Analysis
DeFi
Sui
The Sui blockchain, developed by the founders of Mysten Labs, is a layer-1 proof-of-stake (PoS) blockchain.
Adoption
More than half of Turkey has turned to crypto amid rapid currency devaluation – KuCoin report
The survey was conducted in May 2023 and found that found that 52% of Turkish adults aged 18 to 60 have invested in cryptocurrencies, a 12% increase from 40% in November 2021.
Legal
Ripple files motion to block SEC appeal attempt
Ripple's legal team argued in the filing that the court should reject the SEC's certification request as it does not meet the exceptional requirements needed to secure approval for an interlocutory appeal.
Regulation
JP Morgan believes SEC will be forced to approve Bitcoin ETFs after losing case against Grayscale
JP Morgan analysts predict the SEC will approve spot Bitcoin exchange-traded funds after losing its court case against Grayscale.
Bankruptcy
FTX cold wallet moved almost $10M in altcoins to Ethereum since Aug. 31
The altcoins include notable tokens like LINK, SUSHI, LUNA, and YFI.
DeFi
NEAR Protocol
NEAR Protocol is positioning itself as a Blockchain Operating System (BOS) aiming to become an open-source community-run public cloud computing platform for decentralized applications (dApps).
Adoption
Hong Kong’s bond tokenization efforts yield ‘significant operational improvements’
The HKMA said Project Evergreen revealed that tokenization and DLT could eliminate the intrinsic inefficiencies inherent in conventional financial systems.
Stablecoins
Stablecoin settlements were on par with payments giant Visa during 2022
Stablecoins settled more than $11 trillion in value during 2022, rivaling payments giant Visa's $11.6 trillion settled.
Legal
Celsius set to vote on asset sale plan after court approves disclosures
Creditors will receive voting ballots starting Aug. 24, with the final voting date set for Sept. 22 — giving them a little under one month to cast a vote in favor or against the plan.
Technology
PayPal aiming for DeFi push after stablecoin launch – SVP Blockchain, crypto
He added that stablecoins' main use case currently is in DeFi and Paypal wants to ensure its token is a viable alternative to rivals like USDT and USDC.
Regulation
Federal Reserve will require state banks to get written ‘non-objection’ from central bank before engaging with stablecoins
The Fed stated that its approval hinges on the ability of banks to show that they possess the necessary control systems to manage the risks tied to stablecoins.
Legal
US prosecutors to issue superseding indictment against Sam Bankman-Fried next week
The indictment will include the charge of conducting an illegal political influence campaign via straw donors as part of the larger wire fraud scheme.