The EIP-1559 is a proposal to make transactions on Ethereum network more efficient by using a hybrid system of stable low fees and tips to incentivize miners more evenly in periods of high and low network congestion. In the proposal, a base fee is an algorithmically determined price you pay for a transaction on Ethereum.

ETH Price Upsurged Above $3,000

Ether price is currently consolidating above $3,000 having risen over 12% in the past week. The second-largest cryptocurrency by market cap managed to spike above its position-$3,000 after the recent market sell-off that saw its price record dropping to a new 3-month low of $1,707. Many analysts has observed that the upcoming hard fork gave impetus to the recent green price momentum and price may go up further durng and after this all important update

The exchange reserve volume of ETH also registered a new 2.5 year low as a significant volume of ETH continues to move into ETH 2.0 deposit contracts and a rising number of ETH defi Dex

ETH is currently down over 50% from the new all-time-high of $4,362 but on-chain metrics suggest ETH has a growing market demand amid rising values.


NEWS News

Japan to Finalize Move on Digital Yen Plans by 2022



Japan will provide clarity on its CBDC product digital Yen's status, by the end of next year 2022. A lawmaker who spearheads the ruling party’s digital currency plan has noted, that, the CBDC development may potentially be the beginning of a turf war between traditional lenders and online platform operators.

Bank of Japan will be transitioning to the second phase of its Central Bank Digital Currency (CBDC) experiment by late 2022. The first phase enhenced and engendered  rapid growth of private innovation by colaborating with counterparts. The next phase is expected to reveal developments on the functionalities and intermediaries of digital Yen, eg deciding the organization that may serve as a mediator between the BOJ (Bank Of Japan) and deposit holders.

Hideki Murai, the ruling Liberal Democratic Party’s Head of digital currencies panel, told Reuters.

By around the end of next year, we’ll have a clearer view of what Japan’s CBDC would look like,” Hideki.”

BOJ opposes changes

However, BOJ vehemently stands in opposition to the motion owing to existing instability in Japan’s financial industry. With the online settlement offered by non-bank retailers and moving into commercial bank territory; BOJ is strongly in opposition to any potential changes caused by the digital Yen.

Moreover, BOJ must ensure that the digital Yen is compatible with the CBDC of other nations and not just Japan, for a successful outcome. Nevertheless, the government has assured that there will not be any immediate or sudden CBDC changes; but discussions went on regarding its economic effects and impacts after the issuance of CBDC.

“If the BOJ were to issue CBDC, it would have a huge impact on financial institutions and Japan’s settlement system…CBDC has the potential to completely reshape changes occurring in Japan’s financial industry.” Murai said.

NEWS News

Indian Finance Minister Says Cabinet Note Ready on Crypto Bill


The Indian finance minister, Nirmala Sitharaman  in her latest interview provided an insight into the long-pending crypto bill. She hinted that the cabinet note for the crypto bill is ready and has been prepared after recieving suggestions from the stakeholders of the industry.

The Indian crypto bill have been listed during the last budget session of the parliament as well, but couldn’t be discussed due to time constraints brought on by the pandemic. The next Parliamentary session is scheduled to begin on July 19 and the crypto community  envisages the impending crypto bill being discussed.

Sitharaman during her interview noted that they are considering all aspects of the crypto ecosystem and hinted at possible windows for pilot programs as soon as the bill gets approved by the Cabinet. She said,

We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it.

From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to make a decision.

Enabling Crypto Regulations is Vital to Propel India to the Forefront of Crypto Market

India's crypto investment have risen to well over the crescendo hight of 19000% last year alone. No doubt, India is one of the fastestest and leading investment markets in the world. Indians invested over $4 billion in cryptocurrencies rising from $200 million a year ago. Apart from a significant spike in crypto investment, the country itself, is a fertile land for leading crypto businesses despite regulatory uncertainty. Coinbase, one of the leading crypto exchanges in the world has announced it would be expanding its market in India with several new hiring.

India also is at the fore-front contributing to crypto developer community with a good number of projects hiring Indian developers or outsourcing the work to India.

World’s leading DeFi and CeFi aggregator OpenOcean announces strategic investment by Huobi Ventures 

OpenOcean, a pioneering full aggregator that supports interoperability across multiple networks, is excited to announce a strategic investment by Huobi Ventures Blockchain Fund. 

Following the investment, OpenOcean will work closely with the Huobi Global ecosystem to bring more innovative solutions connecting DeFi and CeFi. The new solutions will benefit users through higher capital efficiencies and profits from enhanced trading strategies.

The Huobi investment comes on the heels of OpenOcean surpassing 200,000 active unique addresses with over 730,000 total transactions approximating $2 billion USDT in cumulative transaction volume since its launch in Q3, 2020.

Huobi Ventures is a subsidiary of Huobi Group, the world’s leading blockchain company, that supports innovative blockchain projects through long-term strategic investments.

In March 2021, OpenOcean had raised $2 million from a group of investors led by Binance. Multicoin Capital, CMS Holdings, Kenetic, MarketAcross, LD Capital and Altonomy participated in that round. 

Commenting on the strategic investment, OpenOcean co-founder Cindy said“Leading exchanges that are building in both DeFi and CeFi are investing in OpenOcean because of the value we bring as the first aggregator that connects these two previously isolated worlds. We now have, what we believe is, the best possible group of investors supporting us to facilitate our innovative products and ecosystem development.”

OpenOcean has successfully aggregated major DEXes on BSC, ETH, ETH Layer2, TRON and SOL . It is also in the process of integrating more DeFi protocols including Polygon. 

Further down the road, OpenOcean will be offering derivatives, lending and insurance, combined margin products, yield products, and intelligent wealth management services. 

About OpenOcean

OpenOcean is a one-stop full chain aggregation protocol that acts as a bridge between DeFi and CeFi. It eliminates the fragmentation that exists within the DeFi ecosystem by giving users access to the entire crypto market via a single, user-friendly interface. Users enjoy full access to aggregated liquidity and best pricing from a wide range of centralized and decentralized exchanges.

For more information, please visit: https://blog.openocean.finance/ 

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NEWS News

EU’s new MiCA regulation may add an “Elon Musk” clause

Published July 5, 2021 | Updated July 5, 2021

Source: IndianExpress

It has been a controversially bullish year for cryptocurrencies. The world has either been adopting or applying strict regulatory policies to the digital money market of crypto. Latin and North American nations have shown their faith in cryptocurrencies, whereas several nations in Asia have turned their backs to crypto. 

European Union’s Digital Finance Strategy now includes Markets in Crypto Assets (MiCA) to regulate the decentralized sphere of cryptocurrencies. MiCA proposed unconventional regulations for the crypto market, from the requirement of authorized permission to trade stablecoins, to mandating acquisition of legal status for small crypto projects before scouting investors.

However, the ‘Elon Musk’ clause of the 168-page document particularly grasps attention. Tesla CEO, Musk has been in the spotlight for his infamous crypto tweets about accepting and declining bitcoins by Tesla, and consistent ‘influencer marketing’ of meme-oriented altcoins. MiCA regulations limit Musk’s crypto presence on social media and require him to quit the wit he uses to manipulate crypto prices.

MiCA to Limit Musk’s Manipulation

The volatility of the crypto market often pushes potential traders away. Especially, when well-endowed entrepreneurs like Musk start to manipulate the market using their internet vogue. Regardless of crypto’s democratic and decentralized status, it becomes difficult for people to calculate the investment in it, attributed to the trending tweet’s effect on the volatility of coins.

The Crypto market has become riskier with Tesla’s fluctuating stance on Bitcoins and Elon Musk’s tweets on Doge, Floki, Shiba, Baby Doge.

MiCA regulations have banned celebrity manipulation of crypto markets, along with the acquisition of a celebratory position as a crypto influencer. Both will be applicable by National law and infringement will be punishable under criminal law.

“The regulation prohibits such market manipulations which could be punishable with criminal remedies depending on the applicable national law.” says the London School of Economics and Political Science (LSE) in their analysis of EU’S press release

 

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