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Daily Crypto News Video will be back on Monday, October, 5th
🗞 DeFi craze propels Uniswap monthly volume to $15.3B, surpassing Coinbase
Data from Dune Analytics shows that in the month of September Uniswap decentralized exchange processed $15.371 billion in volume. In the same period, reports indicate that Coinbase processed $13.6 billion.
The significant spike in Uniswap’s volume can be attributed to two major factors. First, the explosive growth of decentralized finance (DeFi) and yield farming of governance tokens caused decentralized exchanges to thrive. Second, the launch of Uniswap’s governance token UNI led to a frenzy on the platform.
June marked the start of a frenzy in DeFi governance tokens, with Compound’s COMP token kickstarting the phenomenon.
The process is relatively simple: DeFi users “farm” new governance tokens by staking various cryptocurrencies, such as Ether (ETH).
Is DEX volume a one-off or a trend?
Uniswap first surpassed Coinbase Pro in daily volume on Aug. 30. Since then, it has continuously remained competitive with the top U.S. exchange. In late August Uniswap creator Hayden Adams said:
“Wow, Uniswap 24hr trading volume is higher than Coinbase for the first time ever. Uniswap: $426M, Coinbase: $348M Hard to express with how crazy this is.”
🗞 Bitcoin Price Stable Despite BitMEX Arrests and Trump's COVID Diagnosis
- The Bitcoin price remains steady at $10,542 despite money-laundering charges against BitMEX Trump’s COVID-19 diagnosis.
- After Thursday and Friday price drops, it remains one of the least volatile major cryptocurrencies.
- Currently, major cryptocurrency market action happens in DeFi protocols, into which investors have poured more than $10 billion into over the past 4 months.
The current price of Bitcoin is $10,542, according to data from Coinmarketcap. It started the week at about $10,900 but fell by $400 on Thursday. Then it recovered slightly, before falling by a further $200 on Friday after the CFTC charged BitMEX with money-laundering and Trump caught COVID-19.
🗞 Going Cashless Isn't Straightforward. Ask Sweden, or Zimbabwe
🗞 Cosmos Gains Traction in India Amid Broader Crypto Resurgence
“No Cash Accepted” signs are increasingly common in Australian shops, thanks to COVID-19. Even before the pandemic struck, though, we were well along the cashless path, with demand for coins halving between 2013 and 2019.
For the most part Australians have taken cashless payments in their stride. A fully cashless society is often envisaged as inevitable.
But the experiences of Sweden and Zimbabwe, two very different countries that have gone much farther down the path to a cashless society, highlight the pitfalls of such thinking. Sweden shows the need to safeguard access to cash. Zimbabwe shows the importance of the transition not being forced.
As demand for bitcoin surges in India, especially in urban tech hubs, smart-contract platforms like Ethereum and others are also gaining momentum.
Cosmos, promoted by the Switzerland-based Interchain Foundation, is especially finding traction with students like Aditya Nalini at the Vellore Institute of Technology in southern India. He’s one of four “ambassadors” trained by the community organization Cosmos India, founded in November 2019. The Cosmos India community grew from a handful people in 2019 to more than 1,000 participants in less than nine months, local organizers say, despite the pandemic.
Nalini now holds the majority of his modest wealth in cryptocurrency, he said via email, after initially discovering the collectibles game CryptoKitties in 2017. Although bitcoin is the most popular cryptocurrency, Nalini says he has never owned bitcoin and says there are many students like him.
“OKEx … saw record high numbers when alt season was at its height in August,” said OKEx press manager Vivien Choi, speaking to markets that include India but aren’t limited to it. “OKEx has seen a rise in demand for ATOM especially last month throughout the globe.”
🗞 Daily Crypto Calendar, October, 4th💰
- Balancer (BAL)
"Trading and withdrawals of @BalancerLabs will start on 04/10/2020 at 10:00 AM UTC."
- Cocos-BCX (COCOS)
"#DeFi map starting from #COMBO Time:12:00-13:00 on October 4th,2020(UTC+8)"
- Elrond (EGLD)
"A new @Binance Savings for $EGLD goes live at 12 PM UTC!"
- General Event (CRYPTO)
Asia Crypto Week from Oct 5-11 in Hong Kong.
- Horizen (ZEN)
Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
- Zilliqa (ZIL)
Zilswap Release
- Bitcoin Gold (BTG)
"Please, complete all trades involving $BTG before Oct 5, 2020"
Last Updates
- 🗞 Daily Crypto News & Video, October, 3rd💰
- 🗞 Daily Crypto News & Video, October, 2nd💰
- 🗞 Daily Crypto News & Video, October, 1st💰
- 🗞 Daily Crypto News, September, 30th💰
- 🗞 Daily Crypto News, September, 29th💰
- 🗞 Daily Crypto News, September, 28th💰
- 🗞 Daily Crypto News, September, 27th💰
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