Welcome to this week’s newsletter.
The Total Value Locked in DeFi remained around the $47B mark in the past 7 days, with Lido further increasing its dominance to 25.34% after the release of their V2 upgrade.
On a macro level, U.S. President Joe Biden’s recent announcement rejecting debt deals safeguarding crypto traders caused some temporary concern among investors but also garnered support for candidates who are more pro-crypto in the upcoming election.
Let’s take a closer look at how the market has reacted to these and other news.
Bitcoin has dropped below $27,000 and is currently trading at -0.98% from 7 days ago, while XRP is up by +7.07% due to newly released documents in favor of their case against the SEC.
Lido Launches V2 and Releases Staked Ethereum for Withdrawals
Lido, the most popular Ethereum staking platform, has launched Lido V2, which allows direct Ethereum (ETH) withdrawals. This move aims to increase decentralization and improve the staking experience. Lido V2 offers in-protocol withdrawals at a 1:1 ratio, addressing the dominance of Lido in the liquid-staked Ethereum market.
With 72.92% of all liquid-staked Ethereum controlled by Lido, this innovation could reshape Ethereum staking and promote decentralization. Lido employs a system of 30 vetted node operators who act as validators, ensuring network security. Lido seeks to uphold Ethereum’s ethos by prioritizing decentralization while fostering growth in the staking sector.
Robert Kennedy Jr. Makes Campaign Debut At Bitcoin 2023
Presidential candidate Robert F. Kennedy Jr. debuted at the Bitcoin 2023 conference, voicing his support for Bitcoin and advocating for the protection of Bitcoin users’ rights. He emphasized the role of Bitcoin in safeguarding civil liberties and combatting government repression, citing its use during the Canadian trucker protest.
Kennedy criticized regulations such as the proposed energy tax on miners and pledged to defend the right to self-custody, run nodes at home, and advocate for fair industry regulations.
He also expressed a willingness to consider pardons for individuals like Ross Ulbricht, the Silk Road founder. Kennedy’s campaign stood apart from mainstream Democrats, and he announced that his campaign would accept Lightning Network donations. He views Bitcoin as a vital tool for strengthening democratic institutions in the face of increasing totalitarianism.
Ledger CEO Defends New Wallet Recovery Service
Ledger, a prominent provider of hardware crypto wallets, has launched Ledger Recover, a new recovery tool. This feature allows users to split their seed phrase into three encrypted shards and send them to third-party companies for backup purposes. However, introducing this tool has raised concerns among security experts and Ledger users regarding the potential risks of sharing encrypted essential parts with third parties. In response,
Ledger has clarified that the decryption of the shards can only happen on the Ledger device after user verification, ensuring that the seed phrase is not stored in the cloud.
Overall (Single Exposure Filter)
Yearn Finance tops this week’s list with its YCRV pool with a 26.77% 30d average APY, followed by the LOOKS pool from LooksRare at 24.57%.
Top Stablecoin Yield Pools (Single Exposure Filter)
Credix remains the top stablecoin yield provider with its USDC pool at 13.19% 30d average APY. Conic’s USDC is second at 11.00%.
Top ETH Liquid Staking Derivatives Pools
In the Ethereum LSDs group, Frax’s SFRXETH and StakeWise’s SETH2 pool are battling for first place with 6.99% and 6.82% 30d Avg APYs, respectively.
One Click Crypto is moving into the next phase of our DeFi + AI roadmap, and we are seeking senior-level engineering professionals (EVM, Node, React, AI) and marketers to join our team. Interested individuals with a track record in DeFi can apply by sending their CVs and cover letters to email@example.com.
As we wrap up this week’s newsletter, it’s important to note that today is a special day in the crypto world: Bitcoin Pizza Day. On this historic day, back in 2010, BTC developer Laszlo Hanyecz made the first-ever “real-world” purchase using Bitcoin by buying two pizzas for 10,000 BTC.
It’s a reminder of how far the crypto industry has come and the incredible value that Bitcoin has attained over the years. As we reflect on the latest news and developments in the crypto space, let’s also celebrate the pioneers and milestones that have shaped this transformative technology.
🍕 Happy Bitcoin Pizza Day!
CEO at One Click Crypto
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.
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