🏓 DeFi rise is not what it seems
Hi, folks. Let's take a different approach to avoid getting tired of the FTX agenda. The crypto space is booming. Royal metaverse, OneCoin founder slipping identity, Voyager's fate, DeFi surge - all covered today.
Your Favorite Crypto Digest From TradeCrypto.com #172
Daily statistics update:
Today's market is green. BTC is trading around $16,700, ETH is above $1,200.
💪 Bitcoin dominance: 38.52%
📉 Total Cryptocurrency Market Cap: $835.18B
😲 Fear and greed index: 23 (Extreme Fear)
🚀 Gainers (Top-100)
• Chiliz (CHZ) +8.80%
• Trust Wallet Token (TWT) +7.48%
• Litecoin (LTC) +6.24%
😭 Losers (Top-100)
• Solana (SOL) -4.06%
• Chain (XCN) -2.99%
• Synthetix (SNX) -2.41%
DeFi rise is not what it seems
Long story short, thanks to ChainAnalysis. It's too early to sing praises for mass adoption 🔜. A surge in DeFi is simply MEV bot and native users' activity📈 .
An automated program sent over $18B to DEXes since the 4th of November. Sure, the rest is users. But don't choke 🥵. Turn to self-custody is here anyway. Remember tripled sales of cold wallets we covered in Digest #170 🙃 ?
More layoffs in tech than crypto
Elon Musk is winking 😉. From Jan to Nov, crypto fired 4% of tech layoffs🕵️♀️. Despite being one of the most anticipated🔝topics in crypto, the sector fired 4,695 people. Compare it to 31,689.
Yes, the size and influence couldn't be compared. Sitting in a Twitter chair is more dangerous than working in new tech 🤔. It's all relative, of course. FTX collapse is bound to cause more people to lose their jobs. Who's next 🕹?
Gemini to follow Genesis
We will not repeat the Genesis story, a recap in Digest#171. Although Gemini has restored withdrawals, investors are also reading the news 📉. The news is not good both for Genesis and Gemini. Add speculation over freezing funds. You guessed it. Gemini's users are in fear and withdrawing funds from the platform 🤓. ETH withdrawals reached an all-time high yesterday. Overall, users retrieved $570M. Top-1 among other exchanges. Congratulations 💁?
ConsenSys to address Ethereum emissions
One more highlight of COP27 🔝. The Ethereum software firm behind the Merge creates a climate 🌎 platform to mitigate the harm of PoW mining done by Ethereum before September.
Joseph Lubin, the founder of ConsenSys, breaks the deal: "The idea is to gather a bunch of capital and invest the capital into technologies that can have a significant positive impact."
The Merge reduced Ethereum energy consumption by 99.9%🔥. Keep going!
Prince Harry launches Royal Metaverse
The ex-British royals, Meghan and Harry, are going into the metaverse 🌆. Partnered with pax.world, they dubbed it Meg-averse 👑. Girls, have you ever received a whole world from a man?
"Meghan and Harry believe they will have an even greater ability to spread their message if they have a presence in the virtual and physical worlds. They’ve spoken to various experts, believing this is the next stage to truly make their brand global."
No details of how it will look are there so far. No doubt, fans would love it ❤️.
OneCoin Ruja Ignatova may be a man
Back in 2014, my friends. Known as CryptoQueen 👑, Ruja Ignatova maybe avoids capture by wearing a beard🧔♂️ and short hair. 175 countries, four billion dollars, and one scam leaving trusting with empty pockets. OneCoin was built precisely like a pyramid scheme 🏦. Ruja escaped punishment and is the only woman on the 10 most wanted list by the FBI 👿.
The search has been going on since the disappearance in 2017. One version of the investigation is that Ruja is hiding under the guise of a man🕵️♂️.
Binance to look after Voyager
The white night FTX galloped away 🏃. This September, bankrupt Voyager laid eyes on FTX among Binance.US and Wave Financial, but unfortunately, FTX can't save it now 📉. Voyager reopened the bidding process, and it's most likely Binance would win 🔝. Voyager's native token VGX jumped as the news was published 📈.
"Binance is not looking to be the 'white knight' of crypto," said Binance chief communications officer Patrick Hillmann to CoinDesk. "There are no Luke Skywalkers or Darth Vaders in business. This company has the most to lose as its market leader, looking around to see where we can help bolster the industry through a black swan event."
Conclusion: Someone doesn't want to be a knight but just does their own thing. Some avoid punishment, and some work for the common good. We are here with you. Make decisions wisely. See you again, and have a good weekend!
See you tomorrow, folks! Thanks for being with us.
Brought to you by Maksym, Yana, and Aleksandar :)
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What is Crypto Ping Pong digest?
TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.
So memes, leaks, gossips naturally come about – we collect them and share them with you in this interstellar space on our site we like to call Crypto Ping Pong digest.