Coins.ph and Circle Collaborate to Boost USDC Remittances in the Philippines
Coins.ph partners with global fintech firm Circle to promote the use of stablecoin USDC for quicker and more affordable remittances to the Philippines, targeting 18 million e-wallet users. The initiative includes educational programs for Overseas Filipinos and a USDC Hodl & Earn Program, offering a 5% annual earning on USDC holdings. Through this partnership, both companies aim to make cross-border transactions almost instantaneous and significantly lower transaction costs, aligning with the United Nations' goal of reducing migrant remittance costs to under 3% by 2023. (Bitpinas)
Interest Rates Up: Crypto's Watershed Moment
The US Federal Reserve's division on pausing rate hikes amidst a tightening economy has stirred the crypto space. The "higher-for-longer" interest rate plan aims to curb inflation, but higher bond yields could alter this trajectory. With rising rates, investors may shy away from leveraged crypto products while anticipating a Bitcoin ETF, hinting at a cautious road ahead for cryptocurrencies. (BeInCrypto)
Lightning Network's Astounding Growth Over Two Years
Over a span of two years, Bitcoin's Lightning Network has exhibited a remarkable growth of 1,212%, escalating from 503,000 routed transactions in August 2021 to about 6.6 million in August 2023. This surge, noted by River, a Bitcoin-only exchange, came despite a 44% decline in Bitcoin's price and diminished online search interest. The notable uptick in Lightning Network's use, especially in gaming, social media tipping, and streaming sectors, points towards Bitcoin evolving as a more viable medium of exchange. (CoinTelegraph)
Stablecoin Market Endures a 35% Drop Amid Rising Treasury Yields
In the last 18 months, the stablecoin market saw a 35% decline in capitalization, falling from its peak of $189 billion due to factors like stronger treasury yields and US regulatory pressures. Notably, the market's daily trading volumes have dropped significantly from their mid-2021 highs. Despite this downtrend, experts anticipate a market revival with reduced interest rates and a pro-crypto regulatory shift, highlighting the resilient performance of certain stablecoins like USDT amidst the market challenges. (DeCrypt)
Chainlink's LINK: A Safe Harbor in the RWA Tokenization Tide
The burgeoning trend of Real-World Asset (RWA) tokenization is sketching a lucrative picture for Chainlink's native token, LINK, as per insights from K33 Research. Esteemed as the 'safest bet' for investors eyeing profits from this trend, LINK is lauded for its pivotal role as a blockchain connector to the external world, thus poised to bask in the upsurge of crypto's real-world asset narrative. The echo of 'an isolated RWA crypto bubble' spurred by this trend, as propounded by analysts, underscores the momentum RWA tokenization is gaining in the crypto realm, and how Chainlink's LINK is at the cusp of this financial innovation. (CoinDesk)
Amazon Web Services Collaborates with Immutable to Boost Blockchain Gaming
Immutable, a blockchain gaming firm, has partnered with Amazon Web Services (AWS) to enhance infrastructure solutions, aiming to facilitate the launch and scaling of blockchain-based games. By joining AWS's ISV Accelerate and AWS Activate programs, Immutable aims to provide game developers with essential resources and support. The collaboration underscores the growing intersection of blockchain technology and the gaming industry. (DeCrypt)
Lido's Grant Proposal Faces Scrutiny in Arbitrum Community
Lido's attempt to secure Arbitrum grant funding for its staked ether product is met with mixed reactions, with only 50.2% voting in favor so far. Critics argue the $3.5 million grant is unjustified, expressing concerns over centralization as Lido holds around 32% of all staked ether. The debate now leans towards balancing the potential influx of "mainnet whales" against the protocol's significant size, a concern echoed by other grant applicants in the community. (BlockWorks)
Non-custodial Crypto Cards Gaining Traction Amid Wider Industry Shift
The surge in non-custodial crypto cards, spearheaded by digital payment companies like Wirex, signifies a broader industry trend towards self-custody solutions. Such cards, unlike traditional ones, are linked to non-custodial wallets, allowing users better control over their assets. This shift, catalyzed by events like the FTX collapse, underscores a growing demand for decentralized financial (DeFi) instruments, and is expected to propel the integration of DeFi into conventional finance, heralding a new era of self-custodial payments in 2023. (BlockWorks)
Litecoin Hits Transaction Milestone Amid Struggles
Litecoin recently celebrated its 180 millionth transaction, a significant milestone showcasing a surge in activity in 2023 with over 51 million transactions. Despite this achievement, concerns loom over its declining financial health, marked by a 45% drop in its native token's value since July, and a stark absence of code commits over the past five months. Moreover, a drastic 68% decrease in fee revenue since May 2021 underscores the challenges facing Litecoin as it strives to regain its past glory and market position. (BlockWorks)
Yuga Labs' Revenue Plummets Due to Blur's Low Royalty Fee
Blur's newly introduced 0.5% royalty fee significantly impacted Yuga Labs, a top NFT studio, by eroding its revenue. This change, along with the crypto winter, contributed to Yuga Labs' quarterly royalty revenue declining from $8.7 million to $2.5 million. As Blur lured traders with its low fee, Yuga Labs saw a sharp contraction in its royalty income, signaling a reconfiguration in the NFT marketplace landscape. (TheBlock)
