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Breaking: Mexico’s Legislative Member Set to Propose New Crypto Regulations in Lower House

The Bitcoin ‘gold rush’ among nations has begun with El Salvador starting it all as the country’s president announced he would be proposing new regulations to induct Bitcoin as a legal tender and soon after Paraguay politician hinted a similar stance on the top cryptocurrency. The latest country to join the growing league of nations

The post Breaking: Mexico’s Legislative Member Set to Propose New Crypto Regulations in Lower House appeared first on Coingape.

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The Bitcoin ‘gold rush’ among nations has begun with El Salvador starting it all as the country’s president announced he would be proposing new regulations to induct Bitcoin as a legal tender and soon after Paraguay politician hinted a similar stance on the top cryptocurrency. The latest country to join the growing league of nations announcing new legislation around Bitcoin is Mexico.

Eduardo Murat Hinojosa, a member of the Mexican legislative today announced that he would be proposing a legal framework in the lower house.

This bull season Bitcoin has catapulted to mainstream attention and adoption by institutions, Wall Street hedge funds, and Fortune 500 companies. Now El Salvador has triggered a Bitcoin adoption craze among many South American nations.

The one common thing among these politicians from different Central and South American nations is the ‘Lazer eyes’. Lazer eyes became a popular bitcoin meme earlier this year as the majority of the Bitcoin proponents changed their profile picture to include red laser eyes. As of now, El Salvador is joined by Argentina, Paraguay, and now Mexico.

Bitcoin Price Takes a Slide Over Security FUD

Bitcoin price today reached a new weekly low of $32,200 that was believed to be triggered by the news of the FBI allegedly getting access to Private keys of the Colonial Pipeline ransomware hackers. However, the reports indicate that the Federal agency only managed to get access to a custodial wallet through a court order. The mainstream media somehow connected it to the Bitcoin network’s security leading to the possible FUD.

The on-chain fundamentals are still quite strong with miners continue to hoard more Bitcoin along with the highest exchange outflow registered yesterday with $22.5K BTC leaving the active market.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Source: https://coingape.com/breaking-mexicos-legislative-member-set-propose-new-crypto-regulations-lower-house/

Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

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The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

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Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

Published

on

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

Continue Reading

Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

Published

on

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

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Blockchain

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

With Bitcoin going above $40,000, it gives a sizable boost to the leading DeFi tokens such as Aave, Uniswap, and Compound.

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Leading cryptocurrency Bitcoin finally breaches the $40,000 mark on 14th June after weeklong trading below the $35,000 zone. With BTC going on an upwards streak, it gives a sizable boost to the overall crypto market along with major DeFi tokens such as Aave, Uniswap, and Compound.

Aave, Uniswap, and Compound are on the Rise

Over the past 24 hours, the price of Aave, Uniswap, and Compound has increased by roughly 9% with the three tokens hitting the highs in terms of correlation against Bitcoin’s price.

The combined value of all cryptocurrencies is currently at $1.67 trillion, with DeFi tokens sector among the biggest gainers.

For instance, DeFi lending protocol Aave (AAVE) has been up by 10% over the past 24 hours and is currently trading at $325. With a market cap of just above $4 billion, AAVE is currently the fourth largest DeFi asset.

READ  Origin Protocol (OGN) and REEF Technical Analysis: What to Expect?

Earlier this month, the DeFi token reached the number one spot in total value locked (TVL) in the entire sector.

Similarly, Ethereum-based decentralized exchange (DEX) token Uniswap (UNI) is the tenth-largest cryptocurrency by market cap and the largest among DeFi tokens.  With a market cap of $12 billion, the token has skyrocketed above $24 but is still 50% below its all-time high of $44.29 on May 3.

Similarly, the governance token of the Compound Protocol (COMP) has reached $339 earlier today and is currently the fourth largest DeFi token and the 60th-largest crypto asset by market cap.

DeFi Tokens Correlating With Bitcoin’s Price

The price of DeFi tokens largely depends on factors like the correlation with Bitcoin and social media activity. Notably, the latest move has brought an unusually high correlation of AAVE, UNI, and COMP to the price of Bitcoin.

READ  MetaMask Dips Into DeFi By Offering Token Swaps

Besides, various metrics such as the number of active users, trading volumes on DEX, interest per year on lending protocols, the amount deposited in lending protocols, and the number of outstanding loans.

#AAVE #COMP #Compound Protocol #DeFi #DeFi Tokens #UNI #Uniswap

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/major-defi-tokens-on-the-rise-as-bitcoin-breaches-above-40000

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