Unveiling The Top 20 DeFi Projects Dominating The Market.
Unveiling the Top 20 DeFi Projects Dominating the Market.
In this comprehensive exploration, we delve into the top 20 DeFi projects based on market capitalization, highlighting their unique features, contributions, and impact on the burgeoning decentralized financial landscape.
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Edward Snowden on the anonymity of cryptocurrencies
Edward Snowden, a former CIA and National Security Agency analyst, has addressed the Bitcoin Conference in Amsterdam.
Snowden fundamentally took the position of the crypto enthusiast, advocating the freedom of crypto business. Since he is intimately familiar with digital surveillance and control technologies, his opinion is that of a professional.
First, and in my opinion, the most important thing is his valuation of Bitcoin as an asset with no anonymity. It’s a bit sudden, isn’t it? Now, a CIA analyst claims that Bitcoin anonymity no longer exists today, that governments and intelligence agencies can uniquely identify crypto wallet users.
The second statement is a consequence of the first. Snowden encouraged developers to focus on increasing Bitcoin anonymity, as privacy was one of the pillars on which Nakomoto’s work was based.
In this regard, the position of the American regulator looks interesting. Recall that the head of the SEC Gary Gensler fundamentally singled out Bitcoin among other cryptocurrencies. According to Gensler, Bitcoin is the only full-fledged cryptocurrency, and all the rest are securities or investment contracts.
There is a certain logic in this judgment: Bitcoin is already under control. Both the transactions and their participants, who habitually believe that they have hidden behind the blockchain, are controlled. Bitcoin ETF, which actively promoted by grands if the fiat economies like the BlackRock investment fund, will only strengthen the level of control.
Another thing is that Bitcoin anonymity is directly related to the overall security of IT systems. Today, states and intelligence agencies have the technical ability to look at almost any computer, except for a few specially protected. So, unfortunately, the world that Nakamoto intended to build, is still a long way from us.
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A chilly pockets owned by collapsed crypto trade FTX moved nearly $10 million in altcoins from Solana to Ethereum since Aug. 31 for undisclosed causes, in keeping with on-chain information.The altcoins embody notable tokens like LINK, SUSHI, LUNA, and YFI. The transfers had been carried out by way of Wormhole Bridge.It’s unclear if the transfers are linked to the trade’s chapter proceedings or its current request to rent Galaxy Digital to promote its crypto holdings for fiat.FTX didn’t reply to a request for remark as of press time.FTX seeking to promote propertyFTX just lately filed a request with the chapter courtroom searching for permission to have interaction Galaxy Digital Capital Administration as its funding supervisor for sure digital property. The trade additionally requested permission to stake some idle crypto property to generate passive yield.Below the proposed settlement, Galaxy would handle, commerce, and convert FTX’s property into fiat forex or stablecoins, and hedge the collapsed trade’s publicity to unstable cryptocurrencies in return for a month-to-month fiduciary payment.FTX argued that Galaxy’s experience in promoting giant cryptocurrency positions with out affecting the market made it an appropriate alternative. The engagement aimed to assist FTX’s restructuring efforts by monetizing its cryptocurrency holdings.Moreover, the trade has filed a separate movement to ascertain tips for managing and promoting its digital property and to enter into hedging preparations on eligible cryptocurrencies — primarily Bitcoin and Ethereum.Collectors criticize tempoFTX is going through criticism from collectors over the sluggish tempo of its chapter plan negotiations.The trade’s legal professional, Brian Glueckstein, resisted requires expedited mediation on the newest chapter listening to on Aug. 23, saying the method is on observe for conclusion within the second quarter of 2024.A draft plan proposed by FTX on July 31 outlined the intent to repay clients by way of asset liquidation and litigation towards insiders. Nevertheless, tensions have risen over FTX’s efforts to discover a purchaser for its worldwide trade, FTX.com, and the lack of awareness shared about incoming bids.Collectors’ committee legal professional, Kris Hansen, additionally highlighted the $50 million month-to-month spent on attorneys’ charges and different prices because of FTX’s delay in resolving creditor considerations. FTX seeks to extend collectors’ restoration by way of lawsuits towards its founder, Sam Bankman-Fried, funding agency K5, and the founders of FTX acquisition targets.The chapter case was filed in November 2022 after allegations that FTX misused and misplaced billions of dollars of shoppers’ crypto deposits.Posted In: Chapter, ExchangesSupply: https://cryptoslate.com/ftx-cold-wallet-moved-almost-10m-in-altcoins-to-ethereum-since-aug-31/
TON and Alibaba Cloud Join Forces to Break Guinness World Records
Telegram’s ally, the Open Network (TON) Foundation, is teaming up with Alibaba Cloud to launch 256 servers for a special performance test on October 31, 2023. The main goal of this test? They’re aiming to make TON blockchain the undisputed speed champion and get it recognized by the Guinness World Records. Yahoo Finance shared that TON’s popularity has skyrocketed since 2022. Its user addresses multiplied from 170,000 to a whopping 3.5 million! Additionally, the network is now more spread out, boasting 350 validator nodes across 25 countries. And amidst all this growth? Not a single major hiccup in its operations. This upcoming test is more than just a tech showcase for both collaborators. It’s about showing off the potential of the TON blockchain, which is pivotal for Telegram’s Web3 universe. Anatoly Makosov, the main
Read more on TON and Alibaba Cloud Join Forces to Break Guinness World Records
Report on the cryptoasset ecosystem in Latin America and the Caribbean, by the University of Cambridge
This report offers a balanced analysis of the opportunities, and challenges, caused by the many moving parts of the cryptoasset ecosystem in Latin America and the Caribbean. I am happy to have contributed to this as one of the co-authors. I found it particularly interesting how some countries want to lead in the adoption of cryptoassets while others want to be more cautious. The countries that lead believe in their ability to regulate cryptoassets and manage any risks that emerge. They want to have first mover advantage. Other countries do not believe being an early, enthusiastic, adopter is worth the risks, and prefer to wait until the industry and the regulation mature. Both approaches are valid, but in both strategies it is important to follow developments closely. This is where this report can be helpful in gaining insights into this sector’s development, market trends, challenges and opportunities, as well as regulation.
The cryptoasset sector has grown across Latin America and the Caribbean in recent years and this expansion has led to increased employment opportunities. Some cryptoasset firms are now full-service fintech providers. The regulatory views on digital assets have shifted, with around a third of public sector respondents being more positive towards cryptoassets. The private sector participants are also more positive now, and they collaborate more with regulators through innovation hubs and sandboxes. The private sector respondents also see growth opportunities in DeFi services and onboarding corporate clients.
However, there are also challenges to address with the most important one being the lack of regulatory clarity. Public sector respondents believe they need more expertise in cryptoassets.
Reference
Proskalovich R., Jack C., Zarifis A., Serralde D.M., Vershinina P., Naidoo S., Njoki D., Pernice I., Herrera D. & Sarmiento J. (2023) ‘Cryptoasset ecosystem in Latin America and the Caribbean’, University of Cambridge – Cambridge Center for Alternative Finance (CCAF). Available from: https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/crypotasset-ecosystem-in-latin-america-and-the-caribbean/
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Bitcoin Inscriptions: Security Flaw Flagged as Cybersecurity Risk by NVD
The National Vulnerability Database (NVD) has raised concerns about a security flaw in Bitcoin’s inscriptions, which was exploited in 2022 and 2023 by a protocol called Ordinals. This vulnerability allows data to be hidden as code in certain versions of Bitcoin Core and Bitcoin Knots. The NVD is a database managed by the National Institute of Standards and Technology (NIST), which highlights cybersecurity risks for public awareness.
This vulnerability could have a significant impact on the Bitcoin network. It may lead to an influx of non-transactional data flooding the blockchain, causing network congestion, slower processing times, and increased fees. Bitcoin Core developer Luke Dashjr raised the issue on X (formerly Twitter), comparing it to receiving junk mail that slows down the process of finding important messages.
Ordinals, a protocol introduced in late 2022, made data embedding more popular in Bitcoin. It allowed unique digital arts to be directly embedded into Bitcoin transactions, similar to nonfungible tokens (NFTs) on the Ethereum network. However, the volume of Ordinals transactions has led to network congestion and increased fees. If the vulnerability is patched, it could restrict Ordinals inscriptions on the network, potentially affecting the existence of Ordinals and BRC-20 tokens. Existing inscriptions, however, would remain due to the immutability of the network.
To read the full article, click here.
You know, the entire US economic system is so messed up and so is a lot of your views of it (and I mean on both sides, I also include myself in this since I often don't realize until I *really* think about it) but like. Let's start by talking about taxes. There was a post going around lately that was like
Anyways this is not true. You can deduct INTEREST on mortgage from your taxes. Not mortgage itself. And for renters, in 23 states you can do the same. It's meant to be an offset for property taxes, which, in case you didn't know, are INSANE. Like my family pays more taxes on our house and property then on THE ENTIRE REST OF OUT TAXES, and we're in the top tax bracket. They don't tax you nearly enough on your ACTUAL INCOME but tax you way to much on your property and stock. It's basically based on, if you sold everything right now, what would we then be able to tax you. It's not measuring how much you make on a year to year basis, it's measuring how much you managed to save up over a long period in order to buy your big household a home that has enough space for everyone. It's definitely possible with housing/property taxes for them to cost so much that you can no longer afford your house and land, that you reasonably worked and saved up for. That's kind of unfair. Especially if you bought it when housing was cheap, and since the value on such things has gone up, so have your taxes. You weren't spending an insane amount of money on it. But now it's worth about 1.1 million and you've gotta move out or pay taxes on that. That's a thing that happens.
And meanwhile, a mega rich person who loves the city and therefore doesn't bother with a lot of land is taxed less than the moderately well off person in the previous example.
So the tax system is messed up, people need to pay more based on their actual income and less based on their homes.
Oh another thing with taxes is you know how charitable donations are tax deductible? Yeah only to a certain amount, meaning that there is no incentive for rich people to donate the proper amount given their income. Yes, I think they should give regardless of whether they're going to be rewarded for it, but people who hoard THAT MUCH money are selfish, and they're not going to. My family is not even that rich (dad worth something in the 10s of millions) but the amount we give (no big deal for us) is ALREADY well above the amount you can deduct from taxes. And we don't mind, but the super rich? Do you think they're going to go out of their way to support causes with anything more than petty cash and not be rewarded for it? They're not.
Ultimately, they shouldn't have such extravagant amounts of money in the first place, since they didn't work for it. My dad, which I mentioned previously, works 10+ hours a day, often including weekends. That's real work. His field is high paid and he in particular is high paid since he's the only one who can do what he does, and he gets extra for INVENTING most of the things his companies are based on, which he, you know SPENDS TIME STUDYING AND WORKING ON AND CREATING. He's not making tons of money just by owning something. That's wrong. All that excess cash should be going to the people who actually do the work.
And I think for the most part everyone acknowledges this, but y'all talking about killing the 1% doesn't realize how broad the 1% is. That includes doctors, lawyers, high level computer scientists, that WORK for their living, and are not exploiting you. Who you're looking to target is the owners, the people who hoard billions or trillions of dollars in wealth. Do you even know how much a trillion is? Let's say you take a rich person worth about 10 million. Ok how much more does someone worth a trillion make? They make 100,000 times more. What can you afford these days with 10 million? A nice house, decent cars for the household members that drive, some land, the ability to not worry about medical bills and to pay for college, plus a bit extra to save or give to charity. How nice. A lot of people don't have that privilege. What about 1 trillion? There is not a house in existence that will make a dent in your finances. You could send your children to any college they want for their whole lives and not make a dent in your finances. You could buy companies on a whim with almost no consequence. It's not right. It's especially not right when other people have trouble paying for both rent and groceries.
If we redistributed the 8 richest people's wealth (the 8 of them have more money than the poorest HALF of the planet combined), you all could afford a home, food, a good education, and have a reasonable amount left over.
And this is why, even growing up rich, I'm such a communist. It is not a fever dream for us ALL to be able to live, comfortable, reasonable lives. The current wealth in the world redistributed, and suddenly everyone could live like I do. It isn't lessening the average person's quality of living. For the vast majority of us, communism done right is nothing but an upgrade. Yeah so a fistful of billionaires and trillionaires will be really upset. They'd still have enough to live comfortably and yet they're the ones who own so much they can effectively block any progress in this direction. It's pure selfishness.
