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Read in the Digest:
After seven consecutive days of decline, the crypto market is beginning to show signs of recovery across the board. The top 20 cryptos are all in the green territory, with Bitcoin (BTC) and Ethereum (ETH) gaining 1% and 3% over the last 24 hours.
The price recovery is most felt by Chiliz (CHZ), which has gained 21.3% over the last 24 hours to emerge as today’s biggest gainer. CHZ now trades at $0.2361 for the first time since mid-April.
The 24-hour price chart for Chiliz (CHZ). Source: CoinMarketCap
EOS (EOS), which has been rallying amidst the bearish market, joins Chiliz at the top with a gain of 16.7% in the last 24 hours. Thanks to the rally, the price of EOS has topped $1.89 for the first time since May.
The 24-hour price chart for EOS (EOS). Source: CoinMarketCap
The recent market downtrend was sparked by an increased correlation between the crypto and Asian equity markets.
Blue-chip NFT borrowing and lending platform BendDAO has initiated a proposal to solve its liquidity crisis. The protocol had on Monday announced that it had only 15 wrapped Ether (wETH) worth $23,715 to pay back lenders.
To stabilize the Bend ecosystem, the protocol has initiated a proposal to constrain the liquidation threshold for collateral to 70% of the loan value from 85% of the 15,000 ETH loan lent on the platform so far.
Secondly, the auction period for NFTs would be reduced from 48 hours to four hours, and the requirement for the minimum bid price of NFTs to be pegged to 95% of the floor price on OpenSea would be scrapped.
The protocol also seeks to reset interest rates from 100% to 20%. And lastly, the BendDAO treasury would be empowered to cover all the bad debts using revenue.
The rapid decline in the price of NFTs is one of the major factors why BendDAO plunged into its current liquidity crisis.
Seven large South Korean domestic companies under Korea Financial Investment Association have submitted applications for initial clearance to run a cryptocurrency exchange within the first half of 2023.
The local news report mentioned only Samsung Securities and Mirae Asset Securities. Samsung Securities, a subsidiary of Samsung Futures Inc., attempted to develop and operate a security token platform in 2021 but failed due to inexperienced staff.
According to the report, Samsung Securities is now researching the most effective ways to enter the blockchain business via security tokens. Mirae is South Korea’s largest investment bank and brokerage firm, with $648 billion in assets under management.
If approved, the crypto exchanges of these seven firms are expected to debut in the first half of 2023. In addition to offering crypto services, Mirae is reported to also introduce other blockchain-based platforms, including nonfungible tokens (NFTs).
The rising institutional interest from South Korean firms follows the election of Yoon Suk-Yeol, who promised to deregulate crypto as president of the country.
Crypto.com, an exchange popular for its promotion through the sports industry, has announced a multimillion-dollar investment deal with AEG Sports to comprehensively renovate the Crypto.com Arena, formerly known as the Staples Center.
While Crypto.com did not reveal the exact size of the “nine-figure investment,” the deal will see Dan Meis and Ron Turner, the original architects of the Staples Center, return to redesign the new state-of-the-art stadium.
The stadium will have two major LED screens and visible ribbon boards to advertise Crypto.com. In addition, the stadium will also feature a VIP lounge and a multi-level Tunnel Club.
Crypto.com and AEG Sports have expressed their desire to invest hundreds of millions of dollars to ensure the arena is considered a state-of-the-art stadium.
Sports has been one of Crypto.com’s biggest business channels and hopes to bring new business opportunities to the company through this renovation.
Blue Pepper has announced that the new Dogecoin-Ethereum bridge is on track to launch before the end of 2022. Blue Pepper has called the bridge a “fully low-cost decentralized two-way bridge” inspired by the WBTC design.
According to Blue Pepper, the Dogecoin-Ethereum bridge is being developed based on Vitalik Buterin’s Scrypt hash validation mechanism in Serpent, which the Ethereum founder published in 2015.
The bridge will create a wrapped version of DOGE that would allow users to “use smart contracts, Defi protocols, NFT marketplaces, and more.” Blue Pepper’s bridge uses a centralized custodian BitGo, the custodian for the wrapped version of Bitcoin.
The Dogecoin Foundation and MyDoge will join Blue Pepper and BitGo as the genesis members of the decentralized autonomous organization (DAO) responsible for governing the protocol.
The new Dogecoin-Ethereum bridge will increase the utility of Dogecoin, granting users access to all the DeFi functionalities of the Ethereum chain.
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