🏛 Washington Forgets About Crypto With Infrastructure Bill Set to Pass
Hello Defiers! Here’s what we are covering today, News Washington Forgets About Crypto With Infrastructure Bill Set to Pass Circle Dials Back Risk in USDC Reserves Ahead of Going Public Defiers Are Apeing Into Avalanche Pushing Benqi Finance to $1B in ...
Hello Defiers! Here’s what we are covering today,
News
- Washington Forgets About Crypto With Infrastructure Bill Set to Pass
- Circle Dials Back Risk in USDC Reserves Ahead of Going Public
- Defiers Are Apeing Into Avalanche Pushing Benqi Finance to $1B in TVL
Video
Links
- MicroStrategy Acquires 3,907 Additional Bitcoins with Proceeds from ATM Facility Sales: MicroStrategy
- Project Galaxy Announces “Shadowy Super Coder” NFT Pack with $300 Million Worth of Perks: Medium
- Penguin Finance Will Integrate Chainlink VRF to Secure the Penguin Arena Gamified dApp: Medium
- Sushi Joins Avalanche Rush Incentive Program with Combined $15M Allocation: Avalanche
- Philippine regulator tells Axie Infinity players they must pay tax on income from game: CoinTelegraph
Podcast
🎙Listen to the interview in this week’s podcast episode here:
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Crypto State
🏛 Washington Forgets About Crypto With Infrastructure Bill Set to Pass
TLDR The Speaker of the House, Nancy Pelosi, on Tuesday committed to pass the President’s bipartisan infrastructure bill by the end of September. Many in the cryptocurrency industry in the past few weeks have rallied to fight the legislation under the argument that the Internal Revenue Service will place excessive reporting requirements for participants in blockchain’s consensus-making process. But D.C. is in a giant political quagmire right now and the last thing on its mind is Bitcoin, Ethereum and their offspring.
MISGUIDED “This whole package is at the whim of broader politics which is one of the reasons why attaching a provision like this to a 2,600-page infrastructure bill is just baseline misguided,” Miller Whitehouse-Levine, the policy director at the DeFi Education Fund told The Defiant.
SO WHAT That’s too bad for blockchain investors, because a new definition of what it means to be a cryptocurrency broker is set to pass within President Biden’s $1 billion infrastructure plan. The bill passed the Senate in early August.
👉READ THE FULL STORY IN THE DEFIANT.IO 👈
Stablecoins
💵 Circle Dials Back Risk in USDC Reserves Ahead of Going Public
NEWS Corporate debt is no longer good enough for Circle, the blockchain powerhouse. That’s the upshot of a move Circle announced on Sunday as it unveiled a rebalancing of the reserves that support USDC, its widely used stablecoin. Circle, a peer-to-peer payment platform powered by blockchain technology, will now solely use cash and short-duration U.S. Treasury instruments instead of a mix of government and corporate bonds.
POOL By committing to the lowest risk financial instruments on the planet, Circle is abruptly reversing direction in its reserve policy. In May, it expanded its pool beyond cash and cash equivalents to include unsecured corporate bonds and commercial paper, which are ultra-short term debt instruments. According to a July report, private sector debt accounted for 14% of the company’s reserves.
From Circle’s Reserve Account Report for May 2021
👉READ THE FULL STORY IN THE DEFIANT.IO 👈
Jam Session
📺🎙🗯 Join us for a live jam session on #Ethereum Scaling, hosted by @CamiRusso
Tokenomics
🦧 Defiers Are Apeing Into Avalanche Pushing Benqi Finance to $1B in TVL
NEWS Avalanche, a smart contracts platform, now has its first DeFi protocol with $1B in total value locked. The protocol, Benqi Finance, launched just four days ago on Aug. 19 and has been distributing $3M in AVAX tokens to users. AVAX tokens are from Ava Labs, the company that created Avalanche, and the distribution is part of its recent announcement to offer $180M in liquidity mining incentives to DeFi apps built on its blockchain.
MINING Benqi is also running its own liquidity mining program, distributing 20M of its QI tokens during the first 90 days after launch. Benqi is similar to Compound Finance in that it allows users to supply and borrow against assets.
LAUNCH The stacked AVAX and QI rewards have certainly attracted users — Benqi is Avalanche’s first unicorn in TVL terms. And users don’t appear to be just dumping QI either — the token is up over 390% to $0.28 since launch and boasts a $100M-plus market cap, according to CoinGecko.
👉READ THE FULL STORY IN THE DEFIANT.IO 👈
SPONSORED POST
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Video
📺 Quick Take: What are fractionalized NFTs and why is Feisty Doge $NFD mooning?
Links
🔗 MicroStrategy Acquires 3,907 Additional Bitcoins with Proceeds from ATM Facility Sales: MicroStrategy
MicroStrategy (Nasdaq: MSTR) is the largest independent publicly-traded business intelligence company, with the leading enterprise analytics platform.
🔗 Project Galaxy Announces “Shadowy Super Coder” NFT Pack with $300 Million Worth of Perks: Medium
Project Galaxy partners with Tenderly, Alchemy, Polygon, Gitcoin, Ankr, Parsiq, Torus, Quicknode, Curvegrid, and OneKey to offer “Shadowy Super Coder” NFT Pack to over 100,000 eligible blockchain developers. The package includes a specially-designed Shadowy Coder NFT, and various exclusive perks that are worth $300 million USD.
🔗 Penguin Finance Will Integrate Chainlink VRF to Secure the Penguin Arena Gamified dApp: Medium
We’re excited to announce that Penguin Finance — the leading gamified DeFi hub on Avalanche — will integrate Chainlink Verifiable Random Function (VRF) on the Avalanche blockchain.
🔗 #AvalancheRush is welcoming a new member to the lineup!: @avalancheavax
medium.comSushi Joins Avalanche Rush Incentive Program with Combined $15M AllocationThe Avalanche Foundation has announced an expansion to its newly-launched Avalanche Rush liquidity mining program to incorporate Sushi, one of the largest DeFi applications by total value locked…1:11 PM ∙ Aug 24, 20211,344Likes378Retweets
🔗 Philippine regulator tells Axie Infinity players they must pay tax on income from game: CoinTelegraph
Amid the enormous success of crypto-powered game Axie Infinity in the Philippines, the local Department of Finance has made clear that it wants a cut of profits generated by playing Axie and other play-to-earn games.
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🧑💻 ✍️ Stories in this newsletter were written by Brady Dale, Owen Fernau and Juan Pellicer, and edited by Camila Russo, Bailey Reutzel and Edward Robinson. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
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