Ndax Weekly TL;DR August 12th

Happy Monday, Ndaxers— Here’s what happened last week: 

• Ripple tests new stablecoin on Ethereum and XRP Ledger
• NEAR Foundation introduces Chain Signatures Protocol
• Vitalik Buterin supports proposal ERC-7683 to enhance cross-chain trade standards
• Harris campaign targets crypto community with new advocacy initiative

Ripple has begun testing its new U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), on both the Ethereum and XRP Ledger networks. The stablecoin, currently in its beta phase, is being rigorously tested by Ripple’s enterprise partners to ensure it meets high standards of security and reliability. RLUSD is backed by short-term U.S. Treasuries, dollar deposits, and cash equivalents, with plans for third-party audits and monthly attestations. However, the stablecoin is not yet tradeable, pending regulatory approval. Ripple intends to use both RLUSD and XRP for cross-border payment services. CoinDesk

The NEAR Foundation has launched Chain Signatures, a new protocol designed to simplify decentralized application development across multiple blockchains. This innovation, which enables NEAR accounts to sign transactions on any blockchain, addresses issues like fragmented liquidity and reduces the need for multiple wallets and manual token bridging. NEAR co-founder Illia Polosukhin anticipates that Chain Signatures will open up a "whole new design space for financial apps in web3," benefiting existing users and attracting new ones. The protocol is already operational, and is supported by eight validators with an initial audit by Kudelski Security. crypto.news

Uniswap Labs and Across Protocol have introduced ERC-7683, a proposed standard aimed at improving cross-chain trade execution and interoperability between decentralized networks. Ethereum co-founder Vitalik Buterin endorsed the proposal, highlighting its potential to standardize cross-chain orders and streamline the process of moving assets between different blockchains. ERC-7683 includes advanced features like batching and Merkle proving to enhance transaction efficiency. The proposal, now open for public review, seeks to establish a unified framework that decentralized platforms can adopt to improve user experience and trade efficiency across multiple blockchains. Cointelegraph

The Democratic Party, alongside Vice President Kamala Harris's campaign team, has launched the "Crypto4Harris" campaign to engage the crypto community and strengthen pro-crypto policies. U.S. Congressman Wiley Nickel announced his involvement in the initiative, which aims to build support for Harris's presidential bid by addressing the concerns of the crypto industry. The campaign is developing a comprehensive crypto-policy framework, seeking to repair Harris's relationship with the crypto community, which has previously been critical of the Biden administration's stance on digital assets. Pro-crypto Democrats are encouraging Harris to adopt a more favorable position to compete with the Republican Party's strong pro-crypto approach. crypto.news

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News Nuggets

• Developer proposes fork of BRC-20 to introduce DeFi capabilities to Bitcoin network crypto.news
• New York judge orders FTX and Alameda to pay $12.7 billion to creditors CoinDesk
• U.S. spot Bitcoin ETFs see major inflows as Ether ETF outflows decelerate crypto.news
• Solana’s first gaming SVM hits 1M monthly active users Cointelegraph
• Thailand launches new crypto testing sandbox crypto.news
• SEC requests public feedback on NYSE’s Ethereum ETF options proposal CryptoSlate
• Brazil's Securities and Exchange Commission (CVM) has approved a Solana-based ETF CoinDesk
• Hong Kong legislator calls for expanded virtual banking to aid Web3 startups crypto.news
• How DePIN is revolutionizing the crypto space Cointelegraph
• Blockchain slashes airline cargo costs by 7% and cuts communication errors by 90% Cointelegraph

As of 08-12-2024 at 9:30 AM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has risen to approximately CA$2.82 trillion from CA$2.6 trillion.
• Bitcoin's market dominance stands at 56.3%, while Ethereum's share is 14.9%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$82,664 and CA$79,500 registering a 16% change over the past week and a market cap of CA$1.6 trillion. At Ndax, the weekly movers are PEPE, which saw a 36% increase in the last seven days reaching a market cap of CA$4.8 billion, and TIA, which experienced a 36% rise with a market cap of CA$1.6 billion. (At time of writing)

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This week’s blog delves into the intricacies of Proof of Stake (PoS) implementations, comparing the approaches of Ethereum, Solana, and Cardano. Discover how each network’s unique PoS system influences its performance, security, and scalability. From Ethereum’s transition post-Merge to Solana’s innovative Proof of History mechanism and Cardano’s Ouroboros protocol, we explore the similarities and differences that shape these leading blockchains. To learn more click here.

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Mark your calendars!

• August 14: U.S. Core CPI Announcement
• August 20: Canada Inflation Rate Announcement
• Q3 2024: Cardano Chang Hard Fork

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• Cosmos (ATOM) 13% APY
• Polkadot (DOT) 12% APY
• Celestia (TIA) 8% APY
• The Graph (GRT) 8% APY
• Near (NEAR) 7% APY
• Solana (SOL) 5.5% APY
• Polygon (MATIC) 4% APY
• Ethereum (ETH) 3.3% APY
• Cardano (ADA) 3% APY

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Happy trading, 
The team at Ndax