Author: Coindesk
According to Framework Ventures, Most DePIN projects, including Helium, have historically taken a retail-focused approach to initial distribution of the network and hardware. Helium is arguably one of the largest and first DePIN projects, with a market capitalization of almost $1 billion. Read the full article here
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Asked how much he expected the memento – scribbled at a time when bitcoin (BTC) traded around $2,400 – to fetch, Langalis said, “I try not to think about it.” However, he said that in recent weeks he received a private offer to buy the sign for five BTC, roughly $350,000 at recent prices. There is no reserve bid, or minimum price, he said. Read the full article here
Unlike asset-backed stablecoins like tether (USDT) and USDC, whose value is secured against dollars or dollar-equivalents such as U.S. government debt, USDe calls itself a synthetic stablecoin with its $1 value maintained through a financial technique known as the cash-and-carry trade. The trade, which involves buying an asset and simultaneously shorting a derivative of the asset to collect the funding rate, or the difference between the two prices, is well known in traditional finance and doesn’t carry directional, or delta, risk. Read the full article here
Though Kaplan ordered Bankman-Fried be remanded to a low or medium-security prison near his parents in Northern California, citing his autism as a risk factor for him in a maximum security facility, Bankman-Fried has surprisingly asked to be kept in the notorious Manhattan Detention Center during his appeal process. Read the full article here
“The SEC is very imaginative in the ways that you can be violating their rules,” Bill Hughes, senior counsel and director of global regulatory matters at Consensys, told CoinDesk. Part of the issue, conceivably, is that Uniswap Labs runs the biggest portal onto the Uniswap protocol via uniswap.org. Another potential concern is the UNI governance token, launched to give users some control over protocol governance but could be twisted to look like a securities offering. Read the full article here
Prosecutors are nearing the end of their week-long case against Eisenberg. On Thursday, they called a special agent and an expert witness that walked the jury through how Eisenberg allegedly drove up the price of MNGO tokens on AscendX, FTX and Serum in order to inflate the value of perpetual contracts he was trading on the Mango Markets decentralized exchange. Then, they said, he borrowed or withdrew well over $100 million from the exchange. Read the full article here
Token unlocks happen because the supply of many cryptocurrencies are locked up in vesting to prevent insiders – early investors, team members – from dumping tokens en masse. Prices historically decline around such events, as the supply increase outpaces investor demand for the asset, according to research by crypto analytics firm The Tie. Read the full article here
On the crypto event circuit, McHenry has repeatedly contended that it’s still possible to get his panel’s stablecoin bill passed for President Joe Biden to sign it into law, including in remarks earlier this week. McHenry is retiring from Congress this year and has put a priority on the legislation to provide guardrails to issuers of the tokens that, among other uses, provide a steadier foundation for the trading of more volatile cryptocurrencies. Read the full article here
The BlackRock USD Institutional Digital Liquidity Fund, created with tokenization firm Securitize, holds cash, U.S. Treasury bills and repurchase agreements. Investment in the fund is represented by the Ethereum-based BUIDL token, which provides yield paid out via blockchain rails every day to token holders. Read the full article here