Welcome to a new edition of the Datawallet Daily, where we cover topics that are important for all levels of crypto investors and enthusiasts. Today’s drop will cover the following topics:
Rollbit (RLB) Token price rockets 60% after tokenomics revamp
Crypto casino and exchange platform Rollbit has announced a daily purchase and elimination strategy for its RLB tokens, causing an impressive 63% surge in token prices. The move involves utilizing 30% of fees from crypto trading, 20% from sports betting, and 10% from casino games to buy RLB on the open market and burn them, thereby creating a perpetual buying pressure. Over $2.5 billion worth of crypto futures were traded on Rollbit in the last 24 hours, and the company's revenue exceeded $2 million across various services during the same period.
The decision to burn tokens daily could establish a continuous upward trend for RLB, especially as Rollbit continues to grow rapidly among crypto protocols. Its diverse offerings, ranging from token trading with leverage of up to 1000x to sports betting and arcade games, have enabled it to thrive even in a generally bear market.
Co-founder @Lucky_Rollbit emphasized that the platform's hybrid offerings have consistently generated revenue, contributing to Rollbit's success. The recent initiative reflects an innovative approach to utilize revenue for buying and permanently removing RLB tokens from supply, thereby enhancing their scarcity and value.
Maple opens cash pools to US investors
Maple Finance, the debt capital marketplace built on the Ethereum blockchain, has announced its plan to grant accredited American investors access to its Cash Management pool through a Regulation D exemption.
Launched in June of last year, the pool was established with the aim of providing qualified investors with exposure to U.S. Treasury yields while maintaining compliance with risk and accounting regulations.
By obtaining a Regulation D exemption, Maple Finance is able to offer this opportunity without having to register it with the Securities and Exchange Commission (SEC), but it is only available for accredited U.S. investors. This move allows high net-worth individuals, crypto funds, DAOs (Decentralized Autonomous Organizations), Web3 start-ups and other eligible investors entry into Maple's Cash Management pool.
Bitstamp suspended trade for SEC-flagged tokens
Bitstamp, a cryptocurrency exchange based in Luxembourg, has announced that it will suspend trading for seven cryptocurrencies in the United States. These specific digital assets, including AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL, have been classified as securities by the Securities and Exchange Commission (SEC).
Starting from August 29 onwards, Bitstamp users will no longer be able to trade these tokens on their platform. The SEC's ongoing legal actions against major players in the crypto industry such as Binance and Coinbase have deemed these particular tokens to meet the criteria of being categorized as securities.
NEWS: Bitstamp follows eToro, Binance[dot]US on suspending US trade for SEC-recognized securitieshttps://t.co/nALFmtXALK— Blockworks (@Blockworks_) August 9, 2023
Banks tied to crypto under increased US Fed scrutiny
In an effort to enhance its oversight of U.S. banks involved in the cryptocurrency and blockchain sector, the United States Federal Reserve is expanding its supervision program. On August 8th, the Federal Reserve Board introduced the Novel Activities Supervision Program with the purpose of regulating specific activities related to crypto and promoting a level playing field for banks engaged in providing services to the digital asset industry.
The @federalreserve launched a new program aiming to ensure banks engaging with the crypto space are operating in a way that protects the "safety and soundness" of the banking system. https://t.co/cR6Dwz8jRl— Cointelegraph (@Cointelegraph) August 8, 2023
Bernstein claims stablecoin market to reach $3 trillion in 5 years
According to a research report by brokerage firm Bernstein, the stablecoin market is projected to expand from its current value of $125 billion to an impressive $2.8 trillion in the next five years.
The report highlights that integrating stablecoins with consumer platforms will create a "growth flywheel" effect, enabling these cryptocurrencies, which are tied to assets like the U.S. dollar, to attract users and extend their reach beyond native crypto platforms. This development opens up new avenues for distribution and potential adoption of stablecoins in mainstream financial transactions and services.
.@BernsteinBuzz says it expects global financial and consumer platforms to issue co-branded stablecoins to power value-exchange on their platforms. @willcanny99 reports. @BernsteinGautamhttps://t.co/Qw2ChENFrv— CoinDesk (@CoinDesk) August 9, 2023
Other breaking news
- Curve fork protocol Saddle plans to wind down the protocol
- Launched by Sphere Finance, Preon is now live on the Ethereum mainnet
- Sushi is looking for Smart Pool testers
- MuesliSwap to refund ‘High Slippage’ losses for users
- Circle launches new wallet-as-a-service tool
Today's edition of Datawallet Daily has touched on critical events in the crypto space, from RLB token's impressive surge and Maple's U.S. expansion to Bitstamp's suspension of certain tokens and heightened U.S. Federal oversight on crypto-related banking. Add to that Bernstein's forecast for the stablecoin market, and we see a vibrant and evolving industry. Stay with us at Datawallet for your essential daily crypto insights.