DCG Up in Arms 🛡️

In today's edition: 🎙️ New episode on PayPal's PYUSD, 🚧 Aave's response to Curve's crisis, 📝 Bittrex's agreement with SEC, 📈 Coinbase's Base, and more!

August 11, 2023

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What’s Poppin’?

by Samyuktha Sriram

DCG claims that Gemini has engaged in an effort to deflect blame through a Twitter-based character assassination of its key executives who never oversaw the Gemini Earn program.

The Aave community appears to be unanimously in favor of two proposals seeking to reduce the protocol’s exposure to the liquidation risk from the Curve founder’s borrowing position.

The crypto exchange has agreed to pay $24 million to settle charges that it operated as an unregistered exchange, broker and clearing agency.

Two days after its official public launch, the Layer 2 network saw more than 100,000 daily active users.

by Juan Aranovich

PayPal’s new stablecoin PYUSD explores alternatives to yield of reserves, amid criticism over design choices. Will it gain adoption?

On the Pod…

A major player has entered the stablecoin wars. PayPal went deeper down the crypto rabbithole this week with the launch of its Ethereum-based PYUSD. The dollar-backed stablecoin now puts PayPal in competition with the likes of Tether and Circle for quickly sending value around the world on-chain.

José Fernández da Ponte, PayPal’s crypto SVP, joins the show to unpack how the fintech giant is building a long-term strategy around blockchain-based payments.

Daily Bits…✍️✍️✍️

  • ⚖️ Lawyers for FTX responded to creditors criticizing the bankrupt estate's reorganization plan, alleging they are "willing to gamble estate assets on higher returns," casting uncertainty on negotiations for the restructuring plan.

  • 💵 Circle is relying on $1 billion in cash reserves to navigate decreasing market share and increased competition from other stablecoins, with USDC supply dropping 43% since January.

  • 💰 Bankrupt crypto exchange Bittrex settled with the Securities and Exchange Commission (SEC) for $24 million after being charged for operating as an unregistered exchange.

  • 🔍 Argentina's government information agency is investigating Worldcoin to analyze its processes related to the collection, storage, and use of personal data, including biometrics.

  • 💼 Binance Labs committed to a $5 million investment in Curve DAO tokens, with Curve Finance also planning to deploy to the Binance-backed BNB Chain.

  • 🥞 PancakeSwap has launched on Ethereum's Layer 2 scaling network, Arbitrum One, to provide users with lower gas fees and faster transactions as part of its multichain expansion.

The $$$ Corner…

  • 💰 Bitcoin wallet Xverse raised $5 million in seed funding led by Jump Crypto, with participation from Franklin Templeton and others, to expand its team and support new features.

  • 🚀 Coinbase Ventures made a strategic investment in liquid staking protocol Rocket Pool by purchasing an undisclosed amount of RPL, the protocol's native token.

What Do You Meme?

Learn 🤓

Buying bitcoin with cash provides an added layer of privacy to your bitcoin investments but cash purchases also come with added risks.

📈 Your Market Update 📉

  • BTC is down .5%, trading at $29,359

  • ETH is down .3%, trading at $1,846

  • BTC dominance: 46.92%

  • Crypto market cap: $1.22 trillion

*All data as of today, 7:20 am ET

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