Aave launches a decentralized stablecoin; XRP surpasses Bitcoin in terms of trading volume; Binance restricts the benefits it offers exclusively to its staff.
Decentralized finance (DeFi) protocol Aave has launched a stablecoin on the Ethereum mainnet that is algorithmically pegged to the US dollar. Aave has minted a total of $2.19 million worth of GHOs since launching its stablecoin called GHO.
Aave announced the launch of the new stablecoin in a July 16 blog post describing the new stablecoin GHO as a decentralized and over-collateralized asset. Additionally, GHO is backed by a large number of digital assets, including Ethereum’s native currency Ethereum (ETH) and Aave’s native token AAVE (AAVE).
A total of 424 participants voted for the launch of the GHO on the mainnet. However, 100 percent of respondents voted in favor of the GHO for the stablecoin launch.
Aave also made some statements that would put its users at ease that GHO is transparent and verifiable. “All transactions are handled through self-executing smart contracts. All data on GHO transactions can be obtained and audited directly from the blockchain or through multiple user interfaces,” Aave said.
New breath to stablecoin market: Decentralized stablecoin GHO
The launch of the GHO adds yet another to the growing ranks of DeFi-specific algorithmic stablecoins. In addition, DeFi protocol Curve launched its leading algorithmic stablecoin, crvUSD, on May 4.
At the time of its launch, MakerDAO’s Ethereum-based stablecoin DAI is the largest algorithmic stablecoin in circulation with a market cap of $4.28 billion, according to DefiLlama data.
However, the overall stablecoin market continues to be dominated by central issuers such as Tether and Circle.
Currently, Tether’s USDT and Circle’s USD Coin (USDC) make up 87 percent of the circulating supply of all US dollar-pegged stablecoins.
XRP surpasses Bitcoin in terms of trading volume
The decision on the SEC’s lawsuit against Ripple on July 13 led to a great interest in the XRP token. According to Kaiko, after the court decision, XRP saw a huge jump in trading. The asset has managed to surpass all other cryptocurrencies in this respect.
A research report released on July 17 noted that XRP transactions have increased by 61% since the court decision. XRP accounted for 21% of global trade volume on Monday morning. This means that the asset has outstripped both Bitcoin and Ether.
The XRP price thus managed to reach its highest level in the last 15 months. Transaction volume also saw its highest level in the last 10 months. In the report, it was stated that altcoin volumes did not increase as much as expected, except for XRP.
XRP’s market cap increased by $21.2 billion shortly after the decision, making it the fourth largest cryptocurrency. The asset was previously ranked 7th.
The most interesting thing about XRP was that after the lawsuits and delists, there was no extreme negative impact on the price and volume of the token. was filed. Binance processed over $600 billion in trades in that time.
Kaiko said the SEC can appeal the decision. Ripple CEO Brad Garlinghouse expressed his confidence that the appeal decision will also be in favor of Ripple.
Binance restricts the benefits it offers exclusively to its staff
Leading cryptocurrency exchange Binance has chosen to restrict some of the benefits it offers to its staff.
According to the news of The Wall Street Journal, Binance decided to cut some of the benefits it offered to its employees last month due to financial difficulties.
According to the sources, the exchange announced in a notification email to its employees that it will stop offering certain benefits, such as mobile phone payments, fitness payments, and work-from-home expenses, effective June 19th.
The message sent by Binance included the following statements:
“Unfortunately, we have to be more prudent in our spending, given the current market environment and regulations that have led to a decline in profits.”
Binance also stated that more work can be done to reduce costs in the future.
Speaking at the event held for Binance’s sixth anniversary, Changpeng Zhao said that the company is still in a profitable position and is not affected in any way by the lawsuit filed by the US Securities and Exchange Commission. CZ, however, pointed out that more layoffs may be made in the coming periods.
A Binance spokesperson said about the financial situation:
“We review specific products, business units, staff benefits, and current policies to ensure our resources are properly allocated to reflect the demands of users and regulators.”
The lawsuits filed by both the SEC and the CFTC left the stock market in a difficult position.
