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🚀Markets Surge After US Judge Says XRP Is Not A Security

The Defiant

DeFi Daily

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Happy Friday! A U.S. court's ruling that Ripple's XRP is not a security sent the token's value soaring and buoyed the entire crypto market. Meanwhile, Kain Warwick's new decentralized perpetuals exchange, Infinex, is aiming to improve the DeFi trading experience.

StarkWare has deployed its Quantum Leap upgrade, significantly boosting the throughput of the StarkNet Layer 2 network. And finally, Google has given a warm welcome to blockchain-based content and digital assets within the Google Play Store.

✍️ In today’s newsletter:

  • XRP flips BNB after US court ruling
  • Synthetix founder unveils new perpetuals exchange
  • StarkNet activity spikes after Quantum Leap upgrade
  • Google updates Play Store policies to embrace digital assets

📈 Markets in last 24 hrs:

TickerValue24h
BTC$31,476 3.57%
ETH$2,007 7.18%
S&P 5004,510 0.85%
GOLD$1,959 0.15%
Arch WEB30.87pts -0.17%
FINANCE0.92pts -0.42%
INFRA0.77pts 0.91%
CONSUMER1.05pts -1.16%
Arch WEB3

Learn more about Arch Indices here.


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Markets

Markets Rally After U.S. Judge Says Ripple Is Not A Security

TLDR A U.S. court ruled that Ripple's digital token, XRP, is not a security, causing its price to soar over 55%. The ruling also bolstered the overall cryptocurrency market, with significant increases in Ether, Bitcoin, and other major La tokens. However, the judge did not absolve Ripple of all violations, particularly regarding its institutional sales efforts, which were deemed to violate securities laws.

SO WHAT The ruling represents a significant milestone in the legal and regulatory approach towards cryptocurrencies in the U.S. It not only impacts Ripple and XRP, but potentially sets a precedent for other cryptocurrencies facing similar scrutiny. However, it's expected that the SEC will appeal the ruling, so the broader implications for the crypto industry are yet to be determined.


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Decentralized Perpetuals

Synthetix Founder Takes Aim At Centralized Exchanges With Infinex

TLDR Kain Warwick, founder of Synthetix, has launched Infinex, a decentralized perpetuals exchange aiming to emulate the user experience of centralized exchanges like Binance. Infinex won't require a crypto wallet for transactions, opting for a traditional username-password system instead. Infinex will be governed by Synthetix's SNX token and require users to deposit USDT or USDC to begin trading.

SO WHAT In pursuit of the next phase of growth, DeFi developers are not just focusing on the underlying infrastructure, but also on making trading platforms more accessible and user-friendly. However, the new approach also poses potential security concerns with private keys stored in users' browsers, despite these keys not being able to withdraw funds.


Layer 2

StarkWare Claims Unrivaled Throughput Following ‘Quantum Leap’ Upgrade

TLDR StarkWare, an Ethereum scaling team, has successfully launched its Quantum Leap upgrade for its StarkNet Layer 2 network. During the public testnet, Quantum Leap consistently produced a throughput of 37 transactions per second (TPS) with peaks of 90 TPS, and latency for transaction inclusion frequently fell below 10 seconds.

SO WHAT StarkWare says the upgrade's success opens opportunities for faster DeFi applications and realistic triple-A games. The increased throughput and decreased latency should contribute to improved performance and a better user experience. However, since StarkNet is not compatible with the Ethereum Virtual Machine (EVM), developers would need to recompile their code to deploy on the network.


Web3

Google Embraces Digital Assets With Updated Play Store Policy

TLDR Google has updated its policies to allow the integration of digital assets and NFTs within applications on the Google Play Store. The company plans to consult with industry partners to improve its support for blockchain-based app experiences, including secondary markets.

SO WHAT This move could potentially accelerate the adoption of digital assets and NFTs and further integrate them into mainstream tech platforms and services. However, it also underlines the need for user protection against potential scams.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Coinbase, Other Crypto Exchanges Embrace XRP After Court Ruling ( Coindesk)
  • You Can Buy 'The Flash' as an NFT Just Weeks After Hitting Theaters ( Decrypt)
  • Crypto Market Is Celebrating SEC’s Setback in Ripple Suit. But the Case Is Far From Settled ( Bloomberg)