GM and welcome to the final Friday edition of Datawallet Daily to round out the week. In today's issue, we'll be diving into what has been a crazy 24 hours in crypto-asset markets, with Pepe Coin memeing itself to a $1 billion market cap & major fintech firm Stripe adding crypto services.
As promised, here are the top stories to finish off the week:
Before we start, let's quickly check out today's market action. Crypto assets have rallied across the board, with ETH storming ahead of Bitcoin thanks to the high levels of on-chain activity due to Pepe Coins ascent, as well as other meme coins. This high-level of network activity is resulting in over 12,000 ETH ($23,951,160) being burned daily.
Stripe announces fiat-to-crypto onramp
Stripe, the financial infrastructure behemoth, just announced a new development in the world of Web3. Today, they unveiled a Stripe-hosted fiat-to-crypto onramp that makes it seamless for US-based customers to purchase crypto. This new service will be open to all Web3 users, a boon for those that waited for months for Stripe to release their solution.
For many companies looking to incorporate blockchain technology, there is a common hurdle to overcome: the cold start problem. It's a headache-inducing scenario where customers don't have the crypto they need to complete transactions. That's where Stripe's onramp comes in, allowing users to purchase crypto precisely when they need it.
And now, Stripe offers two implementation options for their onramp. First, the embeddable onramp gives developers the freedom to add Stripe's new widget with only 10 lines of code. Secondly, there's the Stripe-hosted onramp at crypto.link.com - a one-stop-shop for US-based customers that doesn't require any coding skills. The embeddable onramp is perfect for Web3 companies that want full customization, while the Stripe-hosted option provides an easy way for users to get started.
In short, Stripe's latest announcement is a game-changer for the world of Web3.
Sushi goes big on V3 Concentrated Liquidity
Sushi has launched its highly anticipated concentrated liquidity v3 pools on 13 networks, making it the most extensive deployment of v3 pools to date. As the leading DEX in the DeFi space, Sushi's new v3 pools and cross-chain infrastructure make trading and providing liquidity a seamless experience for users and liquidity providers (LPs).
The v3 pools optimize capital efficiency, reducing slippage and allowing LPs to concentrate funds in a smaller price range. This design minimizes impermanent loss, increases trading volume, and results in greater profitability for LPs.
Sushi has also introduced a sleek and intuitive new UI, offering light and dark mode options, step-by-step guidance for adding liquidity, and a price range selector. Additionally, their innovative routing system, Tines, ensures users get the cheapest swaps possible by unifying liquidity across all pools.
Over the next few weeks, Sushi plans to further expand its concentrated liquidity network support in two phases, solidifying its position as the go-to platform for capital-efficient trading and liquidity provision in the DeFi space.
1inch provides Fusion Mode on five more chains
The 1inch Network has announced its ingenious Fusion mode, a revolutionary feature that allows users to engage in secure token swaps without worrying about pesky network fees. It has officially spread its wings, and is now available on five additional networks supported by 1inch.
Originally launched in December 2022, Fusion mode quickly became a sensation on Ethereum, Polygon, and BNB Chain, facilitating over 200,000 swaps worth a staggering $5.67 billion. Conversely, Polygon has seen over 100,000 swaps worth a combined $198 million, while BNB Chain has been the stage for over 75,000 swaps totaling $358 million!
And now, the excitement has reached a fever pitch as Fusion mode's capabilities have expanded to include Optimism, Arbitrum, Avalanche, Fantom, and Gnosis, unlocking a new realm of possibilities for users!
Powered by the peerless 1inch Swap Engine, Fusion mode enables seamless token swaps on various DEXes with zero network fees and the most best decentralized exchange rates available. And thanks to the 1inch Aggregation Protocol and Limit Order Protocol that underpins the Swap Engine, users can swap their tokens with complete confidence, knowing that liquidity concerns will never be an issue!
Fedi raises $17 million aiming at BTC adoption
Tech startup Fedi has triumphantly raised a whopping $17 million to revolutionize the way Bitcoin is perceived and utilized by beginners. They aim to unleash the potential of private and scalable "federations" to give novice users a smooth learning curve. With Fedimint federations, users can create communities with friends, neighbors, businesses, or any other loosely coupled group of people, and join forces to manage their Bitcoin and Lightning together.
BTC is like digital cash, but the majority of users prefer to store their funds on exchanges or custodial wallets as self-custody can be a daunting task to learn. Fedi intends to change this by introducing federations, making Bitcoin usage seamless and more secure than traditional Bitcoin wallets. Fedimint protocol empowers multiple custodians, distributing power to avoid a single entity running off with the funds. Fedi's innovation promises to be a game-changer in the crypto realm!
Mint a free Ethereum NFT for king Charles’ coronation
As King Charles III and Queen Camilla prepare for their coronation on May 6, the Evening Standard newspaper has partnered with visionary digital artist Trevor Jones to launch an exquisite collection of Ethereum NFTs that immortalize this momentous occasion on Nifty Gateway.
In collaboration with Apollo NFT, this exclusive collection, entitled "The Oath", is available for collectors to claim directly on Nifty Gateway or through QR codes found in the Evening Standard newspaper and billboards lining Oxford Street. However, don't let FOMO get the better of you, as the minting and delivery of these coveted NFTs won't occur until May 7.
"We are incredibly proud to join forces with Trevor Jones and celebrate the grandeur of our city on this historic weekend," proclaimed Evening Standard CEO Charles Yardley. "Jones' NFT artfully depicts centuries of tradition and history in a contemporary format that captures the democratization of art for both artists and collectors."
Jones initially created "The Oath" as a physical painting in his Edinburgh studio, featuring the iconic Saint Edward's Crown, which adorned the head of Queen Elizabeth II during her own coronation in 1953. So let us embrace this majestic moment, as London welcomes a new monarch with open arms and open hearts.
Other breaking news
- Binance addresses compliance concerns
- PEPE memecoin hits $1 billion market cap
- Cosmos community approves Liquditiy Staking Module
- AAVE deploys on Scroll Alpha Testnet
- Crackdown on unregistered crypto ATMs across UK continues
There it is, folks! To end the week strong, Datawallet brought you stories of PEPE coin skyrocketing, and SushiSwap rolling out a new LP for their V3. In other news, 1inch added more chains for their fusion mode, while Fedi managed to raise $17 million to increase BTC’s usage. Stay informed and ahead of the game with our daily crypto scoop.
See you next week 👑
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