Crypto Flipsider News – August 5th – DeFi Boom, Ripple’s CEO Given Access to records on Binance, First EU-Regulated Bitcoin ETF, Chainlink, Axie Infinity

daily crypto news
  • The DeFi space boomed in Q2.
  • Ripple’s CEO has been given access to the XRP transaction records on Binance.
  • The first EU-regulated Bitcoin ETF is launching in France.
  • Chainlink Updates: Memenopoly and AccuWeather.
  • Here Comes the Money: Axie Infinity is overrunning Bitcoin and Ethereum in terms of revenue.

The DeFi Space Boomed in Q2

The DeFi space broke it’s record in the second quarter of 2021, reports blockchain software company Consensys. The number of unique Ethereum addresses in DeFi increased by 65% compared to in Q1, and now stands at 161 million in total. Trading volumes on DEXes exploded in May with $173 billion ATH, and this totaled $343 billion in Q2. Institutional money discovered DeFi. DeFi itself provides access to institutional finance. 

Flipsider:

  • DeFi’s crypto market cap is $82.48 billion. The global crypto market cap is $1.57 trillion. It has a lot of room to grow, however, the space still lacks the infrastructure for big capital funds to properly enter. The unregulated space also remains vulnerable to money laundering.

Ripple’s CEO Has Been Given Access to XRP’s Transaction Records on Binance

The court granted Brad Garlinghouse’s request to access all XRP transaction records on Binance. The records may be used to prove that XRP sales were made outside of the U.S, which would serve as new evidence in Ripples’ ongoing case  vs. SEC.

The SEC alleges that Ripple sold XRPs as unregistered securities, which violates the Securities Act, profiting by $1.3 billion.

Flipsider:

  • Binance is not the first to give access to the XRP transaction records, as Bitfinex, Bitstamp, Huobi, OKEx have also done so. While Ripple’s lawyers believe XRPs were sold outside U.S jurisdiction, the biggest question for us is: which jurisdiction does the unregulated Binance represent, when even the Cayman Islands say it is not authorized to operate in their territory?

The First EU-Regulated Bitcoin ETF Is Launching in France

French investment firm Melanion Capital is launching an EU-regulated Bitcoin ETF. The fund will track an index of 30 crypto-related companies, with almost 90% of them correlating with BTC’s price.

The fund will be the first of its kind to be regulated by the European Union. This means it will comply with EU standards (Ucits), which are the international gold standard of fund regulation.

Flipsider:

  • Europe is pulling ahead in the crypto regulation rally. Only days before Germany allowed its institutional firm’s “Spezialfonds” to invest up to 20% capital in cryptos. In the meantime, permissions for multiple crypto-related ETFs for fund managers are pending SEC approval.

 Chainlink Updates: Memenopoly and AccuWeather 

  • Memenopoly is an NFT blockchain game that has merged beloved internet community memes with monopoly’s base concept. The idea itself is intriguing enough, but the creators doubled down by deciding to polish and secure dice roll randomization with the help of Chainlink’s Verifiable Random Function (VRF). As Memenopoly is an NFT yield farming game, it is beneficial for players to feel assured against fraud.  
  • AccuWeather has decided to improve its application programming interface (API) with blockchain. The API includes information on the weather, temperature, wind speed, precipitation, and classification of natural disasters. The weather information provider will launch a Chainlink node and put the data into blockchain-based smart contracts.

Flipsider:

  • Chainlink is quite a promising project and are putting the world on notice with their innovations. Sometimes, they do seem to be too humble, especially when they have room for such hype opportunities as meme Monopoly!

Here Comes the Money: Axie Infinity is Overruning Bitcoin and Ethereum in Terms of Revenue

While the other cryptos are napping through the summer lull, gaming tokens are peaking amid waves of hype. The blockchain gaming industry is undeniably gaining momentum.  

Axie Infinity, an NFT game which uses Ethereum-based AXS tokens, generated higher revenue throughout July than either Bitcoin or Ethereum, reaching more than $240 million. Of course, its market capitalization is much smaller than the crypto titans, with Axie Infinity still ranked at 44th, but the sentiments of its community are palpable.  

Flipsider:

  • We’re standing on the edge of revolution now.  If the blockchain gaming ecosystem becomes strong enough through its own community, we might see one come to pass. Gaming tokens can start existing separately from other digital assets. With this in mind, let’s wait to see the people who are going to sell their dogecoins for AXS now. 

EMAIL NEWSLETTER

Join to get the flipside of crypto

newsletter-icon

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Author

    DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at contact@dailycoin.com.