$ENA Ethena Labs aims to strengthen USDe’s backing, ultimately providing a safer product for its users leveraging BTC’s expanding open interest.
Ethena Labs, the creators of USDe, have incorporated Bitcoin (BTC) as backing into their synthetic dollar-pegged offering.
This move aims to scale USDe’s supply from its current $2 billion mark.In just 1 year, BTC open interest on major exchanges (exc. CME) has grown from $10bn to $25bn, while ETH OI has grown from $5 to $10bn
BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging
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Cover image via U.Today David Schwartz, chief technology officer at Ripple Labs, has stated that it is "nearly impossible" to avoid selling XRP even if one wants to continue holding. Earlier, he said that "everyone who holds a digital asset can sell it if they wish to." Schwartz also previously explained the tax implications of receiving XRP from the company. For instance, if Schwartz were to be given a bonus of 1,000,000 XRP from Ripple, he would need to sell a substantial portion of this sum in order to cover the taxes owed on it. Taking into account both federal (Fed) and California (CA) state taxes, his marginal tax rate for earned income is around 50%. Abandoning the XRP ecosystem His most recent comments came after Dev Null Productions announced their departure from the XRP ecosystem after contributing significantly for six years. They cite the loss of faith in Ripple's leadership due to their decision to sell XRP at the expense of retail investors as a major reason. Additionally, they criticize the XRPL Foundation for prioritizing personal objectives over community interests. card As a result, their XRP-related projects like Ledger City will be discontinued, and associated domains will be allowed to expire. They encourage the community to challenge what they see as "corrupt" leadership within Ripple and XRPLF. "Finally we just would like to say that there are no hard feelings and while we encourage the community to rise up against the corrupt leadership (both at Ripple and the XRPLF) which squandered an amazing opportunity for their own selfish gains," the post says. What about AMM pools? In a subsequent post on the X social media network, Schwartz also responded to a user who suggested putting XRP into AMM pools. According to the executive, when you add XRP to an AMM pool, you have to provide another asset on the other side of the pool. This means that effectively half of the XRP would be sold because it would be paired with another asset. Schwartz has also brought up the tax implications of using XRP in AMM pools. He believes that such a transaction
What Is Metaverse Real Estate?
TL;DR
A piece of metaverse real estate is an NFT
What Is Metaverse Real Estate? TL;DR A piece of metaverse real estate is an NFT that provides the holder with digital proof of ownership over land on a metaverse platform. The land can, in most cases, be built upon to create experiences that lend themselves to advertising, socializing, marketing, entertainment, and more. The value of each plot of land depends on these factors, as well as overall market sentiment, collectibility, and platform popularity. Introduction The concept of the metaverse and digital real estate go hand in hand. But like many crypto trends, media coverage hasn't provided sufficient clarity. Just as it is with any other investment, it’s crucial to grasp the idea of metaverse real estate before purchasing any digital land. Compared to purely artistic non-fungible tokens (NFTs), metaverse real estate is simpler to comprehend due to its plain-to-see utility and use cases.
Dogecoin's Potential to Reach $1 in 2024 and Shiba Inu's Rise According to CryptoPotato, Dogecoin's recent jump above $0.20 has sparked speculation about its potential to reach $1 in 2024, with multiple factors being crucial for its future value movement. Shiba Inu (SHIB) has seen a 200% increase in price over a month, raising questions about its ability to surpass Dogecoin. The largest meme coin, Dogecoin (DOGE), has been on a roll lately, with its price jumping by 30% in the past week and exceeding $0.20. ChatGPT, a popular AI-powered chatbot, did not rule out the possibility of Dogecoin reaching the $1 milestone, estimating that it depends on a variety of factors, with the main one being market adoption. If Dogecoin continues to expand its use cases and gains wider adoption as a payment method or for other services, this could positively impact its price. Earlier this month, Tesla's CEO Elon Musk revealed that the EV giant might accept DOGE as a payment method "at some point." Musk has endorsed the meme coin countless times in the last few years, triggering substantial price rallies on most occasions. Continued support by Musk or prominent companies could drive the price up, according to ChatGPT. Favorable crypto market trends, technological developments, regulatory environment, investor sentiment, and economic conditions might also positively impact Dogecoin's value in the future. Another meme coin that has made waves recently is Shiba Inu (SHIB). The asset's price has exploded by over 200% on a monthly scale, with its market cap briefly increasing above a whopping $25 billion. ChatGPT estimated that the possibility of SHIB flipping DOGE this year depends on the further development of the Shiba Inu community. As CryptoPotato reported, SHIB has the strongest base among all meme coins, followed by Dogecoin and Pepe Coin. Technological advancements related to the layer-2 scaling solution Shibarium could play a role, too. The network, launched in August last year, has completed several strategic milestones in the past several months, with total transactions $SHIB
Binance Market Update (2024-03-30) The global cryptocurrency market cap now stands at $2.64T, down by -0.82% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $69,009 and $70,636 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $70,077, up by 0.29%. Most major cryptocurrencies by market cap are trading mixed. Market outperformers include MOB, GHST, and KMD, up by 208%, 46%, and 40%, respectively.