The proposal drew mixed reactions from the community where some criticized the strategy for buying more CRV even as others are looking to shed exposure.
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Access real-time blockchain and cryptocurrency news updates from around the globe.
How liquid staking can potentially harm the Ethereum ecosystem: HashKey report
HashKey Capital highlighted risks such as reduced competition, increased risk of censorship, decreased security and collusion by big players.
Huobi's Jun Du acquires 10 million CRV tokens to support Curve
Du emphasized that the existing challenges were transitory and said he believed the industry would benefit from collective support.
NFT gas usage shows downward trend, signals shift in landscape
Despite a surge in Ether gas prices in May, NFT marketplaces only accounted for 3% of the entire Ethereum gas consumption.
Binance starts BTC/FDUSD and ETH/FDUSD trading pairs with zero-fees
Users can trade ETH/FDUSD with zero maker fee, while the standard taker fee will apply based on the user's VIP level.
FTX files motion to exclude its Dubai unit from bankruptcy proceedings
FTX filed for bankruptcy in November 2022, with 102 of its units worldwide entering Chapter 11 proceedings.
Tel Aviv Stock Exchange to offer crypto services via Fireblocks pact
Israel’s only public stock exchange is preparing to offer new regulated cryptocurrency services through another partnership with Fireblocks.
Tel Aviv Stock Exchange to offer crypto services via Fireblocks pact
Israel’s only public stock exchange is preparing to offer new regulated cryptocurrency services through another partnership with Fireblocks.
BlockFi's Chapter 11 plan progresses with conditional court approval
Once the bankruptcy plan receives approval, the lender said it intends to concentrate its efforts on recovering funds from several other defunct firms.
Hong Kong debuts retail crypto trading with HashKey exchange
HashKey becomes one of the first licensed exchanges to offer cryptocurrency trading for non-professional investors in Hong Kong.
Hong Kong debuts retail crypto trading with HashKey exchange
HashKey becomes one of the first licensed exchanges to offer cryptocurrency trading for non-professional investors in Hong Kong.
Elon Musk tweets and Twitter bot spam influences altcoin prices: Study
Crypto-spouting Twitter bots could be playing a much larger role in artificially inflating the price of altcoins than previously understood, a new study has suggested.
Using a sample of various FTX-listed cryptocurrencies in a study published Aug. 2, the Network Contagion Research Institute (NCRI) said it analyzed over 3 million tweets posted between Jan. 1, 2019, to Jan. 27, 2023, surrounding 18 altcoins.
The study found that Twitter bot activity played a crucial role in amplifying the value of these cryptocurrencies, including The Sandbox (SAND), Gala (GALA), Gods Unchained (GODS) and LooksRare (LOOKS), with half of the coins showing signs of price influence as a result of tweet bot activity.
It also found that these inauthentic tweets would increase after FTX posted about the token on social media, which it said raises questions about whether FTX or Alameda Research could have played a role in coordinating the bot activity.
Each line shows the average number of botted tweets, which increased following FTX’s listing and mention. Source: NCRI"In fact, for half of the FTX listed coins in the sample, inauthentic tweet volume showed signs of forecasting subsequent price. This suggests that inauthentic networks successfully and deliberately deployed to influence changes in FTX coin prices," it said, adding:
Elizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto tax gap’
U.S. senators including Elizabeth Warren and Bernie Sanders claimed crypto tax evaders are siphoning off billions from the government.
MicroStrategy to stay on Bitcoin course even if spot ETFs approved: Saylor
Michael Saylor compared his firm to a “sportscar” whereas a spot ETF will be like a “supertanker” when it came to giving investors Bitcoin exposure.
KPMG touts ESG benefits from Bitcoin, counters misperceptions in new report
The report compares Bitcoin energy usage to that of clothes dryers (equal) and its emissions to those of manure (much less) in a slight but readable document.
Curve emergency DAO terminates rewards for hack-related pools
The Curve emergency DAO removed CRV rewards for alETH, msETH, pETH, crvCRVETH, Arbitrum Tricrypto, and multiBTC pools.
Curve emergency DAO terminates rewards for hack-related pools
The Curve emergency DAO removed CRV rewards for alETH, msETH, pETH, crvCRVETH, Arbitrum Tricrypto and multiBTC pools.
Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash: Study
After the collapse of Terra, the digital assets sector needed a way to identify critical nodes in the global DeFi community.
Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash: Study
After the collapse of Terra, the digital assets sector needed a way to identify critical nodes in the global DeFi community.
AAVE price takes double-digit hit, but strong fundamentals point to eventual recovery
AAVE, the governance token of the decentralized finance (DeFi) protocol Aave, experienced a 17% decline between July 30 and August 1, reaching the $62 level.
While the $62 support has demonstrated its resilience, the current price of $64.40 is still 12% below the daily close on July 30. Investors are now questioning whether this movement signifies a more cautious approach to the sector or if other factors are exerting pressure on the AAVE token price.
AAVE price index, 12-hour chart. Source: TradingViewPart of the recent movement in the AAVE token can be attributed to the risks of cascading liquidations on DeFi protocols, resulting from the Curve Finance pool exploit that commenced on July 30. However, Aave's decentralized liquidity protocol has successfully survived previous identical scenarios and the protocol has a substantial $295.6 million deposited in its Safety Module.
Notably, Michael Egorov, the founder of Curve, currently holds a substantial $76.6 million loan backed by 357.3 million CRV tokens across three DeFi applications, as reported by Delphi Digital. This represents 40.5% of the entire CRV circulating supply and poses risks to the ecosystem, raising concerns about potential liquidation repercussions on major protocols, including Aave.
According to Delphi Digital data, specifically on Aave, Egorov holds 267 million CRV tokens, backing a 54.2 million Tether (USDT) loan. With a 55% liquidation threshold, the current liquidation price for the CRV token stands at $0.37, which appears relatively secure at the moment. However, it's essential to note that Egorov is paying a significant 50% APY for this loan.
