The Australian cybersecurity advisor outlines some key factors for safe crypto adoption in the country
The Australian Cyber Security Industry Advisory Committee, highlights four key areas to support a safer adoption for crypto while also citing a number of crypto-related opportunities for the government to pursue. ‘Exploring Cryptocurrencies,’ research produced by Australia’s Department of Home Affairs , mentions the surge in crypto acceptance as the country faces a rapid shift […]
Ukraine Announces Airdrop As Crypto Aid Exceeds $50 Million
The Ukrainian government said on Tuesday that gifts totaling more than $50 million would be airdropped to the country’s official checkbook. According to the country’s official Twitter account, an airdrop has been confirmed, and a photo will be taken on March 3 at 6 p.m. Kyiv time (4 pm GMT). An airdrop is a promotional event in which a developing blockchain project distributes free tokens to members of its community. The move is intended to increase user engagement with the site. Since last year, airdrops have acquired popularity in the NFT community. A free Ethereum-based coin called $SOS was recently distributed to members of the OpenSea NFT marketplace. It was not immediately obvious what assets will be allocated, given that the Ukrainian government has been receiving bitcoin, ethereum, and tether donations since the beginning of the Russian invasion. Ukraine has received more than $50 million in cryptocurrencies. According to data aggregator Slowmist, the community has donated more than $50 million […]
By staking market cap, Terra’s LUNA dethrones Ethereum 2.0 to be the number two cryptocurrency.
LUNA, Terra’s native cryptocurrency, has seen a robust increase despite recent market turmoil. The LUNA cryptocurrency is aiming for a new all-time high and is now trading 7.5 percent higher at $95.36 with a market capitalization of $35.7 billion. According to the most recent data from staking incentives, Terra’s LUNA has surpassed Ethereum 2.0 as the second-largest Proof-of-Stake (PoS) network. With increasing demand among DeFi protocols, Terra’s LUNA has emerged as a significant challenger to Ethereum. Terra LUNA, on the other hand, trails Ethereum in terms of total value locked (TVL), which presently stands at $23.7 billion. Among the top ten cryptocurrencies, LUNA has seen the most growth in the last week, with a gain of 77%. It has surpassed giants such as Solana (SOL), Cardano (ADA), and Avalanche to become the seventh-largest cryptocurrency by market cap (AVAX). So, why is the cost of LUNA so high? The Luna Foundation Guard (LFG) announced last week that the LUNA cryptocurrency would be sold over-the-counter. This money will be used to “establish a Bitcoin-denominated Forex Reserve for UST,” according to the Luna Foundation. LFG explained why this was done: Although the widespread adoption of UST as a consistently stable asset through market volatility should already refute this, a decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system. In terms of user acceptance, Terra has been one of the fastest-growing Layer-1 protocols. The price of its own cryptocurrency, LUNA, has mirrored this. Terra is also on track to cut into Ethereum’s DeFi market cap. In such a short amount of time, the Terra ecosystem now hosts 13 DeFi protocols. This year, a huge number of DeFi protocols are expected to enter the Terra ecosystem. LUNA’s price has also risen due to the burning mechanism of Terra’s native stablecoin, UST.
Bitcoin’s ‘Real’ Volume Increases Since Early December Amid Russian Invasion
Many investors are of the opinion that cryptocurrency could be significantly useful amid geopolitical conflicts and uncertainties, according to Arcane research. Bitcoin “real” daily volume soared to levels for the first time in three months on the heels of the Russian invasion of Ukraine. Last Thursday (Feb. 24, the first day of the invasion), real […]