ETH $50 gas ⛽ / DEX volumes +160% 😳 / WBTC problem ⚠️ / XTZ $25m settlement 👩‍⚖️ / Binance-Swipe FDIC ⁉️

Kathleen Breitman intended to make over $10m personally from the proceeds of the ICO...

Inside.com Part of   Network September 01, 2020

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Market Watch Bitcoin $11,972 7 day: +5.4% Ethereum $476 7 day: +24.7% All crypto $391b 7 day: +11% Bitcoin dominance 56.6% 7 day: -2.7% Prices as of 4 p.m. EDT

Roskomnadzor emblem Internet censor Roskomnadzor wants to oversee all crypto mining farms in Russia. Russia’s Ministry of Digital Development, Communications and Mass Media has proposed a draft bill that would provide Vladimir Putin granular view of cryptocurrency infrastructure within the country. If the bill passes, Russian data center operators must report information about computing capacity, data storage, services, price sheets, land, buildings, certifications, electrical supply, and details on what is contained on any shelving. The CEO of Bitriver told Coindesk that because any Russian miners consuming more than two megawatts of power can be detected by electric grid operators — triggering a requirement to submit reports to Moscow — the draft bill appears somewhat redundant. Coindesk

Decentralized exchange (DEX) trading volume set a third consecutive monthly high in August, up 160% from July. DEX volume totaled $11.6b in August, according to Dune Analytics. For comparison, Binance claims daily liquidity equal in that amount. DeFi Pulse claims that the Total Value Locked (TVL) in decentralized finance (DeFi) protocols has septupled since June. Many DeFi projects launched recently have attracted hundreds of millions of dollars within days. For example, Uniswap’s DEX trading volume of SushiSwap (SUSHI), a meme coin which launched just last week, exceeded $200m yesterday and is consuming over 3% of all Ethereum gas fees. Uniswap is responsible for 58% of DeFi DEX trading volumes. Coindesk

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High average ETH gas prices DeFi is clogging up the Ethereum network and sending transaction fees to all-time highs. Average prices during the past 24 hours exceed the most expensive day of the 2018 Ethereum-based CryptoKitties craze. Gas prices today have exceeded $50 at times. The largest DeFi exchange, Uniswap, is responsible for over 25% of all Ethereum gas usage during the last 24 hours. Uniswap’s exchange processed over $680m in transactions yesterday. CoinTelegraph

Over $500m of wrapped bitcoin (WBTC) has been ported from bitcoin’s blockchain onto Ethereum. WBTC is an Ethereum-compatible version of bitcoin. Decentralized finance (DeFi) projects which rely on Ethereum’s network like Uniswap, Curve (CRV), Aave (LEND), and SushiSwap (SUSHI) have popularized this so-called “bitcoin bridging.” Ethereum co-founder Vitalik Buterin is very concerned about the stability of WBTC. Some days, the quantity of newly minted WBTC exceeds even the quantity of that day’s mined bitcoin. On Saturday, Binance opened a wrapped-bitcoin-for-bitcoin (WBTC/BTC) pair for trading. WBTC/BTC has fluctuated 5% over the past 48 hours, demonstrating that the conversion rate is not truly 1:1 amid fears of protocol stability. Messari

Promotional Image from Binance's Swipe Binance subsidiary Swipe announces plans for an FDIC-insured USD checking account for U.S. customers. Swipe powers Binance Card, a cryptocurrency portfolio-backed Visa debit card for Binance customers. Prior to its acquisition by Binance, Swipe offered a multi-currency cryptocurrency wallet. Binance acquired another multi-cryptocurrency wallet in 2018 called TrustWallet. Both provide off-exchange storage options for Binance customers who do not want to store their cryptocurrencies within Binance’s hot wallets. On May 7, 2019, hackers stole 2% of Binance’s bitcoin holdings by hacking its hot wallets. Neither Swipe, TrustWallet, nor Binance are banks. Swipe’s FDIC insurance will be offered by Evolve Bank & Trust. We have covered the fits and starts of the Binance Card launch here and here. Swipe

Screenshot of court order Tezos (XTZ) agrees to settle a lawsuit for $25m. The Tezos Foundation will pay a group of plaintiffs who incurred losses on their ICO investment. Tezos and its founders, Arthur and Kathleen Breitman, are ordered by a U.S. District Court to pay the settlement. Tezos raised $232m in a token sale in July 2017, the largest initial coin offering at the time. Kathleen Breitman intended to make over $10m personally from the proceeds of the ICO on which she had worked less than one year at the time. A series of lawsuits ensued. NOTE: Jason Calacanis, the Founder of Inside, interviewed Kathleen Breitman on a September 2017 installment of his This Week in Startups podcast wherein Breitman confirmed her intention to make over $10m personally (27-minute timestamp) from the ICO. Calacanis had no involvement in the content of this story. Decrypt

Quick Hits: BitMEX has released its first mobile app. BitMEX claims to process $2.8b in daily derivatives transactions. We reported startling statistics regarding BitMEX here and in yesterday’s issue of Inside Cryptocurrency Premium. The Organization of Petroleum Exporting Countries (OPEC) is investigating blockchain. Bitcoin Core developer and Blockstream co-founder Pieter Wuille departs to join Chaincode Labs. Coinbase CEO Brian Armstrong has confirmed that his team is working on an initial exchange offering (IEO) service. Vault offers online medical visits and personalized treatments for men. Get back to peak performance with Vault.* *This is a sponsored post.

Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia.  Editor Edited by Eduardo Garcia in New York. Eduardo is a graduate of the Columbia Journalism School M.A. Science program and writes regularly for the New York Times Climate Fwd: newsletter. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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