Avalanche Propose Impermanent Loss Solution, Binance Froze Account, USDN Break Peg and More
ENEDEX Roundup W4 2022
Welcome to the 16th iteration of ENEDEX Debrief, where we recap 5 major news stories in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
- New fix for curse of impermanent loss proposed on Avalanche
Avalanche-based decentralized finance (DeFi) protocol Trader Joe claims it may have found a way to mitigate one of DeFi’s biggest weaknesses — impermanent loss.
In a newly released white paper on Tuesday called the JOE v2 Liquidity Book, authored by Quant developers and researchers Adam Sturges, TraderWaWa, Hanzo and software engineer Louis MeMyself, the developers outlined the use of Liquidity Book (LB) with an additional variable fee swap feature to “provide traders with zero or low slippage trades.”
Glad that ENEDEX is built on Avalanche!
2. Binance froze $1M corporate account due to law enforcement request
Major crypto exchange Binance has confirmed it restricted account access to $1 million in crypto for a Tezos tool contributor after being called out on social media.
In a Thursday Twitter thread, Binance said it had restricted the account of Tezos staking rewards auditor Baking Bad “as the result of a law enforcement request.” The Tezos contributor alleged that the crypto exchange had blocked access to its corporate account containing Bitcoin (BTC), Ether (ETH), Polgyon (MATIC), Tether (USDT) and other tokens since July 1 “without any explanations” — a claim Binance denied.
Whether the claim is right or wrong. Only DEX can provide absolute certainty that your funds will never be frozen.
3. Waves-backed stablecoin USDN breaks peg again amid protocol upgrade
As the crypto community tries to navigate the bear market and recover from the onslaught brought about by stablecoin incidents like the Terra crash, another algorithmic stablecoin shows signs of struggle as it falls below its United States dollar peg.
Algorithmic stablecoin Neutrino Dollar (USDN) has deviated from the dollar once again, marking the fourth time that USDN struggled to maintain its dollar peg this year. The Waves-backed stablecoin is trading at $0.90 at the time of writing.
Finger crossed it's not become UST 2.0
4. Afghan police close down cryptocurrency exchanges to enforce central bank ban: Report
Police have closed down at least 16 cryptocurrency exchanges in the Herat province of western Afghanistan in the last week, according to a report in Ariana News, an independent news outlet in that country. The report quotes a local police official as saying arrests had been made during the closures.
The closures were carried out in response to a ban on crypto trading that had been in place for about three months, according to the report. It was apparently referring to a ban imposed on online foreign exchange trading by the central bank Da Afghanistan Bank in June.
DEX will never get banned, be decentralized!
5. Malaysian bank works on crypto-friendly ‘super app’ with Ant Group tech
Malaysia continues accelerating its pace of cryptocurrency adoption as one of the major local banks is moving into cryptocurrency trading as part of its default banking offerings.
Kenanga Investment Bank Berhad, one of the largest private investment banks with more than 500,000 customers, has partnered with China’s tech giant Ant Group to launch a crypto-friendly wallet and trading application.
According to an announcement on Wednesday, Kenanga has signed a memorandum of understanding with Ant to jointly develop Malaysia’s wealth application called categorized as a super app. Under the terms of the agreement, Ant’s digital technology unit will provide Kenanga with mPaaS, a mobile development platform originating from AliPay App.
More on-ramping platform to crypto is always a good news!
Those are 5 notable news stories about cryptoverse this week! Anything that we missed?
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