PayPal's crypto'super app' is expected to launch soon.

According to Dan Schulman, the initiative is already "code complete" and will be completely ramped up in the United States in the next months. PayPal, a payment processing company, has stated that its users may not have to wait long for more crypto functionality on the platform.


CEO Dan Schulman claimed today on PayPal's Q2 2021 investor call that the initial iteration of the company's super app wallet was "code complete." PayPal's president stated that the wallet would be fully operational in the United States within the next few months.

High-yield savings, early access to direct deposit funds, messaging, “additional crypto capabilities,” and other features will be available in the super app wallet. Each wallet would be "unique," according to Schulman, and would be "powered by powerful AI and machine learning capabilities."

As of June 30, PayPal had over 400 million active user accounts, with $311 billion in total payment volume during the second quarter of 2021. With 76 million active accounts, Venmo, the PayPal-owned payments company that introduced crypto trading in April, had around $58 billion in total payment volume in the second quarter of 2021.

The PayPal CEO stated, "We're one of the only payments businesses that allows consumers to use cryptocurrencies as a funding source." “We're also seeing a lot of bitcoin adoption and trade on Venmo.”

PayPal stated earlier this month that it would raise the limit on cryptocurrency purchases for certain US consumers from $20,000 to $100,000. The payments company initially stated that it would enter the crypto area in October 2020, with qualifying users eventually being able to use cryptocurrency for trading and payments.

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During the introduction of Stoner Cats NFTs, about 300 ETH was lost due to "failed transactions."



The Ethereum protocol's flaws have resurfaced as a result of increased demand for Stoner Cats NFTs. Users have lost little under 310 ETH due to botched Stoner Cats NFT mints, according to on-chain data. That's about $700,000 in failed sales at today's prices.


This problem highlights weaknesses in the Ethereum protocol yet again. But what went wrong, exactly?

What went wrong? Users that missed out had not set their gas limit high enough, according to @0xWave, who explained the scenario. Miners choose to write other, higher-paying transactions onto the blockchain instead, leaving their transactions in limbo.

“In this scenario, the transaction failed because the gas limit was not set high enough to cover all steps in the transaction. However, it does not fail until it runs out of gas, thus even if the transaction fails, 100% of the allocated gas is used.”

Users are still charged even if the transaction "runs out of gas," as is the case with Ethereum. Last summer, when petrol prices soared to as high as 710 gwei, the same issue received a lot of attention.

The reason of the problem back then was DeFi frenzy, in which users rushed the network in the hopes of receiving big returns.

Poor scalability, which occurs when the quantity of transactions approaches network capacity, leads to high Ethereum gas prices. When this happens, the competition for transactions to be written into the block intensifies, encouraging miners to prioritize the most expensive transactions.

The developers are being blamed for not increasing the default gas limit high enough. However, it's possible that they underestimated the demand for Stoner Cats NFTs.

NFTs for the Stoner Cats sell out in record time.

Stoner Cats is an adult animated show about cats who reach a higher level of consciousness, with voiceovers by A-listers such as Mila Kunis. Vitalik Buterin, the co-founder of Ethereum, is also highlighted.

It's the first TV show entirely supported by the sale of NFTs. It was done, according to the team behind it, to avoid TV network restrictions and maintain creative control.

A total of 10,420 NFTs were available in the initial drop, which went online on July 27. The entire lot had sold out in 35 "meow-nutes," according to a tweet from the show's official Twitter account.

At 0.35 ETH per, a total of 3,647 ETH ($8.4 million) was raised.

Morgan Beller, a General Partner at NFX, the show's venture firm, had previously raised doubts about the show's ability to achieve its aim. However, based on the speed with which the NFTs sold out, it's evident that Stoner Cats has found a winning recipe.

The sale has already flooded the secondary market with NFTs. On a price countdown from 99.7 trillion ETH, Opensea indicates #420.

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The White House claims that enforcing crypto tax laws will help pay for a bipartisan infrastructure deal.

The White House announced Wednesday that a months-in-the-making infrastructure plan in the United States Senate will be largely funded by increased bitcoin tax enforcement.


Though the bill's text isn't public, a White House information sheet lists crypto tax enforcement as one of the spending offsets to help fund the multibillion-dollar infrastructure project.

According to the fact sheet:

"The agreement will bring major economic benefits in the coming years. In addition to the revenue gained through higher economic growth as a result of the investments, it is funded by a combination of unspent disaster relief funds, targeted business user fees, strengthened tax enforcement when it comes to crypto currencies, and other bipartisan initiatives."

According to a separate fact sheet examined by CoinDesk on Wednesday, the law would raise $28 billion via increased reporting requirements for exchanges and brokerages, though it wasn't immediately clear how much money would be raised over how long.

The deal's crypto aspects are outlined as follows, according to paperwork obtained by The Block:

"To ensure that digital assets (including bitcoin) are correctly reported to the IRS, the bipartisan infrastructure framework imposes information reporting obligations on them. The provision also incorporates an update to the definition of broker to reflect the realities of digital asset acquisition and trading. The clause further clarifies that broker-to-broker reporting applies to all transfers of covered securities, including digital assets, as defined by section 6045(g)(3).

Furthermore, digital assets have been added to the existing requirements requiring enterprises to disclose cash payments exceeding $10,000."

The $28 billion amount, which appears to be an estimate from the Joint Committee on Taxation or JCT, was also included in the data given with The Block.

According to news sources, the Senate will have a test vote on the agreement on Wednesday. A successful vote is not certain, and no final provisions will be known until the language is publicly introduced, given the fluid nature of the negotiations and disputes between GOP and Democrat negotiators, as well as the Senate's 50-50 divide.

Republican senators, for example, have objected to the inclusion of heightened IRS enforcement in the bipartisan plan, despite the fact that the current text appears to keep the crypto-specific elements. Former President Donald Trump has also pushed Senate Republicans to reject the agreement. If the Senate passes a bill, it must be reconciled with legislation passed by the Democratic-controlled House of Representatives.

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The Crypto Fever, according to Visa's CFO, is starting to subside.

According to Vasant Prabhu, after peaking in April and May, digital asset transactions utilizing Visa have begun to fall. The company's Chief Financial Officer, Vasant Prabhu, believes that crypto-related Visa transactions are starting to decline. The top executive stated that their peak months were April and May, with a subsequent dip beginning in June.


Visa's Cryptocurrency Transactions Are Slowing Down

Visa Inc., an American international financial services firm, just released its fiscal Q3 2021 results. According to the study, the company's last three months were lucrative, owing to the fact that several leading countries began to recover from the effects of the COVID pandemic:

“Visa had another solid quarter, owing to the fact that several significant economies are well into a reopening-driven recovery. While continuing to invest in strategies that will drive future development, Visa increased net sales by 27% and non-GAAP EPS by 41%.”

However, the company's CFO noted that, after a surge in the first two months of the quarter, crypto-related Visa transactions began to decline in June. The executive feels that the tendency will counteract the firm's plans for larger cross-border expansion.

In Visa's fiscal third quarter, overseas spending reportedly increased by 47 percent. When travel transactions are removed from the equation, online cross-border financial activities climbed by 56%, up from 12% in the second quarter. It's worth mentioning that bitcoin purchases accounted for a significant portion of the earnings.

New Cryptocurrency Services from Visa

The payment technology behemoth, which recently disclosed that over $1 billion had been spent on crypto-linked Visa cards, has previously expressed its support for digital assets. For example, the company expressed interest in completely incorporating a cryptocurrency payment system into its present infrastructure back in April. Bitcoin and other virtual currencies have even been dubbed "digital gold" by Visa officials.

The company approved the distribution of a physical debit card a few weeks ago, allowing Australian customers to spend bitcoins in local retailers and leisure places. Customers will be able to make direct purchases using cryptocurrencies rather than having to convert them into fiat money first.

CryptoSpend, the Australian app that will manufacture the card, has stated that the product will be available in September of this year. Richard Voice, one of the company's co-founders, said:

“Our clientele range in age from 18-year-old students to grandmothers in their 70s. [This] highlights the growing desire among people of all ages to utilize cryptocurrency as a daily currency.”

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Burger King Brazil now accepts Dogecoin as payment for dog food.

Customers may now purchase “dogpper” dog food using the Dogecoin (DOGE) cryptocurrency, according to Burger King Brazil.


Dogecoin Is Accepted As Payment For Dog Biscuits At Burger King Brazil

Dogpper, a meat-flavored dog nibble in the shape of a bone, is a new product from the fast-food company.

The Dogpper gets its name from Burger King's most popular product, the "Whopper." Customers with canine pets who want to share something with their canines when ordering from the restaurant chain will be interested in this item.

Customers can pay for these Dogppers with Dogecoin at limited locations, according to the Brazilian edition of Burger King.

The service has been operational since Monday, according to the company's website. Customers should first check delivery availability in their area, according to the company.

These dog treats cost 3 DOGE each. Of course, Dogecoin payments aren't the only way to purchase things. The Brazilian Real (RBL) will be accepted as well.

To purchase Dogppers, visitors must first choose a quantity on the website and then complete the registration form. The website will then display Burger King Brazil's DOGE address, to which the customer must pay Dogecoin. The item is also available through mobile apps such as Uber Eats, Ifood, and 99 Food.

Due to limited availability, the fast-food behemoth advises customers to order no more than 5 Dogppers.

The Dogpper product isn't new in and of itself. Since 2019, the snack has been sold in Burger King restaurants throughout Argentina.

It's unclear whether Burger King will accept Dogecoin payments for other items on their menu at this time. And whether the corporation will take other cryptocurrencies in the future, as well as spread similar plans to other franchises outside of Brazil.

According to BK Brazil, a percentage of the proceeds from Dogpper will go to an animal protection NGO. For a limited time only, the product will be available.

Coinbase Commerce just revealed that DOGE can now be used to make purchases. As a result, Dogeoin has become the service's seventh cryptocurrency.

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After an exploit, another Polygon Yield Farm goes to zero.

PolyYeld Finance's governance token, YELD, was produced in excess by an unknown attacker. Important Points to Remember.


  • After attackers used a vulnerability to generate roughly 4.9 trillion tokens, PolyYeld Finance's YELD token has plummeted to zero.
  • PolyYeld's Masterchef pool, which included xYELD tokens, was the focus of the attack.
  • Several other Polygon yield farming ventures have been targeted in recent months.

Exploits used by attackers Vulnerability to PolyYeld

PolyYeld Finance's native token has been devalued to zero after attackers exploited a flaw to create an excessive amount of tokens.

The attacker successfully generated over 4.9 trillion YELD tokens, according to security firm PeckShield. They sold a portion of them for around 123 ETH, which is roughly $250,000 today.

The hacker took advantage of a flaw in the PolyYeld Masterchef contract, which is utilized by yield farms to distribute incentives. The attack was launched against a Masterchef pool that contained another token called xYELD, which created passive income for holders by charging fees on each transaction and distributing the fees as YELD rewards.

The PolyYeld team said in a Telegram message that its Masterchef contract couldn't support xYELD's incentive distribution scheme, allowing the attack to go place. They explained:

“[The] xYELD token contains a transfer tax that was applied to Masterchef, which could not handle tokens with transfer taxes due to its limitations.”

Due to the lack of Masterchef functionality, attackers were able to create free reward tokens by depleting the xYELD liquidity pool.

The Masterchef contract was created to distribute liquidity pool token awards. Yield farms on Binance Smart Chain and Polygon, however, have lately begun to use master contracts for single asset tokens or "transfer fee tokens" like xYELD.

A deflationary token, such as xYELD, charges a price on transfers, according to security firm PeckShield. The xYELD balance was fraudulently decreased down to 1 WEI, the smallest denomination of 1 Polygon, by repetitive deposits and withdrawals.

A Masterchef contract calculates incentives by dividing the pool value by the value of staked tokens, which means that if the pool value is reduced, the awards can skyrocket. PeckShield's founder and CEO, Xuxian Jiang, told CryptoBriefing:

“The attacker regularly triggers the tax collection by making numerous transactions and withdrawals with the MasterChef. This eventually reduces MasterChef's xYELD balance to 1 WEI, resulting in genuine exploitation.”

The market was instantly filled as the attackers generated 4.9 trillion tokens and sold a fraction of them, causing the price to plummet to zero. The maximum supply was supposed to be 62,100 YELD tokens, according to PolyYeld's website.

The price of YELD has dropped from $25 to $0 in less than a day since the attack. Meanwhile, according to Dex Guru, xYELD has dropped from $100 to roughly $7.

The team requested users to unstake their assets in a note sent to the PolyYeld Telegram group. It went on to say that it was considering a compensation plan and that it would provide an update in the following days. Meanwhile, the Telegram group, as well as other means of communication, has been silenced.

This is another another security incident involving yield farms based on polygons. In recent months, companies like Iron Finance, PolyWhale, and SafeDollar have all been targeted in a similar way, with attackers inflating token supply and causing a price crash. As of last week, PolyYeld had more than $20 million in total value locked up.

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What exactly is EIP-1559? The Fee Burning Proposal for Ethereum is Described

The much-anticipated Ethereum update is broken down. Important Points to Remember



  • EIP-1559 will use a large amount of Ethereum's transaction fees to burn while also introducing variable block sizes to increase efficiency.
  • The upgrade will hurt Ethereum miners, but it will increase the value of ETH for holders by making the asset more scarce. Gas prices will also be more consistent.
  • The EIP-1559 proposal will be included in Ethereum's planned London hardfork, which is set to go live around August 4th.


EIP-1559 is being prepared by Ethereum. EIP-1559, which will be released as part of the impending London hardfork, is Ethereum's most significant improvement since the Berlin hardfork in April, when the gas pricing modifications were applied. The first-price auction fee structure will be replaced with a new base charge model with an additional miner tip as part of the upgrade.

All Ethereum users are currently placing bids to have their transactions included in new blocks. During moments of high demand, the amount consumers must pay can vary dramatically. MetaMask, an Ethereum wallet, analyzes this demand and offers a variety of pricing alternatives, with confirmation periods ranging from 12 to 24 hours. However, even a long wait does not guarantee that the transaction will be included in a block.

To avoid their transaction getting delayed in the mempool for days on end, users often have to speed up their transaction by substituting their original fee with a higher bid.

EIP-1559 tries to remove this ambiguity by computing the block's base charge in advance based on the level of congestion. The introduction of configurable block sizes with a larger gas limit of 25 million units, double the present limit of 12.5 million, is another big enhancement in EIP-1559.

EIP-1559 will impose a basic fee that is computed as the market-clearing price and is based on the gas limit and demand. Based on these variables, the protocol will dynamically set the block's gas limit and change the fees. The ETH paid in the base fee will then be burned instead of being passed on to the miner. The user will be able to leave a gratuity for the miner.

The network will aim for a 12.5 million gas limit on average, with the base cost increasing or decreasing depending on how far the network deviates from the 50 percent GAS limit (i.e. 12.5 million units). For brief time intervals, Ethereum will enable a larger gas limit than 12.5 million.

Users will be able to choose whether or not to include their transaction for the provided base cost, or to wait for a cheaper block. One significant benefit of EIP-1559 is that it should eliminate the need for users to play a guessing game in order to authenticate transactions. Meanwhile, the suggested upgrade's flexible block size will assist cushion sudden demand spikes without causing a fee increase.

Exorbitant gas taxes and long wait times have harmed Ethereum's user experience, and the network has been rendered unworkable at times for small investors. In the last three years, the average daily gas consumption has ranged from 60,000 to 80,000 units, with rare surges on select days. Gas prices, for example, jumped from about 50 gwei to over 600 gwei on Tuesday, when Mila Kunis debuted her Stoner Cats NFT collection.

It's a prevalent misperception that EIP-1559 is a long-term scalability solution. The change is expected to prove ineffectual in lowering fees, with miners receiving recommendations during periods of heavy demand.

The Impact of ETH Inflation on Miners' Earnings

While EIP-1559 benefits ordinary Ethereum users and holders, it has a detrimental impact on miners. Because it burns a percentage of the fee, it has a direct impact on miners' earnings.

Furthermore, there is a possibility that the plan may be rendered useless if miner tips exceed the base fees by a sufficient margin. The auction market for a greater tip would then mimic the current first-price auction charge process, defeating the aim of EIP-1559. This is most likely to be an issue during times when block space is in high demand, such as during big NFT declines or price collapses.

The current yearly inflation rate for Ethereum is over 4%. It's slowly reducing as the increased supply dilutes fresh block rewards. The network will burn ETH after EIP-1559 goes live, thus working against the block rewards of 2 ETH every block. The question is whether the fee burn will cause ETH to become deflationary.

The predicted rate of inflation, according to Coinmetrics, is entirely unexpected.

The annual inflation rate in the EIP-1559 module would have been below 1% during busy periods on the Ethereum network, such as March and April of this year.

Nonetheless, the upgrade is unlikely to have an immediate deflationary effect. Coinmetrics believes that the decline in inflation will be less than many have predicted if around 70% of the base fee is burned and the rest is paid to miners in tips.

Since the crypto market crashed in May, the amount collected in fees has plummeted, bringing the inflation rate estimate to around 3.5 percent—just 0.5 percent lower than the current rate.

The transaction fees earned by miners are likely to drop by 70% after EIP-1559, while block rewards will remain at 2 ETH. Overall, the net revenue loss to miners is estimated to be between 10% and 20% based on current percentage profits in fees and block rewards.

The estimate of a 10 to 20% reduction in miners' earnings is lower than previous estimates of a 30 to 50% reduction. Nonetheless, these figures hold true during moments of high demand, when transaction fees can account for up to 50% of a miner's revenue.

Preparing for Proof-of-Stake EIP-1559 also signals a departure from Ethereum's Proof-of-Work consensus mechanism, which takes care of the majority of the miners' tasks.

Along with the existing Proof-of-Work system, it will introduce Proof-of-Burn in Ethereum. Instead than distributing the value onto miners, this effectively increases value for ETH holders by making the asset more scarce.

As part of Ethereum 2.0's next phase, the network will eventually switch to Proof-of-Stake, at which point all block rewards will go to ETH investors. Beacon Chain, Ethereum's staking contract, was launched in December 2020, with over $14.5 billion in ETH now deposited.

For the fee burn to exceed the amount of ETH issued, the average base charge must be sufficiently high. The amount of ETH staked, network activity, and merge date will all have an impact on whether or not ETH can achieve deflation over the long run.

By offering predictability and the ability to absorb abrupt surges in demand, EIP-1559 marks a significant milestone in Ethereum's overall development as the basic layer for financial applications. It will also make ETH more scarce, which is why the Ethereum community has embraced it so enthusiastically. However, it may take the market two to three months to fully comprehend EIP-1559's favorable impact on Ethereum's tokenomics.

The London hardfork is expected to go live between August 3 and 5, with a block height of 12,965,000.

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ALTCOINS Can Cardano crack the top three in the next months?

Cardano, one of the most popular altcoins on the market, has made a strong comeback in the last week. On the 20th of July, the alt was trading at a one-month low ($1.05), but it soared by more than 16 percent in the following week. At the time of writing, ADA was worth $1.38.


Cardano's short-term return on investment appears to be quite good at this point. Market participants are now staking their ADA HODLings to improve their earnings even further. Staking Rewards data shows that close to 35.51 percent of the total ADA supply is presently staked. The explicit worth of the same is a little more than $14.8 billion.

Staking rewards for Cardano have increased dramatically since July 21. To put it another way, staking Cardano earns investors a 12.82 percent annualised reward rate. When corrected for network supply inflation, the figure drops to 8.4 percent, which is still a respectable percentage.

The increase in incentives obtained simply means that new investors now have the necessary incentive to enter the ADA arena. The rise in ADA's real volume reflected the same trend. On the 10th of July, the aforementioned metric had a value of $274 million, but by the 27th of July, it had risen to $687 million.

It should be highlighted at this stage that staking alone will not be able to raise the alt's price. It's crucial to look at many additional on-chain data to get a better understanding of the state of the alt.

At the time of writing, Cardano's sharpe ratio was trending northward. At press time, it was at its one-month high (1.53). This statistic clearly shows an asset's prospective risk-adjusted returns. A sharpe ratio of more than one is deemed ‘acceptable' to ‘good' as a rule of thumb. As a result, the higher the Sharpe ratio, the better the returns. To be more specific, ADA holders are currently being reimbursed more than usual for the risk they have taken.

Despite the fact that the sharpe ratio is now positive, the alt's adjusted NVT does not appear to be enticing. This metric usually depicts the link between market capitalization and transfer volume. On July 11th, Cardano's adjusted NVT ratio was as high as 56.7. However, at the time of writing, the same was only at 12.17.

The present low ratio suggested that the network value could not keep up with the network's rising usage. This effectively signifies a halt in ADA's growth stage, which causes a bearish reaction.

Furthermore, ADA's market capitalization domination has been declining from its recent high of 3.32 percent. This indicates that Cardano's value is declining in relation to the bigger crypto market. The same had a value of 2.5 percent at the time of writing.

Despite the decline in ADA's dominance, it's worth noting that the present level is still greater than it was in the final months of 2020. The graphic linked demonstrates this point.

Furthermore, Amy Arnott, a Morningstar portfolio manager, has stated that ADA might join BTC and ETH as one of the “big three” popular cryptos. She went on to say about the "promising altcoin," "

“Cardano is similar to Ethereum in the sense that it is a protocol with a wide range of technological applications. Cardano, as well as different stablecoins, are generating a lot of interest.”

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The first Bitcoin-backed real estate loan has been issued by Escrow Company.

Glen Oaks began taking Bitcoin in 2018 and sees the loan as proof that the value proposition of the cryptocurrency is becoming obvious to borrowers and creditors. Glen Oaks Escrow, one of California's largest independent escrow firms, has completed its first refinancing using a Bitcoin-backed loan.


According to the company, this is the first time a refinancing has been completed with a buyer using Bitcoin as collateral, according to a news release published today.

Glen Oaks began accepting Bitcoin payments in 2018, and the announcement serves as evidence that the cryptocurrency's value proposition is becoming clearer to debtors and creditors.

"Seeing someone other than the property buyer use Bitcoin in a real estate transaction informs us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our sector," Glen Oaks Chief Operating Officer Joe Curtis said.

It's unclear if Glen Oaks or their client kept custody of the Bitcoin used to support this loan, though a multi-signature wallet might allow the custodian and client to share access to the assets.

Glen Oaks Escrow had only supported transactions in which the buyer used Bitcoin as a means of payment prior to today's transaction.

"Seeing a lender use bitcoin for a refinance shows us that this payment mechanism is growing in terms of how and who is using it," Glen Oaks COO Joe Curtis said.

With multiple luxury houses around the United States now accessible for purchase in Bitcoin, the announcement is part of a bigger impact Bitcoin is having on the real estate sector.

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Senator Warren believes that CBDCs can help to solve the US's massive banking failure.

Senator Elizabeth Warren supports CBDCs, claiming that they may help solve the US's massive bank failure. Senator Elizabeth Warren, a member of the Senate Banking Committee, discussed crypto and good methods to regulate it during a recent interview on CNBC's Squawk Box.


When it comes to taxation wealth made on cryptocurrency, the discussion also touched on the wealth tax.

"CBDCs have the potential to assist millions of unbanked people."

Warren responded that digital currencies are fascinating, and central bank digital currencies (CBDCs) are particularly interesting, when questioned by anchor Andrew Sorkin whether crypto will be able to disrupt the existing financial system in a positive way.

CBDCs could be useful for the millions of people who are now unbanked or underbanked. Warren described it as "an incredible failure by the large banks" since they are unable to reach consumers across the United States and deliver banking services to them.

As a result, she believes that digital currencies could be a viable solution.

She then recognized that there are several difficulties in the global financial system right now, particularly in the United States. According to the senator, the sector must discover ways to improve the design of crypto for the benefit of the system and to avoid new hazards that cryptocurrencies may "add" to it in order to increase acceptance and regulation.

Cryptocurrency wealth tax

When asked if the wealth tax that Warren is proposing should be paid by individuals who have made a fortune in crypto, and if it should be collected differently than those who have made a fortune in real estate or other traditional assets, Warren responded it doesn't matter.

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Morningstar Analyst: Cardano ($ADA) Could Help Form a "Big Three" of Mainstream Cryptos

Cardano (ADA), according to Amy Arnott, a cryptocurrency portfolio manager at Morningstar, could become one of the top three cryptocurrencies by market value and go mainstream, alongside Bitcoin and Ethereum.




Arnott supported the cryptocurrency launched by Ethereum co-founder Charles Hoskinson in an interview with Business Insider, calling it a potential altcoin that, along with BTC and ETH, could form a "big three" of mainstream cryptocurrencies.

She continued, "

Cardano is comparable to Ethereum in that it is a protocol with several technical uses. Cardano, as well as various stablecoins, have sparked a lot of interest.

Institutional investors have been "much more inclined to adopt cryptocurrencies and look at them as an investment asset," according to Arnott. We will "see other cryptocurrencies becoming more mainstream" if this trend continues, she stated, presumably referring to Cardano.

She also told the outlet that she would want to see a diversified cryptocurrency index fund in the form of an exchange-traded fund (ETF) that would allow investors to have a broad view of the market.

According to her, the SEC has yet to approve any cryptocurrency ETFs in the US, making it "very difficult for mainstream investors to obtain exposure to cryptocurrencies." An ETF like this could even assist to lessen cryptocurrency volatility by attracting more traditional investors with a lower risk profile.

The difficulties in determining a reasonable price for cryptocurrencies, which are not cash-generating assets, may also be contributing to the volatility. Some have dubbed Ether "digital gas" because of its application in DeFi and NFTs, and it has some usefulness that "should offer some type of price floor."

The same may be said of Cardano once it adds smart contract functionality, letting developers to build new DeFi apps on top of it. According to reports, the ADA network will soon be browser and mobile compatible, thanks to a major upgrade being developed by the project's crew. The Plutus application backend will now be able to operate in Javascript, the most extensively used programming language on the internet.

Input Output Hong Kong (IOHK), one of the firms behind the Cardano blockchain, announced the debut of Alonzo Blue 2.0's testnet for the cryptocurrency's blockchain last month. Alonzo Blue is part of a series of updates to the Cardano network that will let developers to create decentralized applications using smart contracts.

The Alonzo hard fork is part of the network's "Goguen" era, which is named after Joseph Goguen, a computer science professor at the University of California and Oxford. After the Shelley phase, when Cardano became a decentralized blockchain and community members became validators, the Goguen age began.

Blue, white, and purple will be the first three phases of Alonzo's release. Each one gradually opens up more to the general public until the upgrade's full integration is complete, which takes 90 days. The project is planned to be finished by the end of August. It will include a converter that will allow Ethereum's ERC20 tokens to run on the Cardano network.

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More than 5% of Ethereum's supply is now locked up in ETH 2.0.

More than 6.6 million ETH have been invested in Ethereum 2.0. This represents more than 5% of the cryptocurrency's entire supply. The ETH 2.0 network currently has 200k validators, accounting for around 6.6 million in Ethereum staked, reaching a new milestone of 5% of the total supply. The annual percentage return (APR) is currently about 6.1 percent.


Here's a graph of how the total amount of ETH staked has varied over the last year:


The Ethereum staking supply is rapidly increasing, as shown in the graph above, and it has now surpassed 6 million ETH. Now, look at the graphic below, which displays the ETH 2.0 staking rate for the same time period.

The ETH 2.0 trapped in staking contracts now accounts for 5.5 percent of the total supply of the cryptocurrency, according to the graph. As previously stated, the current APR is roughly 6.1 percent. As the stake supply grows, this value will inevitably decrease. The APR will drop to around 4.9 percent after 10 million ETH is locked in the deposit contract.

The Rise Of Proof Of Stake Instead of using the classic proof of work (PoW) technique, ETH 2.0 uses proof of stake (PoS) as its consensus mechanism.

PoW is used to reach consensus in cryptocurrencies such as Bitcoin and Ethereum (Core). Miners are validating nodes that require a lot of computational power to hash blocks.

The PoS technique, on the other hand, takes very minimal computational resources. Stakers, or nodes, simply need to stake a portion of their ETH.

PoS has emerged as a more efficient and cleaner approach, as mining farms with high-end GPUs waste a lot of electricity.

Crypto miners have exacerbated the GPU shortage, which is largely due to global semiconductor scarcity. Jensen Huang, the CEO of Nvidia, addressed the issue of point-of-sale (PoS) and the shortfall that arose during this year's E3 season.

Price of ETH

At the time of writing, the price of ETH is hovering at $2.3k, up 32% in the last week. The value of the cryptocurrency has increased by 25% in the last month.

The following graph depicts the price of Ethereum over the last year:

Following a fall earlier this month, Ethereum has begun to rise. It's still unclear whether the cryptocurrency can maintain its momentum and embark on a bull run. The price of Bitcoin has an impact on other cryptos such as ETH. While BTC appears to be on the upswing right now, presumably due to reports that Amazon will accept crypto payments, it's unclear how long that trend will last now that Amazon has verified the opposite.

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According to Morningstar Portfolio Strategist, Cardano might become one of the “Big Three” mainstream cryptocurrencies

Cardano (ADA) might become one of the "Big Three" mainstream cryptocurrencies, according to a leading portfolio strategist at Morningstar, a $244 billion asset management firm. Morningstar's crypto-focused strategist Amy Arnott tells Business Insider that investors wishing to get into digital assets want to avoid stomach-wrenching volatility.


If a crypto-based exchange-traded fund (ETF) existed, Arnott believes it would be the greatest way for investors to avoid excessive volatility. “A diversified crypto index fund in the form of an ETF is something I'd really like to see... In the United States, the SEC has yet to approve any ETFs, making it extremely difficult for mainstream investors to obtain exposure to cryptocurrencies. There appears to be a lot of internal dispute at the SEC about whether they should go ahead with this – it's a big trend that a lot of investors need to know about, but they also need to safeguard investors.”

Cardano, together with Bitcoin and Ethereum, might become one of the "Big Three" popular cryptocurrencies, according to Arnott, if generally accepted digital assets are the next best thing after an ETF. “Cardano is similar to Ethereum in the sense that it is a protocol with a wide range of technical applications... Cardano, as well as alternative stablecoins, have sparked a lot of interest...

The intriguing thing that has happened in the last year or so is that institutional investors have become much more open to adopting cryptocurrencies and considering them as an investment asset. Other cryptocurrencies will become more widespread if this trend continues.”

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IMF said recognizing Bitcoin as a national currency is "a step too far" after El Salvador's warning.

The International Monetary Fund (IMF) expressed concern over widespread Bitcoin adoption, stating that it would undermine macroeconomic stability. The International Monetary Fund (IMF) recently issued a warning that using Bitcoin (BTC) or any other cryptocurrency as a national currency poses major threats to macro-financial stability.


The IMF describes adopting cryptos as national currencies as "a step too far" and "an inadvisable shortcut," while recognizing the "advantages of their underlying technologies," in an official blog post written by Tobias Adrian, director of the monetary and capital markets department, and Rhoda Weeks-Brown, head of the legal department.

Dissecting the crypto treat

Money laundering, terrorism financing, and environmental repercussions are just a few of the most significant concerns raised by broad Bitcoin use, according to the blog post.

Cryptoassets can be used to launder ill-gotten money, fund terrorism, and evade taxes, the authors warned, adding that “this could pose risks to a country's financial system, fiscal balance, and relationships with foreign countries and correspondent banks” if robust anti-money laundering and counter-terrorist financing measures are not in place.

The blog post also mentioned that Bitcoin mining consumes "an tremendous amount of electricity," and that the environmental consequences of adopting crypto as a national currency "may be severe," but forgot to highlight measures to use renewable energy.

Aside from these abstract global risks, the authors detoured into an anxiety buildup in everyday living, while addressing specific individual-oriented tradeoffs, such as local price sustainability.

“As a result, domestic prices may become extremely volatile.” Even if all prices were quoted in Bitcoin, for example, the pricing of imported products and services would still change wildly due to market valuation whims.”

Similarly, the writers discussed how crypto may jeopardize consumer protection, stating that “large swings in value, fraud, or cyber-attacks could cause people and businesses to lose wealth.”

urging governments to take action

While the majority of the blog was devoted to warnings about the dangers and difficulties of Bitcoin adoption, the writers' final statements were written in an alarmist tone, urging governments to respond with a solution in the shape of a national digital currency (CBDC).

“Governments, on the other hand, must step up to offer these services and exploit new digital forms of money while maintaining stability, efficiency, equality, and environmental sustainability,” the authors concluded, concerned that “monetary policy is losing its bite.”

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Users of Shopify will be able to sell NFTs in their storefronts.

The Chicago Bulls' product is the first to be supported by the e-commerce platform. According to Shopify's president, certain users have been given the opportunity to sell NFTs in their storefronts.


NFTs are introduced by Shopify's president.

Shopify is an online storefront platform that allows users to construct their own online stores. It has traditionally dealt in tangible products, but it is now branching out into digital commodities with cryptocollectibles or NFTs.

“If you've spent one minute on the internet this year, you've read a lot about NFTs [non-fungible tokens],” Shopify CEO Harley Finkelsten tweeted on July 26. We're making it easier for our merchants to sell NFTs directly from their websites.”

Merchants had to sell NFTs through third-party marketplaces until this option was implemented, he said. However, the new functionality will provide retailers more control over their client relationships in terms of "how and where they want to buy."

The NBA franchise the Chicago Bulls is one of the first sellers to use the function, according to Finkelstein. The team is releasing a series of collectibles, the most recent of which will be available on July 28. Currently, the feature is only provided to a limited number of customers.

Crypto e-Expansion Commerce's

eBay said earlier this year that it would be adding cryptocollectibles to its online retail platform. According to recent rumors, Alipay, a Chinese payment business, is now selling NFTs. It's unclear whether these services will be able to surpass well-known NFT marketplaces like OpenSea and Rarible.

Shopify has always supported cryptocurrencies, in addition to its choice to handle NFT sales. It allows a variety of payment options, including Bitcoin, Litecoin, and Ethereum. Shopify is also a member of the Diem Association on Facebook.

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Binance CEO: We intend to be licensed everywhere in order to meet the standards of financial institutions.

Binance, a cryptocurrency exchange, is shifting its strategy in the face of increased regulatory scrutiny, with plans to establish regional headquarters around the world.


According to Reuters, the move is intended to assist the exchange in gaining regulatory certification from local authorities around the world, according to CEO Changpeng Zhao.

“We want to be licensed all over the place...

We're going to be a financial institution from now on,” he declared. He went on to say that the company would be evolving from its startup roots and moving away from its former decentralized strategy.

The news comes after Binance CEO Changpeng Zhao revealed that the company plans to double its compliance team by the end of the year. The majority of financial officials throughout the world have focused their attention on Binance, claiming that the exchange is aiding illicit activity. Scams and money laundering have been major concerns.

Countries such as the United Kingdom, Germany, Hong Kong, Italy, Japan, Lithuania, and Thailand have expressed regulatory concern. Binance has been denied permission to operate as a crypto asset business in the United Kingdom by the Financial Conduct Authority.

Furthermore, the Federal Trade Commission in the United States has received 760 customer complaints against Binance since June 2020. The difficulty to withdraw money from the exchange and suspicious activities were among the complaints. Despite the criticism, Binance remains the most popular worldwide exchange, having grown nearly tenfold in the last year to $668 billion last month.

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Mastercard Announces a New Blockchain and Cryptocurrency Start-Up Initiative

Mastercard has announced the launch of a blockchain and cryptocurrency startup initiative. Mastercard has launched a new startup engagement program for cryptocurrency and blockchain startups called Start Path, with the goal of enhancing creativity and promoting crypto acceptance.


Seven cryptocurrency and blockchain startups have joined the Startup Program.

Mastercard said seven cryptocurrency and blockchain businesses have joined the company's new Start Path program in a press statement on Tuesday (July 27, 2021). Over 250 firms have taken part in the startup initiative since its inception in 2014.

The new Start Path initiative, which is aimed at blockchain and cryptocurrency startups, would make trading and holding cryptocurrencies safer and easier for institutions and retailers. Meanwhile, Mintable, a Singapore-based non-fungible token (NFT) marketplace, Taurus, a Swiss fintech, digital assets firm, and GK8, an Israeli crypto custody platform, are among the seven startups taking part in the effort.

Other companies include Domain Money, a US-based investment platform, STACS, a Singapore fintech and blockchain infrastructure company, SupraOracles, a Swiss blockchain oracle platform, and Uphold, a US-based crypto startup.

Mastercard chose firms that will address and solve problems in the young industry. Data security and accuracy, asset tokenization, and a smooth transition from the old to the digital economy are just a few of the issues.

Jess Turner, Mastercard's executive vice president of New Digital Infrastructure and Fintech, commented on the recent development:

“Since 2015, MasterCard has been involved in the digital currency ecosystem. We believe that as a prominent technology company, we can play a significant role in digital assets, helping to influence the industry while also providing customer protection and security. One of our responsibilities is to shape the future of cryptocurrencies, which we achieve by connecting traditional financial concepts with digital asset innovations.”

Involvement of Mastercard in the Cryptocurrency Industry

Meanwhile, the financial services firm remains active in the cryptocurrency market. Mastercard teamed with USDC stablecoin issuer Circle to create a test partnership, as originally reported by Cryptops.org in July.

According to the article, Mastercard will use USDC to facilitate the conversion of cryptocurrencies to fiat cash. The pilot program will also examine how card issuers can use the stablecoin to quickly settle payments to Mastercard.

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The launch of Ethereum Arbitrum has boosted the value of Reddit tokens.

MOON and BRICKS, two Reddit tokens, have risen in value this month, aided in part by a debut on the Layer 2 solution Arbitrum. Important Points to Remember


  • MOON has increased by 500% this month as the demand for Reddit community tokens surges.
  • The token's recent introduction on Arbitrum, which allows for use across numerous dApps on Layer 2, has acted as a bullish trigger.
  • Another Reddit token, BRICKS, has seen a significant increase in value this month.

After transferring to Arbitrum, MOON, the community token of the cryptoCurrency subreddit, has seen tremendous price activity.

Reddit stated last week that it would transfer its ERC-20 reward tokens to Arbitrum, a prominent Ethereum Layer 2 scaling solution.

MOON, the native ERC-20 token utilized as community points on /r/CryptoCurrency, was harmed by the migration.

Users that provide great posts and comments are awarded with the token on a monthly basis. The coins are added to Reddit's own Ethereum wallets on the Arbitrum network automatically.

MOON tokens were distributed on the Ethereum test network Rinkeby prior to the Arbitrum transfer. They could be traded on HoneySwap after being bridged from testnet to the xDai sidechain. However, there was no direct connectivity with Ethereum, and because it was a testnet token, it had minimal value.

MOON may now be exchanged in rapid transactions with low gas fees while using Ethereum's security thanks to its launch on Arbitrum. It also means that Reddit users can now use their tokens in Arbitrum dApps and settle them more quickly on the Ethereum mainnet.

MOON tokens gain value with exposure to the Ethereum mainnet. The Arbitrum migration news has been quite encouraging for the token in this aspect.

Despite the fact that the broader crypto market has remained fairly unchanged over the last month, the MOON price has increased by more than 500%. According to CoinGecko, each MOON token is currently worth $0.25. In the previous week, the price has doubled.

One thing to keep in mind is that the pricing only applies to the old xDai tokens, as there is no DEX functionality available on Arbitrum currently. As a result, while MOON is showing bullish strength, poor trading liquidity on DEXs may be a reason driving the spike.

Aside from price fluctuations, MOON has witnessed a boost in adoption over the past year. On r/CryptoCurrency in July 2021, 26,443 users claimed the token in their wallets, more than ten times the number since its creation in May 2020.

MOON is mostly used as a community reward token, but it also has meme-like characteristics. Some community members have referred to the token as a "better memecoin" compared to crypto's original meme currency, Dogecoin, because of its growing popularity on Reddit and limited total availability. This claim is based on MOON's restricted quantity of 250 million tokens and widespread adoption on Reddit's largest cryptocurrency community.

The recent Arbitrum update has had an impact on a number of ERC-20 Reddit tokens, including MOON. The other is BRICKS, which is popular on the subreddit r/FortniteBR. It has also seen a price increase of almost 222 percent this month.

While Reddit tokens are still in their infancy, they may find their way into Arbitrum-based dApps in areas like DeFi, NFTs, and gaming.

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As the fear of unlocking disappears, the GBTC premium matches Bitcoin price collapse levels.

As CEO Sonnenshein reiterates ambitions to turn Grayscale crypto funds into ETFs, evidence suggests that money is coming back into GBTC. As its premium over spot pricing increases to its highest level since May, the Grayscale Bitcoin Trust (GBTC) is matching positive sentiment in Bitcoin (BTC).


According to data from analytics firm Bybt, the so-called Grayscale premium was -5.88 percent on Tuesday. On May 25, it was closer to zero than it has been in a long time.

The premium on the GBTC has dropped by more than 6%.

That was a week after Bitcoin began a significant price decline, which has now begun to ease this week.

Since Bitcoin's 55 percent price drop, GBTC has been the subject of significant speculation, with the unlocking of GBTC shares apparently increasing selling pressure.

Nonetheless, buying activity has reappeared this month, with well-known names adding to their tranches and boosting their Bitcoin exposure.

The Grayscale premium – the difference between the trading price of GBTC and the net asset value (NAV) of its BTC assets — has risen in lockstep, returning to zero after a long period in the negative.

With the majority of the unlockings completed, the story of Bitcoin price repression has all but vanished.

Trader and analyst Nick Hellmann reacted on the recent adjustments, saying, "$GBTC premium has gone from -15 percent to -5 percent in 5 days."

“It will add fuel to the Bitcoin fire if $BTC can maintain these levels and Grayscale premiums turn positive.”

Bitcoin ETF holdings have returned to pre-crash levels.

Despite diverse views on GBTC, Grayscale CEO Michael Sonnenshein is one figure that is not bearish on any timeline.

Sonnenshein restated his intent ion to make GBTC, as well as its altcoin-focused equivalents, into exchange-traded funds in the company's recent mid-year shareholder letter (ETF).

Grayscale Bitcoin Trust (symbol: GBTC), Grayscale Ethereum Trust (symbol: ETHE), and our other investment products will be converted to ETFs, according to the letter.

While the United States has yet to approve a single Bitcoin ETF, neighboring Canada has never looked back since approving the first, the Purpose Bitcoin ETF.

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A Thai telecommunications company is planning to enter the Bitcoin mining business.

Jasmine Telecom Systems, a publicly traded subsidiary of Thai telecoms company Jasmine International, is planning to install tens of thousands of Bitcoin mining devices over the next few years.


Quick facts

  • According to the Bangkok Post, JTS wants to deploy 500 mining machines in a data center in the third quarter of this year, with another 5,000 machines coming online next year.
  • According to the report, the company plans to run Southeast Asia's largest Bitcoin mining farm by 2024, with roughly 50,000 machines in operation before the second Bitcoin halving, which is due in 2024.
  • Given the low hashrate following China's crackdown on the industry, JTS believes now is an excellent moment to invest in Bitcoin mining.
  • The company's move comes as China tightens its grip on the cryptocurrency mining industry. As a result, Chinese miners are fleeing to nations where they will be more accepted.

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Huobi's stock plummets in Hong Kong when the company closes its Beijing operation.

According to observers, the closure of blockchain businesses could be due to regulatory worries, but it is unlikely to have a significant impact on the crypto industry. Huobi, one of the world's leading cryptocurrency exchanges by trading volume, is de-registering a company entity in Beijing, a move that has sent shockwaves through the market, with Huobi Technology's stock in Hong Kong falling 22% today.


According to a notice posted on China's National Enterprise Credit Information Publicity System, Beijing Huobi Network Technology Co. Ltd., which was founded in December 2013 with a registered capital of 10 million yuan (US$1.54 million), applied to a local authority last Thursday to be deregistered.

According to the notification, Huobi Chairman Li Lin will operate as the manager in charge of the Beijing entity's liquidation, and creditors will be required to disclose their claims to a team supervised by him. According to public documents, Li owns 70.5 percent of the Beijing company.

In an emailed response to a request for comment, a spokesman for Huobi Global said, “This is an entity that Huobi registered in Beijing years ago, in the early phases of development.” “Because this entity has not conducted any business operations, it is useless, and [Huobi] has filed a cancellation application.”

Huobi has been running its trading business outside of Chinese jurisdiction due to the restriction on crypto trading in mainland China. However, Beijing Huobi Network Technology continued to provide blockchain-related internet information services.

On Tuesday morning, discovered that an app called Huobi OTC, which the Beijing entity had submitted to Apple's App Store, was still accessible for download. “The Huobi OTC service is now available through the Huobi Global app. We plan to delete it from the App Store later,” Huobi told.

Huobi Technology Holdings Ltd.'s Hong Kong-listed stock dropped 21.88 percent following the Beijing entity's closure, closing at HK$9 today.

It isn't the first time a major cryptocurrency exchange has shut down a branch in China. Last month, OKEx applied to have Beijing Lekuda Network Technology, one of its mainland Chinese subsidiaries, deregistered.

Huobi was chosen by Chinese officials over Binance, at least according to Chinese state media. Huobi was recognized as a key part of the IT cluster in Hainan, a free-trade port in China, on Central Television Channel 13 last year.

According to some industry sources, the shutdown of Huobi's Beijing organization would have little impact on the crypto market because the Beijing company did not appear to be involved in crypto trading. It could be Huobi's attempt to clean up its China operations in order to meet regulatory standards, according to a crypto research expert.

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Binance Experiences Massive Bitcoin Outflows; Will BTC Break $40k Soon?

On-chain study reveals massive Bitcoin withdrawals from Binance, a cryptocurrency exchange. BTC could continue to rise and break the $40k barrier. Binance is seeing a lot of Bitcoin outflows.


According to a post on CryptoQuant, the crypto exchange saw massive withdrawals of BTC on Monday.

The Binance Outflows indicator indicates how much Bitcoin has been transferred from Binance's exchange wallets to personal or other exchange wallets.

Inflows, on the other hand, reveal how much BTC was sent into Binance wallets from other wallets.

The Binance Bitcoin netflow, which is just the inflow minus the outflow, is the most interesting statistic here. The crypto exchange is currently experiencing two massive outflows, as shown in the graph above. One was worth more than 10k BTC, while the other was worth over 31k BTC!

There also appears to be a 10k inflow, which is comparable to the value of one of the outflows. Yes, this inflow and outflow are the same transaction between Binance internal wallets, according to http://chain.info.

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NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

  NFT sales volume nearly doubled in January despite the market as a whole remaining essentially flat and falling over 82% from January high...

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