This week MOON, Reddit’s native token, surged massively🚀. On Thursday, the token reached its ATH and skyrocketed over 400% in seven days, exchanging hands for over US$0.65, according to Crypto.com Price. Read all about Moons and Bricks, Reddit’s new tokens, here.
Ripple’s XRP also continues to trade at high volume. Immediately following last week’s judicial ruling that XRP is “not necessarily a security,” XRP daily trading volume surpassed both Bitcoin and Ethereum. XRP trades have recently comprised 21% of the total crypto trading volume, leaving BTC in second position with 20%.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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Chart of the Week
DEX aggregator 1inch (1INCH) rose by more than 58% before receding on Monday, with its trading volume hitting US$597 million — the highest level since October 2021. Alongside this spike in trading volume, US$3.37 million in leveraged 1inch short positions were liquidated over the past 24 hours, according to CoinGlass.
News Snaps
Highest Inflows Since 2021
Significant inflows into crypto funds continued for the fourth consecutive week at a rate not seen in nearly two years, according to CoinShares. Approximately US$137 million of inflows were made last week for a total of US$742 million over the past month, when BlackRock applied for a Bitcoin ETF.
XRP Trading Volume Surpasses BTC
Immediately following last week’s judicial ruling that XRP is “not necessarily a security,” XRP daily trading volume surpassed both Bitcoin and Ethereum. According to Kaiko, which provides crypto market data, XRP trades have recently comprised 21% of the total crypto trading volume, leaving BTC in second position with 20%.
BlackRock’s BTC ETF on the Docket
BlackRock’s revised application to offer a spot Bitcoin exchange-traded fund (ETF) has been added to the official docket of the Securities and Exchange Commission (SEC) as part of its proposed rule change process. The procedural move suggests advancement of the application toward review by the regulator.
BTC Index Futures Are Live
Argentina’s first Bitcoin index-based futures contract went live, giving qualified market players exposure to crypto in a manner regulated by the local authority.
MiCA in Action
The European Securities and Markets Authority (ESMA) issued a set of detailed proposals on how crypto companies within the European Union should be authorized, the first use of new power given under the bloc’s Markets in Crypto-Assets (MiCA) law.
What’s Ahead
A National Indo Crypto Exchange Is Coming
Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, reportedly plans to launch its national crypto exchange in July 2023.
Research & Insights
Monthly Feature Article | Layer-0: Deep Dive Into Interoperability Solutions
In our latest Private member report, we shed light on what blockchain interoperability looks like today and distinguish the differences between cross-chain, multichain, and omnichain.
Key Takeaways:
- The Cosmos ecosystem is a spoke structure that consists of Hubs and Zones. Hubs are specifically designed to connect Zones, which are regular heterogeneous blockchains, by acting as routers and facilitating the flow of information. Cosmos’s general cross-chain communication is achieved through the Inter-Blockchain Communication Protocol (IBC).
- Similarly, Polkadot also adopts a spoke network architecture. The mainchain in Polkadot is called the Relay Chain, which hosts all validators and tasks to secure and govern the network and interconnected Layer-1s (known as parachains). Polkadot’s communication among parachains is achieved through Cross-Chain Message Passing (XCMP).
- Avalanche provides infrastructure for building blockchains, called Subnets. The approach of inter-communication among Subnets is called Avalanche Warp Messaging (AWM).
- All of the above protocols provide tools to simplify the procedure of building appchains. Polkadot and Cosmos also support shared security between the mainchain and the independent Layer-1 chains.
Check out the full report: Layer-0: Deep Dive Into Interoperability Solutions.
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NFT Spotlight
Just like how they reinterpret traditional Korean shaman ritual through media art and electronic music, EASThug (a media artist group) and 64ksana (an alternative electronic band) are again experimenting together — this time through blockchain.
Their first NFT collab, dubbed ‘Sacred Place’, uses light and sound to unravel the oppression of — and liberate listeners from — the constraints of reality. It drops on Monday, July 24, and features 🪂 NFT airdrops.
EASThug, formed by stage and video designer Donguk Ko, collaborates under the motto of ‘collective creation’, while 64ksana blends traditional Korean shamanic music with modern electronic elements and aims to revive the spirit and philosophy of the traditional ritual.
64ksana encourages their audiences to embrace the present and find fulfillment in their lives.
Believe in the power of being fully present in the moment. Find comfort in this collab collection.
Product Picks
Crypto.com Exchange App Launches the Grid Trading Bot
The Grid Trading Bot is now available in the Crypto.com Exchange App. Users can now set up a Grid Trading Bot from the convenience of their mobile devices, automatically placing orders based on predefined parameters. This allows users to build positions in the Spot market and profit whenever price swings occur. Try it now!
Win a Share of US$20,000 by Trading XRP in the Crypto.com App
Between now and July 28, Crypto.com App users stand to win a share of US$20,000 in XRP simply by trading the token. There are two ways to win! Simply purchase XRP and enter into a lucky draw or compete in the trading competition, where the top 500 users can win up to US$1,000. Terms, conditions, and eligibility apply. Learn more here.
Crypto.com App New Token Listings
r/CryptoCurrency Moons (MOON)
r/CryptoCurrency Moons is an ERC-20 token on Arbitrum Nova launched by Reddit admins as a part of the Community Points project. Users can be rewarded for their contributions in r/CryptoCurrency with a unit of ownership in the subreddit.
Moons can be freely transferred, used to display reputation within the subreddit and unlock exclusive features, as well as add weight to votes in polls.
Crypto Level Up
What Is XRP?
XRP is the Ripple network’s native token. It’s used as a digital currency on the network to facilitate cross-border payments and remittances. Here are more details about this veteran cryptocurrency:
Who Created XRP?
XRP was conceived by US-based technology company Ripple Labs before launching in June 2012. Today, it’s among the largest cryptocurrencies by market capitalization.
What Is Ripple’s Network Used For?
RippleNet is used for cross-border payments and remittances. To be precise, it enables fast, secure, and cost-effective fund transfers for both individuals and businesses. Ripple is also working on a platform for central bank digital currencies (CBDCs) based on the XRP Ledger.
What Is XRP Used For?
XRP facilitates transactions on Ripple’s network. This allows users to send and receive payments across multiple fiat monies in seconds.
Learn More About XRP and Ripple.
CryptoIRL
We spy six red flowers — and of course the Crypto.com Royal Indigo Visa Card — in this treasure field of 🌾. How many red flowers do you see? Thanks for the golden moment, @_silverstar88_.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Decoder
Proof of Capacity (PoC)
In Proof of Capacity (PoC), occasionally referred to as Proof of Space (PoS), network participants temporarily provide storage space on their hard drives in a bid to verify transactions and mine new blocks.
While this process requires large amounts of data storage space, it involves relatively little processing power, making it much more energy and time efficient than many other consensus mechanisms.
Examples of PoC consensus algorithms include Storj (STORJ) and Chia Network (XCH).
This Week in Crypto History
Mastercard Wins Patent to Manage “Fractional Reserves of Blockchain Currency”
In mid-July 2018, payment processing firm Mastercard won a patent to manage “fractional reserves of blockchain currency.” Although the company said that no products had been launched as a result of securing this patent, industry experts and cryptocurrency traders alike were encouraged by the news.
Today, Mastercard has multiple cryptocurrency solutions, including the Crypto Card Program. This service allows cryptocurrency issuers and companies to launch their own debit or credit card program, with Mastercard’s network granting access to merchants worldwide. Businesses who have signed up for the Program include Nexo and Gemini.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
