TideBit Monthly Report (February 2021)

TideBit Market Roundup

Bitcoin:

Ethereum:

source: Glassnode

Big event

Tesla Inc Purchases $1.5 Billion in Bitcoin and Plans to Begin Accepting BTC Payments

MasterCard announces support for crypto on its network

Twitter looking into Bitcoin payments for employees, says CFO

Amazon job postings hint at digital payments project to launch in Mexico

BitPay integration brings crypto payments to Apple Pay’s 380 million users

Binance Coin becomes the third-largest crypto following parabolic rally

Square doubles down on Bitcoin, investing another $170M

Coinbase’s Financials Are Now Public Ahead of Stock Market Listing

This month was remarkable for blockchain industry. We saw payment giants intend to bring cryptocurrency payment into their network: Tesla accepts cryptocurrency payment, Mastercard and BitPay plans to support customers with the crypto payment for goods and services, etc. Despite Bitcoin not being able to replace fiat money, it could be an alternative way for customers to spend their money. The increase in the usage of cryptocurrencies may reveal a wider support from other payment groups in the future.

Regulations

SEC charges promoters of Steven Seagal-spruiked ICO from 2018

Central Bank of Nigeria bans banks from servicing crypto exchanges

Bank of Korea publishes book on central bank digital currency’s legal issues

FSTB Proposes Restricting Cryptocurrency Trading to Professional Investors

Indian banks put crypto traders’ accounts under the microscope

DeFi

Top #1 DEX volume(24hrs): US$130 billion (Venus dominates 94.92% of the market)

Ethereum average transaction fee: $19.64

(As of 26 February 2021)

Total Value Locked in DeFi Hits $40 Billion

  • Top 5 projects are Maker, Aave (AAVE), Compound (COMP), Curve Finance (CRV) and Uniswap (UNI), correspondingly.

Yearn.Finance Protocol Suffers $2.8 Million Flash Loan Attack on its DAI lending pool

Alpha Finance suffers a flash loan attack

  • A suspected exploit reported by Cream Finance was “functioning as normal”.

Ethereum 2.0 set to undergo first hard fork upgrade

  • Allow the developers to introduce several key upgrades to the recently launched Beacon Chain
  • Serve as a useful test for deeper changes in the future.

Stablecoin RAI launches

  • Built on Ethereum
  • non-pegged

Binance Smart Chain grows in DeFi

  • PancakeSwap, the prominent DeFi protocol on BSC, has become the first BSC DeFi project with a billion total market cap.

As BSC ecosystem grows, Uniswap, the DEX that runs on Ethereum, is no longer leading the market. Total 24hrs volume of Venus, a DeFI protocol built on BSC, now stands above US$100 billion, which is 74 times more than Uniswap. Similarly, the average total value locked(TVL) in Venus has reached US$6 billion and surpassed Uniswap this week. Besides, as noted, users are shifting from DEXs on Ethereum to those on BSC, because of the harsh gas fee and long-running transaction.

Sources: Cointelegraph, Blockchain.news, Defipulse, TradingView, Debank, Defirate, Ycharts, Coindesk, Coinmarketcap

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