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DeFi TVL Remains Flat as Crypto Market Shrugs Off Another Bearish Weekend

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The anticipation of market bulls for a probable bullish run in the general cryptocurrency ecosystem is waning in the short term.

In line with the turbulent markets, the Total Value Locked (TVL) in Decentralized Finance (DeFi) ecosystem has fallen off a cliff since it attained its peak of over $88 billion back in May. However, current trends showcased by DeFiPulse indicates that investors maintain a neutral position in DeFi investments.

The TVL in DeFi protocols on July 10 was $55.94 billion, a value that has seen only mild growth today, with values cresting at $55.05 billion. The individual DeFi protocols have seen healthy competition amongst one another, with Aave overtaking the likes of Compound and Maker as the protocol with the most TVL at the moment with a $10.72 valuation. Instadapp has also risen from the lower points to boast of $8.83 billion in TVL.

While these DApps are generally seeing increasing embrace, their current performance is more consolidated, as a general uncertainty permeates the crypto ecosystem. 

Influence on Price

For about two weekends, Bitcoin (BTC) has led the cryptocurrency ecosystem in an unusual rally where the market did not experience a bearish dip. The influence of Bitcoin has perhaps rubbed off on both the prices of DeFi tokens, as well as the underlying Total Value Locked (TVL). 

While the Aave protocol currently has the highest TVL, the Synthetix Network Token (SNX) ranks as the DeFi token, with the most gains coming into the new week. The coin is changing hands at $13.19, up 21.58% in the past 24 hours. Other tokens, including Compound (COMP), Maker (MKR), and SushiSwap (SUSHI), are up 3.17%, 2.34%, and 3.80%, respectively.

In retrospect, a growing valuation in DeFi tokens, per pricing brought on by increased trading volume, is not reflective of the Total Value Locked growth.

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Source: https://Blockchain.News/news/defi-tvl-remains-flat-crypto-market-shrugs-off-another-bearish-weekend

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About 90 Percent of Countries Representing the Global Economy Exploring CBDCs, Report says

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The pursuit of a Central Bank Digital Currency (CBDC) has seen more countries joining the exploration of the new financial technology in 2021 than in the previous year.

According to the testimony to Congress by Julia Friedlander, the Senior Fellow of the C.Boyden Gray Center, a body tasked with conducting researches centred on economic advancements, including financial regulations, the CBDC race has seen about 81 nations, more than double the number of countries exploring the digital fiat currency system this year, with the United States featuring alongside.

Through the centre’s work, Friedlander noted that the total number of countries currently exploring CBDCs represents as much as 90% of the world’s economy. She, however, pointed out that the United States is lagging in taking the innovative lead as it concerns CDBC pursuit, a situation she believes could make the US “miss out on an opportunity to foster financial inclusion, increase cybersecurity, and maintain dollar dominance.” 

While the Central Bank of the Bahamas has broken record as the first to launch a full-fledged CBDC, the Sand Dollar, sometime last year, China is amongst the major economies with a remarkable advancement in digital fiat development race. However, in Friedlander’s testimony, the US Federal Reserve lags behind the other three other dominant central banks, including the European Center Bank, the Bank of Japan, and the Bank of England. It is carving out a definitive path for its CBDC.

With a growing embrace of privately issued digital currencies, including Bitcoin (BTC), Ethereum (ETH), and Stablecoins in payment systems, world monetary watchdogs are in a frantic race to revolutionise existing payment systems to compete with these cryptocurrencies. On the part of the United States Federal Reserve, the Friedlander testimony pointed out that the Digital Dollar pursuit is not “solely the responsibility of the Federal Reserve or Treasury, but rather, because the issues impact both the US and global economy, the responsibility rests with all parts of the government.”

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Source: https://Blockchain.News/news/about-90-percent-countries-representing-the-global-economy-exploring-cbdcsreport-says

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Coca-Cola to Launch First-Ever NFT Collectibles to Honor International Friendship Day

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Coca-Cola has partnered with Tafi, a leading designer of avatars and digital wearables, for the company’s first-ever non-fungible token (NFT) to celebrate International Friendship Day to be held on July 30. 

Boosting NFT adoption

The leading global beverage company noted that this collaboration was a significant step forward towards NFT adoption. Per the announcement:

“Coca-Cola will be auctioning an NFT loot box on OpenSea that contains Tafi-designed digital apparel that can be worn forever in the virtual world of Decentraland.”

Therefore, Tafi will be tasked with designing the NFT collectables in the form of virtual wearables. They will include a custom Coca-Cola bubble jacket wearable, a friendship card, and a sound visualizer.

An NFT is a digital asset whose ownership is blockchain-based, and its value is pegged on its uniqueness.

Therefore, an NFT is different from a typical crypto token because of fungibility. A fungible token can be exchanged for another, whereas a non-fungible token (NFT) cannot be based on its finite nature. 

As a result, NFTs are exceptional because they are non-divisible given that they have to be bought in their entirety. For cryptocurrencies like Bitcoin, you can buy a fraction of them, but this is impossible with an NFT. 

Reinterpreting Coca-Cola’s cores in the virtual world

According to Selman Carega, the president of Global Coca-Cola Trademark:

“Each NFT was created to celebrate elements that are core to the Coca-Cola brand reinterpreted for a virtual world in new and exciting ways.”

On the other hand, Ty Duperron, Tafi’s COO, said:

“This is truly history-in-the-making, and it is our hope that this inaugural collection of Coca-Cola NFTs will delight and inspire fans and collectors for centuries to come.”

NFTs have emerged as a booming sector in the crypto ecosystem. For instance, they have played a significant role in the adoption of the Ethereum network. 

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Source: https://Blockchain.News/news/coca-cola-launch-first-nft-collectibles-honor-international-friendship-day

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Robinhood Explores New Feature to Protect Investors from Crypto Fluctuations

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Zero-commission financial trading platform Robinhood is exploring a new feature designed to protect investors from price fluctuations during investing in cryptocurrency trading.

According to a Bloomberg report, Robinhood is studying price fluctuation protection mechanisms to protect the interests of investors against the unpredictable high volatility of cryptocurrency prices based on the code of the iPhone app test version discovered by iOS developer Steve Moser.

The code shows:

“To protect your orders against price volatility, we may sometimes skip your recurring orders or buy less than your chosen amount.”

A spokeswoman representing Robinhood declined to comment.

In addition, American financial technology and financial services company Robinhood is developing an option called “comprehensive investment” through which investors can invest their debit or credit card change in designated stocks.

Robinhood said that at present, investing in small change has become a prevalent strategy for novice stock investors, and it is also an important market that competes with trading platforms such as Acorns, Chime and Wealthsimple.

The Chief Financial Officer Jason Warnick said that on the firm’s growth strategy:

“There is more we can do with direct deposit and debit cards, particularly given the opportunity to connect rewards with our brokerage and crypto offerings.”

According to the files from financial trading platform Robinhood for an IPO in the US amidst a growing sect of brokerages exploring public listings, Robinhood, known for charging zero commissions to its traders, has room for cryptocurrencies, a growing asset class that accounted for 17% of the firm’s total revenue.

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Source: https://Blockchain.News/news/robinhood-is-exploring-a-new-feature-designed-to-protect-investors-from-crypto-fluctuations

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Robinhood Explores New Feature to Protect Investors from Crypto Fluctuations

Published

on

Zero-commission financial trading platform Robinhood is exploring a new feature designed to protect investors from price fluctuations during investing in cryptocurrency trading.

According to a Bloomberg report, Robinhood is studying price fluctuation protection mechanisms to protect the interests of investors against the unpredictable high volatility of cryptocurrency prices based on the code of the iPhone app test version discovered by iOS developer Steve Moser.

The code shows:

“To protect your orders against price volatility, we may sometimes skip your recurring orders or buy less than your chosen amount.”

A spokeswoman representing Robinhood declined to comment.

In addition, American financial technology and financial services company Robinhood is developing an option called “comprehensive investment” through which investors can invest their debit or credit card change in designated stocks.

Robinhood said that at present, investing in small change has become a prevalent strategy for novice stock investors, and it is also an important market that competes with trading platforms such as Acorns, Chime and Wealthsimple.

The Chief Financial Officer Jason Warnick said that on the firm’s growth strategy:

“There is more we can do with direct deposit and debit cards, particularly given the opportunity to connect rewards with our brokerage and crypto offerings.”

According to the files from financial trading platform Robinhood for an IPO in the US amidst a growing sect of brokerages exploring public listings, Robinhood, known for charging zero commissions to its traders, has room for cryptocurrencies, a growing asset class that accounted for 17% of the firm’s total revenue.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/robinhood-is-exploring-a-new-feature-designed-to-protect-investors-from-crypto-fluctuations

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