The SEC vs. Kraken, Coinbase, Binance. Revolut's staking service. Shopify's blockchain suite. Lido V2. DefiLlama's new dashboards.
In this week’s newsletter, we will look at:
Bitcoin (BTC) is down -4.97% from last week, while Ethereum (ETH) dropped by -7.69%. The biggest gainers among the top coins since the start of the year remain Solana (SOL) at +104.61% and Polygon (MATIC) at +53.28%.
Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token
According to reports, Paxos Trust Company, the issuer of the world’s third-largest stablecoin, is being sued by the Securities and Exchange Commission (SEC). A recent report indicates that the cryptocurrency company is being accused of violating investor protection laws regarding Binance’s BUSD stablecoin.
The SEC Is Cracking Down Staking On Centralized Exchanges
Kraken was charged by the SEC with selling unregistered investment contracts because it promised its staking customers regular returns and payouts. Kraken has terminated its US staking program and will compensate the agency $30M.
Meanwhile, Revolut To Offer Staking Services
Revolut, one of the largest digital banks in Europe, has just begun allowing customers in 30 European countries to stake their cryptocurrency holdings. The launch of its crypto staking service for various proof-of-stake tokens, such as Ethereum, Cardano, and Polkadot.
Shopify Launches Comprehensive Blockchain Suite For Merchants
The e-commerce titan Shopify has introduced its new suite of blockchain-based products for merchants. This enhancement is anticipated to enhance the user experience on Shopify-hosted web3 stores. In addition, merchants can utilize token gating and take advantage of the wallet ecosystem’s new features.
DefiLlama Releases Two New Dashboards For Web3 Analysis
The leading analytics dashboard and TVL aggregator DefiLlama has released two new dashboards. The treasury section on the website will provide data on the protocol’s treasury balance in stables, majors (BTC, ETH), own tokens, and others, while the “active investors” dashboard will sort fundraising data by the number of deals in the last 30 days.
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Top Stablecoin Yield Pools
Currently, the top 3 stablecoin yield pools with a TVL of at least $50M, sorted by average 30 days APY, are Convex Finance’s MIM-3CRV pool at 9.15% APY, Uniswap V3’s USDC-USDT (0.01%) pool at 7.99% APY and Stargate’s USDT pool at 6.23% APY.
Top Blue-Chip Coins Yield Pools
Uniswap V3 leads the way with the top pool by 30 days average APY with USDC-WETH ( 0.05%) at 46.39% APY, while Convex Finance has the other two spots with WETH-CRV at 26.78% APY and WETH-CVX at 25.28% APY.
Top ETH Liquid Staking Derivatives Pools
In the final category, we look at liquid staking derivatives pools, which have grown in market share since the SEC’s attack on centralized issuers of liquid staking. Currently, Frax Ether leads the lit at 7.48% APY, while StakeWise and Lido stay behind at 5.42% and 4.94%.
After a flying start in January, crypto faces its first real challenge in 2023.
As previously discussed, the importance of regulatory compliance in Web3 cannot be overstated, as it presents both advantages and disadvantages.
Unfortunately, The SEC’s recent actions have sparked widespread speculation that a coordinated attack on the crypto industry may be underway.
What do you think? Share your opinion on Discord.
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 any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.
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