CrossTower to Launch a Digital Asset MarketPlace for Institutions With Innovative Pricing Model

CrossTower, a Jersey-based crypto exchange started a phased rollout of its services in April and led by former AlphaPoint executives Kristin Boggiano and Kapil Rathi.

The exchange aims to build a new marketplace especially catering to institutional clients with its innovative pricing model along with taker rebates.

Both the co-founders boast quite extensive experience in the trading field, where Boggiano made herself a well known figure in sessions with regulatory bodies such as CFTC and SEC. While Mr.Rathi has held senior positions at the NYSE, Bats, ISE, and Cboe.

At one point in their lives, both co-founders were working at AlphaPoint, holding high positions as the chief legal officer and chief operating officer, individually. AlphaPoint is known for developing white-label exchange software.

The newly launched CrossTower is currently available to a select few individuals and firms, but the exchange aims to disrupt the institutional market with its innovative business approach. At the time of launch, the exchange supported some of the key cryptocurrencies such as Bitcoin, Ether, Litecoin, Bitcoin Cash and ZCash.

The Interest of Institutional Clients Top Priority of Crypto Businesses

After the 2018 bear market, the volatility of the crypto market was reduced significantly which was one of the key reasons behind institutional clients overlooking the crypto space. Once that issue was resolved, there was a significant surge of high-end investors, which led to the popularity of crypto derivative products and the futures market.

CryptoTower co-founders are well-aware of this fact and believe this influx would not only continue in the future but also increase. Boggiano explained that this is one of the key reasons their exchange is focusing on creating a new innovative marketplace for these institutional players. She explained:

“It’s not just your typical high-net-worth individuals, we’re seeing significant open interest at the CME. It’s generally not individuals that trade on the CME; it’s institutions. Institutions trading wheat and oil, for example, are moving into crypto futures. We are seeing an institutional shift in my opinion, as indicated by the numbers being printed.”

The crypto markets focusing on institutional clients is evident from the fact that, up until now, just over two billion dollars has been devoted to firms accommodating institutional customers.

While new players like CrossTower are launching special pricing models to attract the bigwigs of the game, even existing players have ramped up their efforts in luring Wall Street players. For example, Coinbase retained an executive from Barclays to attract big traders from Wall Street, and gave a new makeover to their exchange.

How CrossTower Aims to Stand Up to the Competition?

CrossTower is planning to offer a novel fee schedule for the crypto market where the exchange would pay the takers to trade on their platform. In the traditional scheme of things, the platform offers a small discount to market makers and charge the takers who take liquidity. Most of the crypto exchanges have both take and maker fees with a few exceptions.

Available to all the players on CrossTower, is the taker discount and the firm states per Rathi,

“has lined up a number of liquidity providers and market makers — which have been attracted to the firm’s risk controls — to compliment robust retail flow”.

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Author: Silvia A

Samsung’s New EAL 6+ SE Chip For Mobile Devices to Enhance Security for Crypto Transactions

Samsung, the South Korean tech giant who boasts of a significant global market share in the smartphone business has announced a new turnkey security solution chip meant to secure crypto transactions on mobile phones.

The new chip comprises of Secure Element (SE) chip (S3FV9RR) and security software to facilitate secure storage and transactions of crypto payments.

The security chip comes with Common Criteria (CC) EAL 6+ certification which is considered among the most robust security standards primarily used for devices and applications with the highest requirement of security standards like hardware crypto wallets.

The security chip’s biggest advantage is that it can work independent of the mobile device, so even in case the device has been hacked, the chip would keep the assets secure and out of the reach of the scammers. Dongho Shin, senior vice president of System LSI marketing at Samsung Electronics commented on this:

“In this era of mobility and contact-less interactions, we expect our connected devices, such as smartphones or tablets, to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions. With the new standalone security element solution (S3FV9RR), Samsung is mounting a powerful deadbolt on smart devices to safeguard private information.”

As the popularity and use of crypto assets are growing with each passing year, mobile manufacturers have found a keen interest in this nascent market. Samsung started offering crypto wallet support in its flagship Galaxy devices from the past two years and now have decided to introduce a stand-alone SE security chip which meets the highest security standards.

Similarly, HTC is another mobile manufacturer that has gone one step ahead and introduced blockchain centric mobile devices with the capability to run a full node and even mine cryptocurrencies.

Samsung’s Growing Interest in Blockchain and Cryptocurrencies

The SE security chip is expected to hit the market by the third quarter of 2020, and the announcement made specific mention of crypto transactions security for a key use case for the highly secure S3FV9RR chip.

Samsung’s interest in decentralized tech and cryptocurrencies is not just limited to offering crypto wallet support and secure crypto transactions, in fact, the tech giants have made several investments in DLT-based startups.

The latest being the partnership between Samsung Pay and Crypto Visa Card platform Swipe which would enable cryptocurrency payments to be made using mobile devices by Samsung Pay users.

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Author: James W

This One Cryptocurrency is in Beast Mode; MainNet 2.0 Launching In 4 Hours

The hottest cryptocurrency in the market today is the Theta Token (THETA) for several reasons.

In the past five days, the price of THETA surged by more than 100% to hit an all-time high of $0.555 today. It also surged over 1,000% from the March crash.

But since then, the price has dropped 30% and is now gradually coming back down to a normal level, currently just under $0.40.

“THETA going beast mode people are thirsty for the pump,” tweeted trader MoonOverlord about the tremendous percent of increase in the price of the cryptocurrency.

This jump in price has the THETA moving to the 30th rank, up from 57th place earlier this month.

“The THETA 1m chart looks like it’s gone through 4 market cycles in the last 12 hours,” said trader Hsaka.

Theta Token is a native asset of the Theta Network whose on-chain operations are powered by another token Theta Fuel (TFUEL). The hard fork will inflate it by 5% and create bigger rewards for stakers.

In the past week, TFUEL price also spiked 300% and 540% in the past month. Ranked 101st, TFUEL is currently down 24% at $0.012.

Mainnet 2.0 Launched Today

Launched in January 2018, Theta Networks a blockchain protocol for improving the quality and reliability of streaming video content.

Its tokens had such a massive rally in the past week all thanks to the launch of Mainnet 2.0 today. In anticipation of the mainnet 2.0 launch, the network was already seeing growth with the on-chain transactions more than doubled the past week.

Also, the Edge Nodes passed 1,821 active nodes that are relaying video streams over the Theta Network to their peers, “creating the global edge network that will power video delivery for platforms around the world.”

All this anticipation and rise in price has the token buzzing on social media, making it the most talked-about blockchain projects after BTC and ETH.

Collaboration with Google

The video delivery network powered by a new blockchain and distributed ledger technology also announced today that Google Cloud is teaming up with Theta Labs. Allen Day, Developer Advocate for Google Cloud said,

“We’re impressed by Theta’s achievements in blockchain video and data delivery.

We look forward to participating as an enterprise validator, and to providing Google Cloud infrastructure in support of Theta’s long-term mission and future growth.”

Google Cloud has joined Theta Network’s Enterprise Validator Program along with the leading spot cryptocurrency exchange Binance, Blockchain Ventures, and gumi.

Yesterday, Binance Futures also launched THETA/USDT perpetual contract with up to 50x leverage with its trading opening on May 27th, 2020 at 08:00 AM (UTC).

The guardian nodes that are available to the public who earn a share of all the new Theta Fuel (TFUEL) generated on Theta blockchain for running it will act as an extra layer of consensus.

Theta is also planning to collaborate with Google’s machine learning, big data initiatives, and artificial intelligence. Not to forget that Google also owns YouTube and which is important for Theta and would make it easier for them to experiment without having to rely on external platforms like AWS.

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Author: AnTy

Lending and Interest Income Could Be the Path to Boost Crypto Adoption

Bitcoin and cryptocurrencies, in general, have come a long way from the early days when they were regarded as an internet bubble waiting to burst.

However, even after a decade, one constant criticism is that digital assets haven’t found a niche, and cannot be spent as easily as it has been advertised for long.

The one feather that these digital assets can borrow from the traditional financial world is lending and borrowing, which is the backbone of the majority of the financial ecosystem and banks. This interest-based income, lending and borrowing have already gripped the digital asset world which is evident from a report from Credmark.

The Credmark report suggests that the crypto lending market has already peaked $8 billion in loan amount by the end of the fourth quarter of 2020.

At present, the market size has grown to $10 billion and expected to grow exponentially as the popularity rises overtime. Not only that the global peer-to-peer lending marketplace has also registered annual transaction volumes in upwards of $85 billion.

Lending and Credit Gaining Popularity in Crypto Verse

Genesis Capital, one of the leaders in the crypto credit market, registered its best quarterly performance in the first quarter of 2020, registering $2 billion in the new loan organizations. The firm doubled on its previous quarterly performance and also registered a 20% spike in active loans from the previous quarter.

Celsius Network, the retail-focused crypto lending platform, registered similar growth and currently boasts of 100,000 retail clients and 260 institutional clients spread across 160 countries. The firm has registered $8.2 billion in coin loans to institutional clients since its inception in 2018.

Crypto lending is mostly based on the underlying assets, which makes an easier process as debt is collateralized with the crypto asset. Apart from these asset-backed crypto lending, another form of a lending ecosystem has risen in popularity over the last year in the crypto space i.e decentralized finance (defi).

Defi is an Ethereum based ecosystem which offers decentralized credit system to users based on the collateralized asset.

Users can lock their Ether, Wrapped Bitcoin and other ERC-20 based tokens in smart contracts and withdraw a loan in non-asset backed stablecoin like Dai and USDC. The defi ecosystem has gained massive popularity in the past year, and the value of assets locked as collateral has already crossed the $1 billion mark.

Thus, looking at the popularity, demand and success of lending and borrowing ecosystems in the decentralized space, it could pave the path for mass adoption of crypto in the long-term.

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Author: James W

LG CNS Partners With Blockchain ID Firm, Evernym To Improve The International ID Systems

  • In a local report from Korea, LG’s information wing, LG CNS signed a memorandum of understanding (MoU) with the blockchain-based firm, Evernym.
  • Will introduce decentralized identification (DID) on international passports and driving licenses.

A post from Aju Daily further explains that the partnership with LG CNS will push the software company that develops decentralized, self-sovereign identity applications, into building global blockchain-based identification systems.

The Evernym system aims at replacing the physical international drivers’ licenses and passports by allowing governments to “issue, accept, and verify credentials that operate like a digital passport.”

The implementation of a new blockchain-based authentication system is the start of a partnership between LG CNS and Evernym. On the statement, LG CNS will actively work with Evernym to contribute to the Worldwide Web (W3C) Consortium.

The Chief Technology Officer at LG CNS, Kim Hong-Geun, is aiming at a global market to offer an instant and secure identifier to governments and firms. Kim spoke on the latest signed MOU stating,

“Through cooperation with Evernym, we will create DID solutions and service models that can be used globally. We will also actively participate in related public projects so that South Korea can lead the global standardization of decentralized identification (DID).”

Blockchain Developments in Digital Identification

In February, the LG and Samsung backed consortium, SK Telecom, announced the first-ever mobile-based id system built on blockchain, in partnership with local bank, NongHyup (NH) bank. The new DID system by Evernym will also feature on smartphones allowing users to transfer and retrieve identity information at any moment from the blockchain.

Following IBM’S and Evernym’s partnership in early 2019, a number of venture capital firms started knocking on its doors with Overstock’s Medici Venture’s closing a $2 million investment round in the blockchain-based ID firm.

LG CNS is also engaging in other areas of the fourth technology revolution recently saying it will increase its efforts in R&D in the artificial intelligence, cloud computing and blockchain industries.

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Author: Lujan Odera

Goldman Sachs’ Lazy Bitcoin Assessment is Embarrassing

Crypto community has been eagerly awaiting Goldman Sachs’ client call today in which they were to discuss bitcoin. But it all turned out to be a complete disappointment, as had been expected and not what was hoped.

Godlman’s bitcoin explanation is centered around illegal activity, forks, and exchange hacks.

“Cryptocurrencies Including Bitcoin Are Not an Asset Class,” summarized Goldman.


But as Cameron Winklevoss of crypto exchange Gemini points out, CFTC has already declared bitcoin a commodity over four years back.

Interestingly, Goldman also foresaw Bitcoin’s commodity-like financialization as early as 2014. At that time, they also hinted at the potential future price of bitcoin at between $1,000 and $1 million.

Predictable & Unrealistic, Naive & Lazy

Last week, it came into notice that Goldman Sachs will be covering “Implications of Current Policies for Inflation, Gold and Bitcoin” today.

Now, before the call has to go live, the leaked images showed what the investment bank thinks about bitcoin and it’s not pretty or surprising, it’s all the same old, same old.

The world’s leading cryptocurrency, according to Goldman Sachs, does not generate cash flow, any earnings, diversification benefits, dampens the volatility, or shows evidence of hedging inflation.

What it does is “abet illicit activities” such as Ponzi schemes, ransomware, money laundering, and darknet markets.

Moreover, “cryptocurrencies as a whole are not a scarce resource,” argues Goldman pointing out the forks BCH and BSV.

What else? It is “susceptible to hacking or inadvertent loss,” Goldman says, mentioning QuardrigaCZ and Parity.

And Oh, it’s “Tulipmania” on steroids. In the year prior to their peaks, while Nasdaq rallied 109% and Tulip prices 485%, Bitcoin and Ethereum rose 2,292% and Ethereum 14,193% respectively.

Bitcoin is antithetical to Goldman’s business model

Simply put:

Goldman Sachs “believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients,” states Goldman.

All of this because Goldman sees Bitcoin as competition and they don’t “gain anything by you buying BTC. No spread, no management fee, nothing,” said trader Cantering Clark. “You buying Bitcoin is antithetical to their business model,” he added. They also,

“believe that while hedge funds may find trading cryptocurrencies appealing because of their high volatility, that allure does not constitute a viable investment rationale.”

“I guess equities are now off limits?,” is Digital Currency Group founder and CEO Founder/CEO, Barry Silbert’s reaction to Goldman Sachs commentary on Bitcoin.

Dissing Gold Too

During the call, Goldman Sachs covered the macroeconomy where while talking about COVID-19 and GDP/economy risk, they projected Q3 to be a decent opening only to go downhill from there. They believe the “real numbers” for unemployment are far higher but calling it “not a depression.”

While they have zero concerns about inflation or debasing the US Dollar, they are more concerned with deflation. But believes negative interest rates are good for the economy.

“They are aggressively shitting on gold,” shared trader Scott Melker who live-tweeted Goldman’s client call that he was attending.

The precious metal also doesn’t offer any “reliable downside protection.”

“Don’t listen to what people say, watch what they do”

Not acknowledging the best investment of the last decade which is also outperforming most of the asset classes in 2020 so far doesn’t seem like a good call from the bank.

But it’s not like the bank is right all the time. Earlier this year, its analysts called for a $150-$200 price target for oil while it went down below zero last month.

Not to forget that, in mid-2017, the bank saw big declines in part due to bad market calls from its strategists.

The crypto community certainly didn’t take it lightly, given that Goldman didn’t even take its time to at least make well-informed and good criticism.

“It’s not that it’s a “bad call” – it’s just naive and lazy. It’s embarrassing,” said Peter Hans of Arca. “There are two types of people in FinServ, those who fear progress and those who embrace it.”

But does it really matter what they say. Jamie Dimon, the CEO of JPMorgan has been calling BTC a “fraud” only to turn around and profess his love for the technology and just this month the bank opened its services for bitcoin exchanges Coinbase and Gemini.

As such, the only take from all of this is, “’Don’t listen to what people say, watch what they do.”

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Author: AnTy

Crypto Derivatives Exchange ErisX, Opens API Service for BCH, BTC, ETH, and LTC Block Trading

  • ErisX REST API will now grant registered clients access to their Block Trade platform. This will be a reserve for the Institutional investors due to the large volumes of minimum trades required.
  • The pre-negotiated deals will only be reported for automated verification and instant clearing by the ErisX clearing win.

ErisX has now unveiled a REST API that grants its clients access to their Block Trade. This is a facility that allows investors to make big trades, within the given array of listed spot and futures commodities, privately.

Authorized users will be able to table already struck Block deals to the exchange via the REST API or their web-based platform. This will then be subjected to verification from the exchange. It’s also set to include verifying credit for both parties and then submitted to their clearing arm, ErisX clearing for immediate settlements.

It’s only after the deals have already gone through that they can be published on their portal. This system would be restricted to spot trades of 10 BTC, 100 BCH, 100 ETH and 250 LTC while including 10 Future BTC contracts and 50 ETH contracts according to the release.

They have, however, insisted that this feature would only be afforded to Clearing members that had already joined and those currently onboarding ErisX.

They would then be required to pre-fund their accounts before attempting any trades to ensure transactions go through smoothly, whilst mitigating counterparty woes. The parties would be required to either submit their trade dates to the system or within 15 minutes of execution.

This, according to CEO, Tom Chippas, would mitigate risks brought about by OTC based workflows while ensuring competitive prices for their clients.

“We are removing the friction and risks associated with OTC based workflows…. Our Members with a competitively priced service.”

Other exchanges have also launched similar Block trades for their institutional investors including Coinbase and Japanese based Nomura. However, Carlos Mosquera Benatuil, CEO of Solidus OTC is confident that the Commodity Futures Trading Commission oversight would rule out counterparty settling risks.

Notably, the TD Ameritrade backed crypto exchange recently launched physically settled Ether contracts in the US. These would be offered under the supervision of the CFTC.

This was bolstered by the fact that ErisX clearing was able to get approval for the coveted BitLicense by the NYFDS. This license has only been issued to 25 other companies since it was introduced in 2015. It is a must-have for any crypto firm that intends to engage with New York-based clients.

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Author: Lujan Odera

Polkadot’s Chain Candidate Goes Live in Anticipation for the Proof of Stake (PoS) Version

Polkadot’s initial mainnet has been launched by Web3 Foundation and Parity Technologies according to a blog post on May 26. This much anticipated sharding protocol has been in the works for around three years and is expected to facilitate the integration of blockchain networks.

The recently released live version is, however, centralized as it’s limited to some agents; Polkadot plans to hand over governance to its community once the testing period is over.

According to the announcement, Polkadot’s genesis block has already been mined marking the commencement of its first Chain Candidate (CC1). Notably, this platform was spearheaded by Gavin Wood, an Ethereum co-founder, who branched out to start Polkadot back in 2016 with Web3 Foundation as the lead developers. Wood now says the CC1 might as well be the mainnet,

“Polkadot’s first chain candidate (‘CC1’), which may well become the Polkadot mainnet, has been launched.”

Polkadot’s Mainnet Underlying Value

As highlighted earlier, the Polkadot initiative aims to link chains in a more seamless way for interoperability. Polkadot has, therefore, leveraged a Proof-of-Stake (PoS) algorithm in order to eliminate scalability challenges within its ecosystem through sharding. The blog reads,

“[Polkadot] connects several chains together in a unified network, allowing them to process in parallel and exchange data with strong security guarantees between chains. By parallelizing the workload, Polkadot solves major throughput issues.”

However, the CC1 which went live is currently under a Proof-of-Authority (PoA) consensus as Web3 foundation is in control of the network. As of now, the mainnet client users can receive DOT tokens and stake them to become or nominate validators within Polkadot’s network. Notably, the DOT digital assets were already in the secondary market as Simple Agreements for Future Tokens (SAFT) but will not be transferred within Polkadot’s live mainnet until its community votes to initiate a token transfer feature. Wood echoed that,

“During this phase, nothing will actually become at stake and no rewards will be paid, however once we move to the next stage, the community validators will be selected to maintain the network according to their overall DOT backing and our Proof-of-Stake system (NPoS) will be live. If you want to be in it from the start, then you’ll need to stake now.”

Polkadot’s Prospects

This project kicked off on a good note by issuing 5 million DOT tokens at $144 million back in 2016. By early 2019, the Polkadot was valued at $1.2 billion as per a Wall Street Journal Report. The company later sold another 500,000 DOT tokens towards the end of 2019 and is now making headlines with its much-awaited mainnet. Wood touts the project as a long-term player in the crypto industry,

“Polkadot is, in many respects, the biggest bet in this ecosystem against chain maximalism. Even if there were one perfect chain, I don’t think it would stay perfect for very long.”

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Author: Edwin Munyui

Bitfury Announces Bitcoin Mining Investment Program For Institutional Clients

Bitfury, one of the oldest Bitcoin mining firms established back in 2011, has announced a Bitcoin mining investment program for institutional investors on May 26th. This investment program is set to offer an innovative way for institutional funds and family offices to diversify their portfolio and get exposure to the Bitcoin verse.

These institutional clients would be able to invest in different data centers located in North America, Iceland, Norway and Central Asia. The investment program would see these institutional clients can either make direct investments in these data centers or through joint ventures.

Bitfury believes that this investment opportunity is the perfect way for institutional clients to get the right exposure to a market which has intrigued both the small and big players in the past couple of years. Bitfury would be solely responsible for looking after all aspects of the investment program, be it procuring different types of equipment, site sourcing or maintenance.

The firm claims to have one of the most advanced sets of crypto mining equipments under their belt which when combined with the location of their data centers, where the cost of electricity is quite cheap, the firm is hoping to make this innovative investment program mainstream. The Bitcoin mining company believes that these kinds of programs offer better exposure than direct spot trading due to uncertainty in prices. Valery Vavilov, the CFO of Bitfury commented on the idea behind the program and said,

“While this offering is attractive to different types of accredited investors, we believe one of the groups that will benefit most from this offering is family offices. Our streamlined avenue to diversification is designed specifically for their portfolios – exposure to digital assets without any of the operational/technical requirements of holding the digital assets/infrastructure themselves.”

Bitcoin Mining Could Become A Form of Investment Vehicle

Bitfury is not the only Bitcoin mining firm which came up with the idea of offering Bitcoin exposure through part ownership in mining farms. Prior to Bitfury, Chinese mining company Canaan also offered a similar investment opportunity before its listing on Nasdaq, however, its legal trouble did not allow it to become a known choice of investors.

Institutional clients have always preferred an alternative investment vehicle to the spot market and most of them do not want to directly take custody of Bitcoin fearing the volatile market might get triggered by their behavior. Thus, these big investors always look for alternative exposure to Bitcoin to get exposure to one of the most profitable assets over the past decade.

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Author: Rebecca Asseh

7 Bullish Ethereum Charts that says Ether is “Significantly Undervalued”

The price of Ether might still be struggling around $200 but its fundamentals are screaming bullish. Post Black Thursday sell off, Ether has been seeing a net outflow (62% of days) from exchanges, which is a sign of accumulation.

Blockfyre charted several progress indicators for Ethereum against its price development since its genesis and the growth had them stating, “Ethereum is significantly undervalued at current prices.”

The first metric is development activity which indicates the health of the network that has been constantly increasing since 2014. Regardless of the price movement, the Ethereum foundation and its developers have been hard at work.

As we reported, the Ethereum usage is at its all-time high with the amount of gas used continuing to surge. Gas usage indicates the growing adoption of the Ethereum network.

“More than 60 billion gas is now being used on a daily basis — a sign that Ethereum blockspace demand has never been higher,” pointed out Spencer Noon, head of Digital Currency Group.

Interestingly, the increased usage of the network also caused the gas price to jump 300% since the end of April at 40 Gwei. On May 21st, it went up as high as 50 Gwei and is currently averaging around 37 Gwei.

The number of addresses holding Ether has just hit a new peak at 40 million, up 350% since early 2018.

The total daily active addresses are also at 380k, a figure not seen in over two years.

The mean dollar invested age that measures how long the Ether has stayed in an address before being moved has also been increasing since 2018. Recently, this metric also hit a new all-time high which shows investors accumulating and holding their Ether at these price levels.

What’s even more interesting is that the same accumulation behavior is seen in miners.

Ether miners’ balance is in an uptrend since its creation indicating even miners who are required to sell their ETH rewards to cover their expenses are preferring to hold their coins.

DeFi is already growing like crazy, now its users are starting to go parabolic. Currently, there are 178k DeFi users which is up from 90k five months ago.

Also, seven of the DeFi projects have more than $30 million assets under management (AUM) while a year ago there was only one such project.

The system is maturing rapidly and now becoming an “economic vacuum for all assets,” starting with Bitcoin as since May 1st, DeFi project WBTC has minted $25 million.

In 2020, while the world went into chaos, Ethereum averaged 850k transactions per day, which is up from 580k in early January. This is three times more than bitcoin averages on a daily basis.

Also, ETH fees have totaled at $426k in the past 24 hours, which is more than 237x than the third largest cryptocurrency XRP. As of May 18, 2020, Ethereum fee based ‘revenues’ have totaled more than $15 million in 2020.

Moreover, “Ethereum is the only network besides Bitcoin that has a meaningful market for security paid in fees.”

But the most prominent growth has been seen in stablecoins, with more than $7 billion in fiat-backed tokens now issued on Ethereum. Over the past three months, a major demand for crypto dollars was seen in about $4 billion in new issuance.

Adding to this bullishness is the 1 million new shares of Grayscale Investments ETHE product that has been issued in the past 3 weeks, noted Noon. This is a sign that institutions are showing an interest in ETH, he said.

All of this progress while Ether price is at two-year low are “very promising” for Ethereum Network and the prices.

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Author: AnTy