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U.S. equities fell yesterday as interest rates went up by 25 bps, and Fed Chair Powell said interest rates will not be cut while inflation remains high. Despite the continued fall in equities, the broader cryptocurrency market went up again, with Bitcoin and Ether rising 1.2% and 1.68%, respectively, in the past 24 hours.
The outperformer for today is CRV, which surged 7.16% in the past 24 hours due to the mainnet launch of their new stablecoin, crvUSD.
Launched in January 2020, Curve Finance (CRV) is a DeFi protocol built on Ethereum specializing in low slippage swapping of stablecoins and pegged assets. Curve uses a modified automated market maker (AMM) formula to enable greater capital efficiency and lower slippage. They also popularized the veTokenomics mechanism, where holders can lock their token to vote on token emissions to liquidity pools, and enabled other protocols to bribe voters to vote for their pools, creating more utility for the CRV token.
Today, they deployed and minted $20 million of their native stablecoin, crvUSD, which is an overcollateralized token pegged to $1 that employs a unique lending-liquidating algorithm called LLAMA, which rebalances users' collateral as crypto prices fluctuate, offering a smoother liquidation process compared to other lending protocols.
Check Out the Latest Prices, Charts, and Data of CRVUSDT!
The BRC-20 token standard on the Bitcoin blockchain has been gaining in popularity. The BRC-20 standard was inspired by Ethereum's ERC-20 and allowed for fungible tokens to be created and sent through the Ordinals protocol. Unlike ERC-20, BRC-20 tokens do not use smart contracts and require a Bitcoin wallet for minting and trading. Over 8,500 tokens have been minted using BRC-20, however, they are mostly memecoins hoping to be the next “PEPE”, a successful memecoin on Ethereum. The market cap of all BRC-20 tokens has surged to $120 million, a 600% increase in the past week, and the number of BRC-20 transactions caused the Bitcoin blockchain to see all-time high daily transactions and a surge in transaction fees. More importantly, it generated an additional 109.7 BTC in fees for miners, and if BRC-20 consistently generates high fees for miners, it might just be the key to a more sustainable Bitcoin future.