As the whirlwind of blockchain technology and cryptocurrencies continues to disrupt traditional financial systems, staying informed is more crucial than ever. This week, we bring you a roundup of the most significant developments in the crypto world.
Chainspot team
⚛️ Quantum-Based Proof-of-Work Could Revolutionize Blockchain
Researchers from Australian and American universities, in partnership with quantum tech firm BTQ, have introduced a novel proof-of-work (PoW) consensus mechanism using quantum computing techniques called “proof-of-work consensus by quantum sampling”.
This approach could offer faster, more energy-efficient validation than traditional PoW algorithms. The system is designed to increase mining difficulty with more quantum miners, maintaining consistent block mining times and incentivizing participation. Researchers believe this quantum-powered blockchain fusion could lead to faster, more secure, and eco-friendly networks.
💰 MakerDAO Considers Tripling DAI Stablecoin Return Rate to 3.33% Annually
Block Analitica has proposed a hike in the annual return on DAI Stablecoins staked in MakerDAO’s smart contracts to 3.33%, up from the current 1%. The MakerDAO Risk Core Unit Team backs the initiative to increase the DAI Savings Rate (DSR). The DSR smart contract allows $DAI holders to earn interest by locking in their stablecoins.
🇺🇸 U.S. Congress Lifts National Debt Ceiling: Implications for Bitcoin
The dollar index (DXY) witnessed a 0.65% drop this week, potentially its worst since March, following the US Senate’s decision to suspend the $31.4 trillion national debt ceiling.
BlackRock CEO, Larry Fink, suggests that the decline could prompt investors to purchase Bitcoin and other cryptocurrencies. Fink indicates that the “drama” surrounding the debt ceiling has shaken the trust in the US dollar’s stability, providing more reasons for capital holders to buy $BTC with its fixed issuance rate and limited supply. A potential trend reversal could signal the onset of a new bull run for $BTC.
📈 TRC-20 USDT on Tron Network Surges to All-Time High
The Tron blockchain is currently hosting over 60% of USDT’s supply, with the TRC-20 USDT circulation recently hitting a record high of $46 billion. This significant milestone, which overshadows Ethereum’s $36.8 billion $USDT supply, coincides with the 5th anniversary of Tron’s mainnet launch.
Tron’s creator, Justin Sun, aims to boost the network’s on-chain stablecoin market cap to $100 billion by 2023, positioning Tron as a more user-friendly alternative to Ethereum. Amidst these advancements, an ongoing lawsuit by the US Securities and Exchange Commission against Sun over Tron and BitTorrent tokens remains unresolved.
😬 Crypto Scams and Rug Pulls Overcome DeFi Losses in May
According to a recent Beosin report, May saw losses from crypto scams and rug pulls surpass those from DeFi projects, exceeding $45 million. The most significant rug pull involved Fintoch, allegedly amounting to $32 million. The largest DeFi breach targeted Jimbos protocol, leading to $7.5 million in losses. Beosin urges crypto users to enhance their vigilance against fraud, undertake proper due diligence, and ensure the security of their assets. It also warned against using public charging devices
With Chainspot, navigate this exciting world of DeFi seamlessly, leveraging our platform to facilitate effortless swapping of tokens across multiple chains. Stay tuned for more updates as we continue to track these stories and more.
With Chainspot, navigate this exciting world of DeFi seamlessly, leveraging our platform to facilitate effortless swapping of tokens across multiple chains. Stay tuned for more updates as we continue to track these stories and more.
Chainspot team
