Yoshi.Exchange Weekly Crypto News Digest and Crypto Price Recap — 24/10–30/10
HOT NEWS 🔥
Yoshi.exchange turns one year old
A DEX Aggregator on Fantom launched on October 26, 2021 during the Fantom Dev Conference turned 1 year old last week. Over this year lots of exciting developments have happened. Yoshi has managed to get its token to BSC and fiat on ramp was launched. But of course we are yet to see even more exciting features to be added to Yoshi’s arsenal! Follow the developments!
Twitter Establishes NFT Test Program
Twitter has established an NFT test program in partnership with a number of markets, including Magic Eden, Dapper Labs, Rarible, and Jump.trade. Twitter will allow users to immediately show their listed NFTs within tweets. In addition, prospective buyers will be able to purchase them using an integrated button on the marketplace where the NFT is displayed. Twitter’s pilot already supports Ethereum, Solana, Flow, and other cryptocurrencies via the marketplaces involved.
FTX To Create Its Stable Coin
Sam Bankman-Fried (SBF), the founder of FTX, has hinted that the exchange is working on its own, centralized stablecoin. Notably, FTX is one of the few top-tier exchanges without its own stablecoin. Unlike Binance, which has its BUSD, FTX does not generate revenue from the use and volume of a platform-native stablecoin. The introduction of an FTX stablecoin would almost certainly ignite the “Second Great Stablecoin War,” as the community has dubbed it.
$USN Faces Depegging
USN, an NEAR-native, algorithmic stablecoin launched by Decentral Bank, was depegged from its previous price of US$ 1 due to a US$ 40 million collateral gap. As a result of USN’s significance in NEAR’s DeFi domain, the total value locked in the blockchain’s platforms plummeted by just under US$ 120 million, or more than 48%. As a result, the NEAR Foundation recommended Decentral Bank to discontinue the USN stablecoin. Nonetheless, the foundation set aside US$ 40 million to develop a “USN Protection Programme” to ensure that addresses that retained the token could redeem it for US$ 1 tokens.
Polygon NFT Trade Volume Hits All Time High
This week saw the launch of Reddit’s digital collectibles, which pushed Polygon’s NFT trade volume to all-time highs. Reddit’s NFTs have been involved in over 32.2k trades totaling approximately US$ 10 million in less than a week, with slightly under 3 million avatars created. Simultaneously, through Polygon wallets, Reddit has onboarded 2.8 million members into the crypto world. Despite this, aside from the initial minting, the vast majority of these wallets have not interacted with any blockchain protocols.
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