TL;DR Breakdown Lido’s July 2023 report highlighted significant growth, with Total Value Locked (TVL) surpassing $15 billion, and over 10,000 new stakers using the protocol, a 50% increase from the previous month. The protocol’s governance saw one successful Snapshot vote concerning the Ethereum Node Operator Shortlist, and the onboarding of new Node Operators is scheduled for mid-August. Lido expanded its reach through various integrations and collaborations with platforms like Wirex, OKX, BitDAO, BitKeep Wallet, and Layer3, enhancing accessibility and fostering a vibrant ecosystem. Description In July 2023, the Lido protocol, a prominent Ethereum staking platform, showcased significant advancements in its performance and collaborations. It is important to know that the Total Value Locked (TVL) in Lido surpassed the $15 billion mark, a threshold not witnessed since May 2022. This growth is particularly noteworthy given the recent decline in the … Read more In July 2023, the Lido protocol, a prominent Ethereum staking platform, showcased significant advancements in its performance and collaborations. It is important to know that the Total Value Locked (TVL) in Lido surpassed the $15 billion mark, a…

TL;DR Breakdown Credit Suisse is planning significant layoffs in Hong Kong, with about 80% of its investment banking staff facing redundancy due to the bank’s merger with UBS Group. The cutbacks will leave only 20 out of the original 100-strong team in place, marking a drastic reduction of Credit Suisse’s presence in Hong Kong, its major base in Asia. Description It’s a choppy sea for Credit Suisse’s investment banking personnel based in Hong Kong, as the storm of massive layoffs hits the financial hub. As the Swiss banking giant merges with UBS Group, roughly 80% of its investment banking workforce in Hong Kong is set to vanish, according to insider sources. This puts a dark … Read more It’s a choppy sea for Credit Suisse’s investment banking personnel based in Hong Kong, as the storm of massive layoffs hits the financial hub. As the Swiss banking giant merges with UBS Group, roughly 80% of its investment banking workforce in Hong Kong is set to vanish, according to insider sources. This puts a dark cloud over the company’s future in the…

TL;DR Breakdown PayPal launches a U.S. dollar-based stablecoin, PayPal USD (PYUSD), aiming to transform web3 and digitally native payments. PYUSD is backed by U.S. dollar reserves, short-term U.S Treasuries, and similar assets, and is designed for multiple transactions, including P2P payments. As an ERC-20 token, PYUSD will connect consumers, merchants, and developers, enabling seamless exchange between traditional and digital currencies. Description Buckle up as the titanic force that is PayPal unveils its latest game-changer: the U.S. dollar-backed stablecoin, PayPal USD (PYUSD). In an audacious stride towards enhancing web3 and digitally native payments, PayPal enters the crypto battlefield armed with PYUSD. A revolutionary stepping stone PayPal, long a stalwart of online transactions, isn’t one to sit idle … Read more Buckle up as the titanic force that is PayPal unveils its latest game-changer: the U.S. dollar-backed stablecoin, PayPal USD (PYUSD). In an audacious stride towards enhancing web3 and digitally native payments, PayPal enters the crypto battlefield armed with PYUSD. A revolutionary stepping stone PayPal, long a stalwart of online transactions, isn’t one to sit idle while the world shifts under its…

TL;DR Breakdown Minsheng Bank partners with JD.com to launch a digital CNY payment solution. Incentives offered by Minsheng Bank aim to encourage the widespread use of digital yuan on JD.com. Minsheng Bank is a non-state entity in China’s expanding digital yuan experiment. Description Minsheng Bank of China, a pioneer in digital yuan adoption, has partnered with e-commerce giant JD.com to launch an innovative digital CNY-powered payment solution. The collaboration aims to bring the benefits of China’s Central Bank Digital Currency (CBDC) to Minsheng Bank clients in the CBDC trial zone, offering them seamless CBDC payments on JD.com by … Read more Minsheng Bank of China, a pioneer in digital yuan adoption, has partnered with e-commerce giant JD.com to launch an innovative digital CNY-powered payment solution. The collaboration aims to bring the benefits of China’s Central Bank Digital Currency (CBDC) to Minsheng Bank clients in the CBDC trial zone, offering them seamless CBDC payments on JD.com by linking their digital wallets with their JD accounts. As reported by Shzhidao via Sohu, the partnership aims to encourage widespread use of the digital…

TL;DR Breakdown Digital-asset exchange OPNX has submitted a $30 million offer in FLEX digital tokens to acquire a 75% stake in struggling crypto lender Hodlnaut, aiming to fund a partial creditor payout and finalize claims. Both OPNX and Hodlnaut have faced legal challenges, including operating without a local license in Dubai and ongoing liquidation issues, adding complexity to the offer’s potential success. The fate of Hodlnaut’s restructuring hangs in the balance as creditors and a Singapore court consider OPNX’s offer, leaving the final outcome uncertain in a situation already complicated by previous financial difficulties. Description Open Exchange (OPNX), a digital-asset exchange linked to the founders of Three Arrows Capital, which collapsed in 2022, has submitted an offer to take control of struggling crypto lender Hodlnaut. The restructuring of Hodlnaut is currently being overseen by a court in Singapore, and OPNX’s offer involves an injection of the equivalent of $30 million … Read more Open Exchange (OPNX), a digital-asset exchange linked to the founders of Three Arrows Capital, which collapsed in 2022, has submitted an offer to take control of struggling…

TL;DR Breakdown Despite positive Q2 earnings, U.S. banks continue to rely heavily on government funding following the collapse of Silicon Valley Bank. Federal Home Loan Banks (FHLBs) provide a significant portion of this funding, with $880bn in outstanding loans at the end of June. Description Something’s going on beneath the surface of U.S. banking, and it’s more intricate than it appears. Even as these financial institutions seem to be on the mend following the collapse of Silicon Valley Bank four months ago, they’re leaning heavily on government funding. A healthy façade belies a pressing concern: despite robust share prices and … Read more Something’s going on beneath the surface of U.S. banking, and it’s more intricate than it appears. Even as these financial institutions seem to be on the mend following the collapse of Silicon Valley Bank four months ago, they’re leaning heavily on government funding. A healthy façade belies a pressing concern: despite robust share prices and positive Q2 earnings, regional banks can’t kick their reliance on Uncle Sam’s aid. The crutch of federal support The critical lifeline for…

TL;DR Breakdown The U.S. dollar has experienced an upturn, recovering from its losses following the Friday payrolls data seeing a 0.2% increase. The upcoming release of US CPI data on Wednesday will play a crucial role in deciding whether the Fed and ECB will implement further rate hikes. Description The U.S. dollar has experienced an upturn, recovering from its losses following the Friday payrolls data. The Dollar Index, which checks the performance of the U.S. dollar against six other major currencies, exhibited a 0.2% increase, reaching 102.082. This rise allowed it to move away from the previous low of 101.73 on Friday. Meanwhile, investors … Read more The U.S. dollar has experienced an upturn, recovering from its losses following the Friday payrolls data. The Dollar Index, which checks the performance of the U.S. dollar against six other major currencies, exhibited a 0.2% increase, reaching 102.082. This rise allowed it to move away from the previous low of 101.73 on Friday. Meanwhile, investors are anticipating the release of inflation data from the two largest economies in the world later this week….

TL;DR Breakdown The discovery of LK-99, a material reported to exhibit superconductivity at temperatures up to 400K (127°C), has sparked a surge in the creation of LK-99-themed memecoins in the crypto market. While the scientific community awaits independent verification of the LK-99 results, the future of these memecoins remains uncertain. Description In the ever-evolving world of technology and finance, a new trend has emerged that has captured the scientific community’s and cryptocurrency markets’ attention. The discovery of a new superconducting material, LK-99, has sparked a flurry of activity in the crypto space, creating a cluster of LK-99-themed memecoins. This article delves into the details of this … Read more In the ever-evolving world of technology and finance, a new trend has emerged that has captured the scientific community’s and cryptocurrency markets’ attention. The discovery of a new superconducting material, LK-99, has sparked a flurry of activity in the crypto space, creating a cluster of LK-99-themed memecoins. This article delves into the details of this phenomenon, exploring the science behind LK-99, the rise of related memecoins, and the potential implications for…

TL;DR Breakdown Hanwe Chang, a trader on the NFT marketplace Blur, noticed a bot mimicking his bids and used this to his advantage, earning a staggering 800 Ethereum, equivalent to $1.5 million. The incident has sparked a debate within the crypto community, with some viewing Chang’s actions as a clever strategy and others condemning them as unethical and potentially illegal. This event underscores the need for clear regulations and guidelines in the NFT marketplace to prevent manipulation and ensure fair trading practices. Description In a recent turn of events that has left the crypto community buzzing, a trader named Hanwe Chang has reportedly outsmarted a bot, earning a staggering 800 Ethereum, equivalent to $1.5 million. The incident occurred on the NFT marketplace Blur, where Chang noticed a bot mimicking his bids and decided to use this to his … Read more In a recent turn of events that has left the crypto community buzzing, a trader named Hanwe Chang has reportedly outsmarted a bot, earning a staggering 800 Ethereum, equivalent to $1.5 million. The incident occurred on the NFT marketplace…

TL;DR Breakdown Attorney and XRP supporter John Deaton is confident in the SEC’s appeal against Ripple, citing Judge Torres’s well-reasoned order as a strong foundation. Judge Torres categorized Ripple’s XRP sales into three groups and found substantial distinctions, impacting investors’ expectations. U.S. District Judge Jed Rakoff’s disagreement with Judge Torres’s approach in another case adds uncertainty to the pending appeal by the SEC. Description The famous attorney and avid XRP supporter, John Deaton, expresses confidence in the Securities and Exchange Commission (SEC) appeal against Ripple (XRP). He believes that Judge Analisa Torres’s well-reasoned order provides a solid foundation for a negative conclusion for the SEC. Citing a detailed thread that explains the judge’s decision, Deaton highlights the use of … Read more The famous attorney and avid XRP supporter, John Deaton, expresses confidence in the Securities and Exchange Commission (SEC) appeal against Ripple (XRP). He believes that Judge Analisa Torres’s well-reasoned order provides a solid foundation for a negative conclusion for the SEC. Citing a detailed thread that explains the judge’s decision, Deaton highlights the use of the Howey test…