Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
🙅♂️ No more USDC, USDP and TUSD on Binance
Binance has made a huge decision to consolidate 3 stablecoin balances (USDC, USDP and TUSD) with your BUSD balance.
#Binance to Auto-Convert $USDC, $USDP, $TUSD to #BUSD (Binance USD).
— Binance (@binance) September 5, 2022
If you deposit any of these 3 stablecoins on Binance, it will be automatically converted to BUSD.
This is similar to how FTX and Coinbase operate, where multiple stablecoins are consolidated into a single USD balance.
Jeremy Allaire, the CEO of Circle (issuer of USDC), mentioned that this move is actually good for USDC.
Helpful perspective from @wintermute_t , which is spot on. Converged dollar books on Binance — now same as on FTX and Coinbase — is a good thing. USDC utility just increased. https://t.co/QWfMx7f1cZ
— Jeremy Allaire (@jerallaire) September 5, 2022
Interestingly, USDT has been omitted from the stablecoin conversion, even though it is the top stablecoin by market cap.
The main concern about USDT is whether its reserves can fully back the total amount of USDT issued, and you can check out our analysis of their reserves here.
Bellatrix Upgrade ✅
The Bellatrix Upgrade has been completed on the Ethereum network.
The Bellatrix upgrade just went live on the Ethereum Beacon Chain.
Next up is the mainnet merge which will happen in less than 9 days.
The Merge is coming 🐼
— sassal.eth 🦇🔊 (@sassal0x) September 6, 2022
This upgrade prepares the Beacon Chain to merge with the Ethereum Mainnet, which will result in Ethereum using Proof-of-Stake instead of Proof-of-Work.
You can find out more about what the Ethereum Merge is here, as well as what you need to do to prepare for it.
While there are potential forks that aim to maintain Ethereum in its Proof-of-Work state, multiple protocols and tokens have shown support for this upgrade to Proof-of-Stake.
The Merge is coming, but Uniswap users don't need to do anything. We support the upgrade & have no plans to back forks in our web app.
For those building, read our blog on keeping web3 safe post-merge when dealing with replayable permits & TWAP oracles. https://t.co/MA7l8j0rnv
— Uniswap Labs 🦄 (@Uniswap) September 7, 2022
More competitors for Ethereum? 👀
While The Merge is set to pave the way for an Ethereum network with greater scalability, other Layer 1 competitors have come up with major upgrades on their networks.
Algorand has launched State Proofs, which is set to increase Algorand’s transactions per second from 1,200 to 6,000.
1/ Major Protocol Upgrade: Now live on #Algorand MainNet, the release introduces State Proofs for trustless cross-chain communication and 5x faster performance 👉 https://t.co/nN6hw5MPxp pic.twitter.com/wH2tW2fi2O
— Algorand (@Algorand) September 7, 2022
Meanwhile, Cardano has also announced its Vasil Hard Fork will be conducted on the 22nd of September.
JUST IN: #Cardano Vasil hard fork upgrade officially scheduled for September 22nd.
— Watcher.Guru (@WatcherGuru) September 2, 2022
This upgrade is also set to improve Cardano’s network capabilities and reduce transaction fees.
While Ethereum is the undisputed king of Layer 1s, it seems to be facing stiff competition for the throne!
0️⃣ ZK rollup for BNB Chain
Zero-knowledge (ZK) rollup technology has been one of the major breakthroughs to further scale Ethereum.
An explainer of the different types of ZK-EVMs and ZK-EVM-like projects out there, and the tradeoffs between them.https://t.co/HAYpNfCHRH
— vitalik.eth (@VitalikButerin) August 4, 2022
BNB Chain has also announced its version of ZK proofs (zkBNB), which will act as a Layer-2 scaling solution on the BNB Chain.
We're excited to announce a significant breakthrough for #BNBChain scaling and ZK innovation.
Introducing #zkBNB an industry leading zero-knowledge proof based scaling solution providing:
🔸Advanced Scalability
🔸Transaction Speed
🔸Faster Finality
🔸Unmatched Security[1/9]🧵 pic.twitter.com/jdIa3M8OlK
— BNB Chain (@BNBCHAIN) September 7, 2022
With greater scaling, this will allow decentralised applications (Dapps) to enjoy faster transaction speeds on the network.
This will be particularly beneficial for GameFi projects or social media applications built on BNB Chain, which may require a lot more transactions to be processed at a given time.
🔥 LUNC introduces burn tax
A new 1.2% burn tax will be implemented on every transaction on the Terra Classic network.
This is aimed at reducing the total circulating supply of LUNC, which has reached almost 7 trillion tokens after UST’s depeg.
In theory, with a decrease in circulating supply, this may result in an increase in LUNC’s price.
Prominent centralised exchanges have supported this move, including Binance, Huobi and KuCoin.
🔥#Huobi Will Support 1.2% Tax Burn Proposal of #TerraClassic ( $LUNC ) Network!
➡️https://t.co/Cd15enYDgN pic.twitter.com/1L99u1E1LH
— Huobi (@HuobiGlobal) September 9, 2022
Which Layer 1 do you think will emerge as the king? Are you optimistic about LUNC’s burn tax? 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
- Follow us on Telegram:
Announcements | Krystal Global | Krystal Vietnam 🇻🇳| Krystal Korea 🇰🇷 | Krystal Turkey 🇹🇷 | Krystal Africa 🌍 | Krystal Indonesia 🇮🇩 | Krystal India 🇮🇳 | Krystal Bangladesh 🇧🇩 - YouTube
