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😲Fake News Triggers $150M In Crypto Liquidations
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Traders are still coming to grips with yesterday's Bitcoin price action, when BTC rocketed 10% in an hour before giving back most of its gains in response to fake news claiming BlackRock's spot Bitcoin ETF had been approved. Data from Coinglass shows that more than $155M worth of crypto positions were liquidated amid the volatility.
Uniswap Labs started charging a 0.15% swap fee on select trades executed through its front-end. The affected assets include ETH, WBTC, and various stablecoins.
Lido governance voted for the project to cease offering liquid staking services for Solana. Lido's development team for Solana estimated the project has lost nearly $500,000 due to operating expenses on the network.
In other staking news, Ethereum's validator waitlists are now empty. The milestone means demand from new validators is not exceeding the current churn-rate, and existing validators plan to continue staking.
Blur's second airdrop campaign will come to a close on Nov. 20. Plus, Blur's community is calling for the NFT marketplace to implement a 1% fee on trades to purchase and burn its native token.
Scroll's debut week fell short of expectations, with users bridging less than $1M worth of assets onto the Layer 2 network. The launch follows Scroll's impressive alpha testnet deployment, which hosted more than 47M transactions from 9M wallets over six months.
And Ferrari, the renowned Italian sports car manufacturer, began accepting purchases paid in crypto at its U.S. dealerships.
✍️ In today’s newsletter:
- $150M liquidated after fake news spikes markets
- Uniswap Labs introduced front-end trading fee
- Lido exits Solana after losing $0.5M
- Ethereum's validator queue empties
- Second Blur airdrop season ends on Nov. 20
- Scroll's debut week falls flat
- US Ferrari dealerships embrace crypto
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $27,150 | ↗ 1.07% |
| ETH | $1,558 | ↗ 0.15% |
| S&P 500 | $4,374 | ↗ 1.06% |
| GOLD | $1,921 | ↙ -0.33% |
| Arch WEB3 | 0.75pts | ↗ +1.99% |
| ↳ FINANCE | 0.77pts | ↗ 1.24% |
| ↳ INFRA | 0.75pts | ↗ 3.41% |
| ↳ CONSUMER | 0.80pts | ↗ 1.4% |
Learn more about Arch Indices here.
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Markets
Cointelegraph Publishes Post-Mortem After Innacurate Tweet Sends BTC Flying
TLDR Cointelegraph is in damage control mode after publishing a tweet falsely claiming BlackRock's hyped spot Bitcoin ETF had been approved by regulators. BTC rallied around 10% in an hour before quickly giving back most of its gains after BlackRock said its application was still under review.
SO WHAT Despite the false alarm, the aggressive market action shows that a spot digital asset ETF approval would ignite strong bullish momentum. However, the editorial editor came at the expense of nearly 34,000 crypto traders who suffered $150M in liquidations, according to data from Coinglass.
READ MORE: Cointelegraph Publishes Post-Mortem After Inaccurate Tweet Sends BTC Flying
DeFi
Uniswap To Charge 0.15% Swap Fee On Website and Wallet
TLDR Uniswap Labs has introduced a 0.15% for swaps involving select tokens executed on the Uniswap decentralized exchange via its front-end interface. The fee applies to its most popular tokens, spanning ETH, WBTC, and eight popular stablecoins.
SO WHAT Large segments of the Uniswap community are unhappy with the news, with many UNI investors hoping the protocol will move to share fees with tokenholders in the future. However, others have praised the protocol for taking measures to ensure its sustainability moving forward, with Uniswap Labs stating the funds will support future research and development.
Read More: Uniswap To Charge 0.15% Swap Fee On Website and Wallet
Staking
Lido Exits Solana Following Community Vote
TLDR The community for Lido, the leading liquid staking provider, voted to cease operations for the Solana network with a more than 90% majority. The proposal was published due to Lido failing to offset the expenses associated with its SOL service.
SO WHAT The news illustrates the challenges associated with running a profitable liquid staking business, as even the sector's leader was unable to get in the black on Solana. P2P Validator, Lido's Solana development team, said the venture had already lost nearly $500,000 and could be on track to tally an extra $1.3M in losses after 12 more months of operations.
READ MORE: Lido Exits Solana Following Community Vote
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Projects with liquidity pools on UniSwap v2 or v3 are increasingly locking their liquidity because investors now expect them to, but also because it is a key step towards building a good relationship with their communities. Wouldn’t you feel better about investing in a token that has shown they believe in the longevity of their project?
Now if you yourself are a token project looking to increase your good reputation, attract more investors, and increase their trust in you, locking is key. Locking a majority of your liquidity is like getting a much needed safety badge. Learn more about locking with the most reputable lockers in the space here.
Staking
Ethereum's Validator Waitlists Are Now Empty
TLDR The queues for Ethereum validator onboarding and offboarding have emptied for the first time. Users seeking to enter or exit a staking position can now do so within a single epoch.
SO WHAT Critics have been quick to point out that the milestone shows demand from new validators is now failing to exceed the existing limit of 12 stakers onboarded every epoch. However, Ethereum advocates emphasized the empty exit queue also shows most stakers have no intention of leaving the network.
Read More: Ethereum's Validator Waitlists Are Now Empty
NFTs
Blur Season 2 To End In November
TLDR Blur, the leading NFT marketplace, announced that the second season of its airdrop campaign will end on Nov. 20. Arca, a crypto investment manager also published a governance proposal calling on the platform to implement a 1% trading fee to fuel a token-burning program.
SO WHAT Blur's first airdrop season propelled the platform to overtake OpenSea and become the largest NFT marketplace by trade volume. However, critics say the promotions incentivize wholesale token farming rather than participation from passionate collectors.
Read More: Blur Season 2 To End In November
Layer 2
Scroll Suffers From Weak Adoption One Week After Mainnet Launch
TLDR The debut week for Scroll, the hotly anticipated Ethereum Layer 2, fell flat, with users depositing less than $1M worth of assets on the network in seven days.
SO WHAT While airdrop opportunists converged on Scroll's alpha testnet, with 9M users driving 47M transactions, the same ravenous on-chain activity is yet to manifest on its mainnet deployment.
Read More: Scroll Suffers From Weak Adoption One Week After Mainnet Launch
Business
Ferrari Rolls Out Support For Crypto Payments In The U.S.
TLDR The famed Italian sports car manufacturer, Ferrari, is the latest mainstream firm to embrace crypto assets. The company announced U.S. dealerships will now accept ETH, BTC, or USDC via an integration with the crypto payment processor, BitPay.
SO WHAT Ferrari said it decided to support crypto payments in response to customer demand. However, the company will liquidate all digital assets on receipt for fiat currency.
Read More: Ferrari Rolls Out Support For Crypto Payments In The U.S.
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Court orders Genesis to produce subpoenaed documents in Terraform Labs case (CryptoSlate)
- TrueUSD third-party security breach revealed blockchain wallet addresses of clients (The Block)
- EU Regulator Warns of ‘Opaque’ Crypto Firms as It Seeks to Close MiCA Loopholes (CoinDesk)
