According to play-to-earn nonfungible tokens (NFT) protocol Aavegotchi on Mar. 11, the entity closed the bonding curve defining the exchange rate between its namesake token (GHST) and the DAI U.S. dollar stablecoin (DAI). The same day, the DAI stablecoin depegged as part of the ongoing USD Coin destabilization, which was, in turn, caused by $3.3 billion in stuck stablecoin collateral…
US Dollar Coin, the No. 2 stablecoin by market cap, designed to remain always priced at $1, is currently trading at 91 cents according to data on both CoinMarketCap and CoinGecko. It fell as low as 87 cents overnight, below its prior all-time-low of 89 cents in May 2019. On Saturday morning it had begun to recover. The depegging happened…
Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip. Overall, the global crypto market cap is currently trading 1.8% higher, following a nearly 10% drop on Friday. Polygon was another notable mover, as price rose by nearly 7% on Saturday. Solana (SOL) Solana was back in the green to…
Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022. Moreover, the Polygon ecosystem recently announced the launch of its beta version Zero-Knowledge Ethereum Virtual Machine.…
According to a forum post from Maker DAO, issuer of the U.S. dollar-pegged DAI stablecoin, on Mar. 11, the firm requested an “urgent executive proposal to mitigate risks to the protocol.” Maker said that it possessed multiple collaterals “exposed to USDC tail risk” in light of the extraordinary de-pegging of the USD Coin (USDC) stablecoin that began on Mar. 10. …
Decrypting DeFi is Decrypt’s DeFi email newsletter. (art: Grant Kempster) Founded in 2012, Coinbase used to just be a simple market to buy and sell Bitcoin. A lot has changed since, and the decade-old firm is working to keep up with the times. Last month, Coinbase announced the launch of its native layer-2 scaling solution called Base. It’s built using the OP…
Decrypting DeFi is Decrypt’s DeFi email newsletter. (art: Grant Kempster) Founded in 2012, Coinbase used to just be a simple market to buy and sell Bitcoin. A lot has changed since, and the decade-old firm is working to keep up with the times. Last month, Coinbase announced the launch of its native layer-2 scaling solution called Base. It’s built using the OP…
Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday. Bitcoin Bitcoin (BTC) rose back…
This week in coins. Illustration by Mitchell Preffer for Decrypt. It was the third consecutive week of market-wide depreciation in 2023. The repercussions of the announced “wind down” of Silvergate Bank were still unfolding when Silicon Valley Bank failed. Market leaders Bitcoin and Ethereum saw heavy losses, but they weren’t the only losers: virtually every leading cryptocurrency is down by…
This week in coins. Illustration by Mitchell Preffer for Decrypt. It was the third consecutive week of market-wide depreciation in 2023. The repercussions of the announced “wind down” of Silvergate Bank were still unfolding when Silicon Valley Bank failed. Market leaders Bitcoin and Ethereum saw heavy losses, but they weren’t the only losers: virtually every leading cryptocurrency is down by…
