FTX Wins Bid to Buy Voyager Digital’s Assets ; Cosmos Community Launches New ATOM Tokenomics Plans
Updated: Sep 27, 2022
Daily Market Wrap
Crypto market cap: 956.87 Billion, up 4.82%
BTC price stands at USD 19,812, up 4.96%
ETH price stands at USD 1,368, up 4.99%
Top gainer: Terra (LUNA), up 25.78%
Top loser: XRP (XRP), down 2.34%
News of the Day
FTX wins with a $1.422 billion bid to buy Voyager’s digital assets
Why it matters:
On July 5th, Voyager declared bankruptcy under chapter 11 after Three Arrows defaulted on their loan, which allowed the firm to retain control of its assets and continue operating whilst it plans to restructure or sell the business
As a result, the company attracted acquisition biddings from Binance, CrossTower and FTX, all of whom proposed different solutions which will impact existing Voyager clients
Voyager has selected FTX as the best bid, which covers $1.311 billion worth of cryptocurrency in fair value and $111 million in incremental value, for which FTX will be returning value to Voyager’s customers and creditors
Crypto Daily Spotlight
Cosmos Is ‘Forging a New ATOM’ Starting With Interchain Security
Brief introduction: Cosmos is a proof-of-stake blockchain that powers an ecosystem of blockchains designed to scale and interoperate with each other. Cosmos offers a set of open source tools like Tendermint, Cosmos SDK and inter-blockchain communication (IBC).
Why it matters:
Cosmos community has released a whitepaper to revamp its native ATOM token’s tokenomics, introducing accrual value to ATOM to generate protocol revenue
The ecosystem plans to leverage protocols such as Umee to provide more liquid staking, effectively mitigating the 21-day unbonding period, leading to higher staking rates for ATOM across Cosmos chains
The paper outlines the Hub to be at the heart of interchain security, such that other chains can use the Hub to secure their own networks
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