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Crypto Flipsider News – Europe as Biggest Crypto Economy, dYdX Drop, COMP Rewards Overpay, Twitter NFT Preview, Iran’s illegal Crypto Mining, China’s New Plans

Read in the Digest

  • Europe Is Now the Biggest Crypto Economy
  • dYdX Trading Volume Drops 80%, Compound Overpays Liquidity Rewards
  • China: More Anti-Crypto Policies Are Coming
  • Iran Stock Exchange Mines Crypto Illegally
  • Twitter Shares Video Showing NFT Profile Verification

Europe Is Now the Biggest Crypto Economy

Europe has emerged as the world’s biggest cryptocurrency economy, receiving over €870 billion in crypto last year. According to a report, Europe’s growth was primarily driven by institutional investors who moved enormous sums into crypto.

According to the data, Central, Northern, and Western Europe (CNWE) received over $1 trillion in cryptocurrency from July 2020 to June 2021. This report showed that CNWE contributed 25% of the global trading activity.

From July 2020 to June 2021, the United Kingdom recorded the largest crypto transactions in Europe, standing at $170 billion. Decentralized finance (DeFi) protocols contributed 49% of this amount. 

In early 2019, before China’s push for the crypto ban intensified, Eastern Asia contributed 30% of the global transaction volume. Now, the region contributes just 15% to the global crypto transaction volume.

Flipsider:

Why You Should Care

The shift in dominance shows that the crypto industry is no longer controlled by only one region of the world and can survive even after China’s blanket ban.

dYdX Trading Volume Drops 80%, Compound Overpays Liquidity Rewards

Leading decentralized exchange dYdX saw its daily trading volume drop by nearly 80% following Epoch 1. On August 3, when the dYdY Foundation launched the DYDX token, it activated multiple pools to incentivize liquidity and trading on dYdX.

Epoch 1 is the follow-up to Epoch 0, a program on the network that includes staking, market making, trading, and liquidity provider rewards. Wootrade joined Epoch 1 as a market maker, and the WOO token gained more than 90% in 36 hours. On the contrary, at the end of the program, the TV of dYdX has dropped by 79.86%.

DeFi interest rate protocol Compound Finance may have erroneously paid out millions in liquidity mining rewards. Compound Finance runs a liquidity mining program that rewards depositors and borrowers. 

However, a bug in the recent upgrade leaves $70 million in COMP tokens at risk of being wrongly rewarded. The issue in the upgrade was a Twitter user, @napgener, who started a thread. He wrote;

Flipsider:

  • While the trade volume of dYdX has plunged, the value of DYDX has spiked by more than 80% in one week

The five-day price chart of dYdX (DYDX). Source: Tradingview

Why You Should Care

More projects have emerged as the crypto industry expands; investors are advised to research these projects before making any investment.

More Anti-Crypto Policies Are Coming in China and Iran Stock Exchange Mines Crypto Illegally

China’s crackdown on the crypto industry is not over, and the country is preparing to roll out more anti-crypto policies. 

According to China’s official Economic Daily, more anti-crypto policies are in the works. However, with cryptocurrencies, crypto services, and mining already banned in the country, it is unclear what other anti-crypto policies China could implement.

The crackdown on crypto mining continues in Iran, with regulators raiding crypto mining farms in abandoned factories, homes, and small businesses. The most high profile raid revealed a Bitcoin mining farm in the headquarters of the Tehran Stock Exchange.

Following the discovery, Ali Sahraee has resigned as the CEO of the Tehran Stock Exchange. The report revealed that Mahmoud Goudarzi, the market vice president of the TSE, will be leading the company.

Flipsider:

  • While anti-crypto policies persist in some countries, the president of El Salvador, Nayib Bukele, has unveiled a crypto mining project powered by a local volcano

Why You Should Care

With China’s new stance against crypto mining and digital assets, organizations that offer these services are migrating to other countries with more favourable policies.

Twitter Shares Video Showing NFT Profile Verification

As the NFT mania continues to engulf the world, Twitter has unveiled a new tool in development that will enable users to display a verified NFT as their profile picture. The microblogging platform first announced its venture into the digital art realm on September 23.

When the NFT Profile Verification feature is launched, Twitter users will be able to connect their Twitter accounts to their preferred wallets and download all their NFTs from OpenSea. Any NFT avatar they desire can be used as their profile pictures.

The video demonstrating how the NFT functionality will work was shared by Mada Aflak, a senior software engineer. He shared on Twitter;

Flipsider:

  • Twitter Exec Mada Aflak mentioned that the video is merely a mock-up, and anything could change before the feature launches

Why You Should Care

With Twitter, one of the world’s leading social networking services, embracing NFTs and cryptocurrencies, we could see more follow suit.

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    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

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