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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

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

  1. DeFi Giant Aave Stops Loaning Ether Ahead of the Merge

  2. Ethereum domain names top Bored Apes on OpenSea’s weekly chart

  3. New finance minister Kwasi Kwarteng leaves crypto policy in the UK unclear

  4. Traders Bet on GMX Tokens as Proxy for Ethereum Layer 2 Tool Arbitrum

  5. David Bowie Ethereum NFTs Trigger Twitter Backlash

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