•Lido DAO community has voted to distribute LDO rewards across Aave v3 liquidity pools.
•The distribution of rewards will be available on Ethereum, Arbitrum and Optimism blockchains.
•Users can earn LDO rewards by staking ETH on the Lido protocol.
Lido to Distribute LDO Rewards Via Aave v3 Liquidity Pools
The Lido DAO community has approved by over 99% of the vote to allow for staking rewards distribution across Aave v3 liquidity pools. This means that users can now stake Ether (ETH) on the Lido protocol and earn daily rewards in the form of native LidoDAO token (LDO).
Rewards Distribution Across Ethereum, Arbitrum and Optimism Blockchains
The distribution of staking rewards will be available on Ethereum, Arbitrum and Optimism blockchains. Every „emission admin“ on these three networks will have access to a wallet that is controlled by Lido.
Aave V3 Protocol Deployed On Layer-2 Blockchains
Aave recently deployed its version 3 protocol on Ethereum and had already launched it on layer-2 blockchains like Arbitrum and Optimism. In 2022, Lido DAO announced that it would offer stETH rewards to liquidity providers on both Arbitrum and Optimism as part of their effort to spur further adoption of the staking platform.
Earn Rewards When Staking ETH On The Platform
Lido users can stake any amount of ETH and earn daily rewards in the form of LDO tokens. Withdrawal of staked ETH is possible after Ethereum’s upcoming network upgrade – Shanghai hard fork expected this March.
5 Million+ ETH Already Staked On The Platform
• Cryptocurrency market started 2023 with positive momentum with all leading cryptocurrencies gaining against the US dollar.
• Bitcoin is the leader, and Ethereum lags behind, losing over -70% of its value before the recent rally.
• Ethereum’s rally in 2023 is following Bitcoin’s lead, however, it is lagging behind the other cryptocurrencies.
The cryptocurrency market started 2023 with positive momentum, with all leading cryptocurrencies gaining against the US dollar. Bitcoin is clearly the leader, bouncing strongly from the 2022 lows after losing about -65% of its value. This has resulted in a direct correlation between Bitcoin and the rest of the cryptocurrency market. However, something interesting has happened since the start of 2022. The correlation has weakened, and Ethereum is lagging behind the other leading cryptocurrencies.
Ethereum has seen the biggest losses in the cryptocurrency market, losing over -70% of its value before the recent rally. While it did rally in 2023, following Bitcoin’s lead, it lags behind the other cryptocurrencies, with Bitcoin, Doge, and Ripple moving more or less in a synchronized fashion. The recent rally has reduced the cryptocurrencies‘ losses against the US dollar, however, Ethereum is still lagging.
There are several factors that have contributed to Ethereum’s lagging performance. Firstly, Ethereum’s blockchain is more complex than Bitcoin’s, making it more difficult to scale and use. Secondly, Ethereum is still relatively new and lacks the widespread adoption of Bitcoin. This means that Ethereum prices are more volatile than Bitcoin, which can be seen in the wide price swings over the past few months.
The future of Ethereum is uncertain. It is likely that Ethereum will continue to lag behind Bitcoin, at least in the short term. However, the potential for Ethereum to become a major player in the cryptocurrency market cannot be understated. With its ability to facilitate smart contracts and its potential to power decentralized applications, Ethereum has the potential to revolutionize the way we do business.
In the end, the decision of whether to buy Ethereum or not is a personal one. It is important to do your own research and assess the risks involved before making any investments. It is also important to remember that cryptocurrencies are highly volatile, and investors should always be prepared for possible losses.
• Former FTX.US president Brett Harrison has raised $5 million in a seed round funding for his new crypto project, Architect.
• The new platform is a decentralised finance (DeFi) venture and has secured backing from Coinbase Ventures, Circle Ventures and SV Angel among others.
• Architect is a crypto software project that aims to streamline the crypto markets.
Brett Harrison, the former president of FTX.US, has just announced that he has raised $5 million in a seed round funding for his new crypto project – Architect. The new platform is a decentralised finance (DeFi) venture and has secured backing from some of the top venture investors within the crypto space, including Coinbase Ventures, Circle Ventures and SV Angel.
SkyBridge Capital’s Antony Scaramucci has also invested in the new crypto software project. Architect is a crypto software project that will help streamline the crypto markets. According to Harrison, Architect will be a „highly-scalable platform“ that will provide institutional investors with a range of tools and options to manage their investments.
The platform will feature a range of trading tools, such as order routing, real-time pricing, portfolio management, market data and analytics. It will also offer a range of liquidity options and a risk management system. The project will be built on top of blockchain technology, which will allow investors to securely store and access their investments.
The project is still in its early stages, but Harrison is confident that the platform will revolutionize the way institutional investors access and manage their investments. He believes that the platform will provide a „complete institutional-grade trading experience“ that will be both secure and efficient.
With the funds raised, the Architect team will be able to further develop the platform and bring it to market. Harrison is also planning to use the funds to expand his team and hire more engineers and developers.
In addition to the seed round funding, Architect has also secured a strategic investment from San Francisco-based venture firm, SALT Fund. With the additional funding, Architect is well-positioned to become a leading player in the DeFi space.
This is an exciting time for the crypto space, and Harrison is confident that Architect will be able to make a big impact on the industry. With its innovative technology and experienced team, Architect looks set to revolutionize the way institutional investors access and manage their investments.
• The US Securities and Exchange Commission (SEC) has filed charges against Gemini and Genesis for selling unregistered securities through the Gemini Earn product.
• The SEC claims that the two firms misrepresented their business model by advertising returns of up to 8% to clients without registering their partnership as a lending partnership with the relevant authorities.
• Genesis has also been facing liquidity issues after the collapse of FTX and has paused withdrawals to date.
The US Securities and Exchange Commission (SEC) has recently filed charges against Gemini and Genesis for selling unregistered securities through the Gemini Earn product. The SEC claims that the two firms (Genesis and Gemini) misrepresented their business model by advertising returns of up to 8% to clients without registering their partnership as a lending partnership with the relevant authorities.
The Gemini Earn product, introduced in February 2021, was a partnership between Gemini and Genesis, a subsidiary of Digital Currency Group (DCG). The partnership allowed Gemini customers to earn yield by lending their crypto assets to Genesis. However, the SEC alleges that the two failed to notify the relevant authorities of the partnership, effectively selling unregistered securities to customers.
The issue has been compounded by Genesis’ recent liquidity issues after the collapse of FTX. This has resulted in Genesis pausing withdrawals, leaving customers unable to access their funds. Cameron Winklevoss, the co-founder of Gemini, wrote in an open letter that Genesis was working to resolve the issue, but warned that the process could take weeks.
The SEC has now charged both Gemini and Genesis with fraud and is seeking to have both firms and their respective owners, the Winklevoss twins, pay civil penalties for their actions. The SEC is now awaiting the court’s ruling on the matter, with the outcome of the case likely to have far-reaching implications for the cryptocurrency industry.
It remains to be seen what the outcome of the case will be, but it is clear that the SEC is taking a hard stance against companies that fail to comply with its regulations. This case serves as a reminder to companies in the cryptocurrency industry to ensure that they are properly registered and adhere to the relevant laws and regulations.
• Crypto.com CEO Kris Marszalek has announced layoffs of 20% of the global workforce.
• The layoffs come at a time when the crypto market is on a recovery trajectory and investors are expecting good performance.
• Other crypto firms such as Huobi and Coinbase have recently announced similar layoffs.
Crypto.com, one of the world’s leading crypto exchanges, has announced the laying off of some of its staff to reduce its global workforce by 20%. The announcement was made by the CEO of Crypto.com, Kris Marszalek, who cited poor market conditions and recent events in the industry as reasons for the layoffs.
The layoffs come at a time when the crypto market is on a recovery trajectory and investors are expecting good performance. The Cronos (CRO) token price, for example, has responded positively to the news of the layoffs.
According to sources, Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees. These layoffs come just days after Coinbase announced similar layoffs.
The laying off of workers sends mixed signals since the crypto market is currently on a recovery trajectory and investors are expecting some good performance in the near future. However, it is not just Crypto.com that is laying off workers. Other crypto firms such as Huobi and Coinbase have also recently announced similar layoffs.
The CEO of Crypto.com, Kris Marszalek, said in a statement: “Today we made the difficult decision to reduce our global workforce by approximately 20%. We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”
The decision to lay off workers has been met with mixed reactions from the crypto community. Some believe that the layoffs are necessary for the long-term health of the company, while others see it as a sign of a potential future crash. There are also those who see it as an opportunity for well-paid employees to find employment elsewhere.
Regardless of how one views the layoffs, the crypto industry is going through a period of transition and it is likely that more companies will need to restructure their workforces in the coming months. This could mean more job losses in the short-term, but it could also lead to greater innovation and development in the long-term.
