Let's dive into these news headlines one by one and see how they'll be affecting the crypto space as we know it, in the coming days.
COMP, the token for Compound, a decentralized lending protocol that currently dominates the DeFi market with about 19% of the value locked up in DeFi, has touched new heights with over $15 billion worth and is now available for borrowing.
This calculates $9.24 billion out of a total of $48.75 billion is locked up in the app, according to DeFi metrics site DeFi Pulse, followed by Aave with $5.80 billion.
The DeFi protocol Compound allows traders to borrow money and earn interest on crypto.
According to CoinMarketCap, COMP’s current price is $552.56.
Tobi Lutke is now planning to spend his whole morning learning about smart contracts and the ERC20 token standard and has mentioned all this in a tweet that said:
“I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world.”
On 3rd April, Lutke asked the DeFi community for ideas on the roles the company could play in the space, on Twitter. The questions attracted several responses, including a request to support Bitcoin (BTC) Lightning payments, as well as stablecoin integration for Shopify-based payments.
For now, we can only speculate that Shopify is pondering over diving into DeFi, but who knows about the future.
A class-action lawsuit has been filed against Cryptocurrency lender Nexo has been sued for the “unlawful” suspension of XRP payments which has caused $5 million in damages.
The lawsuit alleges that the company breached its terms and conditions:
“As to the hundreds of Nexo customers who could have used XRP to maintain their LTV ratios, Nexo’s material breaches deprived them of the benefit of their bargain and excused any obligation to maintain their LTV ratios, whether by posting more digital assets as collateral or by paying down on their loans.”
According to the lawsuit the crypto lender was “not entitled” to liquidate the collateral of customers. If Nexo were to acquire the “ownership” of the crypto-assets, Nexo customers post as collateral. This would be extremely unfair which unreasonably favors Nexo over its customers.
A major Indian crypto exchange, WazirX, experienced system failures caused by disruptions for more than four hours on Sunday. CEO Nischal Shetty, tweeted at 5:24 PM UTC, that the crypto exchange had “hit some internal limits” set by one of the infrastructure providers.
“The load on our systems is way too much.” The load on Wazir’s system professedly created “a ripple effect on all the services,” causing 1.8 million users who were unable to see any account funds or activity during the outage.
WRX token has shown a more than 250% surge in the last day to reach $5.13 currently.
Crypto miners are overwhelmingly collecting their Bitcoin stashes instead of storing them. Over 8,874 units of BTC have been added by miners in their long-term positions. And now they are not in any rush to part with their digital gold rather preferring to accumulate BTC after selling it for around two months in a row.
Bitcoin mining revenues have recorded over $1.5 billion last month, according to a recent report from blockchain analytics company Arcane Research. In mid-March, the blockchain data firm Glassnode reported that miners were earning over $52.3 million per day. Whereas, the revenue reached a record $64.7 million on March 14, the day after Bitcoin’s price peaked at its new all-time high over $61,000.
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