🚀Markets Rally As Fed Chair Says Crypto Has Staying Power
Jerome Powell stoked the ongoing rally by noting the "staying power" of cryptocurrencies, helping Bitcoin surge past the $30,000 mark. This optimistic outlook on digital assets is also reflected in the flurry of Bitcoin ETF applications, with industry heavyweights such as WisdomTree and Invesco keen to provide accessible, regulated ways to tap into this market.
Meanwhile, Polygon has proposed an upgrade for its PoS chain to enhance network performance and security.. In the gaming arena, Gods Unchained has made a significant stride towards mainstream adoption by launching on the Epic Games Store
✍️ In today’s newsletter:
- Powell says stablecoins are 'a form of money'
- Wall Street firms pile into Bitcoin ETF race following BlackRock's lead
- Polygon wants to upgrade its PoS chain with ZK tech
- Gods Unchained looks to attract mainstream gamers
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Crypto Surges After Powell Says It Has “Staying Power As An Asset Class”
TLDR Bitcoin has surpassed $30,000 for the first time since April . Markets continued to rally following remarks by Federal Reserve Chair Jerome Powell affirming the "staying power" of cryptocurrencies and recognizing stablecoins as a form of money.
SO WHAT This indicates a growing acceptance and institutional validation of cryptocurrencies, a positive sign for the overall health and future of the crypto market.
In less than two months, the Asymetrix team has successfully attracted a substantial TVL of $18 million to their protocol. The project has been under development since 2022 and was finally deployed to the Ethereum mainnet at the end of April 2023.
Asymetrix is a DeFi protocol for asymmetric ETH staking rewards. Users deposit their stETH (Lido’s staked ETH) into a common pool. This pool grows daily at the rate of liquid staking rewards, which is around 5% per year. Than instead of distributing these earnings among all participants, Asymetrix makes a weekly random draws. This mechanics rewards some participants with a significantly high APR on their deposit, thereby adding an element of chance to the traditional reward model. However, the original deposits of all users remain untouched, regardless of the rewards distribution.
The team emphasizes transparency and security within the protocol. That's why they incorporate top-tier solutions to ensure these aspects - Chainlink VRF serves as the provider for randomness, and a thorough security audit of the code has been performed by the leading company, Hacken.
Wall Street-Backed Bitcoin ETFs Pile Up After BlackRock’s Filing
TLDR BlackRock's recent application to launch a Bitcoin exchange-traded fund (ETF) has triggered a wave of similar filings by major asset managers such as WisdomTree and Invesco.
SO WHAT These moves could be a crucial turning point as it suggests a growing acceptance of Bitcoin as a legitimate and promising investment by major players in the financial industry. However, all these applications remain subject to the approval of the U.S. Securities and Exchange Commission, which has previously rejected all such applications.
Polygon Proposes Zero-Knowledge Overhaul For PoS Chain
TLDR Polygon, a key Ethereum scaling solution provider, has proposed a significant update to convert its Proof-of-Stake (PoS) sidechain into a validium, a type of Layer 2 solution secured by zero-knowledge proofs. This shift is aimed at improving the security and performance of the Polygon network, which currently processes 2.5 million transactions per day
SO WHAT Polygon is looking to boost scalability without disrupting existing applications on the network. If successfully implemented, it could lead to increased adoption and usage of Polygon, thereby potentially enhancing the value and relevance of the MATIC token in the crypto ecosystem.
Gods Unchained Launches On Epic Games Store
TLDR Gods Unchained, a top web3 card trading game, has expanded its reach by launching on the Epic Games Store (EGS), which has 230 million users. The move led to a surge in activity and a rise in the game's token, GODS.
SO WHAT Despite the recent downturn in GameFi tokens, this expansion indicates resilience and potential growth in the blockchain gaming industry. The increased presence of Web3 games on well-known platforms like EGS could spark further investment in the sector.