TL;DR Breakdown MakerDAO decreases reliance on USDC: USDC’s contribution to DAI collateral is reduced to less than 9%, while Real World Assets (RWA) constitute a substantial portion. wstETH drives notable growth: wstETH gains traction within the Maker Protocol, accounting for 46% of total supply, fueling revenue growth and Total Value Locked (TVL). Description MakerDAO, a prominent decentralized finance (DeFi) platform, has made significant developments to reduce its reliance on USD Coin (USDC) as collateral for its stablecoin, DAI. The protocol has diversified its collateral by incorporating Real World Assets (RWA), such as short-term bonds, which now constitute a substantial portion of DAI collateral. This strategic shift not only … Read more MakerDAO, a prominent decentralized finance (DeFi) platform, has made significant developments to reduce its reliance on USD Coin (USDC) as collateral for its stablecoin, DAI. The protocol has diversified its collateral by incorporating Real World Assets (RWA), such as short-term bonds, which now constitute a substantial portion of DAI collateral. This strategic shift not only enhances the security of DAI but also expands MakerDAO’s revenue streams beyond cryptocurrency-related activities. …

TL;DR Breakdown Optimism, a Layer 2 network for scaling Ethereum applications, has rebranded as OP Mainnet, aiming to create a “superchain” network of Layer 2 blockchains. OP Mainnet utilizes Optimistic Rollups for faster and cheaper transaction processing, addressing Ethereum’s scalability concerns. While facing competition from Arbitrum, OP Mainnet retains an advantage in development activity but lags in daily active addresses and total value locked (TVL). The integration with Coinbase’s Base chain holds potential for OP Mainnet’s growth. Description Optimism, the Layer 2 network known for enhancing Ethereum applications through Optimistic Rollups, has significantly rebranded. The project has officially changed its name to OP Mainnet, symbolizing its ambitious goal of creating a “superchain” network comprised of multiple Layer 2 blockchains. The decision to adopt the new name was announced by the Optimism Foundation, which … Read more Optimism, the Layer 2 network known for enhancing Ethereum applications through Optimistic Rollups, has significantly rebranded. The project has officially changed its name to OP Mainnet, symbolizing its ambitious goal of creating a “superchain” network comprised of multiple Layer 2 blockchains. The decision to…

TL;DR Breakdown Goldman Sachs is cutting around 125 managing director positions globally amid a deals slump. This downsizing is part of a broader cost-saving drive, with three rounds of job cuts happening within a year. The job reductions are happening amidst a faltering deal-making climate, leading to decreased fees. The firm’s bet on consumer banking has backfired, damaging its prestigious brand and causing financial losses. Description Goldman Sachs, one of the world’s most respected banking giants, is engaging in a notable shift of strategy as it faces the realities of a rapidly changing global market landscape. Approximately 125 managing directors are slated to lose their jobs in this latest round of downsizing, as the firm copes with a notable drop in … Read more Goldman Sachs, one of the world’s most respected banking giants, is engaging in a notable shift of strategy as it faces the realities of a rapidly changing global market landscape. Approximately 125 managing directors are slated to lose their jobs in this latest round of downsizing, as the firm copes with a notable drop in its…

TL;DR Breakdown Artificial Intelligence (AI) is set to revolutionize the blockchain industry, increasing transparency and decentralization. AI is being used to enhance the user experience in crypto transactions, making it more accessible for everyday users. Description As blockchain navigates a challenging landscape marked by recent lawsuits from the US Securities and Exchange Commission against Coinbase and Binance, a new ally appears on the horizon. Artificial Intelligence (AI), brought into the mainstream by OpenAI’s ChatGPT bot, is now showing potential as a transformative force in the blockchain industry. While crypto once held … Read more As blockchain navigates a challenging landscape marked by recent lawsuits from the US Securities and Exchange Commission against Coinbase and Binance, a new ally appears on the horizon. Artificial Intelligence (AI), brought into the mainstream by OpenAI’s ChatGPT bot, is now showing potential as a transformative force in the blockchain industry. While crypto once held the public’s fascination, AI has now claimed center stage, attracting significant attention from the innovators and investors who once spurred the crypto boom. However, this isn’t a shift away from blockchain;…

TL;DR Breakdown An official of the ECB has warned the crypto community about an impending dark future for digital assets. The executive encourages regulatory oversight of digital assets. Description In a recent address at the Bank for International Settlements Annual Conference, Fabio Panetta, an executive board member of the European Central Bank (ECB), painted a somber picture of the future of cryptocurrencies. Panetta suggested that digital assets might find themselves relegated to mere instruments of gambling among investors, lacking the attributes necessary to be … Read more In a recent address at the Bank for International Settlements Annual Conference, Fabio Panetta, an executive board member of the European Central Bank (ECB), painted a somber picture of the future of cryptocurrencies. Panetta suggested that digital assets might find themselves relegated to mere instruments of gambling among investors, lacking the attributes necessary to be considered a robust store of value. The ECB executive warns about the future of crypto One of Panetta’s key observations was the diminishing perception of cryptocurrencies as a reliable store of value. He highlighted the significant market capitalization…

TL;DR Breakdown The collapse of FTX led to regulatory action in Hong Kong, with the CEO of the SFC incorporating virtual asset service providers into the financial framework to establish a transparent and protective regulatory environment. Hong Kong introduced a licensing system allowing retail investors to participate in the digital asset market, emphasizing the importance of cryptocurrency trading and openness to related technologies. Description The collapse of the FTX served as a wake-up call for regulators in Hong Kong. Julia Leung Fung-yee, CEO of the Securities and Futures Commission (SFC), initiated a rapid response to the crisis by incorporating virtual asset service providers into the existing financial, legislative framework​. During a recent speech, while addressing Hong Kong’s embrace of … Read more The collapse of the FTX served as a wake-up call for regulators in Hong Kong. Julia Leung Fung-yee, CEO of the Securities and Futures Commission (SFC), initiated a rapid response to the crisis by incorporating virtual asset service providers into the existing financial, legislative framework​. During a recent speech, while addressing Hong Kong’s embrace of web3 regulation, Leung…

TL;DR Breakdown Weekly crypto price analysis reveals that most of the cryptocurrencies have been trading near their resistance levels. Bitcoin has been trading in bullish territory, hovering around $30,000 levels with a few dips. Most of the altcoins have retraced from their weekly highs, with buying pressure still present. Description Weekly crypto price analysis also shows that the cryptocurrencies have gained significant value over the past week. After a continuation of last week’s dip, the bulls have taken back control of the market and most coins are trading in green. Most of the cryptocurrencies are recovering from their losses and are trading in a range-bound manner … Read more Weekly crypto price analysis also shows that the cryptocurrencies have gained significant value over the past week. After a continuation of last week’s dip, the bulls have taken back control of the market and most coins are trading in green. Most of the cryptocurrencies are recovering from their losses and are trading in a range-bound manner near their respective resistance levels. The price of Bitcoin had increased to $31,000 due to the positive…

TL;DR Breakdown Judge Lewis Kaplan rejects Sam Bankman-Fried’s bid to access legal documents from Fenwick & West, his former advising law firm, to defend against his fraud charges. Bankrupt FTX crypto exchange, formerly run by SBF, files a lawsuit seeking over $700 million from several investment firms including K5 Global, Mount Olympus Capital, and SGN Albany Capital. K5 Global denies allegations, describing the lawsuit as baseless. Description The plot thickens in the legal proceedings surrounding Sam Bankman-Fried, popularly known as SBF, as his petition to obtain vital legal documents from his former legal advisor is denied. SBF, the magnate behind the FTX cryptocurrency exchange, now bankrupt, argued these documents from Fenwick & West, the Silicon Valley-based law firm, held the key to … Read more The plot thickens in the legal proceedings surrounding Sam Bankman-Fried, popularly known as SBF, as his petition to obtain vital legal documents from his former legal advisor is denied. SBF, the magnate behind the FTX cryptocurrency exchange, now bankrupt, argued these documents from Fenwick & West, the Silicon Valley-based law firm, held the key to…

TL;DR Breakdown New York lawyers Steven Schwartz and Peter LoDuca have been fined $5,000 for submitting a legal brief with six non-existent case citations created by AI chatbot, ChatGPT. The duo used ChatGPT for assistance in a personal injury case against Colombian airline, Avianca, unknowingly including the false citations. U.S. District Judge P. Kevin Castel held the lawyers accountable for ensuring the accuracy of their filings, criticizing their “acts of conscious avoidance” and misleading statements. Description Following an unconventional situation involving artificial intelligence and legal briefs, two lawyers from New York have come under penalty for falsely referencing non-existent cases in a client’s court proceedings. Steven Schwartz and Peter LoDuca, who are a part of the law firm Levidow, Levidow & Oberman, included citations of six fictitious cases supposedly generated by … Read more Following an unconventional situation involving artificial intelligence and legal briefs, two lawyers from New York have come under penalty for falsely referencing non-existent cases in a client’s court proceedings. Steven Schwartz and Peter LoDuca, who are a part of the law firm Levidow, Levidow & Oberman,…

TL;DR Breakdown Wirex debit cards suffer interruptions as a result of license revocation. The company says it is making efforts to resolve the issue. Description Wirex, a prominent multi-currency crypto payment app that offers fiat on-ramps, off-ramps, and debit cards, has notified some of its customers in an email that their debit cards may cease to function in the European Economic Area (EEA). The potential disruption arises from the Lithuanian central bank’s decision to revoke the license of UAB PayrNet, … Read more Wirex, a prominent multi-currency crypto payment app that offers fiat on-ramps, off-ramps, and debit cards, has notified some of its customers in an email that their debit cards may cease to function in the European Economic Area (EEA). The potential disruption arises from the Lithuanian central bank’s decision to revoke the license of UAB PayrNet, Wirex’s card provider. This development follows a similar announcement from Wirex’s competitor, Cryptopay, regarding potential card service interruptions in the region due to the same issue. Wirex to temporarily halt its debit card services The email sent to Wirex customers explained that…