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IMF Recommends Eco-Friendly CBDCs and Non-PoW Payments

Daily Market Wrap

  • Crypto market cap: 1.23 trillion, down 0.43%

  • BTC price stands at USD 29,965, down 0.57%

  • ETH price stands at USD 1,781, down 0.15%

  • Top gainer: Tezos (XTZ), up 8.81%

  • Top loser: Stacks (STX), down 4.32%

News of the Day

Why it matters:

  • International Monetary Fund (IMF) conducted a study on energy consumption and suggested that developers should lay aside the PoW protocols

  • The IMF’s recommendation to advocate for non-PoW-based payments is because Bitcoin consumes about 144 terawatt-hours (TWh) per year

  • IMF elaborated that the mechanism of Proof-of-Work (POW) poses high environmental threats due to the emission of fumes containing carbon

Crypto daily spotlight

Brief introduction: Osmosis (OSMO) is an automated market-making protocol (AMM) built using CosmosSDK and IBC technologies, where users can create, construct, design, and deploy individual and highly-customized AMMs with various modules and the on-chain governance system.

Why it matters:

  • The cause of the liquidity pool exploit has been identified — FireStake, a validator in the Cosmos ecosystem, posted a Twitter thread admitting that two members of its team exploited the Osmosis LP bug

  • Firestake told their 1,700 Twitter followers that 2 out of 4 attackers decided to voluntarily return the stolen funds and “set things straight”

  • FireStake said it is working with Osmosis to return the stolen funds and that it will no longer operate in the Cosmos ecosystem

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