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Showing posts from December 17, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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US Financial Stability Oversight Council identifies stablecoins and cryptos as threats to financial system

"The Council recommends that state and federal regulators review available regulations and tools that could be applied to digital assets," says the FSOC. In an annual report published on Friday, the United States Financial Stability Oversight Council, or FSOC, voiced its concern over the adoption of stablecoins and other digital assets .  Regarding stablecoins, the FSOC said consumer confidence could be undermined by factors such as illiquidity, lack of appropriate safeguards, opacity regarding redemption rights, and cyber attacks. "A run on stablecoins during strained market conditions may have the potential to amplify a shock to the economy and the financial system," the report said. The report also alerted to developments in decentralized finance , or DeFi, where the use of high leverage could trigger a fire sale when the price of the underlying asset declines. This would result in a cycle of margin calls and further price declines. In addition, the report o...
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Altcoin Roundup: Three smart contract platforms that could see deeper adoption in 2022

2021 is coming to a close and the Ethereum network still has a fee problem. Here’s how competitor networks attempted to capitalize on Ethereum’s unresolved issues. Decentralized finance (DeFi) dominated media headlines throughout 2021 and the sector, along with nonfungible tokens (NFTs), helped to initiate the mass adoption of cryptocurrencies. While high yields on staking and instant profits from flipping jpegs have proven to be very lucrative for investors, it’s important to remember that none of it would have been possible without the underlying capabilities of smart contract technology.  The Ethereum network remains, hands-down, the most widely used layer-one smart contract platform in the crypto ecosystem, but everyone knows about the high fee and clogged network issues of the past few years. In 2021, competing networks like Avalanche and Binance Smart Chain enabled compatibility with the Ethereum Virtual Machine (EVM) and this produced positive outcomes for investors in ...
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Going meta: digital cities, attacks on female creators, and more

Seoul looks to join the metaverse starting in 2023, Meta challenges a women's right to control the Instagram handle "metaverse," and Francis Haugen issues a warning about the potential risks of the virtual world. Following the announcement that Facebook’s parent company would be rebranding in a shift towards the metaverse, many projects have started similar initiatives entering the virtual space, from buying property to testing the limits of what this universe has to offer.  Digital cities: Santa Monica and Seoul The Downtown Santa Monica District west of Los Angeles was one of the first real-world areas to allow users to have access to the metaverse through the FlickPlay app. Branded as a metaverse tool, walking around the district seems to be more of a limited augmented reality experience rather than a virtual one, with people collecting digital tokens in the style of Pokémon GO. In contrast, Seoul’s entry into the metaverse is expected to be a 100% virtual environ...
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Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade

Authorities in Russia are discussing two very different approaches to the regulation of cryptocurrencies and related activities. While the Bank of Russia is reportedly seeking to introduce a ban on buying crypto assets, lawmakers are moving forward with efforts to adopt rules for mining, exchange, and taxation that would effectively legalize cryptocurrencies. Russian Officials Debate Over Alternative Crypto Regulations Russian institutions, including the central bank and the lower house of parliament, the State Duma, are mulling over how to put the country’s growing crypto space in order. The head of the Duma’s Financial Market Committee, Anatoly Aksakov, revealed that officials are now discussing “two diametrically opposite approaches” to the regulation of cryptocurrencies — a complete ban or alternatively, legalization of crypto trading. Quoted by the Interfax news agency, the high-ranking lawmaker elaborated that talks are focused on how to legally define the new financial instr...
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YFI, HXRO and AR post gains even as Bitcoin price dips to $45.5K

Yearn.finance, Hxro and Arweave managed to post positive gains even as BTC and ETH price saw sharp pullbacks. Bitcoin ( BTC ) bulls took another beating on Dec. 17 as a midday onslaught dropped the price to $45,500. The price did manage a quick bounce back to $47,000 but sweeping a new daily low could be a sign that additional downside is in store. Amid the wider market downturn, several altcoins provided weary traders with a source of refuge as token buybacks and increased network activity helped bolster their prices and provide shelter from the storm. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Yearn.finance (YFI), Hxro (HXRO) and Arweave (AR). YFI benefits from token buybacks Yearn.finance is a decentralized finance (DeFi) aggregator service that utilizes automation to allow investors to maximize their profits from yield ...
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Genius Yield raises $118M via ISPO in first 48 hours

The initial stake pool offering has seen significant uptake, with one of the four GENS pools being nearly fully committed in just two days. On Dec. 15, Genius Yield, a decentralized automated market maker and liquidity management protocol built on the Cardano ( ADA ) blockchain, announced the launch of its initial stake pool offering, or ISPO. The fundraising will continue for six months until June 15, 2022. At the time of publication, more than 95.8 million ADA, worth approximately $118 million at the time of writing, have been delegated to the stake pools.  In an ISPO, blockchain enthusiasts stake their cryptos in a protocol and receive tokens of the new project they fund as rewards. After a lockup period, investors can then reclaim their staked cryptos. By utilizing this method, investors not only harvest yields, but they also, on paper, get back their initial investments. Of course, the setup is still susceptible to risks such as technical glitches, hacks or rug pulls that ...
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