Here's your Friday edition of Cryptonews Crunch, featuring the latest stories with Singapore's central bank director claiming that decentralized cryptoassets like Bitcoin “fail as money,” Vitalik Buterin speaks out on why his influence over the Ethereum network has been decreasing, and Celsius (CEL) & Kyber Network Crystal (KNC) see green candles today.
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Source: CoinMarketCap.com
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- With Ethereum advancing toward the Merge, the blockchain’s co-founder Vitalik Buterin reiterates that his influence over the network has been decreasing over the past two years, as many new developers are taking over multiple roles. In an interview with economics blogger Noah Smith, Buterin said that he has been long wishing for Ethereum to evolve into an ecosystem “where my influence can decrease just because so many other amazing voices start to grow and express themselves.” “In 2015, I was basically doing 80% of the 'research' in Ethereum, and I was even doing a large chunk of the Python coding. In 2017, I was doing much less of the coding, and maybe 70% of the research. By 2020, I was doing perhaps only a third of the research, and very little coding. But I was still doing most of the 'high-level theorizing'. But over the last two years, even the high-level theorizing is something that has been slowly but surely slipping away from me,” he was quoted as saying.
- Developments emerging from the Celsius bankruptcy trial have sent the failed crypto lender’s CEL token soaring above the USD 1.50 mark, making the coin the day’s – and this week’s – best performer among the top 100 coins. At 07:32 UTC, CEL is trading for around USD 1.53 and is up 33% in a day and 25% in a week.
- The price of Kyber Network Crystal (KNC), a utility token for the Kyber Network ecosystem, rose on Friday after a front-end exploit that drained at least USD 265,000 from the multi-chain decentralized exchange, aggregator KyberSwap was identified a day earlier. According to a notice from KyberSwap, an exploit of the DEX aggregator was identified on September 1, leading KyberSwap’s team to shut down the front end of the aggregator. After conducting an initial investigation, the team noticed “a malicious code” in their Google Tag Manager. The notice added that this code “inserted a false approval, allowing a hacker to transfer a user’s funds to his address.”
- Despite a market downturn, in the second quarter of this year, more European retail investors put their money into crypto, while in most of the Americas, trust in this nascent asset class continued to rise, and a cautious approach to crypto investments somewhat strengthened in Asia. Also, a better understanding of crypto would bring more new investors into this market.
- Digital assets could become “a permanent feature of the financial landscape,” although decentralized cryptoassets like Bitcoin “fail as money,” Singapore’s central bank director has argued. Writing in a new opinion piece published by the International Monetary Fund (IMF), Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), admitted that he can see a future where digital assets – mainly stablecoins and central bank digital currencies (CBDCs) – co-exist with the current system, and even become a “permanent feature” of it. “Traditional fiat currencies will continue to dominate, but securely backed private stablecoins and wholesale CBDCs could be expected to play an important role in cross-border payment and settlement,” Menon wrote. He went on to explain that so-called retail CBDCs – CBDCs meant to be used by individuals – could potentially emerge as “a small component of the monetary base—similar to the role played by cash today,” despite the case for them being “less strong.”
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To celebrate the first Gamefiversary of GameFi (GAFI), GameFi brings the Catventure in the Multiverse. This very first event will bring you a captivating, thrilling, and diverse experience of multiple gameplays.
Campaign period: 13:00:00 on August 24, 2022 - 13:00:00 September 8, 2022 (UTC)
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- The Ethereum Name Service, an open and extensible naming system based on the Ethereum blockchain, said it recorded ETH 2,744 (USD 4.4m) in revenue, which was its 3rd best month. Also, the services saw 301K new ".eth" registrations last month, almost hitting 2.17m names in total.
- FIFA, an international governing body of association football, beach football, and futsal, said it launched Algorand-powered FIFA+ Collect, a platform allowing fans to own and collect FIFA World Cup™ and FIFA Women’s World Cup™ moments.
- Binance is not a Chinese company and was never incorporated in China, CEO Changpeng Zhao wrote in a blog post, reacting to a question by a former Washington Post journalist. "Nor do we operate like a Chinese company culturally. We have subsidiaries in many countries, including France, Spain, Italy, UAE, and Bahrain (to name a few). But we don’t have any legal entities in China, and we do not have plans to," the CEO said.
- US-based Bitcoin miner CleanSpark said it mined BTC 395 this past August, or 109% more than in August 2021. Last month, the company sold BTC 388 for USD 8.9m to fund its growth and operations.
- As a result of a company restructure, social media giant Snap is sunsetting its Web3 team, Jake Sheinman, the co-founder of the team, said. He also left the company after working there for four years.
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