Krystal Blog Logo

Krystal Newsflash (26th Aug 2022)

●   3 min
1*M JoHFFt1YR5kwDlA5i4Vg

Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:

Tornado Cash Saga Drags On 🎭

The drama continues over the sanctions imposed on Tornado Cash by the Office of Foreign Assets Control (OFAC).

United States Congressman Tom Emmer sent a letter to Treasury Secretary Janet Yellen to clarify OFAC’s decision.

This is the first time that a piece of code was added to the Specially Designated Nationals and Blocked Persons List (SDN), which was argued by the Electronic Founder Foundation (EFF) that it could violate the First Amendment.

Meanwhile, Tornado Cash’s creator Alexey Pertsev has to stay in jail for at least another 90 days, according to a ruling by a judge in the Netherlands.

There has been an outcry within the Web3 community over Pertsev’s arrest, as this could kill innovation for open-source software.

This is because developers can be held responsible for how their code is being used, even though they did not have any intentions of such malicious activity.

Another Rug Pull 🤦‍♂️

Even with fewer crypto scams happening now as compared to last year, there are still some bad hats out there.

Sudorare touted itself as forks of SudoSwap and LooksRare, 2 potential competitors to OpenSea.

This platform aimed to attract users to deposit their funds in Sudorare’s liquidity pools with the promise of higher yields.

However, after the platform launched, the developers drained liquidity from the pools, and made off with around 514 ETH.

We would like to urge extreme caution whenever you invest in new projects that offer really high yields.

If the deal is too good to be true, it usually is the case!

Coinbase Now Offers Liquid Staking 💧

Liquid staking is now all the craze, and Coinbase has joined the bandwagon.

If you’ve staked ETH on the Beacon Chain, it can be converted into cbETH, which is a representation of your staked amount.

cbETH can be used for multiple DeFi use cases, such as lending, or depositing into a liquidity pool.

Apart from Coinbase, there are other liquid staking platforms like Lido Finance and Ankr, which you may find them on our platform very soon 😉

🦄 Uniswap Foundation Approved ✅

A proposal to create the Uniswap Foundation was recently approved by UNI token holders.

The Uniswap Foundation has certain functions, such as:

  • Promoting growth of the platform
  • Changing the governance process
  • Increasing awareness of Uniswap as a protocol

In fact, Uniswap is one of the DEXes we have integrated with on Ethereum. You can either use Uniswap directly on our platform, or get your trades routed from Uniswap and other DEXes to receive the best rates with our SmartSwap feature.

Telegram Usernames Are Now NFTs?

After the success of The Open Network’s domain name sale, Telegram founder Pavel Durov suggested a marketplace to auction usernames on Telegram.

Usernames have become really popular in the Web3 space, as it provides you with a form of identity.

The most popular one you may have heard of is Ethereum Name Service (ENS), which is one of the major non-financial applications of crypto as mentioned by Vitalik Buterin.

Know any ENS and curious about their DeFi portfolio? You can now be privy to their holdings by searching them on Krystal 🤭

These usernames, or even group and channel links, may be converted into NFTs, and users are able to either buy or sell them via a marketplace on Telegram.

Which is your go-to liquid staking platform? Are you optimistic or pessimistic about the fate of Tornado Cash? Tweet us or send us a message on Telegram to let us know!

🔍 Navigate the DeFi Space NOW with Krystal!

Start your journey NOW on Desktop, iOS or Android

📱 Social Media

How do you rate this article?


Leave a comment

Your email address will not be published.