Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for August 26-September 01, 2024

Weekly Crypto Digest for August 26-September 01, 2024

Monday, September 02, 2024

In the latest issue of Weekly Crypto Digest, read how TVL in DeFi protocols collapsed, Solana daily fee volume fell, The SEC is after OpenSea now, 88K Crypto millionaires were added in 2024, and more.

Xapo Bank to Become First UK-licensed Bank to Offer Fiat and Bitcoin Interest-Bearing Account

Gibraltar-based cryptocurrency private bank Xapo Bank has become the first UK institution to offer fiat and Bitcoin interest-bearing accounts. This follows the successful passporting of its banking license in the country.
The latter is a mechanism allowing Gibraltar-based companies to extend their banking license to the UK, with assistance from the FCA, PRA, Bank of England, and the Overseas Territory Authority.
According to a press release, Xapo is offering 1% annual interest on Bitcoin balances.

TVL in DeFi protocols collapsed

TVL in DeFi dropped

The total volume of locked value (TVL) in DeFi protocols collapsed to $82.9 billion. Lido remains the leader with $24.7 billion. EigenLayer is in second place ($11.8 billion), and Aave is in third place ($11.4 billion).
TVL in Ethereum applications collapsed to $47.2 billion. Turnover on decentralized exchanges (DEX) over the past 30 days fell to $128 billion.
​Uniswap continues to dominate the non-custodial platform market, accounting for 43.2% of the total turnover. The second DEX by trading volume is PancakeSwap (19.1%), Aerodrome is third (8.8%), and Dodo is fourth (7.1%). Curve is in fifth place (4%). OpenSea Receives Notice from SEC.

The US Securities and Exchange Commission (SEC) has warned OpenSea about a possible lawsuit

This was reported by its CEO, Devin Finzer.
He noted that the information came in the form of a so-called "Wells Notice". Let us recall that this is an SEC document warning the company about a possible lawsuit. Usually, the regulator sends it before filing an official lawsuit or gives the last opportunity to refute the allegations.
Finzer explained that NFTs are creative goods: art objects, collectibles, video games, domain names, event tickets, and much more. In his opinion, digital art should not be subject to regulation.
In addition, OpenSea CEO promised to allocate $5 million to pay for legal services to NFT creators and developers who receive a "Wells Notice".

88,000 Crypto Millionaires Added in 2024

88K crypto millionaires added in 2024

There are 172,300 people in the world who own crypto assets worth more than $1 million, according to the Crypto Wealth Report 2024, published by Henley & Partners.
According to analysts, this is 95% more than in 2023. At the same time, the number of millionaires who earned money from investing in Bitcoin increased by 111% over the year and reached 85,400 people.
Henley & Partners experts counted 325 investors who own cryptocurrency worth over $100 million. There are also six new crypto billionaires in the world, five of whom manage assets in Bitcoin.
​The total capitalization of the crypto market has grown by 89% - from $1.2 trillion to $2.3 trillion over the past year. According to Dominik Volek, Head of Private Clients at Henley & Partners, the rapid growth is due to the launch of crypto ETFs in major financial markets and, as a result, a significant influx of capital from institutional investors.

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Solana Daily Fee Volume Falls to March 2024 Low

Solana Daily Fee Volume Falls to March 2024 Low

On August 25, 2024, Solana's daily fee volume was $639,874, according to Dune Analytics. This is a new low since early March 2024.
Note that on August 31, the figure was $522,099.
The average fee has also fallen significantly. If at its peak, on March 21, 2024, it was $0.06, then as of August 31, it fell to $0.00635.
Peak values ​​of fees in the network occur during the period of growing demand for pump.fun services. This is a platform for creating memecoins with the subsequent launch of these assets on the Raydium exchange.
However, they began to fall in early August, against the backdrop of the launch of pump.fun's direct competitor, SunPump, on the TRON network. And on August 21, 2024, the latter surpassed pump.fun in daily income.

The Court Set Bail in The Case of Pavel Durov at €5 Million

On August 28, 2024, Telegram co-founder Pavel Durov appeared in court. He was officially charged with six counts, and bail was set at €5 million ($5.5 million).
According to this document, Durov is prohibited from leaving France. In addition, he is required to report to the police twice a week.
Of the 12 points previously mentioned in the prosecutor's statement, only six were officially brought against him:
1. Refusal to provide information at the request of the authorities;
2. Providing cryptographic services aimed at ensuring confidentiality without declaring them;
3. Participation in the creation of a platform through which illegal activities are carried out. This clause alone provides for a fine of €500,000 and imprisonment for up to 10 years;
4. Complicity in storing pornographic materials, including with minors;
5. Complicity in drug trafficking;
6. Complicity in fraud.
Paris prosecutor Laura Becco said there was no cooperation from the Telegram team despite the volume of illegal activity on the platform. Her words are quoted by Bloomberg.
​According to Politico, was the initial reason for issuing an arrest warrant. Moreover, according to information in the press, it was not only about Pavel but also about his brother, Nikolai Durov.

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