Crypto News Now: DeFi Uncertainty, ETH Update, & Women in NFT0 (0)
Crypto coins have been in the news constantly these days. Here’s a look at some recent news and developments in crypto industry markets.
Cryptocurrency in Russia and the Ukraine
So far, the Ukrainian government government has received more than $75,000 worth of crypto tokens in donations. They have been so successful that the military is planning to auction off NFTs in order to raise funds.
Defi Closures and Uncertainty
Recently two notable individuals in the crypto world have decided to call it quits. Anton Nell, the developer of Fantom (FTM) has announced he is no longer interested in blockchain projects. At the same time, Andre Cronje, the founder of multiple DeFi projects like Yearn Finance, also is leaving the crypto industry.
Yearn Finance, Keep3r, Chainlist, Solidly and more projects are all now dying. They will cease to exist on April 3, 2022. This news has causes price to plummet and people to panic. Fantom is now down 16%, however, many others are still working at the Fantom Foundation. So, the future of FTM is unclear, but not without hope.
Ethereum’s Update is Coming
After many years of anticipation, it seems that Ethereum is finally going to fully switch from Proof of Work (PoW) to a Proof of Stake (PoS) algorithmic consensus system. According to Vitalik Buterin, the launch will be here within months. While an exact date has not been given, this has investors feeling bullish in an otherwise bearish crypto market. The switch would result in vastly lower transaction fees. It would also significantly reduce the blockchain’s energy usage, which it has been criticized for by environmentalists.
Cardano is Also Updating
Another highly popular and 8th largest cryptocurrency by market cap, Cardano, is also undergoing some changes. The code will be updated soon for the first time in 2022. This is expected to lead to growth for the coin, which is already doing quite well.
This update is simply titled the “February release.” As you can tell by the name, it is running slightly late. Two more major updates are planned to follow sometime between now and the end of the year. These updates include a hard fork combinator, which could help undo the damage that generally results when a blockchain is forked.
Who is Praising Bitcoin Now?
Bitcoin has always been controversial, but lately it’s been getting some praise from Steve Wozniak, the co-founder of Apple and Energy Efficiency Blockchain Platform EFForce with its native crypto coin/token (WOZX). He said, “Bitcoin is the only pure gold mathematics. It’s embedded science, math, logic and computer programming.”
Learn more about EFForce at www.efforce.io
Dogecoin in the European Union
The Dogecoin Foundation applied for trademark protection for their meme coin’s name and logo. It’s possible they will now be able to sue copycat coins like DogeBonk and BabyDoge. What effect this would have on the price of Dogecoin itself is unclear.
Crypto Politics in Louisiana
As cryptocurrency donations and other transactions continue to happen internationally, some are hoping to regulate this. A new bill is being put forth in the state of Louisiana by Republican Party Representative Mark Wright. The goal of the bill is to require all crypto political donations to be immediately converted into dollars.
The bill also attempts to prevent anonymous donations. The contributor would be required to accurately give their full legal name, physical address and current employer. Whether the bill will pass into law remains to be seen.
Shake Shack’s Bitcoin Giveaway
Shake Shack has started up a Bitcoin giveaway program. Customers who buy through the app can now be rewarded a small amount of Bitcoin for doing so. This is likely many people’s first exposure to cryptocurrency.
OpenSea Bans Iranian Users
OpenSea, one of the biggest NFT platforms to ever exist, has just banned users from Iran. They have drawn criticism for this, with many lamenting the lack of a fully decentralized, borderless NFT marketplace.
Famous Women Are Getting Into Crypto, Too
Many celebrities seem more interested in non-fungible tokens than coins. The “World of Women” NFT art collection recently sold a piece to the singer Christina Aguilera. Money raised by the sale is being donated to the National Coalition Against Domestic Violence. Other famous collectors include Reese Witherspoon and Eva Longoria. Art in the collection is all drawn by the artist Yam Karkai.
NFTs aren’t limited to just art. On OpenSea, the rapper Snoop Dogg released a music album as an NFT. The album uses a Mutant Ape Yacht Club monkey as cover art.
Would You Pay Your Taxes in Cryptocurrency?
Lugano, a city in Switzerland, is experimenting with treating cryptocurrency as legal tender. The city hopes to become a hub for crypto investors. Residents can pay their taxes directly in cryptocurrency without converting it into local fiat first.