In the continually evolving landscape of blockchain technology and cryptocurrencies, we’re seeing significant advancements and groundbreaking initiatives by industry leaders. In this blog post, we’ll discuss some recent notable DeFi developments and news.
Chainspot team
👉 BitDAO’s BIT Token to Rebrand as Mantle
The community of BitDAO has voted in favor of rebranding their native token, BIT, to Mantle, aligning with the upcoming launch of a Layer-2 mainnet. Approved under the BIP-21 proposal, the decision will unify the BitDAO ecosystem under a “One brand, One token” principle.
💰 Deribit Set for Major Options Expiry Worth $3.6 Billion, Likely Impacting Bitcoin and Ethereum
On Deribit, a significant cryptocurrency futures and options exchange, approximately $2.3 billion worth of Bitcoin and over $1.2 billion worth of Ethereum options contracts are slated for expiry this Friday. Representing around 26% of Deribit’s open interest, the expiry might cause considerable market turbulence.
Traders are closely watching the max pain prices, which stand at $1,800 for Ethereum and $27,000 for Bitcoin. These levels could become pivotal points affecting short-term cryptocurrency volatility. The Put Call Ratio signals a slightly bearish sentiment for Ethereum and a more bullish outlook for Bitcoin.
🦊 MetaMask Counters Misinformation: No Taxes on Cryptocurrency Transactions
ConsenSys, the developer of the MetaMask cryptocurrency wallet, has clarified in response to user concerns that MetaMask does not levy taxes on digital asset transactions. Some users had misunderstood a document stating that the company has the right to “withhold taxes if necessary”. The developers explained that this clause only pertains to “ConsenSys products and paid services”, not MetaMask transactions.
✍️ Solana Introduces ChatGPT Plugin
Aiming to boost adoption and usability, Layer-1 blockchain Solana has integrated an AI plugin, ChatGPT, which will enable users to purchase NFTs, transfer tokens, and analyze on-chain data. Future plugin versions could even write and deploy smart contracts on-chain. Despite an 80% increase this year, $SOL is still 92% below its 2021 peak, and this AI initiative may stimulate a revival.
🏦 Ripple Plans to Integrate Central Bank Digital Currency with DeFi
Ripple, the company behind the sixth-largest cryptocurrency, XRP, announced plans to incorporate Central Bank Digital Currency (CBDC) with DeFi protocols. In a recent interview, James Wallis, Ripple’s VP of Central Bank Engagements and CBDCs, revealed the company is working on a project to develop a CBDC-backed lending protocol that utilizes tokenized real estate and Web3 Lending as collateral.
From innovative DeFi applications to advancements in artificial intelligence, the blockchain industry is shaping the future of finance. We’ll continue to witness the growing impact of platforms, which help enable these advancements by providing secure and efficient cross-chain swapping capabilities.
Chainspot team
