Circle’s CEO and Markets Insiders Expect USDC to Benefit and Overall Trading Experience to Improve
Daily Market Wrap
Crypto market cap 941 billion, down 5.52%
BTC price stands at USD 18,087, down 6.0%
ETH price stands at USD 1,533, down 6.70%
Top gainer: TerraClassicUSD (USTC), up 6.04%%
Top loser: Ethereum Classic (ETC), down 16.15%
News of the Day
Binance ditched a bunch of stablecoins. even a newly banished issuer was okay with it
Why it matters:
Jeremy Allaire tweeted, this “change will likely lead to more USDC flowing to Binance” and that the market can benefit from “Binance is trying to consolidate dollar liquidity with cash equivalent stables”, noting that the move will be good for liquidity and market depth
Co-founder and CEO of Paxos Asia, Rich Teo, also noted that Binance users are now offered higher security, as BUSD is under supervision of New York State Department of Financial Services (NYDFS) and has backing reserves in case of bankruptcy
The decision to reduce to token trading at Binance to concentrate liquidity was agreed by Circle and other third parties in advance
Crypto Daily Spotlight
Crypto exchange KuCoin highlights flaws in DeFi platform Acala's post-exploit proposal
Brief introduction: Acala, a DeFI platform on Polkadot, was hacked back in mid-August. The DeFi hub of Polkadot hack caused a 99% lost in aUSD, the algorithm stablecoin for DeFi activity on Polkadot, as $3 billion worth of aUSD were wrongfully minted due to a misconfiguration of the iBTC/aUSD liquidity pool.
Why it matters:
Acala community assembled a trace report has since recovered and burned 98% of the wrongly minted tokens
KuCoin has been working closely with Acala Foundation, offering solutions, but has pointed out inaccuracies within the aUSD recovery proposal, such as the number of aUSD error mints sent to KuCoin and the number of aUSD error mints traded on KuCoin
KuCoin has highlighted the “tremendous damage to the Acala community and the price of the aUSD token” if the Acala community freezes and burns wrongly identified wrongly minted tokens
Daily Sector Tracker
Daily News Roundup
DeFi Giant Aave Stops Loaning Ether Ahead of the Merge https://bit.ly/3RIHR8g
Ethereum domain names top Bored Apes on OpenSea’s weekly chart https://bit.ly/3RFcHP1
New finance minister Kwasi Kwarteng leaves crypto policy in the UK unclear https://bit.ly/3TQJKBJ
Traders Bet on GMX Tokens as Proxy for Ethereum Layer 2 Tool Arbitrum https://bit.ly/3KT5loW
David Bowie Ethereum NFTs Trigger Twitter Backlash https://bit.ly/3Bhg8Gk
About Aspen Digital
Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.
For more information, please visit https://www.aspendigital.co/
Sign Up on Aspen Digital
If you would like to know more, please sign up here.