Starting today, EmoneyMax Crypto Marketing Service will provide a weekly summary of the past week. We will cover all crypto news.
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EmoneyMax Summary of the previous week in cryptocurrency
Bitcoin:
On Friday (March 17), the price of Bitcoin continued its “bank breaking” and rose another 10% to $27,800, the highest level since June 2022.
According to data from TradingView, the price of bitcoin reached $27,800 on the cryptocurrency exchange Bitstamp at 10:45 p.m. UTC, which means $BTC is up 36.10% over the last 7 days and 65.68% year-to-date.
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The Focus on Arbitrum Airdrop:
Arbitrum is a layer 2 scaling solution for the Ethereum network that aims to significantly improve transaction flow and reduce gas costs. Recently, it has received a lot of attention thanks to the long-awaited transfer of its original token, Arbitrum One (A1).
The airdrop was advertised as a way to encourage users to try and start using the Arbitrum network.
It is set to distribute 250 million A1 tokens to eligible Ethereum wallets, with each wallet receiving up to 495 A1 tokens based on various criteria such as the amount of ETH in the wallet and the number of transactions on the Ethereum network.
Many in the cryptocurrency community are eagerly awaiting the airdrop, as the Arbitrum network has already shown that it can significantly improve the user experience on Ethereum, allowing for faster and cheaper transactions. The airdrop is expected to further support the adoption of the Arbitrum network and its native token, potentially increasing value for A1 holders.
After being a major player in Ethereum scaling solutions, Arbitrum is finally launching its token. The Arbitrum Foundation announced on Thursday, March 16th, that ARB, Arbritrum’s new token, will be broadcast to community members on Thursday, March 23rd.
According to the Arbitrum Foundation, the ARB marks the official transition of Arbitrum to a decentralized autonomous organization (DAO), which means that ARB holders can vote on important decisions in Arbitrum One and Arbitrum Nova, networks that allow users to transact on the Ethereum blockchain for higher levels and lower levels. speed rates
DeFi:
Uniswap is now available on the BNB network as of Wednesday, March 17th.
Uniswap v3, a decentralized exchange protocol, was recently launched on Binance Smart Chain (BSC), after previously only being available on Ethereum. The move to BSC is intended to provide users with more affordable gas costs and faster transaction times, as the Ethereum network is known to experience congestion and high gas costs during periods of high demand.
The launch of Uniswap v3 on the BSC allows users to trade different tokens and gives liquidity providers the ability to earn rewards by providing liquidity to different trading pairs. In addition, the protocol includes advanced features such as concentrated liquidity and multiple fee levels that allow liquidity providers to optimize returns.
The move to BSC is a strategic decision by the Uniswap team to expand their user base and offer them a more affordable option. As BSC continues to gain popularity in the DeFi space, it offers an attractive alternative to Ethereum for those looking to trade and provide liquidity on decentralized exchanges.
Overall, the launch of Uniswap v3 on the BSC is a significant advancement in the decentralized finance (DeFi) space, as it offers users a more accessible and efficient way to trade and provide liquidity on a decentralized exchange.
“With BNB Chain’s thriving and dedicated community, scalability, and availability, it’s the clear choice for everything Web3,” said Alvin Kan, director of growth at BNB Chain, in a statement to CoinDesk. “Protocols that want to reach a larger audience can grow.”
The extension will allow Uniswap users to take advantage of the high bandwidth of the BNB chain and the low cost of exchanging tokens. Given the large DeFi community on the BNB chain, the expansion will allow Uniswap to reach a new pool of users and liquidity.
Stablecoins:
Banks collapsing; stablecoins depegging;
The sudden collapse of Silicon Valley Bank (SVB) unfolded quickly last week, unleashing stablecoins, prompting regulators in the US and UK to prepare contingency plans, and raising fears among small businesses, private venture capitalists, and other depositors with funds stuck at the California tech bank.
Following the depeg of stablecoins, USDC regained its footing when regulators announced that depositors at Circle and other Silicon Valley banks would be able to access its funds to continue trading.
In light of recent market events, MakerDAO, the issuer behind DAI, has adopted a contingency proposal to reduce the protocol’s exposure to USDC. Going forward, MakerDAO is also considering other proposals to limit the protocol’s exposure to centralized stablecoins. These include the introduction of stability-related module market price swaps and repurchase curves that will reduce swaps to 1:1 and the conversion of a significant portion of stablecoin reserves into money market assets.
NFTs:
Meta is ending support for NFTs on Instagram and Facebook to focus on alternative methods of supporting creators, individuals, and businesses. While the feature was only tested last May with a small group of Instagram creators, the decision marks a relatively short shelf life for the feature. Despite the announcement of Meta, NFT trading volume reached almost $2 billion in February, largely thanks to the Blur market.
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