take Doge to Mars.
In response, he said that Mars would need a different currency because you cannot synchronize due to the speed of light. At its closest approach, Mars is four light minutes away, while it’s 20 light minutes away at its furthest. This way, a one-minute blockchain cannot synchronize properly.
Time to look for faster blockchain solutions? Maybe Yellow Network can help.
The FTX CEO Sam Bankman-Fried Claims That No Blockchain Is Still Fast Enough For Global Market Adoption
The Founder and the CEO of FTX, Sam Bankman-Fried, said that blockchains need to scale to millions of transactions per second (TPS).
Solana is currently one of the quickest blockchain networks, which offers 50,000 TPS. However, this is a speed that Sam Bankman-Fried said is not enough for the global adoption of cryptocurrencies.
In fact, he claims that industrial-scale applications often require millions of TPS, and while digital assets have huge promises for payments, in practice, very few are done with them today.
Sam Bankman-Fried said that 2021 was one of the most explosive years for the cryptocurrency industry. He also acknowledged that the industry’s biggest achievements had been the stronger user base, more blockchains with smart contracts capabilities, new potential use cases, the introduction of scaling solutions, and the level of popularity and attention that the industry got.
Kraken Is Planning to Open an NFT Marketplace
The Kraken founder and CEO, Jesse Powell, announced that the cryptocurrency exchange has been working on a non-fungible token (NFT) marketplace, which could appeal to customers who want to do a bit more than collect digital artworks.
The marketplace is intended to provide custody services, where the exchange has plans on creating a system in which customers can use their NFTs as collateral to borrow funds against.
Kraken is also working on a system that can determine the liquidation value of the NFT deposited. To Powell, this year will be noted in history as the one in which non-fungible tokens made it into the mainstream.
This push comes on the heels of competitors such as Binance and FTX exchange, already launched NFT marketplaces. Additionally, millions have already signed up for Coinbase’s NFT waitlist.
When a user deposits an NFT on Kraken, the exchange wants to reflect the value of that within that user’s account. If that user wants to borrow funds against the NFT, Kraken is working on a system that will determine the liquidation value of the NFT deposited.
Shiba Inu Developers Announced the First Phase of DOGGY DAO, and a 2.95 billion Shiba Inu Burn is coming worth $100,000
In 2021, Shiba Inu became the most viewed coin of the year, with Bitcoin being the second most viewed coin, according to data from CoinMarketCap.
The Shiba Inu rival cryptocurrency, Dogecoin, was placed third on this list. This marks how far meme coins dominated throughout 2021, as they have proven to be the most prominent cryptocurrencies for investors throughout the year.
With that in mind, Shiba Inu developers announced DAO 1, a beta version of the Doggy decentralized autonomous organization, through a recent blog post.
The DAO will prevent developers from exerting authority over specific areas and hands over power to the community.
The goal of DAO 1 is to make it possible for the community to make a decision on which cryptocurrency pairs can be added to liquidity pools on the ShibaSwap decentralized exchange. The beta version attempts to gauge sentiment with the #ShibaArmy and gain feedback before the rollout of a more complex version called DAO 2.
Additionally, Steven Cooper, the owner of Bigger Entertainment, will burn SHIB coins to decrease their supply.
In fact, Steven Cooper announced that his company would burn $100,000 worth of Shiba Inu or 2.92 billion tokens.
Decentralized Stablecoin UST Became the First to Reach a $10 Billion Market Capitalization
Terra (LUNA) has become one of the biggest gainers in the cryptocurrency market throughout the previous month. The decentralized stablecoin working on the LUNA network has reached a market cap of $10 billion, making it the first decentralized stable currency to achieve this level of value. The stablecoin market is also expanding quickly, despite uncertainty surrounding its regulation.
Bitcoin also had an interesting run-in value and developments throughout 2021. In fact, in November, the Bitcoin network saw the activation of the Taproot Upgrade.
According to data from CoinMarketCap, Bitcoin started in 2021 with a value of $29,374.15 and ended the year with a value of $46,306.45. This means that the BTC token increased in value by $16,932.3 throughout the year, or by 57.64%.
Bitcoin also achieved a new all-time high value of $69,044.77 on November 10, 2021, due to the Taproot upgrade's hype.
SHIB saw an astonishing increase of 46,767,023% in terms of the biggest altcoin gainers. On January 1, 2021, SHIB was worth $0.000000000073, and on January 1, 2022, the SHIB token was worth $0.00003414.
NFA Disclaimer
Please note that we do not provide financial, investment, or trading advice. Investing in cryptocurrencies or tokens is highly speculative, and the market is extremely volatile and largely unregulated. Anyone considering crypto investment activities should be prepared to lose their entire investment. Invest at your own risk!
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