The Scenius Sync (Issue #4)
Terminal Voyage(r), Aave Unveils Stablecoin, & Reddit Launches NFT Marketplace
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
Our mission with this concise publication is twofold:
Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
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Essential News 🗞
Ethereum Testnet Merge Mostly Successful — ‘Hiccups Will Not Delay the Merge.’
Ethereum has now completed its second-to-last major Merge trial on the public test network Sepolia, paving the way for its transition from proof-of-work (Pow) to the proof-of-stake (PoS) consensus mechanism.
Binance Extends Zero-Fee Bitcoin Trading Globally
As of July 8th (Binance’s 5-year anniversary), the exchange cut bitcoin (BTC) trading fees to zero worldwide stepping up its competitive positioning against rival cryptocurrency exchanges.
Crypto Broker Voyager Digital Files for Bankruptcy Following the Collapse of Three Arrows meanwhile Celsius Pivots Toward Paying Off Aave, Compound Debt
Cryptocurrency broker Voyager Digital filed for bankruptcy. The company outlined a proposed course of action in its press release, stating it will give customers “a combination” of the crypto held in their accounts, the recovered funds from 3 Arrows Capital, company shares, and Voyager tokens.
Days after Celsius paid off its remaining debt to Maker, the troubled crypto lender Celsius started to make good on its $258 million debt obligations on decentralized lending protocols Aave and Compound.
The Executive Order outlined an interagency approach to address the risks and harness the potential benefits of digital assets and their underlying technology, including through international engagement to adapt, update, and enhance adoption of global principles and standards for how digital assets are used and transacted.
Bank of England Calls for 'Enhanced' Crypto Regulatory Framework
Crypto does not pose an immediate risk to the financial system but must be addressed as the industry continues to grow, according to the UK’s central bank.
Innovation & Adoption 💡📈
Aave to launch overcollateralized stablecoin called GHO
DeFi giant Aave has unveiled plans to launch an overcollateralized stablecoin called GHO, subject to the community decentralized autonomous organization’s (DAO’s) approval. According to the governance proposal shared on Thursday, GHO would be an Ethereum-based and decentralized stablecoin pegged to the U.S. dollar that could be collateralized with multiple assets of the user’s choice.
MakerDAO Approves $100 Million Stablecoin Loan Vault for 151-Year-Old US bank
MakerDAO has approved Huntingdon Valley Bank, a US-based regulated bank founded in 1871, to open a stablecoin vault. This vault will work as a system allowing the bank to borrow DAI tokens after depositing off-chain loans on its balance sheet as collateral.
Reddit is Launching a New NFT Avatar Marketplace
The new NFT-based avatar marketplace allows users to purchase blockchain-based profile pictures for a fixed rate. The company said that you need not have a crypto wallet to buy them, so your credit or debit card should be enough, and you can use Reddit’s own wallet product to store them.
Three Execs Leave JPMorgan This Week to Join Crypto Firms
Despite looming crypto winter, three executives have departed from the mega-bank to join the crypto industry with one to become chief operating officer at well-known crypto fund Pantera Capital.
Polygon Joins Solana in Bringing Web3 to Smartphones
Ethereum scaling tool Polygon is following the Solana blockchain in bringing Web3 to smartphones with a new partnership with tech startup Nothing. Tech startup Nothing has tapped the Polygon network to offer NFTs on its new phone.