The meteoric rise of DEXs☝️⬆️
The meteoric rise of DEXs☝️⬆️
The debate around decentralised exchanges. Twitter abandons Doge dog, blue bird is back. Kyrgyzstan's Bitcoin mining play. NFT holders fear foul play. $300 crypto airdrop if elected Prime Minister.
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Amid the US regulatory clampdown, failure of centralised exchanges (CEXs), banking crisis and stablecoin depegs, decentralised exchanges (DEXs), the wild and lawless platforms, are the new safe heavens? 🚀
Trading Volume on DEXs reached $133.1 Billion, the third consecutive monthly increase and the highest monthly total since May. A 10-month high.
🤔 And the reasons:
Regulators are going after the CEXs: SEC vs Kraken for its staking service, Coinbase and the Wells Notice, and CFTC accusing Binance of breaking law.
Banking crisis: Major banks collapsing, crypto-friendly banks collapsing, other banks making it difficult for crypto firms.
Stablecoin depeg: USDC, lost its peg to the dollar (thanks to SVB) and has since resumed its close link to $1. CEXs witnessed a lack of liquidity for stablecoin pairs during the depeg.
🐝 What are DEXs?
DECENTRALISATION is the name of the game.
Unlike CEXs like Coinbase or Binance, DEXs are all about taking control back from intermediaries and putting the power in the hands of the users.
No middleman, no KYC procedures, and no counterparty risk. Just direct, peer-to-peer trading on the blockchain!
😎 Why DEXs?
Apart from being a great option during the crisis:
Full control: Unlike CEXs, where you rely on the exchange to handle the transaction off-chain, DEXs allow you to trade directly with other users on-chain using dApps like Uniswap or Bancor.
Find hidden gems: DEXs are the treasure trove of emerging crypto projects. You can discover exciting new tokens before they hit mainstream exchanges, giving you a head start on potential big wins.
Anonymous: No need to provide personal information or go through KYC procedures. Just you, your crypto wallet, and your assets.
🚀Uniswap rules:
Uniswap topped Coinbase in terms of market share. They handled more than $70 billion of trading in March, exceeding Coinbase's $49.2 Billion. Uniswap's had some epic spikes like this before during turbulent times, but hey, even though things might settle down, they're definitely showing they've got some serious game.
Treasury has a word
The Treasury Department just released a report on decentralised finance (DeFi). Apparently, criminals are trying to use DeFi protocols to transfer and launder their illicit gains. And many DeFi apps aren't playing by the rules when it comes to anti-money laundering and countering the financing of terrorism.
"money laundering, proliferation financing, and terrorist financing most commonly occur using fiat currency or other traditional assets as opposed to virtual assets."
The bad guys still prefer good old-fashioned fiat currency over crypto. Ahem.
Why not sponsor us, eh?
Dodging the Doge bullet
For Dogecoin, the eighth biggest cryptocurrency with a dog mascot, it's always been a wild journey, from its humble beginnings as a joking tribute to Bitcoin to becoming a cult favourite with Musk's tweets pumping up its value.
Elon Musk, the Doge-loving billionaire, decided to use the iconic Shiba Inu meme as Twitter's logo, and bam! Dogecoin 🔼 25%
Musk then decided to remove the Doge logo, and Dogecoin 🔽 8%
Maybe he's just bored of teasing the regulators who threw a whopping $258 billion lawsuit at him.
TTD Let us explain ☃️
Despite political ups and downs, Kyrgyzstan has its eyes set on becoming a major player in the Bitcoin world.
Bitcoin network is Kyrgyzstan's seventh-biggest export partner.
Right behind China 😮
Kyrgyzstan could generate enough power to fuel the Bitcoin network twice over. The country has epic hydropower potential. Hydropower generates 90% of the country's power, with the rest coming from coal.
And, Kyrgyzstan has a big dream of generating a huge 143 TWh of hydropower annually, which is more than 10 times their current capacity and could power the entire Bitcoin network twice over. Huge potential!
Read the lovely thread by Jaran Mellerud, explaining the Bitcoin mining ground reality in Kyrgyzstan.
TTD Did you know 🤔
CoinGecko asked NFT holders their thoughts on regulations - 438 respondents, and from December 2022 to January 2023.
Here are the findings:
75% of crypto holders own NFTs.
20% of crypto people never owned an NFT.
48.1% of NFT holders are on board with more oversight.
29.4% are not in favour of excessive regulation.
29.4% remain neutral, keeping an open mind.
70% of NFT holders claimed they did DYOR.
30% of the respondents confessed to having mixed opinions on DYOR.
Only 70% claimed they understood NFTs.
11.4% admitted to not understanding digital assets.
Fear of Foul Play: More than half of the respondents admitted to being afraid of investing in NFTs due to risks like rug pulls and wash trading. It's no surprise, as scams and hacks have been lurking in the NFT realm.
TTD WTF ⚠️
Srettha Thavisin, the real estate mogul turned candidate from Pheu Thai party, has a sweet deal for the people of Thailand.
$300 crypto airdrop if elected as Prime Minister
If his party wins the upcoming general election in May, he's promising to shower the citizens with 10,000 Thai Baht (about $300) in digital currency.
Of course, Thavisin's proposal will cause some buzz, with the Bank of Thailand raising some eyebrows by declaring Thai baht stablecoins illegal in 2021.
Thavisin wants to give Thais a boost by providing them with some much-needed economic relief from high household debt.
He believes that the current government's small money handouts are like IV drips, but he's got a better idea (digital currency). It's the right way to stimulate economic growth and shake things up in the financial system.
TTD Check it out 🧐
To celebrate the 40th anniversary of David Bowie 'Let's Dance,' Gala Music is releasing an unreleased version as music NFT. Check it out.
The limited collection will be sold via pay-what-you-wish and the proceeds donated to MusiCares charity.
TTD Surfer 🏄
US IRS (Internal Revenue Service) is planning to hire almost 30,000 new employees, a follow-up to its $80 billion investment plan, reports Reuters.
Meta launches "Segment Anything" AI image identification tool that can identify, separate items in pictures, raises privacy concerns.
Lawyers claim Shaquille O'Neal is hiding from FTX lawsuit, and are looking into alternative method to serve him.
Lawyer Adam Moskowitz says he fears that one of Bitboy’s followers might try to harm him and his family, and he has called the FBI.
Gaming-focused venture capital firm Bitkraft raised $220.6 Million for its second token fund, as per March 30 filing with the US SEC.
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