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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Robinhood Brings DeFi to Users, Adds 200+ Ethereum and Polygon Tokens - Crypto Briefing

Ethereum. Source: Adobe

In an effort to maintain the decentralized nature of theEthereum (ETH)network, several prominent liquid staking providers have implemented or are in the process of implementing a self-limit rule.

The rule ensures that these providers will not own more than 22% of the Ethereum staking market, which could help address concerns over the growing centralization of Ethereum staking.

Rocket Pool,StakeWise,Stader Labs,Diva Staking, andPuffer Financeare some of the staking platforms that have already committed to the self-limit, Ethereum core developer Superphiz said in a recent tweet.

"This is how our chain will be successful: Coordination above greed. Cooperation instead of winner-take-all."

The commitment to maintaining a balanced distribution of validators within the Ethereum network can be considered a positive step toward reducing the risk of centralized control.

The decision to set the self-limit at 22% was based on the requirement that 66% of validators need to agree on the state of Ethereum for finality to be achieved.

Keeping the limit below 22% ensures that at least four major entities must collude to potentially jeopardize the finalization process, which is crucial for maintaining trust and preventing transactions from being altered within the blockchain.

Superphiz initially proposed the idea in May 2022, asking staking pools to prioritize the health of the Ethereum chain over their own profits.

The largest Ethereum liquid staking provider,Lido Finance, has decided not to commit to the self-limit rule.

Back in June, the project put forward a proposal to impose a limit on Lidos maximum stake.

However, less than one half of one percent of the votes cast were in favor of the self-limit rule.

On the other hand, those holding more than 99% of Lidos governance tokens, LDO, voted for the protocol to not hold back on its growth.

Lido Finance currently dominates the Ethereum staking market, accounting for 32.4% of all staked Ether.

Coinbase, the second-largest staking provider, holds only an 8.7% market share, according to data from Dune Analytics.

While some argue that self-limiting staking providers are not necessary for the alignment of Ethereum, others emphasize the need for a more balanced distribution of validators within the network.

Meanwhile, recentdata from Dune Analytics revealsthat over 22% of Ethereum's supply is currently staked on the network, with the total number of Ether just below 26.3 million.

The increase in staked ETH has also led to a rise in the number of validators, which has surpassed 821,600 at the time of writing.

Since late 2020, there has been a steady increase in the volume of ETH staked on the network, despite concerns raised during the Ethereum network's Shanghai upgrade, which allowed the withdrawal of staked ETH.

Notably, the growth in staked ETHhas been substantialsince early May, with over 7 million additional ETH being staked and an increase of nearly 230,000 validators.

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Major Ethereum Staking Providers Promise Not to Own More Than ... - Cryptonews

According to a New York judge, both Bitcoin and Ethereum, the top two cryptocurrencies by market capitalisation, can be considered commodities due to their decentralized nature.

This was ruled by the same judge dealing with the SEC vs Coinbase case, whose latest statement is guiding the public debate in reference to the exchanges alleged violation of US securities laws.

Meanwhile, a lawsuit against Uniswap and its founder Hayden Adams has been dismissed over an affair involving the decentralized protocol and the emergence of a large number of token scams.

Full details below.

The latest crypto news is about the decision of a New York court, which on Wednesday during the filing of a proposed class action against DEX Uniswap, explicitly cited that both Bitcoin and Ethereum are classified as commodities.

This was said by Judge Polk Failla, who also indirectly dealt with the SECs case against Coinbase, providing a key interpretation for upcoming legal proceedings on this issue.

Hence, the top two cryptocurrencies by market capitalisation are not comparable to financial securities, the sale of which for a broker must be preceded by an authorisation from the market supervisory authorities, but rather to commodities such as gold, platinum, oil, aluminium, palladium and many others.

The New York judges decision only sets precedents for the various lawsuits that the SEC has filed over the past three months, raising the hopes of the crypto community for the federal agencys defeat.

To tell the truth, Gary Gensler himself has never gone so far as to define either Bitcoin or Ethereum as securities, aware that neither has the characteristics to be labelled as such, but has limited himself to attacking the so-called altcoins.

The agency will now have a lot of work to do, both in view of the upcoming deadlines for the long-awaited spot ETFs for the two assets, and with regard to the accusations made by the exchanges Binance and Coinbase, which are vigorously defending themselves before the law.

As far as only Bitcoin and Ethereum are concerned, without mentioning other currencies, the issue seems quite clear, especially given that the two crypto assets have already been present for years on the Chicago Mercantile Exchange (CME), a business centre where commodities are mainly traded.

The statements by Judge Katherine Polk Failla on the characteristics of Bitcoin and Ethereum, which classify digital currencies as commodities, came in the midst of a lawsuit filed by a group of investors against the decentralised platform Uniswap and its founder Hayden Adams.

In April 2022, a group of individuals sued Uniswap as being responsible for issuing scam tokens such as EthereumMax (EMAX), Bezoge (BEZOGE), Alphawolf Finance (AWF) and other ERC-20 tokens, at the same time violating US laws on unregistered securities.

To understand the matter, it is necessary to know that on the decentralised exchange in question, anyone can create and trade a token in a trustless manner, i.e. without anyone having to approve the transaction.

Many times, those who create a new cryptocurrency have a plan to scam the buyer by suddenly removing all liquidity on the DEX or selling large batches of tokens on the market to make a profit.

The New York court expressed its opinion on the matter by agreeing with the defence and dismissing the case before it could go to trial.

In fact, it can be read from the papers that it is not Hayden Adams and his Uniswap protocol who are the real defendants in the case, but the issuers of the scam tokens who defrauded American investors.

The decentralised nature of the protocol makes it difficult to identify these issuers, especially given the fact that there is still no regulation in place that can go against law enforcement and facilitate the recognition and arrest of those responsible for the scams.

In this regard, citing the absence of relevant regulation, the Court concluded that investors concerns are better addressed to Congress than to this Court

Stating at the same time that Bitcoin and Ethereum represent two commodities, the judge refused to extend federal securities laws to cover the alleged conduct.

The story sounds very similar to the Tornado Cash case, where users outside the owners of the open source code used the protocol for illicit purposes, laundering money through the decentralised mixer.

In that case, the founders of Tornado Cash, unlike Hayden Adams, were arrested because they were held responsible for aiding the passage of dirty money through their platform without putting in place any preventive measures, even though they were aware of the illegalities that were taking place.

The founder of Uniswap himself described the final decisions of his trial as a great victory for DeFi, forgetting, however, that similar cases were closed in a totally different way.

There is still a long way to go before there is a homogenous interpretation by the courts on cases relating to wrongdoing on decentralised open source platforms.

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Bitcoin and Ethereum classified as commodities: the final ruling of a ... - The Cryptonomist

Key Takeaways

Fidelity, a $4.5 trillion asset manager, published a study yesterday about Ethereum claiming that ethers perceived value is tied to network usage.

Because applications on the Ethereum network require ether, increased adoption of the Ethereum network could lead to the increased price of ether and value accrual to ether token holders due to supply-demand mechanics.

The report discussed Ethereums deflationary properties since introducing the EIP 1559 fee burns in 2021. According to data from ultrasoundmoney, Ethereums burn rate has consistently outpaced its daily issuance since the beginning of 2023.

Last week, Bitwise CIO, Matt Hougan tweeted last week Ethereum had its first deflationary year in history.

The report also highlights the Merge, Ethereums transition from proof-of-work to proof-of-stake, as a way to generate yield through staking.

An increased number of Ethereum use cases creates greater demand for block space, which leads to higher fees and greater value and utility in the form of yield rewarded to validators.

According to the study, Ethereum accrues value through increased network activity, which drives demand for block space and generates cash flow that can benefit token holders.

The report estimates Ethereums price based on assumptions about the growth rate network fees to demonstrate the relationship between network usage and value accrual. Using this model, the estimated price of one ETH token is $2,090.

Fidelity recognizes adoption milestones for Ethereum such as Franklin Templeton, a $1.5 trillion asset manager, embracing Ethereum to process its fund transactions and keep a record of share ownership. And the European Investment Bank is using Ethereum for issuing bonds.

Ethereum has experienced a slight change of 0.2% in the past day and a drop of roughly 7% in the previous month, according to data from CoinGecko.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Ethereum's Value Grows with Network Usage, Fidelity Reports - Crypto Briefing

In recent years, the Turkish lira has gained notoriety for its volatility among fiat currencies. This has further sparked an increasing demand for stablecoins linked to the lira. Now, Lira-backed TRYB has experienced a remarkable 325% surge in its market capitalization within just three weeks. This has further led to the asset establishing itself as the worlds second-largest stablecoin not tied to the US dollar.

TRYB, an Ethereum-based stablecoin, is meticulously anchored to the lira at a 1:1 ratio. It is issued by BiLira, a Turkish fintech company, and boasts the distinction of being fully backed by 100% fiat reserves held within Turkish banks.

The surge in TRYBs popularity can be attributed to several key factors. Firstly, the Turkish liras consistent depreciation against the US dollar has made it challenging for Turkish citizens to preserve their wealth in fiat currency. TRYB offers a solution by serving as a hedge against lira volatility, in addition to providing the advantages of cryptocurrencies, such as round-the-clock accessibility and seamless cross-border transferability.

According to a recent report, Turkish crypto investors surged by 12% To 52% in the last 18 months. This was from Nov. 2021 to May 2023.

Secondly, the Turkish governments stringent regulatory stance on cryptocurrency exchanges has created hurdles for local investors seeking to trade digital assets. In contrast, this Ethereum-based asset operates outside the scope of these regulations.

Lastly, TRYBs inclusion on major cryptocurrency exchanges has significantly increased its accessibility to Turkish investors. This has contributed significantly to its rising popularity in the region. Over the last day, the trading volume for the USDT/TRY trading pair, available on Turkeys largest cryptocurrency exchange, BtcTurk, has amounted to $12.3 million. This further constitutes 18% of the overall trading activity on the exchange. In stark contrast, the cumulative trading volume for the Ethereum-based assets trading pairs listed on MECX, Pangolin, and Icrypex barely reaches $61,700.

Also Read: Bitcoin Hits All-Time High in Argentina, Turkey: Egypt Next?

The fluctuating market capitalization of TRYB has raised certain concerns within the cryptocurrency community. Nonetheless, BiLira has emphasized that the periodic minting and burning of tokens are essential measures to uphold the stablecoins stability. Additionally, the company has expressed its commitment to enhancing the liquidity of TRYB on various cryptocurrency exchanges.

ChainArgos brought attention to these events on social platforms, emphasizing the curious timing of the adjustments made to TRYBs supply.

2/ The timing of the large mints and burns of $TRYB is a little bit uncanny. Basically Turkish BiLira:

1. All burned off right before FTX collapsed2. Massively re-minted right after Signature Bank collapsed3. Burned off when Binance switched to $TUSD, Prime Trust went bankrupt pic.twitter.com/rWIw1adQ3J

The progress of TRYB underscores the escalating desire for stablecoins in Turkey. With the ongoing depreciation of the lira, it is increasingly probable that a greater number of Turkish individuals will opt for stablecoins as a means to safeguard their wealth and capitalize on the advantages offered by cryptocurrencies.

Also Read: Turkeys Central Bank Raises Interest Rates to 17.5%

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Ethereum-based TRYB Emerges As Second-Largest Non-Dollar ... - Watcher Guru