Hello Snapshotters,
Friend.tech is booming. This new, decentralized service allows users to tokenize their social network. Launched earlier this month, it is now exploding. Still in its beta phase, according to data from DefiLlama, Friend.tech generated US$1.12 million in fees in 24 hours on August 19, and US$2.8 million total since its launch on August 11.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
USDC Adds New Chains
Circle’s USDC stablecoin is launching on six new blockchains including Polygon PoS, Base, Polkadot, NEAR, Optimism and Cosmos. The announcement follows Coinbase taking a stake in Circle.
Bitcoin Reference Rates for APAC
Derivatives marketplace CME Group is launching Bitcoin reference rates for the Asia Pacific region in what is seen as a sign of growing institutional interest in crypto from APAC.
Mastercard x Ripple
Mastercard is partnering with Ripple, Consensys, and other blockchain companies on a central bank digital currency (CBDC) program. The company’s CBDC Partner Program was announced last week.
Australia CBDC Test Successful
Australia’s central bank has completed its pilot of a central bank digital currency (CBDC), which explored use cases for a potential e-AUD. Its findings include four main useful areas, including enabling complex payments and asset tokenization.
What’s Ahead
Chart of the Week
Telegram trading bot popularity has surged in the past two months, and the fully diluted valuation of associated tokens has significantly risen. Just last week, prices dipped along with the general crypto market, and there has been some debate around potential security issues that warrant scrutiny.
Here’s a chart of its price movement since June 2023:
NFT Spotlight
Footballers REJOICE!
Blockchain and the world’s game have joined together to form an exciting duo when Viv Anderson, the first black footballer to play for England, launches his self-titled NFT collection ‘Viv Anderson’ on Monday, August 28.
As one of football’s true pioneers, Viv achieved legendary status at Arsenal FC, Sheffield Wednesday FC, and the highly acclaimed Nottingham Forrest FC. He was the first person of African descent to play for England’s national football team and became the first black player to receive a full England cap, establishing himself as a role model for generations of black footballers who have since followed in his path.
The collection features limited-edition digital memorabilia from pivotal moments, autographed merchandise, video highlights, and a glut of utility items.
“This collection embodies a fusion of sports history, digital technology, and fan engagement, preserving Viv Anderson’s sporting legacy for future generations.”
Drop onto the pitch. And stay tuned…because this is only Phase 1. 👀
Product Picks
Four New Tokens on Target Price Orders
WLD, UNIBOT, MOON, and BRICK have just been added to Target Price Orders in the Crypto.com App. With Target Price Orders, you can now automate orders at your preferred price without having to monitor the market. Set your Target Price Orders now.
Crypto.com Wallet Extension Integrates Crypto.com Pay
Crypto.com Pay support has been added to the Crypto.com Wallet Extension, enabling users to easily purchase cryptocurrency with their debit or credit card. Users can now use Crypto.com Pay to seamlessly buy up to 58 different tokens across four different blockchains. This is a quick and simple process that allows users to immediately receive their purchased tokens in their non-custodial wallet. Download the Wallet Extension here.
Crypto Level Up
The Top Governance Tokens in 2023
Governance tokens empower holders with decision-making capabilities, which is why they are crucial in decentralized ecosystems. Check out some of the most popular protocols using governance tokens in 2023 and what makes these assets unique.
1. Curve DAO (CRV)
CRV is Curve DAO’s governance token, and holders can participate in the DeFi application’s decision-making processes. These include decisions that determine Curve DAO’s future development.
2. Uniswap (UNI)
Uniswap’s governance token, UNI, was introduced in 2020. UNI holders are responsible for Uniswap’s governance, community treasury, and the decentralized exchange’s default token list.
3. Aave (AAVE)
Ethereum-based lending platform Aave’s governance token is named AAVE, which serves two purposes: It allows holders to participate in decision-making processes, and acts as collateral in the Aave protocol.
4. Compound (COMP)
COMP is Compound’s governance token; holders can earn token rewards on their assets while participating in the decentralized lending platform’s decision-making processes.
Learn More About the Top Governance Tokens in 2023.
CryptoIRL
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Decoder
What Are Stablecoins?
Stablecoins are a form of cryptocurrency whose value is pegged to an underlying asset, such as fiat currencies, other cryptocurrencies, or commodities. This feature aims to make stablecoins relatively resilient to market fluctuations. Due to this, stablecoins are commonly used to facilitate commercial transactions and exchanges, and by traders to store cryptocurrency not actively traded.
Examples include Tether (USDT), USD Coin (USDC), Wrapped Bitcoin (WBTC), and Wrapped CRO (WCRO).
This Week in Crypto History
Japanese Tech Conglomerate Rakuten Launches Crypto Exchange Platform
On August 19, 2019, Tokyo-based technology conglomerate Rakuten unveiled its cryptocurrency exchange platform. Dubbed ‘Rakuten Wallet’, it launched as a mobile app on Android before releasing on iOS. At launch, users could Spot trade BTC, ETH, and BCH. Rakuten Bank customers also enjoyed a more seamless sign-up process.
Today, Rakuten Wallet users can both Spot and Margin trade cryptocurrencies. Additionally, they can convert their holdings to Rakuten Cash, which can be used for payments at various Rakuten platforms and a wide range of merchants in Japan. These include 7-11 and Daimaru.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
