Crypto News #06

Yoann Choux – 7 Jul 2020

The crypto to watch this week

This week, we highlight KNC, the native token of the Kyber Network platform.
Kyber is one of the flagship projects of decentralized finance, a protocol that allows the simplest possible exchange of assets on the Ethereum blockchain.
KNC token holders benefit from advantages such as the cancellation of fees and vote on certain parameters of the platform such as the commissions applied to the exchanges.
Once staked, they allow holders to earn ETH from the protocol fees.
A burn system helps to gradually reduce the number of tokens in circulation, thus increasing the value of the remaining tokens.
The value of the KNC token has increased by 230% in the last month.
Coinhouse has highlighted KNC in its portfolio allocation recommendations for our Premium clients as of June 1st.

VISA launches into the blockchain

It seems that VISA is now entering the world of blockchain.
A patent filed on VISA recently describes the creation and use of a digital dollar on the Ethereum blockchain, specifically.
In addition, job offers at VISA for blockchain specialists are on the rise.

Switzerland softens its legislation on cryptoactives

Switzerland is softening its legislation on cryptoactives.
Some observers claim that Switzerland is actively seeking to encourage the installation of startups around the blockchain.
The new laws facilitate the tokenization of assets as well as the transfer of security tokens.
Capital gains taxes remain particularly low to attract capital.

Fundraising for the creation of a Bitcoin Fund

New York Digital Investments Group raises $190 million to create a Bitcoin fund.
NYDIG thus becomes one of the main institutional players in the US crypto ecosystem, and could hold a total of $330 million under its control.

Release of the new Kyber Network protocol

Katalyst, a new version of the Kyber Network protocol, is live.
The main difference is the creation of a DAO, KyberDAO, which will be able to make decisions on the future of the protocol.
KNC holders can now stagger their tokens in order to get 65% of the protocol’s revenue back in ethers and vote on the system’s parameters.
Like many DeFi services, this is a process of decentralisation of the project.

The evolution of Ethereum 2.0 will take place progressively

Ethereum 2.0 will not be functional overnight.
Several deployment phases will take place over several years.
Vitalik Buterin explains that scalability solutions such as Zksync, Loopring, and Optimism are currently indispensable while waiting for Ethereum 2.0.
These solutions can already support more than 2000 transactions per second.

Launch of Matcha, by teams from 0x Labs

The teams of 0x Labs, at the base of the 0x Protocol decentralised exchange protocol, have launched an aggregator of DEXs (decentralised marketplaces) called Matcha.
Matcha uses the 0x network and existing DeFi protocols to offer the best exchange rates.
Matcha has a strong focus on a revisited and simplified UX, in contrast to its Paraswap or 1inch competitors.

Vulnerability on the Bitcoin Lightning Network

A vulnerability has been discovered on Bitcoin’s lightning network.
The lightning network is an overlay that allows to massively increase the number of transactions and reduce their cost, on the Bitcoin network.
The flaw in question allows an attacker to steal funds from multiple channels simultaneously by exploiting a transaction processing speed issue.

Fine for Telegram

18.5 million dollars: this is the fine that the Telegram messaging application will pay for its record ICO in 2017, which was rejected by US regulators.
The company will also have to reimburse the full $1.2 billion raised in its ICO.
The company has also stopped the development of its blockchain project.

DTCC looks into the Ethereum blockchain

DTCC (Depository Trust & Clearing Corporation), is a U.S. company that provides post-trade clearing and settlement services to financial markets.
It has handled the vast majority of securities transactions in the United States and nearly $1.7 trillion in transactions worldwide.
Under its Whitney project, it is now investigating the use of the Ethereum blockchain to increase efficiency.
The company favours the public Ethereum blockchain for its developments.

This week’s figures

Any correlation detected?

The correlation between Bitcoin and the S&P500 stock market is at an all-time high of 65%.

How many dollars in NFT traded since its inception?

100 million dollars in NFTs have been traded since the invention of this technology, mostly in the world of video games.

How much Bitcoin is traded per day (in dollars)?

More than $180 billion in Bitcoin was traded in the second quarter of 2020, or almost $2 billion per day.

What is the trend in the number of transactions at the decentralized foreign exchange sites?

The volume of transactions at the decentralized foreign exchange sites from January to June 2020 is 5 times higher than the same period in 2019.

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